Exhibit 4.13





	AMENDED AND RESTATED 

      SHAREHOLDERS AGREEMENT




	by and among




	COMPAÑIA INTERNACIONAL DE BEBIDAS, S.A. DE
      C.V.,




	GRUPO INDUSTRIAL EMPREX, S.A. DE C.V.,




	THE COCA-COLA COMPANY,




	and




	THE INMEX CORPORATION




	Dated as of July 6, 2002






	
      

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

    










  

	 	 	 


 



  
  

  

	TABLE OF CONTENTS






	 	 	Page
	 	 	 	 	 
	
      1.

    	  	Definitions	  	
      1

    
	 	 	 	 	 
	
      2.

    	 	
      Corporate Governance

    	 	
      8

    
	
       

    	 	2.1.	  	
      Board of Directors

    	 	
      8

    
	
       

    	 	2.2.	 	
      Officers

    	 	
      9

    
	
       

    	 	2.3.	 	
      Shareholder Meetings

    	 	
      10

    
	
       

    	 	2.4.	 	
      Chart of Authority

    	 	
      10

    
	
       

    	 	2.5.	 	
      Business Plans

    	 	
      10

    
	
       

    	 	2.6.	 	
      Subsidiaries of the Company

    	 	
      10

    
	
       

    	 	2.7.	 	
      Code of Business Conduct

    	 	
      11

    
	
       

    	 	2.8.	 	
      Corporate Records

    	 	
      12

    
	
       

    	 	2.9.	 	
      Severance of Officers in Connection with Change of Management

    	 	
      12

    
	 	 	 	 	 
	
      3.

    	 	
      Certain Agreements

    	 	
      12

    
	
       

    	 	3.1.	 	
      Transfers of Shares

    	 	
      12

    
	
       

    	 	3.2.	 	
      Secondary Offering

    	 	
      14

    
	
       

    	 	3.3.	 	
      Confidentiality

    	 	
      14

    
	
       

    	 	3.4.	 	
      Horizontal Growth

    	 	
      15

    
	
       

    	 	3.5.	 	
      Policies Regarding Indebtedness

    	 	
      15

    
	
       

    	 	3.6.	 	
      Dividend Policy

    	 	
      15

    
	
       

    	 	3.7.	 	
      Policy Regarding Entry into Mineral Waters Business

    	 	
      15

    
	
       

    	 	3.8.	 	
      Provision of Certain Information

    	 	
      15

    
	
       

    	 	3.9.	 	
      Fair Market Value

    	 	
      17

    
	 	 	 	 	 
	
      4.

    	 	
      Certain Rights in the Event of Change of Control

    	 	
      17

    
	
       

    	 	4.1.	 	
      Notification of Change of Control

    	 	
      17

    
	
       

    	 	4.2.	 	
      Share Acquisition in the Event of Change of Control

    	 	
      17

    
	 	 	 	 	 
	
      5.

    	 	
      Certain Rights in the Event of Irreconcilable Differences

    	 	
      18

    
	
       

    	 	5.1.	 	
      Impasse

    	 	
      18

    
	
       

    	 	5.2.	 	
      Resolution of Differences

    	 	
      19

    
	
       

    	 	5.3.	 	
      Certain Related Matters

    	 	
      20

    
	 	 	 	 	 
	
      6.

    	 	
      Certain Rights in the Event of Specified Default

    	 	
      21

    
	
       

    	 	6.1.	 	
      Specified Default

    	 	
      21

    



  

	 	
i	 

 

 















	TABLE OF CONTENTS

      (continued)











	 	 	 	 	Page
	 	 	 	 	 	 	 
	
       

    	  	6.2.	 	
      Share Acquisition in the Event of Specified Default

    	 	
      22

    
	 	 	 	 	 
	
      7.

    	 	
      Termination of Certain Provisions; Term

    	 	
      23

    
	
       

    	 	7.1.	 	
      Termination of Certain Provisions

    	 	
      23

    
	
       

    	 	7.2.	 	
      Term

    	 	
      24

    
	 	 	 	 	 
	
      8.

    	 	
      Certain Guarantees

    	 	
      24

    
	
       

    	 	8.1.	 	
      Obligations of the CIB Shareholders

    	 	
      24

    
	
       

    	 	8.2.	 	
      Obligations of CIB

    	 	
      24

    
	
       

    	 	8.3.	 	
      Obligations of the Inmex Shareholders

    	 	
      24

    
	
       

    	 	8.4.	 	
      Obligations of Inmex

    	 	
      25

    
	
       

    	 	8.5.	 	
      Matters Relating to the Guarantees

    	 	
      25

    
	 	 	 	 	 
	
      9.

    	 	
      Miscellaneous

    	 	
      26

    
	
       

    	 	9.1.	 	
      Specific Performance

    	 	
      26

    
	
       

    	 	9.2.	 	
      No Third Party Beneficiaries

    	 	
      26

    
	
       

    	 	9.3.	 	
      Notices

    	 	
      26

    
	
       

    	 	9.4.	 	
      Successors and Assigns

    	 	
      27

    
	
       

    	 	9.5.	 	
      Resolution of Legal Disputes; Consent to Jurisdiction;
        Etc.

    	 	
      27

    
	
       

    	 	9.6.	 	
      Governing Law; Construction and Representation of Counsel;
        Conflict with Estatutos

    	 	
      28

    
	
       

    	 	9.7.	 	
      Headings

    	 	
      29

    
	
       

    	 	9.8.	 	
      Entire Agreement; Amendment

    	 	
      29

    
	
       

    	 	9.9.	 	
      No Waiver

    	 	
      29

    
	
       

    	 	9.10.	 	
      Exchange Rate

    	 	
      29

    
	
       

    	 	9.11.	 	
      Originals

    	 	
      29

    
	
       

    	 	9.12.	 	
      Waiver, Preservation of Rights

    	 	
      30

    








	 	
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	EXHIBITS




	
      Exhibit A:

    	   	
      Chart of Authority

    
	
      Exhibit B:

    	 	
      Code of Business Conduct

    
	
      Exhibit C:

    	 	
      Specified Bottler’s Agreement Provisions

    
	
      Exhibit D:

    	 	
      Form of Subsidiary Estatutos

    
	
      Exhibit E:

    	 	
      Form of Transfer Agency Agreement

    
	
      Exhibit F:

    	 	
      Form of Assumption Agreement

    
	
      Exhibit G:

    	 	
      Form of Pledgee Agreement

    
	
      Exhibit H:

    	 	
      Statement on Horizontal Growth

    
	
      Exhibit I:

    	 	
      Notice of Consummation of Permitted Transfer

    
	
      Exhibit J:

    	 	
      Form of Estatutos for Coca-Cola FEMSA de Buenos
        Aires, S.A.

    



 

 
	 	
	 


 

 
















	AMENDED AND RESTATED SHAREHOLDERS AGREEMENT




	     AMENDED AND RESTATED SHAREHOLDERS
      AGREEMENT dated as of July 6, 2002 (this “Agreement”) by
      and among Compania Internacional de Bebidas, S.A. de C.V. (“CIB”),
      a sociedad anónima de capital variable organized under the
      laws of the United Mexican States (“Mexico”), Grupo Industrial
      Emprex, S.A. de C.V. (formerly named Fomento Económico Mexicano,
      S.A. de C.V.) (“Emprex”), a sociedad anónima
      de capital variable organized under the laws of Mexico, The Coca-Cola
      Company (“KO”), a corporation organized under the laws
      of Delaware, and The Inmex Corporation (“Inmex”), a corporation
      organized under the laws of Florida.




	     WHEREAS, Emprex, KO and Inmex
      are parties to a shareholders agreement dated as of June 21, 1993, as amended
      on January 28, 1999 (the “Original Shareholders Agreement”)
      pursuant to which Emprex, KO and Inmex entered into certain arrangements
      regarding their respective rights and obligations with respect to the management,
      capitalization and operation of Coca-Cola FEMSA, S.A. de C.V. (the “Company”),
      a sociedad anónima de capital variable organized under the
      laws of Mexico;




	     WHEREAS, the
Company has an authorized capital stock  consisting of ordinary restricted Series A
Shares (as defined below), ordinary  restricted Series D Shares (as defined below),
ordinary unrestricted Series B  Shares (as defined below) and special, limited voting,
unrestricted Series L  Shares (as defined below);




	     WHEREAS, as of the
date hereof, Emprex holds all of the  Company’s Series A Shares and Inmex holds all of
the Company’s Series D Shares;




	     WHEREAS, on July 6, 2002, Emprex
      through an escisión or split-up under Mexican law has transferred
      all of the Company’s Series A Shares held by Emprex to CIB; and




	     WHEREAS, as a result of said
      escisión, Emprex, KO, Inmex and CIB wish to amend and restate the
      Original Shareholders Agreement effective as of, from and after July 6,
      2002, in order to add CIB as a party in its capacity as a shareholder of
      the Company, to remove Emprex as a party in its capacity as a shareholder
      of the Company, and to add Emprex as a party in its capacity as a guarantor
      of CIB’s obligations under this Agreement, all as hereinafter set forth.




	     NOW THEREFORE, the
parties hereto deem it in their best  interests and in the best interest of the Company
to provide consistent and  uniform management for the Company and to regulate certain of
their rights in  connection with their interests in the Company, and desire to enter into
this  Agreement in order to effectuate those purposes.




	     Accordingly, in
consideration of the premises and of the terms  and conditions herein contained, the
parties hereto mutually agree as follows:




	1.  Definitions.




	     As used in this
Agreement, the following terms shall have the  following meanings:











 
	 	
	 


 

 














	     “Affiliate”
      shall mean, with respect to any Person, any Person that directly or indirectly
      controls, is controlled by or is under common control with such Person.
      For purposes of determining whether a Person is an Affiliate, the term “control”
      shall mean Managing Control.




	     “Agreement”
      shall have the meaning set forth above in the preliminary statement.




	     “Annual Business Plan”
      shall mean, with respect to the period from June 21, 1993 through December
      31, 1993, the corresponding portion of the first Five Year Business Plan,
      and with respect to any period of one year commencing on or after January
      1, 1994, the first year of the Five-Year Business Plan then in effect, in
      each case as such plan shall have been amended, supplemented, modified or
      replaced by the Board of Directors of the Company (or at a general meeting
      of the shareholders of the Company) in accordance with the Estatutos.




	     “Attributable To CIB”
      shall mean a breach or violation of an obligation of the Company or any
      Subsidiary arising out of an act or omission of, approved by or made or
      omitted to be made with the actual, contemporaneous knowledge of a Series
      A Key Officer, which act or omission was not approved, ratified or authorized
      in writing (specifically or as part of a general approval or authorization)
      by a duly authorized officer of KO, Inmex, or any Inmex Shareholder or the
      Board of Directors of the Company, or such Subsidiary (with at least one
      Series D Director supporting such approval or authorization).




	     “Bottler’s Agreements”
      shall mean (i) the Bottler’s Agreement and supplemental letter agreement,
      each dated June 21, 1993, between the Company and KO, relating to the Valley
      of Mexico territories (the “Valley of Mexico Bottler’s Agreement”),
      as they shall be amended or extended from time to time, (ii) the Bottler’s
      Agreement and supplemental letter agreement, each dated June 21, 1993, between
      the Company and KO, relating to the southeastern Mexico territories (the
      “Southeastern Bottler’s Agreement”), as they shall
      be amended or extended from time to time, and (iii) any similar bottler’s
      agreement with KO or an Affiliate thereof to which the Company or any Subsidiary
      may from time to time be a party.




	     “Change Of Control”
      shall mean a CIB Change Of Control, a CIB Shareholder Change Of Control,
      an Inmex Change Of Control or an Inmex Shareholder Change Of Control.




	     “Chart of Authority”
      shall mean the Chart of Authority attached as Exhibit A hereto, as it shall
      from time to time be amended, supplemented, modified or replaced by the
      Board of Directors of the Company (or at a general meeting of the shareholders
      of the Company) in accordance with the Estatutos.




	     “CIB” shall
      have the meaning set forth above in the preliminary statement.




	     “CIB Change Of Control”
      shall mean the occurrence of any of the following: (i) at any time when
      a group of Persons led by the Garza Laguera family has Managing Control
      of CIB, such group ceases to have Managing Control of CIB; or (ii) at any
      time when Managing Control of CIB is held by a Person that is not a group
      of Persons led by the Garza Laguera family, such Person ceases to have Managing
      Control of CIB.




	     “CIB Shareholder”
      shall as of a particular time mean CIB (if it is then a Shareholder) or
      any Shareholder that at such time is a Majority Owned Subsidiary of CIB.







 
	 	
2	 


 

 














	     “CIB Shareholder Change
      Of Control” with respect to a CIB Shareholder shall mean that such
      CIB Shareholder shall cease to be a Majority Owned Subsidiary of CIB.




	     “COC Shareholder”
      shall mean (i) with respect to a CIB Change Of Control, each of the CIB
      Shareholders and each Shareholder that was a CIB Shareholder immediately
      prior to the time of such CIB Change Of Control, (ii) with respect to a
      CIB Shareholder Change Of Control, each Shareholder that ceased to be a
      CIB Shareholder upon the occurrence of such CIB Shareholder Change Of Control,
      (iii) with respect to an Inmex Change Of Control, each of the Inmex Shareholders
      and each Shareholder that was an Inmex Shareholder immediately prior to
      such Inmex Change Of Control and (iv) with respect to an Inmex Shareholder
      Change Of Control, each Shareholder that ceased to be an Inmex Shareholder
      upon the occurrence of such Inmex Shareholder Change Of Control.




	     “COC Shares”
      shall mean all Restricted Shares owned by a COC Shareholder at the time
      of the occurrence of a Change Of Control.




	     “Code of Business Conduct”
      shall mean the Code of Business Conduct attached as Exhibit B hereto, as
      it shall from time to time be amended, supplemented, modified or replaced
      by the Board of Directors of the Company (or at a general meeting of the
      shareholders of the Company) in accordance with the Estatutos.




	     “Company”
      shall have the meaning set forth above in the recitals.




	     “Company Value”
      shall mean the amount in United States Dollars that, as of the valuation
      date, 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:




	 	     (i) The FMV Determining
      Parties 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 of the Company, the Series
      D Representative and the Transfer Agent. If the Original Valuation Determinations
      differ by an amount which is less than 10% of the smaller Original Valuation
      Determination, the Company Value will be the average of such Original Valuation
      Determinations.




	 	     (ii) If the difference
      between the Original Valuation Determinations is an amount which is greater
      than 10% of the smaller Original Valuation Determination, the FMV Determining
      Parties will each select a financial institution from the FMV Institution
      List. These two institutions will make their respective determinations of
      the Company Value (each a “Second Valuation”) and submit
      them to the Chairman of the Board of Directors, the Series D Representative
      and the Transfer Agent. If the Second Valuations differ by an amount which
      is less than 10% of the smaller Second Valuation, the Company Value will
      be the average of such Second Valuations.




	 	     (iii) If the Second Valuations
      differ by an amount which is greater than 10% of the smaller Second Valuation,
      the two aforementioned institutions will select a third institution from
      the FMV Institution List, which institution shall then make its own determination
      of the Company Value (the “Third Valuation”). The two Second
      









 
	 	
3	 


 

 













	 	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.




	For all purposes of this Agreement, the Company Value shall
      be computed on the assumption that the Bottler’s Agreements shall continue
      in effect for a period of ten years from the date as of which such Company
      Value is to be calculated and without regard to any action by KO or any
      Affiliate thereof under the Bottler’s Agreements in response to a default
      or asserted default thereunder by the Company or any Subsidiary; provided,
      however, that such Company Value shall reflect any adverse effects
      (other than direct effects of such actions or threat thereof on the part
      of KO or any Affiliate thereof) on the business or financial condition of
      the Company resulting from (i) the facts giving rise to such default or
      asserted default, and (ii) the effects of such actions upon any agreement
      or transaction of the Company or any Subsidiary with any third party.




	     “Designated Guarantor”
      shall have the meaning set forth in Section 8.4 hereof.




	     “Emprex” shall
      have the meaning set forth above in the preliminary statement.




	     “Emprex Guarantee”
      shall have the meaning set forth in Section 8.2 hereof.




	     ”Estatutos”
      shall mean the Estatutos of the Company in effect from time to time.




	     “Fair Market Value”
      of the Restricted Shares to be valued shall mean an amount equal to the
      Company Value multiplied by a fraction, the numerator of which is the number
      of such Restricted Shares and the denominator of which is the total number
      of issued, subscribed and paid Shares as of the valuation date.




	     “Final Offer”
      shall have the meaning set forth in Section 5.2(b) hereof.




	     “Five-Year Business
      Plan” shall mean, with respect to the period from June 21, 1993
      through December 31, 1996, the first business plan to be adopted at a general
      shareholders meeting of the Company, and with respect to any period of five
      years commencing on or after January 1, 1994, the five-year business plan
      adopted by the Board of Directors of the Company (or at a general meeting
      of the shareholders of the Company) in accordance with the Estatutos, containing
      information of a nature substantially similar to that contained in such
      first business plan, in each case as such plan shall have been amended,
      supplemented, modified or replaced by the Board of Directors of the Company
      in accordance with the Estatutos, it being understood in each case
      that any such adoption of a Five-Year Business Plan shall be deemed to replace
      any previous Five-Year Business Plans.




	     “FMV Determining Parties”
      shall mean (i) for purposes of Section 4 hereof, the COC Shareholders, acting
      unanimously, and the Non-COC Shareholders, acting unanimously, (ii) for
      purposes of Section 6 hereof, the Specified Default Parties, acting unanimously,
      and the Non-Defaulting Parties, acting unanimously, (iii) for purposes of
      paragraphs (h) through (k) of Article 15 of the Estatutos, the proposed
      transferor of Restricted Shares and the “FMV Offeree Shareholders”
      (as defined therein) and (iv) for purposes of paragraph (f) of Article 15
      of the Estatutos, the “Pledgee” (as defined therein) and
      the “Offeree Shareholders” (as defined in paragraph (b) of such
      Article).












 
	 	
4	 


 

 
















	     “FMV Institution List’
      shall have the meaning set forth in Section 3.9 hereof.




	     “Guarantees”
      shall mean the KO Guarantee, the Emprex Guarantee and the guarantees set
      forth in Sections 8.1 and 8.3 hereof.




	     “Horizontal Growth
      Transaction” shall have the meaning set forth in Section 3.4 hereof.




	     “Impasse”
      shall have the meaning set forth in Section 5.1 hereof.




	     “Indebtedness”
      of the Company or any of its Subsidiaries shall mean and include all indebtedness
      of such Person for borrowed money and all guarantees by such Person of indebtedness
      of others for borrowed money; provided, however, that “Indebtedness”
      shall not include any such indebtedness or guarantee to the extent incurred
      (i) as working capital obligations by such Person in the ordinary course
      of operating its business, or (ii) by any such Person in favor of the Company
      or any of its Subsidiaries.




	     “Initial Offer”
      shall have the meaning set forth in Section 5.2(a) hereof.




	     “Inmex” shall
      have the meaning set forth above in the recitals.




	     “Inmex Change Of Control”
      shall mean the occurrence of any of the following: (i) at any time when
      Inmex is a Majority Owned Subsidiary of KO or KO is the legal successor
      of Inmex, a Person that is not approved by KO’s Board of Directors
      shall obtain effective working control of KO; (ii) Inmex shall cease to
      be a Majority Owned Subsidiary of KO other than in a transaction pursuant
      to which KO becomes the legal successor of Inmex; or (iii) at any time when
      Inmex is not a Majority Owned Subsidiary of KO, there shall occur a change
      in the then existing Managing Control over Inmex.




	     “Inmex Shareholder”
      shall as of a particular time mean Inmex (if it is then a Shareholder) or
      any Shareholder that at such time is a Majority Owned Subsidiary of Inmex.




	     “Inmex Shareholder
      Change Of Control” with respect to an Inmex Shareholder shall mean
      that such Inmex Shareholder shall cease to be a Majority Owned Subsidiary
      of Inmex.




	     “Key Officers”
      shall mean the Series A Key Officers and the Series D Key Officers.




	     “KO” shall
      have the meaning set forth above in the recitals.




	     “KO Guarantee”
      shall have the meaning set forth in Section 8.4 hereof.




	     “KO Mexican Division
      Office” shall mean any Affiliate (other than the Company or any
      Subsidiary) or office of KO resident in, having operations in or organized
      under the laws of Mexico and responsible for managing KO’s concentrate
      business or any of KO’s soft drink bottling operations in Mexico.










 
	 	
5	 


 

 

















	     “KOFBA” shall
      have the meaning set forth in Section 2.6 hereof.




	     “Majority Owned Subsidiary”
      of a Person shall mean a corporation more than 50% of the voting securities
      of which are owned, directly or indirectly, by such Person.




	     “Managing Control”
      shall mean, with respect to a Person, the possession, directly or indirectly,
      of effective managing control of such Person.




	     “Mexico” shall
      have the meaning set forth above in the recitals.




	     “Non-COC Shareholder”
      shall mean (i) each of the Inmex Shareholders, in the case of a CIB Change
      Of Control or a CIB Shareholder Change Of Control, and (ii) each of the
      CIB Shareholders, in the case of an Inmex Change Of Control or an Inmex
      Shareholder Change Of Control.




	     “Non-Defaulting Party”
      shall mean (i) each of the Inmex Shareholders, in the case of a Specified
      Default with respect to which any CIB Shareholder is a Specified Default
      Party, and (ii) each of the CIB Shareholders, in the case of a Specified
      Default with respect to which any Inmex Shareholder is a Specified Default
      Party.




	     “Notice of Continuing
      Impasse” shall have the meaning set forth in Section 5.1 hereof.




	     “Ordinary Shares”
      shall mean the Restricted Shares and the Series B Shares.




	     “P$” shall
      mean Mexican pesos.




	     “Party” shall
      mean any of the parties hereto on the date hereof or any Shareholder from
      time to time, it being understood that the term “parties hereto”
      shall mean the parties hereto on the date hereof.




	     “Person” shall
      mean any individual, corporation, unincorporated association, business trust,
      estate, partnership, trust, nation or political subdivision or agency thereof
      or any other entity.




	     “Restricted Shares”
      shall mean the Series A Shares and the Series D Shares.




	     “Series A Directors”
      shall have the meaning set forth in Section 2.1 hereof.




	     “Series A Key Officers”
      shall mean the Chief Executive Officer and the Chief Financial and Administrative
      Officer of the Company.




	     “Series A Shares”
      shall mean the ordinary restricted shares of Series A Common Stock of the
      Company, with a par value of P$1.00.




	     “Series B Shares”
      shall mean the ordinary unrestricted shares of Series B Common Stock of
      the Company, with a par value of P$1.00.




	     “Series D Directors”
      shall have the meaning set forth in Section 2.1 hereof.








 
	 	
6	 


 

 














	     “Series D Key Officers”
      shall mean the Chief Operating Officer, the Controller, the Marketing Director
      and the Systems Services Director of the Company.




	     “Series D Representative”
      shall have the meaning set forth in Section 2.1(f) hereof.




	     “Series D Shares”
      shall mean the ordinary restricted shares of Series D Common Stock of the
      Company, with a par value of P$1.00.




	     “Series L Shares”
      shall mean the special, limited voting, unrestricted shares of Series L
      Common Stock of the Company, with a par value of P$1.00.




	     “Services Agreement”
      shall mean the Services Agreement, dated as of June 21, 1993, between the
      Company and Femsa Servicios, S.A. de C.V., as it shall be amended from time
      to time.




	     “Shareholder”
      shall mean any holder (whether directly or through a trust effectively controlled
      by it) from time to time of Restricted Shares who becomes and remains bound
      by this Agreement, and such holder shall be deemed directly to own any Shares
      held through such a trust.




	     “Shares” shall
      mean the Ordinary Shares and the Series L Shares.




	     “Significant Obligation”
      shall mean any contractual obligation of a Specified Default Party the breach
      or violation of which is so significant that such breach or violation, had
      it been specifically foreseen at the time the Non-Defaulting Party entered
      into the agreement giving rise to such obligation, would have caused such
      Non-Defaulting Party not to enter into such agreement.




	     “Simple Majority Period”
      shall have the meaning set forth in the Estatutos.




	     “Specified Bottler’s
      Agreement Provisions” shall mean those provisions of the Valley
      of Mexico Bottler’s Agreement and the Southeastern Bottler’s Agreement
      identified in Exhibit C attached hereto, any corresponding provisions in
      such agreements as they may be amended or extended from time to time or
      in other Bottler’s Agreements and any provisions in any Bottler’s
      Agreements designated as such by the parties thereto.




	     “Specified Default”
      shall have the meaning set forth in Section 6.1 hereof.




	     “Specified Default
      Party” shall mean (i) each of the CIB Shareholders, in the case
      of a Specified Default by CIB, any CIB Shareholder, the Company or any Subsidiary,
      and (ii) each of the Inmex Shareholders, in the case of a Specified Default
      by KO, an Affiliate thereof, Inmex or any Inmex Shareholder.




	     “Stock Subscription
      Agreement” shall mean the stock subscription agreement dated as
      of June 21, 1993 among Emprex, the Company, KO and Inmex.









 
	 	
7	 


 

 















	     “Subsidiary”
      shall mean any corporation that shall from time to time be a Majority Owned
      Subsidiary of the Company.




	     “Subsidiary Estatutos”
      shall mean the estatutos of any Subsidiary, in Spanish reading substantially
      as attached hereto as Exhibit D, as they shall from time to time be amended,
      supplemented, modified or replaced by action authorized by the Board of
      Directors of the Company (or authorized at a general meeting of the shareholders
      of the Company) in accordance with the Estatutos.




	     “Transfer”
      shall mean sell, transfer, assign, pledge, or otherwise dispose of.




	     “Transfer Agency Agreement”
      shall mean the Transfer Agency Agreement entered into on June 21, 1993,
      between the Company and Banca Serfin, S.A., as transfer agent, in Spanish
      reading substantially as attached hereto as Exhibit E, as it shall be amended
      from time to time, or any similar agreement entered into upon termination
      thereof.




	     “Transfer Agent”
      shall mean the transfer agent under the Transfer Agency Agreement.




	2.  Corporate Governance.




	     2.1.  Board of Directors.




	     (a) As provided in the Estatutos,
      the Company shall be governed by a Board of Directors which shall consist
      of not less than 16 members. The Estatutos provide that 11 directors
      of the Company (the “Series A Directors”), and any alternates
      therefor, shall be elected by the holders of Series A Shares, that four
      directors of the Company (the “Series D Directors”), and
      any alternates therefor, shall be elected by the holders of Series D Shares
      and that one director of the Company, and one alternate therefor, shall
      be elected by the holders from time to time of Series L Shares. In addition,
      the Estatutos provide that any holder or group of holders of Shares
      that were not voted in favor of the directors of the Company elected by
      the holders of Series A Shares, Series D Shares or Series L Shares shall
      have the right to designate one director of the Company, and one alternate
      therefor, for each 10% of all issued, subscribed and paid Shares such holder’s
      or group’s Shares represent. Each Shareholder agrees that, if such
      Shareholder votes any Series A Shares or Series D Shares held by it in favor
      of any individual who is elected as a Series A Director or Series D Director
      at any general meeting, or related special meeting, of shareholders of the
      Company, such Shareholder shall vote all such Restricted Shares held by
      it in favor of such individual at such meetings.




	     (b)  The Inmex
Shareholders, Inmex and KO agree that no individual then  employed by the KO Mexican
Division Office shall be designated or  nominated, nor shall serve, as a Series D
Director or alternate  therefor.




	     (c)  Each
Shareholder (other than any holder of Series A Shares) agrees not  to take any action or
to cause the Company to take any action to remove  or replace, without cause, any Series
A Director, and each Shareholder  (other than any holder of Series D Shares) agrees not
to take any  action or to cause the Company to take any action to remove or replace,
without cause, any Series D Director.








 
	 	
8	 


 

 














	     (d) The Shareholders acknowledge
      that the Estatutos provide for certain notice, quorum and voting
      requirements for action of the Board of Directors and agree not to take
      any action inconsistent with such provisions.




	     (e) The Shareholders acknowledge
      that the Estatutos provide for declaration by the Series A Directors
      of a Simple Majority Period in certain circumstances where they reasonably
      and in good faith believe that an action by KO or any Affiliate thereof
      under a Bottler’s Agreement is materially adverse to the business interests
      of the Company considered as a whole, with the consequence that, during
      the pendency of such Simple Majority Period, certain actions of the Company’s
      Board of Directors (including introduction of a new line of business) would
      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 Series D Director. The Shareholders agree not to take any action
      inconsistent with such provisions subject, in the case of a Shareholder
      that is KO or any Affiliate thereof, to Section 9.9(b) hereof.




	     (f) The Inmex Shareholders
      agree to cause (i) the designation from among the Series D Directors of
      one individual who shall serve as the representative of the Series D Directors,
      (ii) if any such representative shall cease for any reason to serve as such,
      the designation from among the Series D Directors of a replacement therefor,
      and (iii) the Chairman of the Board of Directors and the Corporate Secretary
      of the Company to be promptly notified of the identity of such representative
      and of any replacement representatives, which notices shall be conclusive
      evidence of the authority of such representative (the “Series D
      Representative”) for all purposes hereof and of the Estatutos.




	     (g)  The CIB
Shareholders shall, if practicable, cause actual notice of each  meeting of the Board of
Directors of the Company and each Subsidiary to  be given to the Series D Representative
at least 15 days prior to the  date thereof. If such actual notice of a meeting is not
given, the CIB  Shareholders shall, unless the Series D Representative agrees otherwise
in writing, cause such meeting to be postponed until such actual notice  can be given.




	     (h)  The
Shareholders shall, if practicable, cause the meetings of the Board  of Directors of the
Company to be conducted in English. To the extent  that conducting such a meeting in
English is impracticable,  simultaneous translation into English shall be provided if
requested by  any director present at such meeting.




	     2.2.  Officers.




	     (a) The Shareholders acknowledge
      that the Estatutos provide for designation, by a majority vote of
      the Board of Directors, of the Series A Key Officers and the Series D Key
      Officers from lists proposed by the Series A Directors and the Series D
      Directors respectively, provided that such majority includes at least two
      Series D Directors or Series A Directors, respectively. The holders of Series
      A Shares agree to cause the Series A Directors, and the holders of Series
      D Shares agree to cause the Series D Directors, not to withhold unreasonably
      their votes in favor of the election of the individuals so designated. The
      Shareholders acknowledge that the Estatutos provide for removal of
      the Series A Key Officers by the Series A Directors and of the Series D
      Key Officers by the Series D Directors










 
	 	
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	     (b)  The holders
of Series A Shares and Series D Shares agree to cause the  Series A Directors and the
Series D Directors, respectively, (i) not to  designate as a Series A Key Officer or a
Series D Key Officer,  respectively, any individual who holds a management position with
any  entity other than the Company or any of its Subsidiaries, and (ii) to  remove any
Series A Key Officer or Series D Key Officer, respectively,  who holds such a position.




	     (c)  The
Shareholders agree that in no event shall the aggregate  compensation of any individual
as an officer or employee of the Company  or any of its Subsidiaries exceed the
compensation of the Chief  Executive Officer of the Company as such, with the exception
of any  excess that may result from such individual’s expatriate allowance.




	     2.3. Shareholder Meetings.




	     (a) The Shareholders acknowledge
      that the Estatutos provide for certain notice, quorum and voting
      requirements at ordinary, extraordinary and special shareholders meetings
      and agree not to take any action inconsistent with such provisions.




	     (b)  If any
ordinary, extraordinary or special meeting of the Shareholders  of the Company shall be
called other than by the Board of Directors of  the Company and the Chairman of the Board
of Directors of the Company  (or the Series D Representative) shall become aware of such
call, the  CIB Shareholders agree to cause such Chairman (or the Inmex  Shareholders
agree to cause the Series D Representative, as the case  may be), if practicable, to give
the Series D Representative (or such  Chairman) actual notice of the call of such
meeting. If such actual  notice of a meeting is not given, the CIB Shareholders shall,
unless  the Series D Representative agrees otherwise in writing, cause such  meeting to
be postponed until such actual notice can be given.




	     2.4.  Chart of Authority.
      The Shareholders agree that the Company and the Subsidiaries shall have
      in effect at all times a Chart of Authority. In addition to any authorizations
      that may be required by applicable law, the provisions of the Estatutos
      or the Board of Directors of the Company or any Subsidiary, the Shareholders
      agree that the actions of the Company and each Subsidiary specified in the
      Chart of Authority shall require the recommendation or final authorization
      of certain Key Officers or the Board of Directors of the Company, all as
      specified therein.




	     2.5.  Business Plans.




	     (a) Except as permitted both
      hereunder and under the Estatutos, the Company shall operate each
      year in accordance with the Annual Business Plan then in effect.




	     (b) Except as permitted both
      hereunder and under the Estatutos, the Company shall operate in accordance
      with the Five-Year Business Plan then in effect.




	     2.6. Subsidiaries of the
      Company.




	     (a)  The
Shareholders agree that, except as otherwise provided in Section  2.6(d), each of the
Subsidiaries shall have (i) a Board of Directors  consisting at all times of three
directors and three alternates  therefor, of which one director and the alternate
therefor shall be








 
	 	
10	 


 

 















	selected from the Series D Directors or any alternates therefor,
      and two directors and the alternates therefor shall be selected from the
      Series A Directors or any alternates therefor, and (ii) in effect at all
      times, Subsidiary Estatutos (or the substantial equivalent thereof,
      in the case of any Subsidiary organized under the laws of a jurisdiction
      other than Mexico).




	     (b)  The
Shareholders agree that, except as otherwise provided in Section  2.6(d), of the two
directors of any Subsidiary who are required to sign  any certificate representing any of
the capital stock thereof, one  shall be a Series D Director, or any alternate therefor.




	     (c)  The
Shareholders agree that the members (and any alternates therefor)  of the Board of
Directors (and any examiners and alternates therefor,  if applicable) of each Subsidiary
shall be such individuals as shall be  appointed or authorized by the Company or its
designee, in accordance  with resolutions naming the individuals and duly adopted by the
Board  of Directors of the Company.




	     (d) The Shareholders agree
      that Coca-Cola FEMSA de Buenos Aires, S.A., a Subsidiary of the Company
      (“KOFBA”), shall have in effect at all times By-laws in
      Spanish reading substantially as attached hereto as Exhibit J, as they shall
      from time to time be amended, supplemented, modified or replaced by action
      authorized by the Board of Directors of the Company (or authorized at a
      general meeting of the shareholders of the Company) in accordance with the
      Estatutos. Notwithstanding the provisions of Section 2.6(a), it is
      not necessary for the members (and any alternates therefor) of the Board
      of Directors of KOFBA to be selected from the Series D Directors (or any
      alternates therefor) or from the Series A Directors (or any alternates therefor).
      The Shareholders agree to take such actions as may be necessary to cause
      all matters of material significance with respect to the condition (financial
      or other), assets, business, properties, operations or earnings of KOFBA
      promptly to be reported in writing to all members of the Board of Directors
      of the Company, or to be reported in writing at a meeting of the Board of
      Directors of the Company.




	     (e)  Section
2.6(d) of this Agreement, together with all references thereto  in any portion of this
Agreement other than this Section 2.6(e) and  Exhibit J, immediately shall cease to be a
part of this Agreement and  shall be of no further effect in the event that either CIB or
Inmex at  any time notifies the other party hereto in writing that it is invoking  the
provisions of this Section 2.6(e) for such purpose. As soon as  practicable following any
such notice, the Shareholders shall cause the  Company to amend the By-laws of KOFBA in
accordance with the provisions  of Exhibit D, to the maximum extent permissible under the
laws of  Argentina.




	     (f)  The
Shareholders agree that no individual then employed by KO’s River  Plate Division office
in Argentina shall be designated or nominated,  nor shall serve, as a member of the Board
of Directors of KOFBA (or  alternate therefor).




	     2.7. Code of Business Conduct.
      The Shareholders agree (i) that the Company and the Subsidiaries shall have
      in effect at all times a Code of Business Conduct, and (ii) to take, and
      the CIB Shareholders and the Inmex Shareholders agree to cause the Series
      A Directors and the Series D Directors, respectively, to take, appropriate
      action to assure that the Code of Business Conduct is adequately communicated
      to management and all employees of the Company and the Subsidiaries.










 
	 	
11	 


 

 















	     2.8.  Corporate Records.
      The Shareholders acknowledge that the corporate records of the Company and
      the Subsidiaries shall be kept by Femsa Servicios, S.A. de C.V., an Affiliate
      of CIB, pursuant to and subject to the terms of a separate agreement with
      the Company, which agreement shall at all times provide CIB, the CIB Shareholders,
      Inmex and the Inmex Shareholders with full access to such records during
      regular business hours and upon reasonable advance notice.




	     2.9.  Severance of
      Officers in Connection with Change of Management. The Shareholders agree:
      if any officer of the Company or any of the Subsidiaries whose officer or
      employee status changes, whether by termination, layoff or otherwise, in
      such manner as to entitle such officer to severance or termination benefits
      either under Mexican law or in accordance with the past practice of the
      Company and the Subsidiaries, in each case as a result of the change in
      the management of the Company from being operated as a division of CIB to
      being operated as a joint venture between CIB and Inmex, then such officer
      shall be entitled to termination or severance benefits in accordance with
      such past practice, unless Mexican law requires more generous benefits or
      the Board of Directors of the Company, subject to Mexican law, determines
      otherwise.




	3.  Certain Agreements.




	     3.1.  Transfers of
      Shares.




	     (a) The Shareholders acknowledge
      that the Estatutos restrict the Transfer of the Restricted Shares,
      and each Shareholder agrees that it shall not directly or indirectly Transfer
      any Restricted Shares unless such action shall have been effected in accordance
      with the terms of the Estatutos, the Transfer Agency Agreement and
      this Agreement. Each of the Shareholders agrees to provide the Transfer
      Agent with such certifications as the Transfer Agent may require, to give
      all notices as and to the Persons required by the Estatutos, the
      Transfer Agency Agreement and this Agreement and to cooperate with the Transfer
      Agent, in connection with the Transfer Agent’s discharge of its duties relating
      to the Restricted Shares pursuant to the Transfer Agency Agreement.




	     (b)  Each
Shareholder agrees not to Transfer any Shares at any time if such  action would (i)
constitute a violation of any applicable securities  laws or (ii) cause any Shares not to
be exempt from registration under  any such laws.




	     (c) The Shareholders agree
      that, (i) as a condition precedent to any sale of any Restricted Shares
      to any proposed purchaser in accordance with paragraphs (b) through (d)
      of Article 15 of the Estatutos or to any Person in accordance with
      paragraph (g) of such Article, or any Transferring of any Restricted Shares
      to any proposed transferee in accordance with paragraphs (h) through (k)
      of such Article, such proposed purchaser, proposed transferee or other Person
      shall have executed an instrument causing such proposed purchaser, proposed
      transferee or other Person to become bound by this Agreement, substantially
      in the form of Exhibit F attached hereto (for purposes of this Section 3.1,
      an “Assumption Agreement”), and delivered such instrument
      to the Chairman of the Board of Directors of the Company, with a copy to
      the Series D Representative and the Transfer Agent, (ii) as a condition
      precedent to any public sale of Restricted Shares in accordance with paragraph
      (e) of Article 15 of the Estatutos, the selling 










 
	 	
12	 


 

 
















	Shareholder shall place such Restricted Shares in a manner
      designed to ensure, in the reasonable judgment of those Shareholders entitled
      to a right of first refusal to purchase such Shares, that no person or group
      will initially acquire in such placement more than 3% of the Company’s issued,
      subscribed and paid Shares, and any fees, costs or expenses of the Company
      in connection with such public sale and placement shall be for the account
      of such selling Shareholder, and (iii) as a condition precedent to any pledge
      of Restricted Shares to any financial or credit institution in accordance
      with paragraph (f) of Article 15 of the Estatutos, the “Pledgor”
      (as defined therein) shall have delivered to the Chairman of the Board of
      Directors, with a copy to the Series D Representative and the Transfer Agent,
      an agreement of the “Pledgee” (as defined therein) substantially
      in the form of Exhibit G attached hereto.




	     (d) Each Shareholder agrees
      that, except for this Agreement, any amendment hereto, any Assumption Agreement
      or any agreements or arrangements solely among CIB Shareholders or Inmex
      Shareholders, it shall not grant any proxy or enter into or agree to be
      bound by any voting trust with respect to any Shares nor enter into any
      agreement or arrangement of any kind with any Person with respect to any
      Shares inconsistent with the provisions of the Estatutos or this
      Agreement (regardless of whether such agreement or arrangement is with any
      Shareholder or holder of Shares that is not bound by this Agreement), including
      agreements or arrangements with respect to the acquisition, disposition
      or voting of any Shares, nor shall any Shareholder act, for any reason,
      as a member of a group or in concert with any other Person in connection
      with the acquisition, disposition or voting of any Shares in any manner
      which is inconsistent with the provisions of this Agreement.




	     (e)  The
Shareholders agree to cause the Corporate Secretary of the Company,  or any alternate
therefor, subject to under the terms of the Transfer  Agency Agreement, to provide the
Chairman of the Board of Directors of  the Company and the Series D Representative with
full access to the  Company’s stock register maintained by the Transfer Agent, subject
only  to such ordinary and reasonable notice as the Transfer Agent may  require and to
the Transfer Agent’s normal business hours.




	     (f)  The
Shareholders hereby agree that each stock certificate representing  Restricted Shares
shall bear endorsements in Spanish reading  substantially as follows:




	 	     (i)
The shares represented by this certificate have not been registered  under the United
States Securities Act of 1933, as amended, and may not  be transferred, sold or otherwise
disposed of except pursuant to an  effective registration statement or pursuant to an
exemption from  registration under such Act and in compliance with all other applicable
securities laws.




	 	     (ii) The shares represented
      by this certificate are subject to restrictions on transfer, certain other
      restrictions, certain rights of the shareholders of the Company to purchase
      such shares and certain other rights the terms and conditions of which are
      set forth in the Company’s By-Laws [for definitive certificates,
      add the following:




	 	reproduced on
the reverse of this certificate] and the Service  Agreement, dated June 21, 1993, between
the Company and the Trustee  Division of Banca Serfin, S.A. and the Shareholders
Agreement dated as  of June 21, 1993, as such 








 
	 	
13	 


 

 














	 	Agreements may
have been amended. No transfer  of such shares will be made on the stock register of the
Corporation  unless accompanied by evidence of compliance with the terms of such  By-Laws
and Agreements.




	     3.2.  Secondary Offering.




	     (a)  KO, Inmex and
the Inmex Shareholders agree that they will support an  initial secondary public offering
of Series L Shares in Mexico, the  United States or elsewhere, and the exchange listing
of such Shares,  subject to their satisfaction that the Company shall meet all
applicable legal requirements in connection therewith. CIB agrees to  consult with KO
with respect to the timing, terms and conditions of any  such offering.




	     (b) The parties hereto agree
      that the Company shall, in connection with such offering, pay (i) all registration
      and filing fees imposed by the Mexican Comisión Nacional Bancaria
      y de Valores, the U.S. Securities and Exchange Commission and similar
      fees in other national jurisdictions, (ii) all exchange listing, registration
      and filing fees and (iii) all fees and disbursements of the Company’s
      independent public accountants in connection with such offering; provided,
      however, the Company shall not be responsible for (1) any U.S. state
      securities law registration, qualification or filing fees, (2) any costs
      associated with printing or delivering offering documents in connection
      with such offering, (3) any transfer taxes in connection with sales of such
      Series L Shares, (4) any underwriting discounts or brokerage commissions,
      (5) any fees or disbursements of counsel in connection with such offering
      or (6) any other costs or expenses in connection with such offering, which
      in each case shall be for the account of the selling Shareholder or, if
      not paid or provided for thereby, for the account of CIB.




	     3.3.  Confidentiality.
      From and after June 21, 1993 through a period of two years from the termination
      of this Agreement, unless otherwise agreed to by all of them, each Shareholder,
      CIB, Inmex and KO shall keep, and shall ensure that their officers, employees
      and advisors keep, confidential all information acquired from the Company
      or any of its Subsidiaries or from each other or their respective Affiliates
      pursuant to this Agreement or otherwise, including the contents of this
      Agreement and the Stock Subscription Agreement, which information the Board
      of Directors of the Company shall have designated as confidential either
      through specific action or through confidentiality categories adopted thereby,
      except that the foregoing restriction shall not apply to any such information
      that (i) is or hereafter becomes generally available to the public other
      than by reason of any default with respect to a confidentiality obligation
      under this Agreement; or (ii) was already known to the recipient as evidenced
      by prior written documents in its possession; or (iii) is disclosed to the
      recipient by a third party who is not in default of any confidentiality
      obligation to the disclosing party hereunder; or (iv) is developed by or
      on behalf of the receiving Person, without reliance on confidential information
      received hereunder; or (v) is otherwise required to be disclosed in compliance
      with applicable laws or regulations or order by a court or other regulatory
      body having competent jurisdiction; or (vi) is disclosed in connection with
      any public offering of Shares; or (vii) is disclosed to any professional
      advisor of the recipient in connection with such advisor’s retention,
      or the performance of its duties, as such.










 
	 	
14	 


 

 
















	     3.4.  Horizontal Growth.




	     (a)  On the terms
and subject to the conditions set forth therein, KO hereby  agrees to comply with the
provisions regarding horizontal growth  attached as Exhibit H hereto.




	     (b) In the event the Company
      issues any Shares in connection with any transaction of a kind described
      in Exhibit H hereto (a “Horizontal Growth Transaction”),
      (i) the Shareholders agree, if practicable, to cause the Company to issue
      only Series B Shares or Series L Shares held as treasury shares, with respect
      to which all preemptive rights have been waived, (ii) if issuance of only
      Series B Shares or Series L Shares is not practicable in connection therewith
      or if such Series B Shares and Series L Shares have been exhausted, CIB
      and Inmex agree, subject to the approval of their respective Boards of Directors,
      to exercise (or cause any CIB Shareholders or Inmex Shareholders, as the
      case may be, to exercise) their preemptive rights to purchase Ordinary Shares
      to the extent necessary so that upon such acquisition, the CIB Shareholders
      together shall own greater than 50%, and the Inmex Shareholders shall own
      not less than 25%, of the issued, subscribed and paid Ordinary Shares.




	     3.5.  Policies Regarding
      Indebtedness. The Shareholders agree that, except as may otherwise be
      approved by the Shareholders or the Board of Directors of the Company, it
      shall be an objective of the Company and its Subsidiaries to incur Indebtedness
      only as follows: (i) as a primary objective, to expand the existing business
      of the Company generally in accordance with the Five-Year Business Plan
      in effect from time to time, and (ii) as a secondary and subordinate objective,
      to finance Horizontal Growth Transactions, to the extent not inconsistent
      with the Annual Business Plan in effect from time to time.




	     3.6.  Dividend Policy.
      The Shareholders agree that it shall be an objective of the Company to pay
      annual dividends of at least 20% of the preceding year’s consolidated
      net profits, subject, however, to applicable law and to due consideration
      being given to reinvestment to support growth and market development generally
      in accordance with the Five-Year Business Plan then in effect.




	     3.7.  Policy Regarding
      Entry into Mineral Waters Business. The Shareholders agree that, from
      and after January 1, 1996, the Company shall actively explore entering the
      mineral waters business in Mexico.




	     3.8.  Provision of
      Certain Information. CIB, the CIB Shareholders, Inmex and the Inmex
      Shareholders agree that the Company shall provide each of them with the
      following:




	 	     (i)
such information and calculations as to permit each of them to meet its  planning,
accounting, tax and regulatory requirements (including the  U.S. Foreign Corrupt
Practices Act, if applicable, and any similar  Mexican laws), and shall conduct its
affairs in such manner as to  permit each of them to comply with such Act and laws, it
being  understood that, except to the extent required to comply with such Act  and laws,
the Company will not be required to change its existing  accounting practices;




	 	     (ii)
monthly unaudited US$ and P$ consolidated financial statements  (including net income)
prepared in accordance with Mexican generally  accepted accounting principles,
consistently applied, and reconciled to  U.S. generally accepted 














 
	 	
15	 


 

 



















	 	accounting
principles, as soon as practicable  but not later than 60 days after the end of each
month for 1993 and  1994; in 1995 and beyond this information will be provided within 30
days after the end of each month;




	 	     (iii)
monthly  rolling estimate of US$ and P$ consolidated net income by month  for the
remainder of the  year prepared in accordance with Mexican  generally accepted accounting
principles,  consistently applied, and  reconciled to U.S. generally accepted accounting
principles,  by the  15th of each month;




	 	     (iv)
quarterly  unaudited US$ and P$ consolidated financial statements  (including net
revenues, cost of  goods sold, operating income, cash  operating profit and net income)
prepared in  accordance with Mexican  generally accepted accounting principles,
consistently applied,  and  reconciled to U.S. generally accepted accounting principles,
as soon as  practicable  but not later than 60 days after the end of each quarter  for
1993 and 1994; in 1995 and  beyond this information will be provided  within 30 days
after the end of each quarter;




	 	     (v)
quarterly  physical and unit case sales each categorized into KO and  non-KO brands as
soon as  practicable but not later than 30 days after  the end of each quarter;




	 	     (vi)
annual US$  and P$ audited consolidated financial statements prepared in  accordance with
Mexican  generally accepted accounting principles,  consistently applied, and reconciled
to U.S.  generally accepted  accounting principles, as soon as practicable but not later
than 60  days after the end of each fiscal year;




	 	     (vii)
for the  Company and each Subsidiary, annual P$ audited financial  statements prepared in
accordance with Mexican generally accepted  accounting principles, consistently applied,
and reconciled to U.S.  generally accepted accounting principles, as soon as practicable
but  not later than 90 days after the end of each fiscal year;




	 	     (viii)
copies of  the stamped tax returns for the Company and each Subsidiary  as soon as
practicable but  not later than 95 days after the end of each  fiscal year;




	 	     (ix)
US$ and P$  budget (including net revenues, cost of goods sold,  operating income, cash
operating  profit, net income and unit cases) on  a consolidated basis by quarter for the
next  fiscal year prepared in  accordance with Mexican generally accepted accounting
principles,  consistently applied, and reconciled to U.S. generally accepted  accounting
principles, on a preliminary basis in September of each year  and finalized in December
of each year; and




	 	     (x)
US$ and P$  budget (including net revenues, cost of goods sold,  operating income, cash
operating  profit, net income and unit cases) on  a consolidated basis by year for the
next three  fiscal years prepared  in accordance with Mexican generally accepted
accounting  principles,  consistently applied, and reconciled to U.S. generally accepted
accounting  principles, in May of each year.









 
	 	
16	 


 

 















	     3.9.  Fair Market Value.




	     (a)  The
Shareholders who hold Series A Shares agree to cause the Series A  Directors, and the
Shareholders who hold Series D Shares agree to cause  the Series D Directors, to create
and maintain at all times with the  Corporate Secretary of the Company and the Transfer
Agent an agreed  list (the “FMV Institution List”) of internationally
recognized  institutions from which institutions may be selected from time to time  for
purposes of determining Fair Market Value.




	     (b) The Shareholders agree
      that, in the case of any determination of Fair Market Value pursuant to
      Section 4 or 6 hereof or paragraphs (h) through (k) of Article 15 of the
      Estatutos, each of the two FMV Determining Parties shall bear the
      fees and expenses of any institution it selects from the FMV Institution
      List, and the fees and expenses of any institution selected from the FMV
      Institution List by such institutions to render a “Third Valuation”
      (as defined in Article 15(1) of the Estatutos) shall be shared equally
      by such FMV Determining Parties.




	     (c) The Shareholders agree
      that, in the case of any determination of Fair Market Value pursuant to
      Article 15(f) of the Estatutos, (i) each of the two FMV Determining
      Parties shall pay the fees and expanses of any institution it selects from
      the FMV Institution List, (ii) the two FMV Determining Parties shall pay
      equally the fees and expenses of any institution selected from the FMV Institution
      List to render a “Third Valuation” and (iii) the “Pledgor”
      (as defined in such Article) shall promptly reimburse each of the two FMV
      Determining Parties for all such fees and expenses.




	     (d) The Shareholders agree
      that any determination of Fair Market Value pursuant to paragraphs (h) through
      (k) or paragraph (f) of Article 15 of the Estatutos shall be made
      on the assumption set forth in the second sentence of the definition herein
      of Company Value.




	4.  Certain Rights in the Event of Change of Control.




	     4.1.  Notification
      of Change of Control.




	     (a)  CIB and the
CIB Shareholders agree to notify Inmex and the Inmex  Shareholders immediately upon the
occurrence of a CIB Change Of Control  or a CIB Shareholder Change Of Control.




	     (b)  Inmex and the
Inmex Shareholders agree to notify CIB and the CIB  Shareholders immediately upon the
occurrence of an Inmex Change Of  Control or an Inmex Shareholder Change Of Control.




	     4.2.  Share Acquisition
      in the Event of Change of Control.




	     (a)  For a period
of 90 days following receipt by a Non-COC Shareholder of a  notice under Section 4.1
hereof, such Non-COC Shareholder shall be  entitled to demand a determination of Fair
Market Value of the COC  Shares. If such a demand is made, the COC Shareholders and the
Non-COC  Shareholders shall proceed as rapidly as practicable to determine the  Fair
Market Value of all of the COC Shares.










 
	 	
17	 


 

 
















	     (b)  The Non-COC
Shareholders shall have an irrevocable option to purchase,  or to cause their designee or
designees to purchase, the COC Shares for  United States Dollars in cash at a price equal
to their Fair Market  Value, payable in lump sum, within 90 days following the
determination  of such Fair Market Value.




	     (c)  The
Shareholders agree that, after the occurrence of a Change Of  Control and during any
consequent determination of Fair Market Value or  option period, they shall cooperate to
continue the operations of the  Company and the Subsidiaries in the ordinary course of
business.




	     (d) Immediately upon the occurrence
      of a CIB Change Of Control, any purchase option under this Section 4.2 arising
      or that may arise from a prior Inmex Change Of Control shall be deemed to
      terminate, and immediately upon the occurrence of an Inmex Change Of Control,
      any purchase option under this Section 4.2 arising or that may arise from
      a prior CIB Change Of Control shall be deemed to terminate. Each of CIB
      and Inmex agrees that, from and after the occurrence of a Change Of Control
      until consummation of the exercise of the Non-COC Shareholders’ purchase
      option under this Section 4.2 with respect to such Change Of Control or
      lapse or termination thereof, it shall not permit to occur a CIB Shareholder
      Change Of Control or an Inmex Shareholder Change Of Control, respectively,
      and each of the Shareholders agrees that it shall not Transfer any of its
      Restricted Shares during such time period. No Change Of Control shall relieve
      any guarantor hereunder or any Designated Guarantor of any requirement to
      guarantee (whether directly or, in the case of the KO Guarantee or the Emprex
      Guarantee, indirectly through Inmex’s guarantee pursuant to Section
      8.3 hereof or CIB’s guarantee pursuant to Section 8.1 hereof, as the
      case may be) any obligation under this Section 4 of a COC Shareholder with
      respect to such Change Of Control; provided, however, that
      this Section 4.2(d) shall not be construed to affect any Guarantee of any
      obligation other than those contained in this Section 4; and provided, further,
      that any such Guarantee of such obligations contained in this Section 4
      shall terminate to the full extent provided by Section 8 hereof upon the
      consummation of the exercise of the Non-COC Shareholders’ purchase
      option under this Section 4.2 with respect to such Change Of Control or
      lapse or termination of such option.




	5.  Certain Rights in the Event of Irreconcilable
      Differences.




	     5.1.  Impasse.
      In the event that (i) two successive meetings of the Board of Directors
      of the Company or any Subsidiary shall lack a quorum, after having been
      duly called, after notices thereof have been duly given in accordance with
      the Estatutos or the Subsidiary Estatutos of such Subsidiary
      and after actual notice thereof has been given to the Series D Representative
      pursuant to Section 2.1(g) hereof, which meetings would have had a quorum
      but for the absence of any Series A Director or Series D Director, (ii)
      two successive meetings (ordinary or extraordinary) of the shareholders
      of the Company shall lack a quorum, after having been duly called, after
      notices thereof have been duly given in accordance with the Estatutos
      and after actual notice thereof has been given to the Series D Representative
      pursuant to Section 2.3(b) hereof, which meetings would have had a quorum
      but for the absence of any CIB Shareholder or Inmex Shareholder, (iii) the
      Board of Directors of the Company (or any Subsidiary) is unable at any two
      consecutive meetings to reach a decision by the required vote concerning
      any matter that was on the agenda for such meeting, (iv) the holders of
      Shares do not approve, at any ordinary or extraordinary meeting of shareholders
      of the Company, any matter 








 
	 	
18	 


 

 














	that was on the agenda for such meeting or (v) a Simple Majority
      Period remains in existence for a continuous period of more than one year
      (any such occurrence, an “Impasse”), the CIB Shareholders
      and the Inmex Shareholders shall consult with each other in good faith on
      a regular basis during the 120-day period following the occurrence of such
      Impasse, subject to extension by mutual agreement of all such CIB Shareholders
      and Inmex Shareholders (for purposes of this Section 5, the “Initial
      Consultation Period”), in an effort to resolve such Impasse; provided,
      however, that a meeting called but lacking a quorum as set forth
      in clause (i) or clause (ii) of this Section 5.1 shall not constitute a
      meeting for purposes of clause (iii) or clause (iv) of this Section 5.1.
      Within 30 days after the end of the Initial Consultation Period, such 30-day
      period being subject to extension by mutual agreement of all such CIB Shareholders
      and Inmex Shareholders (for purposes of this Section 5, the “Parent
      Consultation Period”), CIB and Inmex shall cause the chief executive
      officer of CIB and the President of KO (or, if Inmex shall not be a Majority
      Owned Subsidiary of KO and KO shall not be the legal successor to Inmex,
      the chief executive officer of the ultimate parent of Inmex, or person of
      equivalent standing), respectively, to meet in a mutually agreeable place
      and to make a good faith effort to resolve such Impasse. In the event such
      officers are unable to resolve such Impasse, (i) prior to the end of the
      Parent Consultation Period, the CIB Shareholders and the Inmex Shareholders
      may mutually agree to submit such matter to such non-binding mediation on
      such terms as they may agree, or any CIB Shareholder or Inmex Shareholder
      may give written notice to each Inmex Shareholder or each CIB Shareholder,
      respectively, of the continuance of such Impasse (a “Notice of Continuing
      Impasse”), or (ii) if no such action is taken prior to the end
      of the Parent Consultation Period, such Impasse shall be deemed immediately
      to terminate.




	     5.2.  Resolution of
      Differences.




	     (a) Within 30 days following
      delivery of a Notice of Continuing Impasse, the CIB Shareholders or the
      Inmex Shareholders (for purposes of this Section 5.2, the “Offering
      Shareholders”) may advise the Inmex Shareholders or the CIB Shareholders,
      respectively (for purposes of this Section 5.2, the “Offeree Shareholders”),
      in writing either (i) that the Offering Shareholders offer to sell all of
      their Restricted Shares to the Offeree Shareholders, or (ii) that the Offering
      Shareholders offer to purchase (or cause a nominee or nominees designated
      by them to purchase) all of the Offeree Shareholders’ Restricted Shares,
      specifying the aggregate price at which the Offering Shareholders are willing
      to sell or buy, as the case may be (the “Initial Offer”).
      Upon receipt of an Initial Offer, the Offeree Shareholders must respond
      in writing within 30 days indicating their acceptance of the Initial Offer
      or making a counteroffer to either (1) sell all of their Restricted Shares
      to the Offering Shareholders, or (2) purchase (or cause a nominee or nominees
      designated by them to purchase) all of the Offering Shareholders’ Restricted
      Shares, specifying the aggregate price at which the Offeree Shareholders
      are willing to sell or buy, as the case may be (for purposes of this Section
      5.2, the “Response”). If no such Response is so given,
      the Initial Offer shall be deemed to have been accepted.




	     (b) If the Initial Offer and
      the Response indicate that (i) (A) the Offering Shareholders wish to buy
      and the Offeree Shareholders wish to sell, or (B) the Offeree Shareholders
      wish to buy and the Offering Shareholders wish to sell, then they shall
      continue negotiations in good faith to reach a final agreement on price,
      or (ii) both the Offering Shareholders and the Offeree Shareholders wish
      to sell their Restricted Shares, they shall promptly meet to determine how
      to realize the maximum value for their Shares; provided, 










 
	 	
19	 


 

 



















	however, that if, in the case of clause (i) above,
      they have not reached final agreement on price or, in the case of clause
      (ii) above, they have not reached such a mutual determination, within 45
      days after delivery of the Response, then either the Offering Shareholders
      or the Offeree Shareholders may deliver a final offer (the “Final
      Offer”) stating the price per Restricted Share at which such Shareholders
      (for purposes of this Section 5.2, the “Final Offering Shareholders”)
      are willing at the election of the recipient of the Final Offer (for purposes
      of this Section 5.2, the “Final Offeree Shareholders”)
      either to (1) sell all of their Restricted Shares to the Final Offeree Shareholders,
      or (2) purchase (or cause a nominee or nominees designated by them to purchase)
      from the Final Offeree Shareholder all of their Restricted Shares. The Final
      Offer shall be irrevocable for a period of 30 days following delivery and
      shall preempt the right of the Final Offeree Shareholders to make a Final
      Offer.




	     (c)  Within 30
days following delivery of the Final Offer, the Final Offeree  Shareholders shall, by
notice to the Final Offering Shareholders, elect  either to purchase (or to cause a
nominee or nominees designated by  them to purchase) all of the Final Offering
Shareholders’ Restricted  Shares or to sell all of the Final Offeree Shareholders’
Restricted  Shares to the Final Offering Shareholders, in either case at the price  per
Restricted Share set forth in the Final Offer. In the event that  the Final Offeree
Shareholders fail to make such an election within  such 30-day period, the Final Offering
Shareholder may then elect  whether to buy all of the Final Offeree Shareholders
Restricted Shares  or sell all of the Final Offering Shareholders’ Restricted Shares to
the Final Offeree Shareholder at the price per Restricted Share set  forth in the Final
Offer.




	     (d)  If the
Initial Offer and the Response indicate that both the Offering  Shareholders and the
Offeree Shareholders wish to buy all of the  others’ Restricted Shares, the CIB
Shareholders and the Inmex  Shareholders shall begin a bidding process therefor. The
higher of the  aggregate prices (on a per Restricted Share basis) offered in the  Initial
Offer and the Response shall constitute the initial bid. Such  initial bid and each
subsequent bid must be met in turn, within 30 days  following delivery thereof, by either
acceptance or delivery of a  counteroffer, which must be at least 5% higher than the
preceding bid  (on a per Restricted Share basis). This bidding process shall continue
until acceptance, or failure to respond, within 30 days following  receipt of any bid.
Any such failure to respond shall be deemed to  constitute acceptance.




	     5.3.  Certain Related
      Matters.




	     (a)  For purposes
of this Section 5, all offers, bids, acceptances and  counteroffers must be in writing,
in a form which is firm and binding  and solely for United States Dollars in cash payable
in a lump sum.




	     (b)  For purposes
of this Section 5, to the extent there exists more than  one CIB Shareholder or Inmex
Shareholder, (i) the CIB Shareholders or  the Inmex Shareholders, as the case may be,
shall be required to act  unanimously, and (ii) any obligation of the CIB Shareholders or
the  Inmex Shareholders shall be the joint and several obligation of each of  the CIB
Shareholders or each of the Inmex Shareholders, respectively.











 
	 	
20	 


 


  
  

 

	     (c)  All sales and
transfers made pursuant to this Section 5 shall be  consummated as soon as practicable
following the acceptance or deemed  acceptance of an offer or bid, and each Shareholder
agrees to take all  actions necessary to conclude such sales and transfers as
contemplated  hereunder.




	     (d)  In the event
that the Inmex Shareholders either elect or are required  to purchase any Restricted
Shares pursuant to this Section 5 at a time  when one or more of them would not be
permitted by applicable law to  hold such additional Restricted Shares, the Inmex
Shareholders shall  (i) be required to purchase all such Restricted Shares that any of
them  may legally purchase, and (ii) within nine months after the acceptance  or deemed
acceptance of the related offer or bid and to the extent  permitted by applicable law,
either cause a third party to acquire all  such remaining Restricted Shares or establish
a satisfactory trust  arrangement that would permit the Inmex Shareholders to hold a
beneficial interest in all such remaining Restricted Shares.




	     (e)  During the
pendency of any Impasse or the procedures set forth in this  Section 5, the Parties shall
cooperate to continue the operations of  the Company and the Subsidiaries in the ordinary
course of business.




	     (f)  Any Impasse
may be terminated at any time by written agreement of all  CIB Shareholders and Inmex
Shareholders.




	     (g) No Change Of Control after
      the occurrence of an Impasse shall relieve any guarantor hereunder or any
      Designated Guarantor of any requirement to guarantee (whether directly or,
      in the case of the KO Guarantee or the Emprex Guarantee, indirectly through
      Inmex’s guarantee pursuant to Section 8.3 hereof or CIB’s guarantee
      pursuant to Section 8.1 hereof, as the case may be) any obligation under
      this Section 5 of any Person who was a CIB Shareholder or an Inmex Shareholder
      immediately prior to such Change of Control; provided, however,
      that this Section 5.3(g) shall not be construed to affect any Guarantee
      of any obligation other than those contained in this Section 5; and provided,
      further, that any such Guarantee of such obligations contained in
      this Section 5 shall terminate to the full extent provided by Section 8
      hereof upon fulfillment of all procedures set forth in Section 5.2 hereof
      or earlier termination of such Impasse. Each of CIB and Inmex agrees that,
      during the pendency of any Impasse or the procedures set forth in this Section
      5, it shall not permit to occur a CIB Shareholder Change Of Control or an
      Inmex Shareholder Change Of Control, respectively, and each of the Shareholders
      agrees that it shall not Transfer any of its Restricted Shares during such
      time period.




	6.  Certain Rights in the Event of Specified Default.




	     6.1.  Specified Default.
      The following events shall constitute a specified default (a “Specified
      Default”) with respect to the Specified Default Parties:




	 	     (i) any breach or
      violation of any Significant Obligation of (1) CIB, any CIB Shareholder,
      Inmex or any Inmex Shareholder or KO under this Agreement (including, without
      limitation, any obligation of CIB, Inmex or KO under any of the Guarantees),
      the Estatutos or the Subsidiary Estatutos of any Subsidiary,
      or (2) the Company, any 








 
	 	
21	 


 

 















	 	Subsidiary, KO or any Affiliate of KO under any
      of the Bottler’s Agreements, which breach or violation referred to
      in clause (1) or (2) of any such Person continues unremedied for at least
      90 days after the Non-Defaulting Party has delivered written notice of such
      breach or violation of all Specified Default Parties; provided, however,
      that no such breach or violation of an obligation referred to in clause
      (2) of the Company or any Subsidiary shall constitute a Specified Default
      unless (I) such obligation is contained in the Specified Bottler’s
      Contract Provisions and (II) such breach or violation thereof is Attributable
      To CIB; or




	 	     (ii)
the commencement by CIB, any CIB Shareholder, Inmex or any Inmex  Shareholder or, for so
long as Inmex shall be a Majority Owned  Subsidiary of KO or KO shall be the legal
successor of Inmex, KO of a  proceeding for receivership, bankruptcy, insolvency,
dissolution,  liquidation or reorganization or any similar proceeding; or




	 	     (iii)
the commencement against CIB, any CIB Shareholder, Inmex or any Inmex  Shareholder or,
for so long as Inmex shall be a Majority Owned  Subsidiary of KO or KO shall be the legal
successor of Inmex, KO of any  proceeding specified in clause (ii) of this Section 6.1,
and such  proceeding has resulted in the entry of an order for any relief which  shall
not have been vacated, discharged, stayed or bonded pending  appeal within 60 days from
the entry thereof.




	     6.2.  Share Acquisition
      in the Event of Specified Default.




	     (a)  If any
Specified Default shall occur and be continuing, any  Non-Defaulting Party may by written
notice to all Specified Default  Parties declare a Specified Default. If such Specified
Default shall  cease to be continuing within 30 days of the delivery of such
declaration, no Non-Defaulting Party shall have any rights under this  Section 6 with
respect to such Specified Default.




	     (b)  If such
Specified Default shall not have ceased to be continuing at or  prior to the expiration
of such 30-day period, the Specified Default  Parties, acting unanimously, and the
Non-Defaulting Parties, acting  unanimously, shall proceed as rapidly as practicable to
determine the  Fair Market Value, payable in lump sum, of all of the Specified Default
Parties’ Restricted Shares.




	     (c)  The
Non-Defaulting Parties shall have an irrevocable option to  purchase, or to cause their
designee or designees to purchase, the  Specified Default Parties’ Restricted Shares for
United States Dollars  in cash at a price equal to 95% of their Fair Market Value,
payable in  lump sum, within 90 days following the determination of such Fair  Market
Value.




	     (d)  During the
pendency of a Specified Default and the exercise of remedies  in connection therewith,
the Shareholders shall cooperate to continue  the operations of the Company and the
Subsidiaries in the ordinary  course of business.




	     (e)  No Change Of
Control after the occurrence of a Specified Default shall  relieve any guarantor
hereunder or any Designated Guarantor of any  requirement to guarantee (whether directly
or, in the case of the KO  Guarantee or the Emprex Guarantee, indirectly through Inmex’s
guarantee  pursuant to Section 8.3 hereof or CIB’s guarantee pursuant to Section  8.1 







 
	 	
22	 


 

 













	hereof, as the case may be) any obligation under this Section
      6 of any Person who was a Specified Default Party immediately prior to such
      Change Of Control; provided, however, that this Section 6.2(e)
      shall not be construed to affect any Guarantee of any obligation other than
      those contained in this Section 6; and provided, further,
      that any such Guarantee of such obligations contained in this Section 6
      shall terminate to the full extent provided by Section 8 hereof upon the
      consummation of the exercise of the Non-Defaulting Parties’ purchase
      option under this Section 6.2 with respect to such Specified Default or
      lapse or termination of such option. Each of CIB, the CIB Shareholders,
      Inmex and the Inmex Shareholders agrees that, during the pendency of a Specified
      Default and the exercise of remedies in connection therewith, it shall not
      permit to occur a CIB Shareholder Change Of Control or an Inmex Shareholder
      Change Of Control, respectively, and each of the Shareholders agrees that
      it shall not Transfer any of its Restricted Shares during such period.




	     (f) CIB, the CIB Shareholders,
      KO, Inmex and the Inmex Shareholders agree that, in the event the Non-Defaulting
      Parties purchase all of the Specified Default Parties’ Restricted Shares
      pursuant to this Section 6.2, none of the Non-Defaulting Parties shall thereafter
      have any remedy under this Agreement, the Estatutos or the Subsidiary
      Estatutos of any Subsidiary or otherwise for any Specified Defaults,
      and each of them agrees not to assert or continue the assertion of any such
      remedy against any Specified Default Party. Nothing in this Section 6 shall
      prevent (i) any of them from asserting any such remedy against any other
      Party that is not a Specified Default Party with respect to such Specified
      Default, or (ii) any Party that is not a Non-Defaulting Party with respect
      to such Specified Default from asserting any claim based on such Specified
      Default against any other Party.




	7.  Termination of Certain Provisions; Term.




	     7.1.  Termination of
      Certain Provisions.




	     (a) In the event (i) an option
      of Non-COC Shareholders to purchase Restricted Shares arises under Section
      4.2(b) and the closing with respect to such option would cause, (ii) any
      proposed Transfer of Restricted Shares pursuant to Article 15 of the Estatutos
      would cause or (iii) any exercise of a purchase option pursuant to such
      Article would cause, the Restricted Shares held by the Inmex Shareholders
      (or the CIB Shareholders, as the case may be) to constitute less than 25%
      of all issued, subscribed and paid Ordinary Shares, then upon the request
      of any of the CIB Shareholders (or any of the Inmex Shareholders, as the
      case may be), promptly but in any case not later than the date of such closing
      pursuant to Section 4.2(b) or the closing of such Transfer or purchase option
      exercise, as the case may be, each of the Shareholders shall take all action
      necessary to eliminate, effective not later than immediately prior to any
      such closing, all special majority quorum and voting requirements (other
      than those herein or in the Estatutos relating to restrictions on
      Transferring the Restricted Shares) from this Agreement, the Estatutos
      and the Subsidiary Estatutos of each of the Subsidiaries.




	     (b)  In the event
(i) an option of Non-COC Shareholders to purchase  Restricted Shares arises under Section
4.2(b), (ii) the acceptance or  deemed acceptance of an Initial Offer, a Final Offer or a
bid to  purchase Restricted Shares under Section 5.2 hereof or (iii) an option  of
Non-Defaulting Parties to purchase Restricted Shares arises under  Section 6.2(c), and
the closing with respect to any such option or the  closing of the acquisition of
Restricted Shares in 








 
	 	
23	 


 

 
















	connection with such acceptance or deemed acceptance, as
      the case may be, would cause the Restricted Shares held by the Inmex Shareholders
      (or the CIB Shareholders, as the case may be) to constitute less than 20%
      of all issued, subscribed and paid Ordinary Shares, then upon the request
      of any of the CIB Shareholders (or any of the Inmex Shareholders, as the
      case may be), promptly but in any case not later than the date of such closing,
      (1) each of the Shareholders shall take all action necessary to eliminate,
      effective not later than immediately prior to such closing, all special
      majority quorum and voting requirements and all restrictions on Transferring
      the Restricted Shares from this Agreement, the Estatutos and the
      Subsidiary Estatutos of each Subsidiary, and (2) the CIB Shareholders
      shall cause the Chairman of the Board of Directors, and the Inmex Shareholders
      shall cause the Series D Representative, to transmit to the Transfer Agent
      a notice substantially in the form attached hereto as Exhibit I.




	     (c) In the event any proposed
      Transfer of Restricted Shares pursuant to Article 15 of the Estatutos
      would cause, or any exercise of a purchase option pursuant to such Article
      would cause, the Restricted Shares held by the Inmex Shareholders (or the
      CIB Shareholders, as the case may be) to constitute less than 20% of all
      issued, subscribed and paid Ordinary Shares, then upon the request of any
      of the CIB Shareholders (or any of the Inmex Shareholders, as the case may
      be), promptly but in any case not later than the date of closing of such
      Transfer or purchase option exercise, each of the Shareholders shall take
      all action necessary to eliminate, effective not later than immediately
      prior to such closing, all special majority quorum and voting requirements
      and all restrictions on Transferring the Restricted Shares from this Agreement,
      the Estatutos and the Subsidiary Estatutos of each Subsidiary.




	     7.2.  Term. This
      Agreement shall terminate upon the first to occur of either of the following
      events: (i) effectiveness of a unanimous written consent to the termination
      hereof executed by each of the Shareholders, or (ii) consummation of any
      transaction in accordance with paragraph (b) or (c) of Section 7.1 hereof;
      provided, however, that the provisions of Section 3.3 hereof
      and this Section 7 shall survive any such termination.




	8.  Certain Guarantees.




	     8.1. Obligations of the
      CIB Shareholders. CIB hereby guarantees, absolutely, irrevocably and
      unconditionally, to Inmex and the Inmex Shareholders, their successors and
      assigns, the full and prompt performance and observance of all of the covenants,
      agreements and obligations of each of the other CIB Shareholders under this
      Agreement and the Estatutos.




	     8.2.  Obligations of
      CIB. Emprex hereby guarantees, absolutely, irrevocably and unconditionally,
      to Inmex and the Inmex Shareholders, their successors and assigns, the full
      and prompt performance and observance of all of the covenants, agreements
      and obligations of CIB under this Agreement, including any covenants, agreements
      and obligations contained in Section 8.1 hereof, the Stock Subscription
      Agreement and the Estatutos (the “Emprex Guarantee”).
      Emprex may assign and be released from its obligations under the Emprex
      Guarantee with the prior written consent of Inmex, which it may withhold
      in its sole discretion.




	     8.3.  Obligations of
      the Inmex Shareholders. Inmex hereby guarantees, absolutely, irrevocably
      and unconditionally, to CIB and the CIB Shareholders, their successors 











 
	 	
24	 


 

 



















	and assigns, the full and prompt performance and observance
      of all of the covenants, agreements and obligations of each of the other
      Inmex Shareholders under this Agreement and the Estatutos.




	     8.4.  Obligations of
      Inmex. KO hereby guarantees, absolutely, irrevocably and unconditionally,
      to CIB and the CIB Shareholders, their successors and assigns, the full
      and prompt performance and observance of all of the covenants, agreements
      and obligations of Inmex under this Agreement, including any covenants,
      agreements and obligations contained in Section 8.3 hereof, the Stock Subscription
      Agreement and the Estatutos (the “KO Guarantee”).
      In the event KO delivers to CIB one or more guarantee agreements executed
      by a Person that is and remains a record holder of shares of common stock
      of Inmex (each, a “Designated Guarantor”) in favor of CIB
      and the CIB Shareholders, in form and substance satisfactory to CIB, and
      provided that each such Designated Guarantor’s net worth shall exceed
      US$200,000,000 at the time of delivery thereof, then the KO Guarantee shall
      be the several, but not joint, obligation of KO and any such Designated
      Guarantors, in such proportions as shall be set forth in such guarantee
      agreements; provided, however, that in the event (i) a Designated
      Guarantor’s net worth shall not exceed US$200,000,000 at the time any
      obligation on the part of a guarantor arises pursuant to the KO Guarantee
      or at any time thereafter until such obligation is satisfied in full, (ii)
      a Designated Guarantor shall commence a proceeding for receivership, bankruptcy,
      insolvency, dissolution, liquidation or reorganization or any similar proceeding
      or (iii) any proceeding specified in clause (ii) of this proviso shall be
      commenced against a Designated Guarantor, and such proceeding has resulted
      in the entry of an order for any relief which shall not have been vacated,
      discharged, stayed or bonded pending appeal within 60 days from the entry
      thereof, then in any such case any portion of the KO Guarantee set forth
      in such Designated Guarantor’s guarantee agreement as being the several
      obligation of such Designated Guarantor shall be the guarantee obligation
      of KO as if no such guarantee agreement had been delivered; and provided,
      further, that in no case shall such proportionate guarantees of KO
      or the Designated Guarantors, taken as a whole, constitute less than 100%
      of the KO Guarantee on a several basis; and provided, further,
      that, subject to Sections 4.2(d), 5.3(f) and 6.2(e) hereof, in no event
      shall KO be obligated under this Section 8.4 with respect to the performance
      or observance, after Inmex shall have ceased to be a Majority Owned Subsidiary
      of KO, of any covenant, agreement or obligation of Inmex; and provided,
      further, that for so long as Inmex shall be a Majority Owned Subsidiary
      of KO, KO’s proportionate obligation with respect to the KO Guarantee
      shall not be less than its direct percentage ownership interest, if any,
      in Inmex; and provided, further, that in no event shall there
      be more than 3 Designated Guarantors at any one time.




	     8.5.  Matters Relating
      to the Guarantees.




	     (a) CIB, Emprex, Inmex and
      KO waive (i) notice of acceptance of the respective Guarantees by the Persons
      for whose benefit such Guarantees are made (for purposes of this Section
      8.5, the “Guarantee Beneficiaries”), (ii) any right they
      may have to require the respective Guarantee Beneficiaries to notify them
      of any non-performance or non-observance by the CIB Shareholders, CIB, the
      Inmex Shareholders or Inmex, as the case may be, (iii) any right they may
      have to require that the Guarantee Beneficiaries make a demand upon them
      as a precondition to their obligations to perform the respective Guarantees
      and (iv) any right they may have to require that the Guarantee Beneficiaries
      comply with other formalities that might otherwise be legally required in
      order to charge them with liability under this Section 8. Each of CIB, Emprex,
      Inmex 









 
	 	
25	 


 

 
















	and KO hereby expressly waives the benefits of orden y
      excusión and such other rights provided in Articles 2814, 2815,
      2817, 2818, 2820, 2821, 2822, 2823, 2836, 2839, 2842, 2844, and 2845 of
      the Civil Code for the Federal District of Mexico.




	     (b)  If any of the
Guarantee Beneficiaries grants a deferral, a stay or a  release with regard to any of the
covenants, agreements or obligations  that are the subject of the respective Guarantee as
to which it is a  beneficiary without the consent of the guarantor thereof, even if such
release subjects the principal obligation to new encumbrances or  conditions with regard
to such Guarantee Beneficiary, no such covenant,  agreement or obligation shall be
discharged, and such guarantor  expressly waives its respective rights and benefits in
terms of  Articles 2846, 2847, 2848 and 2849 of the Civil Code for the Federal  District
of Mexico.




	     (c)  Insofar as
the respective Guarantees may require payment of any sums of  money to the Guarantee
Beneficiaries, the respective Guarantees are  guarantees of payment and not of collection
and shall remain in full  force and effect until the respective Guarantee Beneficiaries
have  received payment in full of all monies payable with respect to the  guaranteed
obligations.




	9.  Miscellaneous.




	     9.1.  Specific Performance.
      Any aggrieved Party shall, in addition to any other available remedies,
      be entitled to specific performance, to the extent such remedy is or shall
      become available under applicable law.




	     9.2.  No Third Party
      Beneficiaries. Except as otherwise specifically provided herein, nothing
      in this Agreement is intended to confer upon any Person other than the Parties
      any rights or remedies.




	     9.3.  Notices.
      All notices, statements, instructions or other documents required to be
      given hereunder, shall be in writing and shall be given either personally
      or by facsimile transmission at the addresses specified below, in the case
      of any of the parties hereto, or in the case of any other Party, the address
      specified by such Party at the time it became a Party. Any of the Parties,
      by written notice given to the other Parties hereto in accordance with this
      Section 9.3, may change the address to which notices, statements, instructions
      or other documents are to be sent to such Party.





	     If to CIB:





	 	General Anaya No. 601 Pte. 

      Colonia Bella Vista 

      Monterey, NL 64410, Mexico 

      Attention: Chief Financial Officer and Legal Department 

      Phone: 52.81.83.28.6000 

      Facsimile: 52.81.83.28.6080









 
	 	
26	 


 

 















	     with a copy to:





	  	Cleary, Gottlieb, Steen & Hamilton 

      One Liberty Plaza 

      New York, New York 10006 U.S.A. 

      Attention: Jaime A. El Koury, Esq. 

      Phone: 212-225-2570 

      Facsimile: 212-225-3999




	     If to KO or Inmex:





	  	One Coca-Cola Plaza 

      Atlanta, Georgia 30313 U.S.A. 

      Attention: Chief Financial Officer 

      Phone: 404-676-2121 

      Facsimile: 404-676-8621




	     with a copy to:





	  	One Coca-Cola Plaza 

      Atlanta, Georgia 30313 U.S.A. 

      Attention: General Counsel 

      Phone: 404-676-2121 

      Facsimile: 404-676-6792




	     If to the Company:





	  	Guillermo González Camarena No. 600 

      Centro de Ciudad Santa Fe 

      01210 México, D.F., México 

      Attention: Chief Financial Officer 

      Phone: 52.55.50.81.5109 

      Facsimile: 52.55.52.92.3475 

        with copies to CIB at its addresses specified pursuant to this
      Section 9.3.




	     9.4.  Successors and
      Assigns.




	     This Agreement and
the rights of a Party hereunder may not be  assigned and, except for any delegation by KO
of any portion of the KO Guarantee  pursuant to Section 8.4 hereof, the obligations of a
Party hereunder may not be  delegated, in whole or in part, without the prior written
consent of all of the  Shareholders. This Agreement shall be binding upon and shall inure
to the  benefit of the Parties and their respective successors and permitted assigns.




	     9.5.  Resolution of
      Legal Disputes; Consent to Jurisdiction; Etc.




	     (a) The Parties agree to make
      a good faith effort to resolve any legal disagreement, dispute, controversy
      or claim (for purposes of this Section 9.5, a “Legal Dispute”)
      arising out of or relating to this Agreement, the Estatutos or the
      Subsidiary Estatutos of any 









 
	 	
27	 


 

 












	Subsidiary, the interpretation hereof or
thereof, any arrangements relating hereto or thereto or contemplated herein or  therein,
or the breach, termination or invalidity hereof or thereof. Failing  such a resolution,
such Legal Dispute shall, if the parties thereto so agree, be  resolved by resort to a
non-binding dispute resolution procedure on terms to be  agreed by them.




	     (b) Each of the
Parties hereby submits to the exclusive jurisdiction of (i) the  courts of the State of
New York and the Federal courts of the United States of  America located in such State,
in the case of any action, suit or proceeding  commenced with respect to a Legal Dispute
by CIB, Emprex, any CIB Shareholder,  any Affiliate of any of them, the Company or any
other Shareholder that is a  resident of Mexico and is not an Affiliate of KO, Inmex or
any Designated  Guarantor, and (ii) any competent court located in Mexico City, Mexico,
in the  case of any action, suit or proceeding commenced with respect to a Legal Dispute
by KO, any Inmex Shareholder, Inmex, any Designated Guarantor, any Affiliate of  any of
them or any other Shareholder that is neither a resident of Mexico nor an  Affiliate of
CIB or Emprex.




	     (c) The Parties
agree that, after any Legal Dispute is before a court as  specified in paragraph (b) of
this Section 9.5 and during the pendency of such  Legal Dispute before such court, all
actions, suits or proceedings with respect  to such Legal Dispute or any other Legal
Dispute, including without limitation  any counterclaim, cross-claim or interpleader,
shall be subject to the exclusive  jurisdiction of such court.




	     (d) Each of the
Parties hereby waives, and agrees not to assert, as a defense in  any action, suit or
proceeding referred to in paragraph (b) or (c) of this  Section 9.5, that it is not
subject thereto or that such action, suit or  proceeding may not be brought or is not
maintainable in such court or that its  property is exempt or immune from execution, that
the action, suit or proceeding  is brought in an inconvenient forum or that the venue of
the action, suit or  proceeding is improper. Each of the Parties agrees that service of
process in  any such action, suit or proceeding shall be deemed in every respect
effective  service of process upon it if personally served upon the applicable Party at
its  address for notice purposes designated pursuant to Section 9.3 hereof.




	     (e) This Agreement has been
      executed, each of the Estatutos and the Subsidiary Estatutos
      of each of the Subsidiaries exists and all amendments, supplements, modifications
      or replacements to any thereof shall be made in English and Spanish versions,
      each of which shall be an original, except that the English version shall
      control in any action, suit or proceeding before a court sitting in the
      United States of America, and the Spanish version shall control in any action,
      suit or proceeding before a court sitting in Mexico.




	     9.6.  Governing Law;
      Construction and Representation of Counsel; Conflict with Estatutos.




	     (a) Regardless of
the place of execution, this Agreement shall be governed by  and construed in accordance
with the laws of Mexico.




	     (b) Each party
hereto represents that, in the negotiation and drafting of this  Agreement, such party
has been represented by and relied upon the advice of  counsel of such party’s choice.
Each such party affirms that such party’s  counsel has had a substantial role in the 











 
	 	
28	 


 

 















	drafting and negotiation of this  Agreement.
Each Shareholder that became a party hereto after the date hereof  represents that such
party has been represented by and relied upon the advice of  counsel of such
Shareholder’s choice in entering into this Agreement. Therefore,  each Party agrees that
the rule of construction to the effect that any  ambiguities are to be resolved against
the drafting Party shall not be employed  in the interpretation of this Agreement or any
Exhibit hereto.




	     9.7.  Headings.
      All headings are inserted herein for convenience of reference only and do
      not form a part of this Agreement.




	     9.8.  Entire Agreement;
      Amendment. This Agreement contains the entire agreement among the parties
      hereto on the date hereof with respect to the transactions contemplated
      herein and supersedes all prior written agreements and negotiations and
      oral understandings, including but not limited to the letter of intent dated
      April 25, 1993 among KO, Emprex and the Company. Except to the extent any
      addition of a party hereto by execution of an Assumption Agreement constitutes
      an amendment or supplement hereto, this Agreement may not be amended or
      supplemented except by an instrument in writing signed by each of the Shareholders;
      provided, however, that any such amendment or supplement that
      would restrict the rights of any Party hereunder or the exercise thereof
      or add to such Party’s obligations must also be signed by such Party.
      In the event that the amendment or modification of this Agreement in accordance
      with its terms requires that the Estatutos be amended, the Shareholders
      shall cause the Board of Directors of the Company to meet within 30 days
      following such amendment or modification or as soon thereafter as is practicable
      for the purpose of amending the Estatutos and proposing such amendments
      to the shareholders of the Company entitled to vote thereon, and such action
      shall be the first action to be taken at such meeting.




	     9.9.  No Waiver.




	     (a) No failure to
exercise and no delay in exercising any right, power or  privilege of a Party shall
operate as a waiver nor a consent to the modification  of the terms hereof unless given
by that Party in writing.




	     (b) Nothing in the Estatutos
      or in this Agreement, including without limitation Sections 2.1(e) and 6
      hereof, shall be construed as restricting, waiving or modifying in any manner
      the rights of KO or any Affiliate thereof, as franchisor, under the Bottler’s
      Agreements, including without limitation any rights thereunder with respect
      to any proposal by the Company to introduce a new line of business, or as
      modifying or affecting in any manner any of the terms or conditions of the
      Bottler’s Agreements.




	     9.10.  Exchange Rate.
      To the extent that any amount specified herein in a particular currency
      is paid in another currency, the amount paid shall be converted into the
      specified currency at the average of the conversion rates for such currencies
      as announced by Banco Nacional de Mexico, S.A. and Citibank, N.A. For purposes
      hereof, the “conversion rate” shall be the average of the buy
      and sell conversion rates for commercial transactions at the end of the
      business day prior to the business day on which such amount is paid.




	     9.11.  Originals.
      This Agreement has been executed in 6 originals.









 
	 	
29	 


 

 














	     9.12.  Waiver, Preservation
      of Rights.




	     (a) Effective as of July 6,
      2002, each of KO and Inmex waives any rights either may have under the Original
      Shareholders Agreement or the Estatutos with respect to, and otherwise
      consents to, the transfer on July 6, 2002 of all of the Company’s Series
      A Shares from Emprex to CIB.




	     (b) Except as set
forth in Section 9.12(a), nothing in this Agreement shall  affect any rights or
obligations of any Party under the terms of the Original  Shareholders Agreement with
respect to any action, inaction or state of facts  occurring or in existence at any time
prior to July 6, 2002.









 
	 	
30	 


 












 
	     IN WITNESS WHEREOF, on August
      27, 2002 the parties hereto have caused this instrument to be duly executed
      as of July 6, 2002 by their respective duly authorized representatives.
      




	COMPAÑIA INTERNACIONAL DE 

      BEBIDAS, S.A. DE C.V. 
      By: ___________________________

        Name:

        Title:

    	      	
      THE COCA-COLA COMPANY

      

        By: ___________________________

        Name:

        Title:

    
	 	 	 
	
      GRUPO INDUSTRIAL EMPREX, S.A. DE

        C.V. (formerly named FOMENTO

        ECONÓMICO MEXICANO, S.A. DE C.V.)

      By: ___________________________

        Name:

        Title:

    	 	
      THE INMEX CORPORATION

      

        

        By: ___________________________

        Name:

        Title:

    
	
       

    	 	
       

    
	
      WITNESS:

       ______________________________

        Name:

    	 	
      WITNESS:

       ______________________________
        

        Name:

      



 

 
	 	
31	 


 

 
































	EXHIBIT A




	Chart of Authority 

      (all amounts in US $)




	This Chart of Authority is to govern specified
matters, whether arising at the  Company level or the level of one or more consolidated
subsidiaries. References  herein to the Board of Directors shall be to the Board of
Directors of the  Company. Any decision of Executive Management or the Board of Directors
for  which corporate action of a consolidated subsidiary is necessary or appropriate
shall be reflected by such corporate action. Attached as ANNEX A hereto are  brief
descriptions of the responsibilities of Key Officers of the Company.






	 	  	
       

    	 	  	
      CFO

    	  	
      COO

    	  	
      CEO

    	  	
      Board

        of

        Directors

    
	 	 	
       

    	 	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	I.	 	 Five Year Business Plan	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      A. 

    	The Five Year Business Plan (including volume,
      income statement, 

      balance sheet, capital investments, marketing plans and strategies, etc.)
      

      will be reviewed by CFO, COO and CEO (“Executive Management”)
      and 

      presented to the Board of Directors for approval each year.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      B.

    	 Significant modifications to the Five Year
      Business Plan	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 
	II.	 	
      Capital

    	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      A. 

    	The Annual Capital Investment Plan will be
      reviewed by Executive Management during the annual business planning process.
      The 

      Annual Capital Investment Plan (in addition to the Annual Business Plan)
      will be presented to the Board of Directors for approval each year.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    






	R	=	Review and recommend
	A	=	Final Authorization



  

 
	 	
	 


 


  
  

 
	 	  	
       

    	 	  	
      CFO

    	  	
      COO

    	  	
      CEO

    	  	
      Board

        of

        Directors

    
	 	 	
      B. 

    	All capital projects must be individually formally authorized:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $2.5 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $1.0 million and less than $2.5 million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $1.0 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      C. 

    	Revisions in excess of 15% to an approved capital project
      

      such that the revised project would involve total past and 

      expected future expenditures of:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $2.5 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $1.0 million and less than $2.5 million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $1.0 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 
	III.	 	
      Annual Business Plan

    	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      A.

    	 The Annual Business Plan (including volume, income statement,
      

      balance sheet, marketing plans and strategies, etc.) will be reviewed 

      by Executive Management and presented to the Board of Directors 

      for approval each year.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      B. 

    	Adverse revisions in excess of 15% with respect to any
      line item 

      of the Annual Business Plan.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 
	IV.	 	
      Asset Disposals (Sale, Write Off, Other)

    	 	
       

    	 	
       

    	 	
       

    	 	
       

    




	R	=	Review and recommend
	A	=	Final Authorization




	*	Marketing or advertising expenditures
      in excess of $.25 million will require the CFO’s approval as well as any
      other required approval.



 
	 	
2	 

 


  
  

 
	 	  	
       

    	 	  	
      CFO

    	  	
      COO

    	  	
      CEO

    	  	
      Board

        of

        Directors

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      A.

    	 Fixed asset disposals with book or market value 

      (whichever is greater) of:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $2.5 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $1.0 million and less than $2.5 million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $1.0 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      B.

    	 Disposals of inventory outside the ordinary course of
      business, 

      or of any other assets, with book or market value 

      (whichever is greater) of:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $1.0 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.   $.5 million and less than $1.0 million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $.5 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 
	V.	 	
      Acquisitions or Divestitures

    	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      A.

    	 Authority to negotiate to merge, acquire or sell any business
      

      as a going concern.	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      B. 

    	Authority to commit to merge, acquire or sell any business
      

      as a going concern.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      C.

    	 Introduction of any new line of business or termination
      of any 

      existing line of business.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 
	VI.	 	
      Indebtedness or Other Obligations

    	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      A.

    	 Incurrence of indebtedness or other financial obligations
      

      (or guaranties of the same) in respect of a single transaction 

      or a series of related transactions.	 	
       

    	 	
       

    	 	
       

    	 	
       

    




	R	=	Review and recommend
	A	=	Final Authorization




	*	Marketing or advertising expenditures
      in excess of $.25 million will require the CFO’s approval as well as any
      other required approval.



 
	 	
3	 

 


  
  

 
	 	  	
       

    	 	  	
      CFO

    	  	
      COO

    	  	
      CEO

    	  	
      Board

        of

        Directors

    
	 	 	
       

    	1.  $2.5 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $1.0 million and less than $2.5 million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $1.0 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      B. 

    	Modification of any indebtedness or other financial obligations
      

      (or guaranties of the same) in excess of 15% such that the modified 

      indebtedness or financial obligation would involve total past and 

      maximum future expenditures of:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $2.5 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $1.0 million and less than $2.5 million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $1.0 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      C.

    	 New or renewed operating leases for real or personal property
      

      having a present value of minimum future payments:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $2.5 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $1.0 million and less than $2.5 million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $1.0 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      D.

    	 New or renewed commitments of any type having a present
      value 

      of the payments:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $2.5 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $1.0 million and less than $2.5 million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $1.0 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    




	R	=	Review and recommend
	A	=	Final Authorization




	*	Marketing or advertising expenditures
      in excess of $.25 million will require the CFO’s approval as well as any
      other required approval.



 
	 	
4	 

 


  
   

  

	 	  	
       

    	 	  	
      CFO

    	  	
      COO

    	  	
      CEO

    	  	
      Board

        of

        Directors

    
	 	 	
      E.

    	 Unbudgeted expenditures in respect of any
      single transaction 

      or series of related transactions:*	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $2.5 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $1.0 million and less than $2.5
      million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $1.0 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      F. 

    	Transactions with affiliates in respect of
      any single transaction 

      or series of related transactions:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $1.0 million or more	 	
      R

    	 	
      R

    	 	
      A

    	 	
      Informed

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $.5 million and less than $1.0
      million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $.5 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 
	VII.	 	
      Personnel

    	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      A. 

    	Designation, job description, reporting relationships
      and 

      remuneration (including incentive compensation) of:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  Key Officers (CEO, COO, CFO,
      Controller, Market Director, 

           Systems Services Director (see brief description
      of Key Officer      responsibilities in Annex A
      hereto)).	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  Other direct reports to Executive
      Management.	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      B.

    	 Salary policy and inventive plans for all
      non-unionized employees.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    






	R	=	Review and recommend
	A	=	Final Authorization




	*	Marketing or advertising expenditures
      in excess of $.25 million will require the CFO’s approval as well as any
      other required approval.




 
	 	
5	 


 


  
   

  

	 	  	
       

    	 	  	
      CFO

    	  	
      COO

    	  	
      CEO

    	  	
      Board

        of

        Directors

    
	 	 	
      C. 

    	Establishment of guidelines for union negotiations.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 
	VIII.	 	
      Legal

    	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      A.

    	 Commencement or settlement of any litigation of:	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	1.  $2.5 million or more	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	2.  $1.0 million and less than $2.5 million	 	
      R

    	 	
      R

    	 	
      A

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
       

    	3.  less than $1.0 million	 	
      R

    	 	
      A

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 
	IX.	 	
      Other

    	 	
       

    	 	
       

    	 	
       

    	 	
       

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      A.

    	 Change the appointed external auditors.	 	
      R

    	 	
       

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      B.

    	 Revisions to the Chart of Authority.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      C. 

    	Delegation of authority from Board to Coca-Cola FEMSA’s
      officers, employees or agents.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      D. 

    	Creation of any branch or subsidiary.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      E. 

    	Designation of members for Board of Directors of subsidiaries.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      F. 

    	Action to grant or withhold any vote or consent as shareholder
      of subsidiaries.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      G.

    	 Appointment of the Transfer Agent, approval of any subsequent
      

      change in the Transfer Agent or any amendment to the Transfer 

      Agent Agreement.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      H. 

    	Granting of a power of attorney to take any action 	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    




	R	=	Review and recommend
	A	=	Final Authorization




	*	Marketing or advertising expenditures
      in excess of $.25 million will require the CFO’s approval as well as any
      other required approval.



 
	 	
6	 

 


  
  

 
	 	  	
       

    	 	  	
      CFO

    	  	
      COO

    	  	
      CEO

    	  	
      Board

        of

        Directors

    
	 	 	 	specified in this Chart of Authority as requiring authorization
      by the Board of Directors.	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
      J. 

    	Approval of any political contributions.	 	
      R

    	 	
      R

    	 	
      R

    	 	
      A

    




	R = Review and Recommend 

      A = Final Authorization 






	R	=	Review and recommend
	A	=	Final Authorization




	*	Marketing or advertising expenditures
      in excess of $.25 million will require the CFO’s approval as well as
      any other required approval.




	 	
7	 


 

 


















	ANNEX A




	Key Officers of Coca-Cola FEMSA, S.A. de
      C.V. (the “Company”).




	CHIEF EXECUTIVE OFFICER (“CEO”):  The
powers and duties of the CEO are:





	     (a) to act as the
chief executive officer of the Company and, subject  to the control of the Board of
Directors of the Company, to have general  supervision, direction and control of the
business and affairs of the Company  and its consolidated subsidiaries; and




	     (b) subject to the
direction of the Board of Directors of the Company,  to have general charge of the
property of the Company and its consolidated  subsidiaries, to supervise and control all
officers, agents and employees of the  Company and to exercise such other general powers
of management as are usually  vested in the office of chief executive officer of a
corporation organized under  the laws of the United Mexican States (“Mexico”).




	CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER
(“CFO”):  The powers and duties of the CFO are:




	     (a) to act as the
chief financial officer of the Company and, subject  to the control of the Board of
Directors of the Company and the CEO, to have  general supervision, direction and control
of the financial affairs of the  Company and its consolidated subsidiaries;




	     (b) to supervise
and control the keeping and maintaining of adequate  and correct accounts of the
Company’s investments and business transactions,  including accounts of its assets,
liabilities, receipts, disbursements, gains,  losses, capital, retained earnings and
shares;




	     (c) to render to
the CEO and to the Board of Directors, whenever they  may require, accounts of all
transactions and of the financial condition of the  Company; and




	     (d) generally to
do and perform all such duties as pertain to, and to  have such general powers of
management as are usually vested in, the office of  chief executive officer of a
corporation organized under the laws of Mexico, and  to do and perform such duties and
have such powers as may be assigned to him by  the Board of Directors of the Company or
the CEO.








 
	 	
	 


 

 














	Chief Operating Officer




	     The Chief
Operating Officer (“COO”) of the Company shall have the  following powers,
functions and duties:




	     (i) under the
direction of the Board of Directors and the Chief  Executive Officer, such person shall
have general supervision over and active  management of the property, affairs and
business of the Company;




	     (ii) such person
shall have the general supervision and direction over  the operating officers of the
Company and shall see that their duties are  properly performed;




	     (iii) such person
shall execute and acknowledge all contracts,  agreements, deeds, bonds, mortgages and
other obligations and instruments in the  name of the Company when so authorized by the
Board of Directors or a committee  of the Board of Directors and all other papers and
documents necessary and  proper to be executed in the performance of such person’s
duties; and




	     (iv) such person
shall be vested with such other powers of supervision  and management and shall perform
such other duties as may be delegated to such  person by the Chief Executive Officer, the
Board of Directors, a committee of  the Board of Directors or as devolve upon the Chief
Operating Officer of like  companies.









 
	 	
2	 


 

 

















	Controller




	The Controller of the Company shall have the
following powers,  functions and duties:




	     (i) such person
shall provide and maintain financial and  accounting controls over the business and
affairs of the Company;




	     (ii) such person
shall maintain, among others, adequate  records of the assets, liabilities and financial
transactions of the  Company, and shall direct the preparation of financial statements,
reports and analyses;




	     (iii) such person
shall perform such other duties and exercise  such other powers as are incident to the
office of the Controller,  subject to the control of the Board of Directors; and




	     (iv) such person
shall perform such other duties as may be  delegated to him by the Chief Executive
Officer, the Chief Financial  Officer, the Board of Directors or a committee of the Board
of  Directors.








 
	 	
3	 


 

 















	Marketing Director




	The Marketing Director of the Company shall have
the following powers, functions  and duties:




	     (i) subject to the
direction of the Chief Executive Officer,  the Chief Operating Officer and the Board of
Directors, such person  shall have general authority and responsibility over all aspects
of the  Company’s marketing and advertising function and shall be responsible  for
developing and implementing marketing and advertising plans and  strategies for the
Company; and




	     (ii) such person
shall perform such other duties as may be  delegated to such person by the Chief
Executive Officer, the Chief  Operating Officer, the Board of Directors or a committee of
the Board  of Directors.










 
	 	
4	 


 

 

















	Systems Services Director




	     The Systems
Services Director of the Company shall have the following  powers, functions and duties:




	     (i) subject to the
direction of the Chief Executive Officer,  the Chief Operating Officer and the Board of
Directors, such person  shall have general responsibility and authority over the
development  and maintenance of the Company’s information and communication systems;  and




	     (ii) such person
shall perform such other duties as may be  delegated to such person by the Chief
Executive Officer, the Chief  Financial Officer, the Board of Directors or a committee of
the Board  of Directors.










 
	 	
5	 


 

 
















	EXHIBIT B




	Code of Business Conduct




	Words in italics are defined in the Glossary.




	AUDIT AND CONTROL




	Responsibility




	The Internal Audit Department of the Company
shall be responsible for reviewing the operations as well as the administrative
procedures of the Company in order to ensure compliance with the policies, rules and
procedures set forth herein. It shall also act to support management’s efforts to ensure
the safekeeping and profitable use of the resources of the Company.




	All officers shall ensure that the internal
auditors’ recommendations as to (i) any deviations from the policies, rules or
procedures set forth herein or (ii) irregularities in the Company’s operations or
management of resources, are implemented or shall provide justification as to why they
have not been so implemented.




	All employees shall immediately communicate to
their immediate superiors and to the Internal Audit Department any serious irregularity
of which they become aware. Administrative and operating officers may request the
internal auditors to perform special reviews, to extend their normal audits and shall
allow them to establish the priorities that they consider appropriate.




	All transactions shall be supported by accurate
documentation in reasonable detail, recorded in the proper account and recorded in the
proper accounting time period. Compliance with Generally Accepted Accounting Principles
and the Company’s systems of internal accounting controls is required at all times. No
false or misleading entries shall be made in the Company’s accounting records.




	Reports to Management




	The internal auditors shall report any
deviations discovered during the course  of an audit to the responsible officer.




	The internal auditors shall, upon completion of
an audit, present an audit  report to the responsible officer who shall establish a plan
designed to address  the concerns raised in such report in a timely manner. The Internal
Audit  Department shall ensure that such officer’s plan has been implemented.




	Payments




	All payments made by the Company for goods or services
      (including advertising, marketing and promotional participation) shall be
      made by check or draft drawn to the order of the party entitled thereto.




	In no case shall such checks or drafts be drawn
against any account created for  the receipt of sales proceeds.








 
	 	
	 


 

 
















	Disposition of Assets




	All materials, by-products or waste products
shall either be sold through the appropriate department of the Company or be otherwise
disposed of.




	The prices of materials, by-products or waste
products to be sold shall be fixed by a Committee comprised of 3 departmental officials,
each of whom represents a different department of the Company, which Committee shall
also define a system for updating prices.




	In disposing of such items, preference shall be
given to subsidiaries of the Company that may utilize them. Transfer prices shall be
determined according to the procedures established for the Company. Equipment which
cannot be used internally shall be sold at market price, provided that proper
authorization has been received and such sale is not made to a competitor.




	Any waste product not sold shall be disposed of
by a company authorized by the  SEDESOL for solid waste management, which disposal shall
be conducted pursuant  to the written contract in effect with such company and in
compliance with  Mexican law.




	Inquiries




	All officers of the Company shall facilitate any review
      conducted by external and internal auditors and shall provide such auditors
      with:



		•		an
adequate workplace.



		•		access to complete and accurate information and
      documents of the Company.



		•		tools
and equipment required for the performance of their work.



		•		technical
and auxiliary employees to improve efficiency.




	Sales




	All products that are regularly marketed shall
be listed in a “Price List” duly authorized by the Company or operational area
thereof and shall be sold at the prices fixed in such Price List, which prices shall be
fixed on the date such products are first listed. Such Price List shall additionally set
forth any discounts and credits terms.




	The price of products that do not appear in the
Price List shall be determined  by special order of the Manager that oversees such
products and the  corresponding Administrative Manager.




	Abnormally large sales prior to announced price
increases or sales at prices no longer valid, are forbidden. Exceptions shall be
authorized in writing by the Chief Operating Officer of the Company.




	The collection of accounts is the responsibility
of the Sales Department.  Judicial collection should be sought if necessary.




	The sale of fixed assets shall be documented
through a written request to take such assets out of service. Prices of such assets
shall be fixed by the Administrative Department of the Company, which shall assure that
necessary accounting record are kept.










 
	 	
2	 


 

 














	Purchases




	All purchases shall be carried out by the
Purchasing Department or by the party  charged with such responsibility. Negotiation and
payment of large purchases  shall be made in a centralized manner.




	The person in charge of purchasing shall be
responsible for obtaining the best  terms for such purchases and for maintaining good
commercial relationships.




	CONFLICTS OF INTEREST




	General




	At all times while acting within the scope of
his or her employment, each  employee shall conduct himself or herself in accordance with
applicable law and Company standards and shall not take any action in excess of his or
her authority.




	No employee shall promote his or her own interests
      or the interests of superiors, other employees or personal friends
      over the interests of the Company.




	No employee shall work for or supervise any
family member that may work for the Company without first obtaining the written
authorization of the Director of the Human Resources Department.




	No employee shall devote significant Company
time to personal or non-company activities which are not within the scope of his or her
day-to-day responsibilities.




	Transactions




	No employee shall transact business or make any
decision with respect to any transaction with a company whose representative is a family
member or friend or in which the employee or the employee’s family has an ownership
interest. In such a case, the official or employee shall notify their superior of such
conflict in order that another competent person may carry out the transaction. The terms
of the transaction shall be no less favorable to the Company than are available to or
from other customers or suppliers.




	Financial or Business Interests




	No employee shall have any ownership interest of
more than 1% of the equity interests of any competitor, supplier, contractor, client or
customer.




	No employee that, directly or indirectly,
participates in the procuring of supplies or services, shall accept any gift or other
compensation from a seller of supplies or services.




	No employee shall accept any payment, advantage
      or gift (except business related meals or small gifts of little value) from
      suppliers, construction contractors, competitors, customers or any other
      company or person with whom the Company does business.










 
	 	
3	 


 

 
















	Assets, Resources, Information




	No employee shall use the name of the Company or
its subsidiaries, the personnel or the resources of the Company or its subsidiaries for
his or her personal benefit or the benefit of relatives or friends.




	Company employees may not use privileged
      information of the Company for personal benefit, or for the benefit
      of relatives or friends.




	In the event of embezzlement by any employee,
the operations executive in charge of the area in which such employee works, the
appropriate administrative executive and the Internal Audit Department shall be
immediately notified of such embezzlement. The operations executive shall implement
procedures in order to recover the embezzled funds and shall file an appropriate claim
with the surety bond company.




	The authorization of an officer two levels
higher than manager, the participation of the Legal Department and the approval of the
Human Resources Department shall be required in order to bring criminal charges against
an  employee for fraud or embezzlement.




	Penalties




	Non-compliance with the above policies, rules, and procedures
      shall result in severe sanctions against the appropriate employee.
      Should any employee believe that he or she may not (for any reason
      whatsoever) be able to comply with such policies, rules and procedures,
      such employee should communicate this concern to the Chief Financial
      and Administrative Officer.




	DEALING WITH GOVERNMENT OFFICIALS




	All Company dealings with government officials
shall be carried out in accordance with applicable Mexican law and with the customary
course of business conduct ordinarily followed by Mexican companies in the same or
similar line of business.




	POLITICAL CONTRIBUTIONS




	All requests for authorization of political
contributions shall be in writing, shall set forth the relevant circumstances of the
contribution and shall be forwarded to the Company’s Board of Directors for their
approval.




	ADMINISTRATION OF CODE




	All Company officers are responsible for knowing
and understanding the general policies, rules and procedures set forth herein, and are
additionally responsible for ensuring that such policies, rules and procedures are made
known to, are understood, and are carried out by each employee in their charge. A copy
of this Code shall be furnished to any agent, consultant or other party who is retained
to perform services for the Company or on behalf of the Company.









 
	 	
4	 


 

 
















	GLOSSARY




	As used in this Code of Business Conduct, the
terms included in italic type face  shall have the following meanings:




	Chief Financial and Administrative Officer means
the Chief Financial and Administrative Officer of Coca-Cola FEMSA, S.A. de C.V. or other
person specifically designated by the Chief Financial and Administrative Officer of
Coca-Cola FEMSA, S.A. de C.V. in writing to be responsible for assisting with the
administration of the Code.




	Company means Coca-Cola FEMSA, S.A. de C.V. and
      its subsidiaries. A subsidiary of the Company is a corporation more
      than 50% of the voting stock of which is owned directly or indirectly by
      the Company or a partnership more than 50% of the equity interest
      of which is owned directly or indirectly by the Company. The term
      Company does not include any business entity in which the Company
      (and its subsidiaries) owns 50% or less of the equity interest.




	Code means this Code of Business Conduct of the
      Company.




	Employee means all officers and employees of the
      Company.




	Government official includes persons acting in
an official capacity for or on behalf of the executive, legislative or judicial organs
of Mexico or any foreign state, whether federal or unitary, central or local, or any
subdepartments, agencies or instrumentalities thereof.




	Political Contribution means, any direct or
indirect expenditures or contributions in cash, property or services rendered on behalf
of the Company given to political parties, their affiliates or candidates for nomination
or election to public office, as well as indirect assistance or support such as
furnishing goods, transportation, or equipment, or purchasing tickets or subscriptions
to political fund raising events.




	BUSINESS CONDUCT INQUIRIES




	Any questions regarding this Code, its meaning
or its application to specific circumstances should be addressed to the Chief Financial
and Administrative Officer who shall see that each such inquiry receives a prompt
response. If the Chief Financial and Administrative Officer’s initial response is not in
writing, the Chief Financial and Administrative Officer shall immediately prepare a
written record of the responses a copy of which shall be sent to the employee who made
the inquiry. The Chief Financial and Administrative Officer may, from time to time,
issue interpretative memoranda to Company employees with respect to issues arising under
this Code.










 
	 	
5	 


 

 
















	Additional copies of this Code of Business Conduct are
      available through the Human Resources Department of Coca-Cola FEMSA, S.A.
      de C.V.




	 	Coca-Cola
FEMSA, S.A. de C.V.  

      Guillermo González Camarena No. 600 

      Centro de Ciudad Santa Fe 

01210 México, D.F., México




	     Attention:   Chief
      Financial and Administrative Officer








 
	 	
6	 


 

 
















	EXHIBIT C




	Specified Bottler Agreement Provisions





	 Section1
      

    	 General Description2
      

    
	 	 
	 4(b)	 Beverage Bases to be used exclusively for preparation
      of Beverages pursuant to Bottling Agreement.
	 	 
	 8	 Advertising and promotional material relating
      to the Trade Marks or the Beverages used by Company subject to KO approval.
	 	 
	 12(a)	 Company to adopt and apply KO standards for
      design and decoration of trucks, cases, etc.
	 	 
	 13	 Company to refrain from sale or distribution
      of the Beverages outside the Territory.
	 	 
	 14-19	 Obligations of Company relative to the Trade
      Marks.
	 	 
	 20(a)	 Company to use only the Beverage Bases in preparing
      the Beverages and to conform to manufacturing standards.
	 	 
	 20(c)	 Company to withdraw Beverages or Authorized
      Containers from the market if required by KO.
	 	 
	 22(a)	 Company to purchase and use only packaging materials
      approved by KO from suppliers approved by KO.
	 	 
	 32(a)	 Company not to assign, encumber, etc., Bottler’s
      Agreement without KO approval.
	 	 
	 32(b)	 Company not to delegate Bottler’s Agreement
      without KO approval.
	 	 
	 36(d)	 Indemnification.
	 	 
	 37	 Confidentiality.




	





	1 		 Section
references are to each of (i) the Bottler’s Agreement dated June 21,  1993 between The
Coca-Cola Company and Coca-Cola FEMSA, S.A. de C.V., as amended  by the letter agreement
between such parties of even date, relating to certain  Valley of Mexico territories, and
(ii) the Bottler’s Agreement dated June 21,  1993 between The Coca-Cola Company and
Coca-Cola FEMSA, S.A. de C.V., as amended  by the letter agreement between such parties
of even date, relating to certain  southeastern Mexico territories.



	2 		 Descriptions are inserted for convenience of
      reference only.





 
	 	
	 


 



 
  



	EXHIBIT D




	[Form of Subsidiary By-Laws]




	[[       
      ], 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 “[         
      ]” 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:1




	     ARTICLE 3:
      The Company shall have a duration of 99 (ninety-nine) years, beginning as
      of the date the Company was incorporated.




	     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 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.


	
      

    


	1		 The purposes of the Company shall
      be those currently in effect (with certain minor updates) and will depend
      upon the type of business engaged in. 



 
	 	 	 



 



  
  


	CHAPTER II




	CAPITAL STOCK AND SHARES




	     ARTICLE 6:
      (a) The Company is a variable capital corporation. The minimum fixed Capital
      Stock not subject to withdrawal is N$[_________] new pesos, national currency,2
      represented by ordinary Series “I” Shares, each with a par value
      of N$l.00 (One New Peso, National Currency).




	     (b) The variable part of the
      Capital Stock is unlimited and is represented by ordinary Series “II”
      Shares, each with a par value of N$1.00 (One New Peso, National Currency).




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




	     (d) The certificates representing
      the shares shall bear the manual signatures of two Proprietary Directors.




	     ARTICLE 7: 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 18 hereof.




	     ARTICLE 8:
      Any increase or reduction of the variable portion of the Capital Stock shall
      be accomplished pursuant to a resolution adopted at an Ordinary Shareholders’
      Meeting in accordance with the terms of Article 18 hereof.


	
      

    


	2
      		 The fixed part of the Capital Stock will be
      as currently fixed.



 
	 	 2	 



 



  
  


	     ARTICLE 9:
      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 10:
      All increases or reductions of the Capital Stock shall be recorded by the
      Company in a Capital Variations Book kept for such purpose.




	     ARTICLE 11:
      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. 




	     (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 12: The
        Company may be reorganized into one of several corporations pursuant to
        a resolution adopted at an Extraordinary Shareholders’ Meeting. 

    




	     ARTICLE 13:
      The Company will have a stock transfer book and will consider as shareholders
      only those persons who appear registered in such book. Such book must, at
      a minimum, comply with the provisions of Article 128 of The General Law
      of Commercial Companies.



 
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	CHAPTER III




	SHAREHOLDERS’ GENERAL MEETING




	     ARTICLE 14: (a)
      The General Meeting of Shareholders is the supreme authority of the Company,
      all other corporate authority being subordinate thereto.




	     (b) All Shareholders’
      Meetings shall be either Ordinary or Extraordinary. All Shareholders’
      Meetings will be held at the domicile of the Company. Extraordinary Meetings
      will be those which are held to deal with any of the matters contemplated
      in Article 182 of the General Law of Commercial Companies; all other General
      Meetings will be Ordinary Meetings. Each meeting shall deal only with the
      matters included in the Agenda.




	     ARTICLE 15: (a)
      An Ordinary Meeting shall be held at least once a year in the Company’s
      domicile 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 Shareholders’
      Meetings shall be called by the Board of Directors. Any such meetings will
      also be called at the request of the shareholders of the Company pursuant
      to Articles 184 and 185 of the General Law of Commercial Companies.




	     ARTICLE 16: (a)
      The call for the Ordinary and Extraordinary Shareholders’ Meetings,
      in first or further call, shall be published in the Official Gazette 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 scheduled 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.



 
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	     ARTICLE 17:
      To attend a Shareholders’ Meeting, shareholders must be registered
      in the stock transfer book kept by the Company. The shareholders are entitled
      to be represented at the meetings by proxies, through a simple power of
      attorney letter.




	     ARTICLE 18:
      (a) The Ordinary Shareholders Meeting held through first call shall be considered
      legally convened if shareholders representing more than 50% of the issued,
      subscribed and paid Capital Stock are present. Such meeting held pursuant
      to a second call shall be considered legally convened if shareholders representing
      more than 40% of the issued, subscribed and paid Capital Stock are present.




	     (b) The Extraordinary Shareholders
      Meeting held through first call shall be considered legally convened if
      shareholders representing at least 76% of the issued, subscribed and paid
      Capital Stock are present. Such meeting held pursuant to a second call shall
      be considered legally convened if shareholders representing more than 50%
      of the issued, subscribed and paid Capital Stock are present.




	     (c) Any Ordinary and Extraordinary
      Shareholders’ Meetings shall be lawfully convened 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.




	     ARTICLE 19:
      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, such 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”).



 
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	Voting shall be by show of hands (“económicas”)
      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 33% (thirty-three percent) of the
      shares represented at a Shareholders’ 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 20:
      (a) The management and administration of Company matters shall be entrusted
      to a Board of Directors, which shall be comprised of three Proprietary Directors
      and their respective alternates, each of whom shall be authorized to substitute
      for the specific Director for whom he is designated.




	     (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 21:
      Any minority shareholder or group of shareholders holding shares that were
      not voted in favor of the Directors appointed by the holders of a majority
      of the shares shall have the right to designate 1 Proprietary Director for
      each 25% of all issued, subscribed and paid shares of Capital Stock of the
      Company. When Alternate Directors are to be named, the aforementioned minority
      shall be entitled to designate 1 Alternate for each Proprietary Director
      appointed by such minority.



 
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	     ARTICLE 22:
      The calls for Board of Directors meetings shall be signed by the Chairman
      or, in his absence, by the Vice-Chairman or by the 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 Director 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 Director.




	     ARTICLE 23:
      (a) The Board of Directors shall meet at least once a year. Annually, at
      the first session after the meeting that designated them, the Board of Directors
      shall name a Chairman and a Vice-Chairman. The Chairman, who shall act as
      chairman of the meetings of the Board of Directors and the Shareholder’s
      Meetings, shall, during his absences, have his position temporarily filled
      by the Vice-Chairman, and during the Vice-Chairman’s absence, by the
      other 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. Minutes shall
      be taken at all meetings and must be approved in writing by all the Directors
      who attended the respective session, and be signed by the Chairman and Secretary.




	     ARTICLE 24:
      (a) The Board of Directors shall be considered legitimately functioning
      with respect to any action only if all of its members (or their respective
      alternates, as the case may be) are present at the time such action is taken.




	     (b) A resolution of the Board
      of Directors shall be valid only if it has been approved by all of its members
      (or their respective alternates, as the case may be) who vote on the matter
      (not counting as voting members those who abstain).



 
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	     (c) The Board of Directors
      may, without convening, adopt resolutions by a unanimous vote of its members
      (or their respective alternates, as the case may be), provided that such
      resolutions are confirmed in a writing signed by all members (or their respective
      alternates, as the case may be) and recorded in the minute books of the
      Company.




	     ARTICLE 25:
      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 



 
	 	 8	 



 



  
  


	guarantee of payment with respect to any obligations contracted
      or securities issued or accepted by third parties, to 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. 




	     (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 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 and these
      By-Laws to the Shareholders’ Meetings.




	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 themselves all or any portion of
      their powers provided for herein or by applicable law, on such terms and
      subject to such conditions as they may specify, acting as aforesaid, from
      time to time.




	     ARTICLE 26:
      The surveillance of the Company shall be entrusted to two Proprietary Examiners
      and two Alternate Examiners designated at the Ordinary Shareholders
    



 
	 	 9	 



 



  
  


	Meetings. 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 27:
      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 28:
      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, reinvestment reserve
      funds, special funds or any other funds the meeting may determine.




	     ARTICLE 29:
      The founders do not reserve any special participation in the Company’s
      profits. 




	     ARTICLE 30: 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.



 
	 	 10	 



 



  
  


	CHAPTER VI




	DISSOLUTION AND LIQUIDATION




	     ARTICLE 31:
      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 18 of these By-Laws.




	     ARTICLE 32:
      Once the Company is dissolved, the Extraordinary Shareholders’ Meeting,
      voting as set forth in Article 18, shall designate a Liquidator, fixing
      a term for the carrying out of his duties and the compensation that shall
      be paid to him.




	     ARTICLE 33:
      The Liquidator shall carry out the liquidation of the Company pursuant to
      the resolutions of the General Shareholders’ Meeting, and in the absence
      thereof, in accordance with the following:




	     (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 General Shareholders’ Meeting.




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




	     ARTICLE 34:
      During the liquidation period, the Ordinary or Extraordinary Shareholders’
      Meeting shall meet in accordance with the terms set forth in Article III
      of those 



 
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	By-Laws, and the Liquidator shall perform the same functions
      the Board of Directors had during the normal course of the Company’s
      business.




	     ARTICLE 35:
      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.



 
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	EXHIBIT E




	[Transfer Agency Agreement]




	SERVICE AGREEMENT entered between COCA-COLA FEMSA, S.A. DE
      C.V., herein represented by _______________________________, which shall
      be hereinafter referred to as “THE COMPANY”, and BANCA SERFIN,
      S.A., Banking Institution, Serfin Financing Group, herein represented by
      its Trustee Representative JAIME CESAR ANCER TIJERINA, hereinafter referred
      to as “THE TRANSFER AGENT”, in accordance with the following:




	R E C I T A L S




	I. THE COMPANY through its representative states the following:




	     a) That it is a Commercial
      Company (“Sociedad Anónima de Capital Variable”), of Mexican
      Nationality, with Federal Taxpayer’s Registry No. FRE-911030-425, incorporated
      by Public Deed No. 11,373, dated October 30, 1991, granted before the Notary
      Public No. 12, and registered under No. 2916, Page 171, Volume 365, Book
      3, Second Aux., Deeds of Commercial Entities, in the Public Registry of
      Property and Commerce of Monterrey, N.L., on November 22, 1991.




	     b) That its representative
      executing this Agreement has the authority to bind THE COMPANY to the provisions
      hereof.




	     c) That THE COMPANY desires
      to enter into this Agreement in order to have BANCA SERFIN, S.A. through
      its Trustee Department to keep custody and carry out the corresponding entries
      in the registry of the shares representing the capital stock of THE COMPANY
      (hereinafter, “THE SHARES”), in accordance with the provisions
      of articles 128 and 129, of the General Law of Commercial Entities, as well
      as in accordance with the By-Laws of THE COMPANY and subject to the provisions
      of this Agreement.




	     d) That the By-laws of THE
      COMPANY (hereinafter “The By-laws”), provide in Article 17 thereof
      that the registry of THE SHARES shall be maintained by THE TRANSFER AGENT
      or any other trust institution that the Board of Directors of THE COMPANY
      may select. A copy of the By-laws is attached hereto as Exhibit “A”.




	II. BANCA SERFIN, S.A. through its Trustee Representative
      states the following:




	     a) That it is a Commercial
      Company (“Sociedad Anónima”) according to the transformation
      decree published in the Official Gazette on January 16, 1992, being authorized
      to operate as a Banking Institution under the terms of the Transitory Articles
      Eighth and Thirteenth of the Law of Credit Institutions.




	     b) That the appointment of
      the Trustee Representative is evidenced by the Public Deed No. 29,088 dated
      April 17, 1990, granted before the Notary Public No. 105, and registered
      



 
	 	 	 



 



  
  


	under No. 2047, Volume 193/41, Book 4, Third Aux., Deeds
      and diverse contracts, in the Public Registry of Property and Commerce of
      Monterrey, N.L.




	     c) That THE TRANSFER AGENT
      has the capability and interest to grant the services consisting of keeping
      custody of and carrying out the corresponding entries on the registry of
      THE SHARES, in connection with changes of the ownership thereof occurring
      from the date hereof, in accordance with the applicable regulations, the
      By-Laws, and according to this Agreement.




	III. Each of the parties hereto mutually acknowledges the
      powers and authority of the other party entering this Agreement, since they
      have been vested with sufficient authority to execute and deliver it, the
      same having not been limited or revoked.




	     Therefore the parties hereto
      agree to bind themselves by the following:




	C L A U S E S




	     FIRST: PURPOSE OF THE AGREEMENT.
      THE TRANSFER AGENT shall grant services to THE COMPANY consisting in keeping
      custody of the registry of THE SHARES and to carry out entries on such registry
      in connection with ownership changes of THE SHARES, occurring from the date
      hereof, in accordance with the applicable regulations on the subject matter,
      the By-laws and the provisions of this Agreement. To that end, THE COMPANY
      through the Secretary of its Board of Directors, as delegate of the same,
      delivers simultaneously herewith the book containing the registry of THE
      SHARES (hereinafter, the “Registry Book”) which bears all authorized
      transfers to this date, from which is inferred the shareholding of THE SHARES
      described on Exhibit “B” attached hereto.




	     THE TRANSFER AGENT simultaneously
      herewith receives the Registry Book, under the assumption that the entries
      thereon recorded up to this date are true and correct, and consequently
      in no way shall THE TRANSFER AGENT be held responsible therefor.




	     SECOND: SCOPE OF SERVICES.
      THE TRANSFER AGENT by this Agreement is committed to keep custody of the
      Registry Book and shall be responsible to cause all related entries therein
      to be made properly, in conformity with articles 128 and 129 of the General
      Law of Commercial Entities, and in accordance with the By-laws of THE COMPANY
      and this Agreement. According to the foregoing, THE TRANSFER AGENT shall
      verify and shall at all time be responsible to:




	     1. Record the name, nationality
      and address of the shareholders of THE COMPANY and, additionally in the
      case of the Series “A” and Series “D” shareholders only,
      their telephone and telefax numbers.




	     2. Specify the shareholding
      of THE SHARES, determining the ones pertaining to each shareholder, indicating
      the provisional or definite certificate number, as the case may be, the
      amount thereof covered by such documents, as well as indicating the class,
      series and issuance date.



 
	 	 2	 



 



  
  


	     3. Subject to the notices that
      THE TRANSFER AGENT shall receive as provided in Article 15 of the By-laws
      and in Clauses THIRD and FOURTH hereof, record the date and form of transfer
      of the shares, registering the name, nationality, address, telephone and
      telefax numbers of the new holder of the shares; as well as record the liens
      and other rights granted to third parties in the Series “A” and
      Series “D” shares, as provided on paragraph 2 of Clause FOURTH.




	     4. Issue certifications of
      the entries in the Registry Book to shareholders, whether directly or through
      the Secretary of the Board of Directors of THE COMPANY, under the circumstances
      contemplated by Article 22 of the By-laws.




	     5. Replace the Registry Book
      for a new one once the space in the Registry Book herein delivered has been
      depleted, using in any case a book with numbered pages.




	     6. Keep strictly secret the
      contents of the Registry Book, not being allowed to release such information
      unless the request is made through the Secretary of the Board of THE COMPANY.




	     7. Provide directly the services
      hereunder, not being allowed to delegate such services to other persons
      or institutions, provided that if it may be deemed necessary, with the prior
      written authorization of THE COMPANY, THE TRANSFER AGENT may seek support
      with specialists or firms, provided, further, that in no event shall the
      seeking of such support or any such authorization relieve THE TRANSFER AGENT
      of any responsibility hereunder.




	     THIRD: NOTICES. In case
      any of the Series “A” and Series “D” shareholders proposes
      to sell or otherwise transfer (the “Transferring Shareholder”)
      its shares (the “Subject Shares”), all notices that it shall provide
      in order to evidence compliance with the procedures established in Article
      15 of the By-laws shall be made, substantially in the appropriate form attached
      hereto as part of Exhibit “C”, which may be sent by telefax, and
      which shall be sent to the persons specified in such forms; provided that
      all such notices of proposed transfer (other than notices in respect of
      proposed transfers made in compliance with Article 15(g) of the By-Laws)
      shall be given so as to provide not less than 90 days from the date of receipt
      thereof to the proposed transfer date.




	     THE TRANSFER AGENT shall require
      confirmation of receipt of the aforementioned notices by the persons specified
      in such forms.




	     Shareholders that are granted
      an option pursuant to Article 15 of the By-laws with respect to a proposed
      transfer (the “Option Shareholders”), shall, through the Chairman
      of the Board of Directors (in the case the Subject Shares are Series “D”
      shares) or the designated representative of the Directors appointed by the
      Series “D” shareholders (in the case the Subject Shares are Series
      “A” shares), notify THE TRANSFER AGENT if they elect to exercise
      their option to purchase the Subject Shares, specifying any designated persons
      who will purchase Subject Shares on behalf of any of them, such notice to
      be made substantially in the form attached hereto as Exhibit “C-2”
      or Exhibit “C-8,” as appropriate.




	     Likewise, in any case THE TRANSFER
      AGENT carries out a change of ownership of Series “A” or Series
      “D” shares in the Registry Book, THE TRANSFER AGENT shall confirm



 
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	so in writing to the Chairman of the Board of Directors through
      its Secretary and to the Series “A” shareholders when the selling
      Shares are Series “D” shares and when the Selling Shares are Series
      “A” shares, to the Series “D” shareholders and to the
      designated representative of the Directors appointed by Series “D”
      shareholders.




	     FOURTH: ENTRIES OF OWNERSHIP
      CHANGES OF AND LIENS ON THE SHARES ON THE REGISTRY BOOK. THE TRANSFER
      AGENT shall proceed to make changes in the Registry Book of THE COMPANY
      subject to the full compliance with the following:




	     1. In the case of Series “A”
      shares and Series “D” shares:




	     a) THE TRANSFER AGENT shall
      verify that the Transferring Shareholder has duly given the requisite notices
      referred to in Clause THIRD of this Agreement.




	     b) Upon receipt of a notice
      of final transfer or consummation of transfer of the Subject Shares in the
      appropriate form attached hereto as part of Exhibit “C” (including
      any documents referred to in any such notice), THE TRANSFER AGENT shall
      make entries in the Registry Book changing the ownership of the Subject
      Shares as specified in such notice; provided, however, that no such entry
      shall be made with respect to a notice in the form of Exhibit “C-3”
      if the date specified in such notice as the date of consummation of the
      sale of the Subject Shares is less than 90 days after the date of the related
      notice in the form of Exhibit “C-1”. Should THE TRANSFER AGENT
      deem it convenient it may verify the content of such notices with the person
      giving any such notice.




	     c) Except as provided in Subparagraph
      (d) below, in case THE TRANSFER AGENT does not receive an appropriate notice
      in accordance with Clause THIRD of this Agreement, it shall abstain from
      making any change in the Registry Book until it considers that the procedure
      preceding an ownership change on the Registry Book has been accomplished
      in conformity with the above provisions.




	     d) THE TRANSFER AGENT is authorized
      to enter changes in the ownership of the Series “A” or “D”
      shares in the Registry Book, without verifying the compliance of the terms
      of Article 15 of the By-laws, provided that a document is executed and delivered
      by all the Series “A” and “D” shareholders granting
      their consent to such ownership change.




	     2. Upon receipt of a notice
      of the proposed granting of a pledge in the form attached hereto as part
      of Exhibit “C-4” (including any documents referred to in such
      notice), THE TRANSFER AGENT shall notify the Series “A” or Series
      “D” shareholder giving such notice of receipt of such notice (and
      the documents referred to in such notice). Upon receipt of a notice from
      such shareholder of the consummation of the granting of such pledge, THE
      TRANSFER AGENT shall make the appropriate entries with regard to the granting
      of such pledge. No change of ownership with respect to Series “A’”
      or Series “D” shares subject to such pledge shall be effected
      without compliance with Paragraph 1 of this Clause Fourth.




	     3. With respect to ownership
      changes of Series “B” or “L” shares, THE TRANSFER AGENT
      shall only proceed to enter them in the Record Book following a notice sent
      by the Secretary of the Board of Directors of THE COMPANY requiring such
      change. If a request of



 
	 	 4	 



 



  
  


	transfer is received directly from the new holder of Series
      “B” or “L” shares, it shall so inform the Secretary
      of the Board of Directors of THE COMPANY requesting such authorization.




	     4. THE TRANSFER AGENT with
      the assistance of THE COMPANY shall verify the compliance with applicable
      tax obligations in connection with the transfer of THE SHARES.




	     5. THE TRANSFER AGENT shall
      make all transfer entries on the Registry Book no later than three business
      days following compliance, in THE TRANSFER AGENT’s own judgment, of
      the corresponding terms of the provisions of Article 15 of the By-laws and
      Clauses THIRD and FOURTH of this Agreement.




	     6. Any ownership change of
      THE SHARES derived from increases or reductions in the capital stock of
      THE COMPANY shall be advised by the Secretary of the Board who shall furnish
      to THE TRANSFER AGENT in writing all relevant information in order to authorize
      the corresponding changes in the Registry Book.




	     7. Notwithstanding the provisions
      under Clause THIRD and in the preceding paragraph of this Clause FOURTH,
      THE TRANSFER AGENT is entitled, in case of any doubt with regard to the
      legitimacy or rightfulness of any request for ownership change of THE SHARES,
      to require the Board of Directors of THE COMPANY to resolve over the legitimacy
      or rightfulness of such request and to instruct THE TRANSFER AGENT to proceed
      according to such resolution.




	     FIFTH: COVENANTS OF THE
      COMPANY. THE COMPANY shall comply with the following obligations: 






	     1. Inform THE TRANSFER AGENT,
      through the Secretary of the Board, with respect to any notice received
      by the Chairman of the Board of Directors from any Transferring Shareholder
      with regard to a proposed transfer of Series “A” or Series “D”
      shares according to Article 15 of the By-Laws, within the three business
      days following receipt thereof.




	     2. In case of receipt of any
      notice of change of record ownership on Series “B” or Series “L”
      shares, THE COMPANY through the Secretary of the Board shall notify in writing
      to THE TRANSFER AGENT, not later than three business days following receipt
      of the notice of transfer of such shares.




	     3. Inform THE TRANSFER AGENT,
      through the Secretary of the Board of Directors, of the notice of any shareholder
      proposing to grant a pledge on its shares, not later than three business
      days following receipt thereof.




	     4. Keep THE TRANSFER AGENT
      informed of the identity of the Chairman, Vice Chairman, Secretary and Alternate
      Secretary of the Board of Directors of THE COMPANY, and of the designated
      representative of the Directors appointed by the Series “D” shareholders
      referred to in Article 15 of the By-Laws and in Clause THIRD hereof, as
      well as informed of any amendment to the By-laws affecting in any way the
      provisions of this Agreement.




	     5. Assure the compliance with
      tax obligations in effect, applicable in connection with the transfer of
      THE SHARES.



 
	 	 5	 



 



  
  


	     6. Keep THE TRANSFER AGENT
      informed of any change of the shareholding of THE SHARES resulting from
      increases or reductions in the capital stock of THE COMPANY.




	     7. Hold and save THE TRANSFER
      AGENT harmless and released from any liability, when acting in conformity
      with the information and documentation that have to be furnished in accordance
      with this Agreement and the By-laws of THE COMPANY, as well as from losses
      and damages that it may suffer from acts or omissions incurred in performing
      the services specified herein and in the By-laws; provided, however, that
      in no case shall THE COMPANY be responsible to hold and save THE TRANSFER
      AGENT harmless and released from liabilities, losses or damages resulting
      from its bad faith, gross negligence or willful misconduct.




	     SIXTH: INFORMATION.
      THE COMPANY shall provide all the information and documentation that may
      be required by THE TRANSFER AGENT in order to efficiently carry out the
      services it is responsible for. In that regard, is agreed that THE COMPANY
      shall have a period of no more than five business days to provide the information
      and documentation requested by THE TRANSFER AGENT.




	     Likewise, THE TRANSFER AGENT
      may request from THE COMPANY all such information and documentation that
      it may require in order to make changes in the Registry Book of THE SHARES
      in accordance with the provisions of this Agreement and the By-laws of THE
      COMPANY.




	     Furthermore, THE TRANSFER AGENT
      shall provide any information that THE COMPANY may request through the Secretary
      of the Board of Directors and shall issue a duly signed report during the
      first 15 days of January, April, July and October of each year with respect
      to the entries made during the immediately preceding three calendar month
      term. This report shall be sent to the secretary of the Company’s board
      of directors and to the designated representative of the Series “D”
      shareholders.




	     SEVENTH: CONSIDERATION.
      The parties hereof agree that THE TRANSFER AGENT shall be paid by THE COMPANY
      as fees the amounts mentioned herein below.




	     a) For the acceptance of performance
      of the services herein provided, the amount of NP$10,000, payable only once,
      simultaneously with the execution hereof,




	     b) For the performance of such
      services, it shall be charged quarterly in arrears the amount of NP$25,000,
      provided that such amount shall be revised annually to adjust it in proportion
      to the inflation index published by Banco de Mexico.




	     c) It is understood that THE
      TRANSFER AGENT shall be entitled to charge any Value Added Tax accrued as
      a result of its services hereunder to THE COMPANY.




	     d) Likewise, it is agreed that
      all expenses incurred by THE TRANSFER AGENT in relation with the performance
      of the services and its obligations hereunder shall be on account of THE
      COMPANY.



 
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	     EIGHTH: TERM. This Agreement
      shall be for an undetermined term, being understood that any party hereof
      may terminate this Agreement by a 60 day previous written notice; provided
      however, that no termination notice on the part of THE TRANSFER AGENT shall
      become effective until THE COMPANY has appointed a substitute therefor.




	     NlNTH: DOMICILES. Both
      parties designate as their addresses to receive notices, communications
      and summons and in general for anything related to this Agreement, as follows:




	 	 THE COMPANY	 Ave Cuauhtemoc 400 sur 

      Monterrey, N.L., 64000

      phone 42 59 43 fax 45 47 69

      Attn: Secretary of the Board of Directors
	 	 	 
	 	THE TRANSFER AGENT	Ave. Morelos 133 ote., 8°p. 

      Monterrey, N.L., 64000 

      phone 42 59 43 fax 45 47 69 

      Attn: Trustee Representative










	     In addition, the Transfer Agent
      is hereby advised that, unless otherwise informed, the authorized representative
      of the Series “D” shareholders is Mr. Jack Stahl, and that his
      address is One Coca-Cola Plaza, Atlanta, GA 30313, U.S.A., telephone number
      (404) 676-2121 and telecopier number (404) 676-8683.




	     TENTH: JURISDICTION.
      The parties hereof submit themselves to the jurisdiction of the competent
      Courts sitting in Monterrey, Nuevo Leon, for the adjudication of any controversy
      that may arise in connection with the construction, performance or execution
      of the agreements hereof, waiving the right to any other venue that may
      correspond to them for reasons of their present or future domicile, or for
      any other circumstance.




	     In witness whereof, having
      read this Agreement and acknowledging the extent thereof, the parties hereof
      execute this Agreement before the undersigned witnesses, in the city of
      Monterrey, N.L. the 21st day of June, 1993.




	“THE COMPANY”	 	“THE TRANSFER AGENT”
	 	 	 
	
      

    	 	
      

    
	 	 	 
	WITNESS	 	WITNESS
	 	 	 
	
      

    	 	
      

    







 
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	EXHIBIT A




	FEMSA REFRESCOS, 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 “FEMSA REFRESCOS” 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, least, sell or in any other way dispose of and acquire trademarks,
      commercial names, copyrights, patents, inventions, franchises, distributions,
      concessions and processes;




	 	     (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 duration of 99 (ninety-nine) years, beginning as
      of the date the Company is incorporated.




	     ARTICLE 4:
      The legal domicile of the Company is México, D.F., and the Company
      may establish agencies, offices or branches in other places in the 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



 
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	case of failure to comply with this agreement, of forfeiting
      said interest or participation to the benefit of the Mexican Nation.




	CHAPTER II




	CAPITAL STOCK AND SHARES




	     ARTICLE 6: (a)
      The Company is a variable capital corporation. The minimum fixed Capital
      Stock not subject to withdrawal is equal to N$633,250,000 new pesos, national
      currency, of which the amount of N$475,000,000 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, each with a par value of N$l.00
      one new peso, national currency. 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 and a par value
      per share of N$1.00 one new peso, national currency.




	     (c) The Series “A”
      shares shall constitute 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.



 
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	     (d) The Series “A”
      and the Series “D” shares shall be shares with restricted transferability,
      and as such, shall be subject to the restriction, 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.




	     (f) The certificates representing
      the shares shall bear the manual signatures of two Directors and, from and
      after the initial appointment of Series “D” Directors, shall bear
      the manual signature of one Series “A” and one Series “D”
      Proprietary 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 Anónima de Capital Variable to Sociedad
      Anónima 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 



 
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	of the Company, or have any rights other then those expressly
      granted pursuant to paragraph (g) of this Article 6; provided, however,
      that the holders of Series “L” shares shall, pursuant to Article
      25 hereof, have the right to designate 1 Proprietary Director and 1 Alternate
      Director.




	     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 Securities Commission and the Foreign Investment Commission of
      Mexico, will be considered issued under the terms of Part III of Article
      14b is of the Stock Exchange Law. 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 



 
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	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 applicable law, 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 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



 
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	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 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:
      Following a resolution of the Board of Directors, the Company, under the
      terms of Article 14b is, Part I of the Stock Exchange Law and the general
      regulations issued by the National Securities Commission, shall be able
      to temporarily acquire shares representing its Capital Stock through the
      Mexican Stock Exchange at current market prices; provided, however, that
      such repurchase is charged to the net profits reserve account, which shall
      be denominated “Reserve for Repurchase of Shares”. This reserve
      if such is the case will be replenished with the proceeds of any resale
      of the shares repurchased. During such time as the shares belong to the
      Company, the Company shall not exercise the corporate rights that such shares
      confer and such shares will be registered in a special asset account, denominated
      “Owned 



 
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	Shares”, which will be used to record the losses and
      profits from their subsequent transfer through the Stock Exchange.




	     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. 




	     (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 135 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 



 
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	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 he, 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 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 



 
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	on which the 90 day 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 a 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.




	     (f) Should any Series “A”
      or “D” shareholder propose to pledge its shares to a financial
      or credit institution (the “Pledges”), 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 Pledges
      agrees (i) to notify the Chairman of the Board of Directors of the Company
      and the designated representative or 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 15 prior
      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 



 
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	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 acquired
      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 company in 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 give prior written notice to the Chairman
      of the 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.



 
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	     (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 or 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 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.



 
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	     (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 Offerse 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:




	     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 



 
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	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.




	     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.



 
	 	 14	 



 



  
  


	     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 and Financial
      Instruments, either at the request of the Company or by a resolution of
      the National Security 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.




	     (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 



 
	 	 15	 



 



  
  


	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.




	     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.




	     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 



 
	 	 16	 



 



  
  


	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 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.




	     (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 shell 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.



 
	 	 17	 



 



  
  


	     (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, the report referred to by Article 172 of the General
      Law of Commercial Companies, corresponding to the Company’s prior fiscal
      year, shall also be discussed, along with those Reports that correspond
      to other companies of which the Company owns 50% or more of the capital
      stock.




	     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



 
	 	 18	 



 



  
  


	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 (“económicas”) 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 33% (thirty-three 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 at least 16 Proprietary
      Directors and up to 11 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.
      Nominations of Directors for each Series of shares will take place in a
      Special Shareholders’ Meeting for such Series, convened in accordance
      with Article 23 hereof. The Series “A” shareholders shall, by
      a majority vote, appoint 11 Proprietary Directors and 6 Alternate Directors;
      the Series “D” shareholders shall, by a majority vote, appoint
      4 Proprietary Directors and up to 4 Alternate Directors; the Series “L”
      shareholders shall, by a majority vote, appoint 1 Proprietary Director and
      1 Alternate Director; and the Series “B” shareholders may appoint
      one or more Directors to the extent provided in Article 26 hereof. Any Alternate
      Director may act as a substitute in the absence of any Proprietary Director
      designated by the holders of the same Series of shares. The Delegates for
      such Special Shareholders Meetings will notify the Chairman of the Board
      of Directors of the Company of the



 
	 	 19	 



 



  
  


	resolutions adopted at the Special Shareholders Meetings
      at which they were present, whereupon the shareholders in attendance at
      the Ordinary Shareholders’ Meeting, convened for the election of the
      Directors and Examiners, shall adopt the designation of Directors determined
      by the shareholders in the Special Shareholders Meetings.




	     (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 paid Series “B”
      shares or other paid shares of Capital Stock of the Company that were not
      voted in favor of the Directors appointed by the holders of a majority of
      the shares of any other Series pursuant to Article 25(a) hereof, shall,
      without affecting the number of Directors appointed pursuant to such Article,
      have the right to designate 1 Proprietary Director for each 10% of all issued,
      subscribed and paid shares of Capital Stock of the Company such Series “B”
      shares or other shares represent. When Alternate Directors are to be named,
      the aforementioned minority shall be entitled to designate 1 Alternate for
      each Proprietary Director appointed by such minority.




	     ARTICLE 27: The
      calls for Board of Director meetings shall be signed by the Chairman or,
      in his absence, by the Vice-Chairman or by the 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



 
	 	 20	 



 



  
  


	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.




	     ARTICLE 28:
      (a) The Board of Directors shall meet at least 4 times a year. 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, a Chairman 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.




	     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 Matter, 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.



 
	 	 21	 



 



  
  


	     (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.




	     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



 
	 	 22	 



 



  
  


	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 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. 




	     (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.



 
	 	 23	 



 



  
  


	     (h) To determine the manner
      in which the shares owned by the Company shall be voted at Ordinary and
      Extraordinary Shareholders’ Meetings of any 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.




	     (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.




	     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



 
	 	 24	 



 



  
  


	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 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 (1) 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 (1) 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 



 
	 	 25	 



 



  
  


	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 Companies.
      The creation, structure and operation of such intermediate levels of administration
      shall be subject to the general rules issued by the National 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;



 
	 	 26	 



 



  
  


	     (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, 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 rate 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,
      voting as set forth in Article 23, 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:




	     (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.





 
	 	 27	 



 



  
  


	     (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.



 
	 	 28	 



 



  
  


	 EXHIBIT B 




	     BANCA SERFIN, División
      Fiduciaria, en los términos del contrato de Prestación de
      Servicios celebrado con Coca-Cola FEMSA, S.A. de C. V. de fecha 21 de Junio
      de 1993, CERTIFICA de acuerdo al Libro de Registro de Accionistas que con
      esta fecha recibo de la compañía las últimas anotaciones
      que aparecen en el Libro son las siguientes:


	
      ACCIONISTA

    	
      No. 

        C.P.

    	
      ACCIONES

    	
      TIPO

    
	 	 	 	 	 
	
      FOMENTO ECONOMICO

    	
       

    	
       

    		
       

    
	
      MEXICANO, S.A. DE C.V.

    	
      1

    	
      996

    		
      SERIE “A”

    
	
      LIC. ARTUTRO QUIROGA GZA.

    	
      2

    	
      4

    		
      ORIDINARIAS

    
	
      FOMENTO ECONOMICO

    	
       

    	
       

    		
      DE CIRCULACION

    
	
      MEXICANO S.A. DE C.V.

    	
      3

    	
      242,249,000

    		
      RESTRINGIDA.

        

        

    
	
      ACCIONES EN TESORERIA

    	
      1

    	
      90,250,000

    		
      SERIE “B” ORDINARIAS.

        

        

    
	
      THE INMEX CORPORATION

    	
      1

    	
      142,500,000

    		
      SERIE “D” 

        ORDINARIAS

        DE CIRCULACION

        RESTRINGIDA.

        

        

    
	
      IMPULSORA DE MERCADOS, 

        S.A. DE C.V.

    	
      1

    	
      90,250,000

    		
      SERIE “L”

        DE VOTO

    
	
      ACCIONES EN TESORERIA

    	
      2

    	
      68,000,000

    		
      LIMITADO.

    




	 	21 de junio de 1993
	 	 
	 	BANCA SERFIN, DIVISION FIDUCIARIA
	 	 
	 	
      

    
	 	 
	Coca-Cola FEMSA. S.A. de C.V.	 
	 	 
	
      

    	 







 
	 	 29	 



 



  
  


	 EXHIBIT C-1 




	[Form of Notice of Proposed Sale Pursuant to Article 15(b),
      Article 15(e) or Article 15(f) of the By-Laws]




	 [Date] 




	 To: 	 [Name of Series A or Series D 

      Shareholders (as applicable)]






	 	Chairman of the Board of Directors of
      Coca-Cola FEMSA, S.A. de C.V.






	 	 Designated Representative of 

        Series D Shareholders






	 	 Trustee Division of Banca Serfin, S.A.,
      

        as Transfer Agent






	Dear Sirs:




	     This is to signify the intention
      of the undersigned to sell the following shares of Coca-Cola FEMSA, S.A.
      de C.V. (the “Company”):




	 	Series:

      Certificate Number:

      Number of Shares:

      Name of Proposed Purchaser*:

      Address of Proposed Purchaser*: 

      Proposed Sale Price: 

      Date of Sale: 

      Other Terms:






	     Acceptance of the option to
      purchase all (but not less than all) said shares in accordance with the
      terms of Article 15(c) of the By-Laws of the Company shall be notified to
      the undersigned at the address specified below.




	 	Very truly yours, 
	 	 	 
	 	[NAME OF TRANSFERRING SHAREHOLDER]**

      [NAME OP PLEDGEE]***

      [Address] 
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:










	
      

    


	* 		Information not required if sale is proposed
      to be effected pursuant to Article 15(e) of the By-Laws. 


	** 		In the event such sale is proposed to be effected
      pursuant to Article 15(b) or Article 15(e) of the By-Laws.


	*** 		To be used in the event such sale is proposed
      to be effected pursuant to Article 15(f) of the By-Laws.



 
	 	 1	 



 



  
  


	EXHIBIT C-2 




	[Form of Notice of Acceptance Pursuant to Article 15(c) of
      the By-Laws]




	[Date] 




	 To: 	 [Name of Transferring Shareholder(s)]






	 	[Chairman of the Board of Directors
      of Coca-Cola FEMSA, S.A. de C.V.]






	 	 [Designated Representative of 

        Series D Shareholders]






	 	 Trustee Division of Banca Serfin, S.A.,
      

         as Transfer Agent






	 	Dear Sirs:






	     The undersigned, on behalf
      of the [Series A] [Series D] shareholders, hereby agrees to purchase all
      (but not less than all) of the shares specified in the letter dated _____________
      of [Name of Transferring Shareholder] in accordance with the terms of Article
      15(c) of the By-Laws of Coca-Cola FEMSA, S.A. de C.V. (the “Company”).




	     This will serve to certify
      that a majority of [Series A] [Series D] shareholders have approved such
      purchase.




	 	Very truly yours,
	 	 	 
	 	[Name of chairman of the Board 

         of Directors of the Company) 

      [Name of Designated

        Representative of Series D Shareholders] 
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:







 
	 	 	 



 



  
  


	EXHIBIT C-2(A) 




	[Form of Notice of Consummation of Transfer Pursuant to Article
      15(c) of the By-Laws]




	[Date] 




	 To: 	 Trustee Division of Banca Serfin, S.A.,
      as Transfer Agent






	Dear Sirs:




	     This is to notify you of the
      communication of the transfer of all (but not less than all) of the shares
      specified in the letter dated ____________[Name of Transferring Shareholder]
      in accordance with the terms of Article 15(c) of the By-Laws of Coca-Cola
      FEMSA, S.A. de C.V. (the “Company”).




	     The number of shares purchased
      by each [Series A] [Series D] shareholder and the names of such shareholders
      or of their designees (a “Designated Purchaser”) are as follows:




	
      

    




	
      

    




	
      

    




	     [Enclosed herewith is an executed
      original of the Assumption Agreement of the Designated Purchaser in the
      form of Exhibit ______ of the Shareholders Agreement dated as of __________
      by and among Fomento Económico Mexicano, S.A. de C.V., The Coca-Cola
      Company and The Inmex Corporation.]1




	 	Very truly yours,
	 	 	 
	 	[Name of chairman of the Board 

         of Directors of the Company) 
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:
	 	 	 
	 	 	[Name of Designated

        Representative of Series D Shareholders] 
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:












	
      

    


	1 		To be used in the event such purchase is made
      to a Designated Purchaser.



 
	 	 	 



 



  
  


	EXHIBIT C-3 




	[Form of Notice of Final Sale Pursuant to Article 15(d) or
      Article 15(f) of the By-Laws]




	[Date] 




	 To: 	 Chairman of the Board of Directors
      of Coca-Cola FEMSA, S.A. de C.V.






	 	 Designated Representative of Series
      D Shareholders 

      

      Trustee Division of Banca Serfin, S.A., as Transfer Agent






	Dear Sirs:




	     This is to notify you of the
      sale of the shares specified in our letter to you dated _________, pursuant
      to [Article 15(d)] [Article 15(f)] of the By-Laws of Coca-Cola FEMSA, S.A.
      de C.V. (the “Company”). This will serve to certify that such
      sale was consummated on [date] pursuant to [Article 15(d)] [Article 15(f)]
      of the By-Laws of the Company and in compliance with all applicable provisions
      of the By-Laws of the Company. The name and address of the purchaser (the
      “Purchaser”) are:




	
      

    




	
      

    




	
      

    




	     Enclosed herewith is an executed
      original of the Assumption Agreement of the Purchaser in the form of Exhibit
      ____ to the Shareholders Agreement dated as of _________ by and among Fomento
      Económico Mexicano, S.A. de C.V., The Coca-Cola Company, and The
      Inmex Corporation.




	 	Very truly yours,
	 	 	 
	 	[NAME OF TRANSFERRING SHAREHOLDER]*
      

      [NAME OF PLEDGEE]** 

      [Address]
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:








	
      

    


	* 		To be used in the event such sale is made in
      accordance with Article 15(d).


	** 		To be used in the event such sale is made in
      accordance with Article 15(f).



 
	 	 	 



 



  
  


	EXHIBIT C-4 




	[Form of Notice of Proposed Granting of Pledge Pursuant to
      Article 15(f) of the By-Laws]




	 [Date]




	 To: 	 Chairman of the Board of Directors
      of 

      Coca-Cola FEMSA, S.A. de C.V. (the “Company”)






	 	 Designated Representative of Series
      D Shareholders 

      

      Trustee Division of Banca Serfin, S.A., as Transfer Agent






	Dear Sirs:




	     This is to notify you of the
      proposed granting of a pledge to [Name of Financial or Credit Institution]
      in respect of the [Series A] [Series D] shares specified in the enclosed
      executed original of the Assumption Agreement of [Name of Financial or Credit
      Institution] in the form of Exhibit _____ to the Shareholders Agreement
      dated as of ________________ by and among Fomento Económico Mexicano,
      S.A. de C.V., The Coca-Cola Company and The Inmex Corporation.




	     This will serve to certify
      that the enclosed documentation complies in all respects with Article 15(f)
      of the By-Laws and that the proposed pledge will be consummated pursuant
      to Article 15(f) of the By-Laws of the Company and in compliance with all
      applicable provisions of the By-Laws of the Company. Please advise the undersigned
      of receipt of this notice and the enclosures hereto.




	 	[NAME OF PLEDGOR] 

      [Address]
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:







 
	 	 	 



 



  
  


	EXHIBIT C-5 




	[Form of Notice of Transfer Pursuant to Article 15(g) of
      the By-Laws]




	[Date] 




	 To: 	 Chairman of the Board of Directors
      of 

      Coca-Cola FEMSA, S.A. de C.V.






	 	 Designated Representative of Series
      D Shareholders 

      

      Trustee Division of Banca Serfín, S.A., as Transfer Agent






	Dear Sirs:




	     This is to notify you of the
      transfer of the shares specified in the enclosed executed original of the
      Assumption Agreement (in the form of Exhibit _____ to the Shareholders Agreement
      dated as of _________________ by and among Fomento Económico Mexicano,
      S.A. de C.V., The Coca-Cola Company and The Inmex Corporation) of [Name
      of Transferee]. This is to certify that such transfer was effected pursuant
      to the terms of Article 15(g) of the By-Laws of Coca-Cola FEMSA, S.A. de
      C.V. and in compliance with all applicable provisions of the By-Laws of
      the Company.




	 	Very truly yours,
	 	 	 
	 	[NAME OF TRANSFERRING SHAREHOLDER]
      

      [Address]
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:









 
	 	 	 



 



  
  


	EXHIBIT C-6 




	[Form of Notice of Proposed Transfer Pursuant to Article
      15(h) of the By-Laws]




	[Date] 




	 To: 	 [Name of Series A or Series D Shareholders
      (as applicable)]






	Chairman of the Board of Directors of Coca-Cola FEMSA, S.A.
      de C.V.




	Designated Representative of Series D Shareholders




	Trustee Division of Banca Serfín, S.A., as Transfer
      Agent




	Dear Sirs:




	     This is to signify the intention
      of the undersigned to transfer the following shares of Coca-Cola FEMSA,
      S.A. de C.V. (the “Company”):




	 	Series: 

      Certificate Number: 

      Number of Shares: 

      Name of Proposed Transferee: 

      Address of Proposed Transferee: 

      Proposed Compensation: 

      Date of Sale: 

      Other Terms:






	     Acceptance of the option to
      acquire all (but not less than all) said shares in accordance with the terms
      of Article 15(h) of the By-Laws of the Company shall be notified to the
      undersigned at the address specified below. In addition, any demand for
      a determination of Fair Market Value of said shares in accordance with the
      terms of Article 15(i) of the By-Laws of the Company shall also be notified
      to the undersigned.




	 	Very truly yours,
	 	 	 
	 	[NAME OF TRANSFERRING SHAREHOLDER]

      [Address]
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:









 
	 	 	 



 



  
  


	EXHIBIT C-7 




	[Form of Demand for a Determination of Fair Market Value
      Pursuant to Article 15(i) of the By-Laws]




	[Date] 




	 To: 	 [Name of Transferring Shareholder(s)]
      

      

      [Chairman of the Board of Directors of Coca-Cola FEMSA, S.A. 

         de C.V. (the “Company”)] 

      

      [Designated Representative of Series D Shareholders] 

      

      Trustee Division of Banca Serfín, S.A., as Transfer Agent






	Dear Sirs:




	     The undersigned, on behalf
      of the [Series A] [Series D] shareholders, hereby notifies you of our demand
      for a determination of the Fair Market Value of the shares specified in
      your letter to us (pursuant to Article 15(h) of the By-Laws of the Company)
      dated ___, which demand is made pursuant to Article 15(i) of the By-Laws
      of the Company.




	 	Very truly yours,
	 	 	 
	 	[Name of Chairman of the Board 

         of Directors of the Company] 

      [Name of Designated Representative 

         of Series D Shareholders]
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:











 
	 	 	 



 



  
  


	EXHIBIT C-8 




	[Form of Notice of Acceptance Pursuant to Article 15(j) of
      the By-Laws]




	[Date] 




	 To: 	 [Name of Transferring Shareholders]
      

      

      [Chairman of the Board of Directors of Coca-Cola FEMSA, S.A. de C.V.] 

      

      [Designated Representative of Series D Shareholders] 

      

      Trustee Division of Banca Serfin, S.A., 

        as Transfer Agent






	Dear Sirs:




	     The undersigned, on behalf
      of the [Series A] [Series D] shareholders, hereby agrees to acquire all
      (but not less than all) of the shares specified in the letter dated _____________
      of [Name of Transferring Shareholder] in accordance with the terms of Article
      15(j) of the By-Laws of Coca-Cola FEMSA, S.A. de C.V. (the “Company”)




	     [Enclosed herewith is an executed
      original of the Assumption Agreement of the Designated Acquiror in the form
      of Exhibit ____ of the Shareholders Agreement dated as of ______________
      by and among Fomento Económico Mexicano, S. A . de C.V., The Coca-Cola
      Company and The Inmex Corporation.]*




	     This will serve to certify
      that a majority of [Series A] [Series D] shareholders have approved such
      acquisition. The number of shares being acquired by each [Series A] (Series
      D] shareholder and the names of such shareholders or their designees (a
      “Designated Acquirer”) are as follows:




	
      

    




	
      

    




	
      

    




	 	Very truly yours,
	 	 	 
	 	[Name of Chairman of the Board 

         of the Company] 

      [Name of Designated Representative 

         of Series D Shareholders]
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title:




	
      

    


	* 		To be used in the event such purchase is made
      to a Designated Acquiror.



 
	 	 	 



 



  
  


	EXHIBIT C-9 




	[Form of Notice of Final Transfer Pursuant to Article 15(k)
      of the By-Laws]




	[Date] 




	 To: 	 Chairman of the Board of Directors
      of Coca-Cola FEMSA, S.A. de C.V. 

      

      Designated Representative of Series D Shareholders 

      

      Trustee Division of Banca Serfin, S.A., as Transfer Agent






	Dear Sirs:




	     This is to notify you of the
      transfer of the shares specified in our letter to you dated ____________
      pursuant to Article 15(k) of the By-Laws of Coca-Cola FEMSA, S.A. de C.V.
      (the “Company”). This will serve to certify that such transfer
      was consummated on [date] pursuant to Article 15(k) of the By-Laws of the
      Company and in compliance with all applicable provisions of the By-Laws
      of the company. The name and address of the acquiror (the “Acquiror”)
      are:




	  	
      

    




	  	
      

    




	  	
      

    




	     Enclosed herewith is an executed
      original of the Assumption Agreement of the Acquiror in the form of Exhibit
      ______ to the Shareholders Agreement dated as of _______________ by and
      among Fomento Económico Mexicano, S.A. de C.V., The Coca-Cola Company
      and The Inmex Corporation.




	 	Very truly yours,
	 	 	 
	 	[NAME OF TRANSFERRING SHAREHOLDER]
      

      [Address]
	 	 	 
	 	By: 	 
	 	 	
      

    
	 	 	Title: 









 
	 	 	 



 



  
  


	EXHIBIT C-10 




	[Form of Notice of Consummation of Transfer in Connection
      with Which the By-Laws Have Been Amended to Eliminate Transfer Restrictions]




	 To: 	 Trustee Division of Banca Serfín,
      S.A.






	Dear Sirs:




	The undersigned Chairman of the Board of Directors of the
      Company and designated representative of the Directors of the Company appointed
      by the Series “D” shares hereby certify that the restrictions
      on transfer of Series “A” and Series “D” shares of Coca-Cola
      FEMSA, S.A. de C.V. (the “Company”) previously contained in Article
      15 of the By-Laws of the Company have been eliminated therefrom. The undersigned
      hereby direct you immediately to enter the following sale of shares in the
      Registry Book:




	 	Series: 

      Certificate Number: 

      Number of Shares: 

      Name of Purchaser: 

      Address of Purchaser:




	 	Very truly yours,
	 	 	 
	 	
      

    
	 	Name:

      Chairman of the Board
	 	 	 
	 	
      

    
	 	Name:

      Series D Representative















 
	 	 	 



 



  
  


	EXHIBIT F 




	[Form of Assumption Agreement]




	[LETTERHEAD OF ASSUMING PARTY]




	_______________ __, 200_




	Coca-Cola FEMSA, S.A. de C.V. 

      Guillermo González Camarena No. 600 

      Centro de Ciudad Santa Fe 

      01210 México, D.F., México




	Attention:  Chairman of the Board of Directors




	Dear Sir:




	     Reference is made to the Amended
      and Restated Shareholders Agreement, dated as of July 6, 2002 (the “Amended
      Shareholders Agreement”), by and among Grupo Industrial Emprex,
      S.A. de C.V. (formerly named Fomento Económico Mexicano, S .A. de
      C.V.) (“Emprex”), Compania Internacional de Bebidas, S.A.
      de C.V. (“CIB”), The Coca-Cola Company (“KO”)
      and The Inmex Corporation (“Inmex”). Capitalized terms
      used but not defined herein have the respective meanings set forth in the
      Amended Shareholders Agreement.




	     This assumption agreement (this
      “Assumption Agreement”) is being delivered pursuant to
      Section 3.1(c)(i) of the Amended Shareholders Agreement as a condition precedent
      to the Transfer of Restricted Shares (the “Subject Transfer”)
      to the undersigned (the “Assuming Party”).




	     1. Agreement to be Bound.
      The Assuming Party hereby agrees that, effective upon consummation of the
      Subject Transfer, it shall join the Amended Shareholders Agreement as a
      Shareholder and shall be subject to all the terms and conditions thereof,
      and, from and after the time of the Subject Transfer, shall assume all responsibilities,
      duties, obligations and liabilities, and succeed to all rights and privileges,
      of a [Series A] [Series D] Shareholder thereunder.




	     2. Representations.
      The Assuming Party hereby represents to each of the Parties, the Company
      and the Transfer Agent as follows:




	        (a) Amended
      Shareholders Agreement, Estatutos and Transfer Agency Agreement.
      The Assuming Party has received a copy of, and has carefully read, the Amended
      Shareholders Agreement, the Estatutos and the Transfer Agency Agreement.
      In particular and without limiting the foregoing, the Assuming Party acknowledges
      that by delivering this Assumption Agreement, it will become bound by the
      provisions of Section 9.5 of the Amended Shareholders Agreement, and that
      service of legal process thereunder shall be deemed in every 



 
	 	 	 



 



  
  


	respect effective if personally served at the address for
      notice purposes designated pursuant to Section 3 below.




	     (b) Delivery; Spanish and
      English Versions. An executed original of the Spanish version hereof
      has been delivered to the Chairman of the Board of Directors of the Company.
      Copies of the English and Spanish versions hereof have been delivered to
      the Series D Representative and the Transfer Agent.




	     (c) Subject Transfer.
      [for a sale under Article 15(b) through (d) of the Estatutos:
      Pursuant to the Subject Transfer, the Assuming Party shall purchase _______________
      Series [A or D] Shares, represented by stock certificate nos. _________________________________________
      , at a price equal to ___________ per Share. All other terms of the Subject
      Transfer are set forth in Schedule I hereto.]




	--or--




	     [for a foreclosure under
      Article 15(f) of the Estatutos: Pursuant to the Subject Transfer,
      the Assuming Party [in this case the pledges of Restricted Shares] shall
      acquire by way of foreclosure _______________ Series [A or D] Shares,
      represented by certificate nos. ______________, provided, however, that
      such Assuming Party has, prior to such foreclosure, complied with the procedures
      set forth in paragraphs (b) through (d) of Article 15 of the Estatutos.]




	--or--




	     [for a Transfer under Article
      15(g) of the Estatutos: Pursuant to the Subject Transfer, the
      Assuming Party shall [acquire or describe other Transfer] _________
      Series [A or D] Shares, represented by stock certificate nos.____________,
      owned of record by ________________ (the “Subject Transferor”).
      [The Subject Transferor owns, directly or indirectly, more than 50% of the
      outstanding shares of the capital stock with voting power of the Assuming
      Party. or A person that owns, directly or indirectly, more than 50%
      of the outstanding shares of the capital stock with voting power of the
      Assuming Party also owns, directly or indirectly, more than 50% of the outstanding
      shares of the capital stock with voting power of the Subject Transferor.]




	--or--




	     [for a Transfer under Article
      15(h) through (k) of the Estatutos: Pursuant to the Subject Transfer,
      the Assuming Party shall [describe Transfer] ______________ Series
      [A or D] Shares, represented by stock certificate nos. ______________,
      all on the terms set forth in Schedule I hereto. [Attach copy of notice
      previously given under Article 15(h) of Estatutos]. ]




	     (d) Corporate Organization.
      The Assuming Party is a [corporation duly organized, validly existing and
      in good standing under the laws of _________] [if the Assuming Party
      is a partnership or other “non-corporate” entity, include comparable
      language to reflect such form of organization] and has all requisite
      power to execute and deliver this Assumption Agreement, to perform its obligations
      hereunder and under the Amended Shareholders Agreement and to consummate
      the transactions contemplated hereby and thereby.



 
	 	 	 



 



  
  


	        (e) Authorization.
      The execution and delivery of this Assumption Agreement and the performance
      and consummation of the transactions contemplated hereby and by the Amended
      Shareholders Agreement have been duly authorized by all required action.
      This Assumption Agreement has been duly executed and delivered by the Assuming
      Party, and this Assumption Agreement and the Amended Shareholders Agreement
      constitute the valid and binding obligations of the Assuming Party, enforceable
      against the Assuming Party in accordance with their terms, in each case
      subject to applicable bankruptcy, insolvency, reorganization, moratorium
      and other laws affecting the rights of creditors generally.




	        (f) No
      conflict. The execution and delivery by the Assuming Party of this Agreement,
      the consummation by the Assuming Party of the transactions contemplated
      hereby and by the Amended Shareholders Agreement, and the fulfillment of,
      and compliance with the terms and conditions hereof and thereof do not and
      will not violate or conflict with its governing instruments or any law or
      regulation, judicial or governmental order, judgment or ruling, or result
      in the breach, default, modification or alteration of any term in any contract,
      license or other instrument, to which it or any of its property is subject
      or bound.




	        (g) Pending
      Litigation. No suit, investigation, action or other proceeding is pending
      or, to the knowledge of the Assuming Party, threatened, against the Assuming
      Party before any court or governmental agency restraining or prohibiting
      the Assuming Party from consummating the transactions contemplated hereby
      or by the Amended Shareholders Agreement or which could result in the obtaining
      of damages from the Assuming Party in connection therewith.




	        (h) Acquisition
      for Investment. The Assuming Party acknowledges that the Shares that
      form part of the Subject Transfer have not and will not be registered under
      the United States Securities Act of 1933, as amended (the “Securities
      Act”), and represents that (i) it is excluded from the definition of
      “U.S. person” as defined in Regulation S of the Securities Act,
      or (ii) (x) the Assuming Party is an institutional investor and an “accredited
      investor” within the meaning of Rule 501(a) of Regulation D of the
      Securities Act and has such knowledge and experience in financial and business
      matters as to be capable of evaluating the merits and risks of investment
      in such Shares, and is able to bear the economic risk of its investment
      and (y) it is purchasing such Shares for its own account for investment
      and not with a view to the distribution of or with any present intention
      of distributing or selling any of such Shares. Without limiting the foregoing,
      the Assuming Party agrees that it (A) will only reoffer or resell such Shares
      in accordance with any available exemption from the requirements of Section
      5 of the Securities Act and, in any event, in accordance with any applicable
      state securities laws and (B) shall provide to any person purchasing any
      such Shares from it a notice advising such purchaser that transfers of such
      Shares are restricted as set forth herein.




	     3. Notices. All notices,
      requests, instructions or other documents to be given hereunder to the Assuming
      Party shall be in writing and shall be given personally or by facsimile
      transmission at the address specified below:




	          [Assuming
      Party]

                [Address]
      

                Attention:



 
	 	 	 



 



  
  


	     Phone: 

           Facsimile:




	     4. Third Party Beneficiaries.
      This Assumption Agreement has been entered into and is intended to be for
      the benefit of the parties to the Amended Shareholders Agreement.




	     5. Governing Law. Regardless
      of the place of execution, this Assumption Agreement shall be governed by
      and construed in accordance with the laws of the United Mexican States (without
      regard to the conflict of laws principles thereof).




	     6. Originals. This Assumption
      Agreement has been executed in ___ originals.




	Very truly yours,




	[NAME OF ASSUMING PARTY]




	By: ________________________________
	Name: 

      Title:




	ACKNOWLEDGED AND 

           AGREED TO:




	[NAME OF TRANSFERRING SHAREHOLDER]




	By: ________________________________
	Name: 

      Title:



 
	 	 	 



 



  
  


	EXHIBIT G 




	[Form of Pledgee Agreement)




	[LETTERHEAD OF PLEDGEE]




	_______________ __, 200_




	Coca-Cola FEMSA, S.A. de C.V. 

      Guillermo González Camarena No. 600 

      Centro de Ciudad Santa Fe 

      01210 México, D.F., México




	Attention:   Chairman of the Board of Directors




	Dear Sir:




	     Reference is made to the Amended
      and Restated Shareholders Agreement, dated as of July 6, 2002 (the “Amended
      Shareholders Agreement”), by and among Grupo Industrial Emprex,
      S.A. de C.V. (formerly named Fomento Económico Mexicano, S.A. de
      C.V.) (“Emprex”), Compañia Internacional de Bebidas,
      S.A. de C.V. (“CIB”), The Coca-Cola Company (“KO”)
      and the Inmex Corporation (“Inmex”). Capitalized terms being used
      but not defined herein have the respective meanings set forth in the Amended
      Shareholders Agreement.




	     This pledgee agreement (this
      “Pledgee Agreement”) is being delivered pursuant to Section
      3.1(c)(iii) of the Amended Shareholders Agreement as a condition precedent
      to the pledge (the “Subject Pledge”) of Restricted Shares
      (the “Pledged Shares”) to the undersigned (the “Pledgee”).




	     1. Agreement. Effective
      upon the consummation of the Subject Pledge, the Pledgee hereby agrees as
      follows:




	        (a) The Pledgee
      shall promptly notify the Chairman of the Board of Directors of the Company,
      the Series D Representative and the Transfer Agent of any default under
      the Subject Pledge that would, immediately, with the passage of time or
      with the giving of notice, enable the Pledgee to proceed against the Pledged
      Shares.




	        (b) The Pledgee
      agrees to be bound by and shall comply with all procedures set forth in
      Article 15 of the Estatutos prior to any foreclosure of the Pledged
      Shares.




	        (c) The Pledgee
      irrevocably waives any right of self-adjudicating the Pledged Shares, even
      with the written consent of the Pledgor, until the Pledgee has fully complied
      with such procedures.




	        (d) The Pledgee
      agrees that all voting rights with respect to the Pledged Shares shall remain
      exclusively with the Pledgor so long as the Pledgor is the owner of record
      of the Pledged Shares.




	 	 	 



 




 


	     2. Representations.
      The Pledges hereby represents to each of the Parties, the Company and the
      Transfer Agent as follows:




	        [(a) Amended
      Shareholders Agreement, Estatutos and Transfer Agency Agreement.
      The Pledges has received a copy of, and has carefully read, the Amended
      Shareholders Agreement, the Estatutos and the Transfer Agency Agreement.




	        (b) Delivery;
      Spanish and English Versions. An executed original of the Spanish version
      hereof has been delivered to the Chairman of the Board of Directors of the
      Company. Copies of the English and Spanish versions hereof have been delivered
      to the Series D Representative and the Transfer Agent.




	        (c) Subject
      Pledge. The Pledgee is a financial or credit institution. Upon consummation
      of the Subject Pledge, the Pledgee will have a security interest in the
      Pledged Shares (______________ Series [A or D] Shares, represented
      by stock certificate nos. ______________), pursuant to [identify security
      agreement] to secure certain obligations of the Pledger under [identify
      agreement] copies of which agreements are attached hereto.]




	        (d) Corporate
      Organization. The Pledgee is a [corporation duly organized, validly
      existing and in good standing under the laws of _________] [if the Pledgee
      is a partnership or other “non-corporate” entity, include comparable
      language to reflect such form of organization] and has all requisite
      power to execute and deliver this Pledgee Agreement, to perform its obligations
      hereunder and to consummate the transactions contemplated hereby.




	        (e) Authorization.
      The execution and delivery of this Pledgee Agreement and the performance
      and consummation of the transactions contemplated hereby have been duly
      authorized by all required action. This Pledgee Agreement has been duly
      executed and delivered by the Pledgee and constitutes the valid and binding
      obligation of the Pledgee, enforceable against the Pledgee in accordance
      with its terms, in each case subject to applicable bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the rights of creditors
      generally.




	        (f) No
      Conflict. The execution and delivery by the Pledgee of this Pledge Agreement,
      the consummation by the Pledgee of the transactions contemplated hereby
      and the fulfillment of, and compliance with, the terms and conditions hereof
      do not and will not violate or conflict with its governing instruments or
      any law or regulation, judicial or governmental order, judgment or ruling,
      or result in the breach, default, modification or alteration of any term
      in any contract, license or other instrument, to which it or any of its
      property is subject or bound.




	        (g) Pending
      Litigation. No suit, investigation, action or other proceeding is pending
      or, to the knowledge of the Pledgee, threatened, against the Pledgee before
      any court or governmental agency restraining or prohibiting the Pledgee
      from consummating the transactions contemplated hereby or which could result
      in the obtaining of damages from the Pledgee in connection therewith.




	 	 	 



 





 

	     3. Notices. All notices,
      requests, instructions or other documents to be given hereunder to the Pledgee
      shall be in writing and shall be given personally or by facsimile transmission
      at the address specified below:




	 	[Pledgee]

      [Address] 

      Attention: 

      Phone: 

      Facsimile:






	     4. Third Party Beneficiaries.
      This Pledgee Agreement has been entered into and is intended to be for the
      benefit of the parties to the Amended Shareholders Agreement.




	     5. Governing Law. Regardless
      of the place of execution, this Pledgee Agreement shall be governed by and
      construed in accordance with the laws of United Mexican States (without
      regard to the conflict of laws principles thereof).




	     6. Originals. This Pledge
      Agreement has been executed in ____ originals.




	Very truly yours,




	[NAME OF PLEDGEE]




	By: ________________________________
	Name: 

      Title:




	ACKNOWLEDGED AND 

           AGREED TO:




	[NAME OF PLEDGOR]




	By: ________________________________
	Name: 

      Title:



 
	 	 	 



 



  
  


	EXHIBIT H 




	The parties agree that it is desirable for Coca-Cola FEMSA,
      S.A. de C.V. (“Coca-Cola FEMSA”) to expand its scope of operations
      in Latin America. Therefore, it is the intention of The Coca-Cola Company
      (“KO”) that Coca-Cola FEMSA will be a primary vehicle as territories
      become available in Mexico and other parts of Latin America to facilitate
      the consolidation of such territories. In other words, Coca-Cola FEMSA will
      be viewed as one of a small number of “anchor” bottlers for KO
      in Latin America. Therefore, if and when current owners of Coca-Cola bottling
      operations in Mexico and in other parts of Latin America choose to sell
      their bottling operations, KO will fully consider Coca-Cola FEMSA as a potential
      owner of such operations. In considering Coca-Cola FEMSA as a potential
      owner, KO must also consider the overall best interests of its bottling
      system including the acquisition interests of other anchor bottlers. In
      any event, Coca-Cola FEMSA must successfully negotiate the terms and conditions
      of any transaction on an economically sound basis with the owners of the
      available operations in question.




	In the event that owners of operations, which Coca-Cola FEMSA
      and KO agree fit with Coca-Cola FEMSA’s operations on a logistical
      and marketing basis, decide to sell and KO purchases such operations, KO
      will provide Coca-Cola FEMSA with an option to purchase these operations
      from KO. The option will allow Coca-Cola FEMSA to purchase these operations
      at prices equal to the prices KO paid plus KO’s related expenses and
      carrying costs and on the same terms and conditions as obtained by KO, all
      as more specifically described on attached Schedule A.




	For other operations in Latin America where KO or one or
      more of its majority owned subsidiaries directly controls the ownership
      of the bottling operations therein (apart from its rights under the bottler’s
      agreements) and KO determines that Coca-Cola FEMSA is the most desirable
      owner of such operations and KO also decides to sell any such operations,
      KO and Coca-Cola FEMSA will negotiate in good faith the sale of any such
      operations to Coca-Cola FEMSA at fair market value. It is understood that
      this is not a commitment by KO to sell any such operations.




	In connection with any proposed acquisition of a Coca-Cola
      bottling operation, Coca-Cola FEMSA at all times (before and after the acquisition)
      must meet the usual franchise requirements of KO (including aggressive development
      of the soft drink market in Coca-Cola FEMSA’s existing operations and
      maintenance of a financially sound operation), and KO must be satisfied
      of this prior to the acquisition.




	KO will support prudent and sound modifications to Coca-Cola
      FEMSA’s capital structure to support horizontal growth.




	The provisions of this Exhibit will be void and of no further
      effect upon the earlier of: (i) the elimination of the special majority
      voting requirements in accordance with Section 7.1(a) of the Amended and
      Restated Shareholders Agreement to which this Exhibit is attached, or (ii)
      the election of KO to terminate the provisions of this Exhibit, which KO
      shall have the right to do at any time following any Specified Default by
      any CIB Shareholder (as such terms are defined in such Shareholders Agreement).



 
	 	 	 



 



  
  


	SCHEDULE A




	In the event KO obtains ownership of a bottling operation
      that the parties agree fits with Coca-Cola FEMSA’s operations on a
      logistical and marketing basis, KO will provide Coca-Cola FEMSA with an
      option (the “First Option”), exercisable for a period of ninety
      (90) days following the date of notice to Coca-Cola FEMSA of KO obtaining
      such ownership, to acquire the bottling operation from KO, within ninety
      (90) days after the expiration date of the First Option, on the same terms
      and conditions (other than the amount of the purchase price) on which KO
      acquired the bottling operation. The First Option purchase price shall be
      an all cash price equal to the sum of (i) the purchase price paid by KO
      for the bottling operation, plus (ii) all out-of-pocket expenses incurred
      by KO in connection with the purchase, ownership, operation and sale of
      the bottling operation, plus (iii) carrying charges equal to KO’s standard
      intercompany advance rate per annum, calculated as set forth in accordance
      with the formula set forth on Appendix I attached to this Schedule, multiplied
      by the sum of (i), (ii) and any amounts accrued as a result of prior application
      of this clause (for all prior monthly periods from the date on which KO
      acquired ownership of the bottling operation) for the period from and after
      the date on which KO obtained ownership of the bottling operation to the
      date on which Coca-Cola FEMSA acquires the bottling operation pursuant to
      the exercise of the First Option computed on the basis of a 360-day year
      and compounded monthly, less (iv) any dividends received by KO during such
      period in respect of the bottling operation. If the First Option expires
      unexercised, KO will be free for a period of one year thereafter to sell
      the bottling operation to whomever it may wish, provided that the sale price
      and other terms and conditions of the sale are no less favorable to KO than
      those provided for in the First Option. If after the expiration of this
      one year period KO wishes to transfer ownership of the bottling operation,
      KO will provide Coca-Cola FEMSA with a ninety (90) day option (the “Second
      Option”) to acquire the bottling operation from KO within ninety (90)
      days after the expiration date of the Second Option for an all cash price
      equal to the then fair market value of the bottling operation as determined
      in good faith by KO (the “KO Price”). In the event the Second
      Option expires unexercised, the applicable bottling operation thereafter
      will be freely transferable by KO, except that if KO proposes to transfer
      ownership of the bottling operation at a price lower than the KO Price,
      KO will provide Coca-Cola FEMSA with a ninety (90) day option (the “Third
      Option”) to acquire the bottling operation from KO within ninety (90)
      days after the expiration date of the Third Option on the same terms and
      conditions as the proposed transfer.



 
	 	 	 



 



  
  


	APPENDIX I




	Calculation of KO’S Standard Intercompany
      Advance Rate




	The KO standard intercompany advance rate charged/credited
      on advance account balances is based on KO’s “market” cost
      (which does not include any administrative overhead charge, but includes
      estimated bank back-up line charges and dealer commissions) of 30-day commercial
      paper. For example, on the first of the month, if the actual rate on one-month
      commercial paper (rate is estimated if no commercial paper issuance on reset
      date) is 4.10%, the effective rate for 30 days would be 4.32%. The intercompany
      advance rate, which is rounded to .25% increments, would then be set at
      either 4.25% or 4.50% based on: current market conditions, KO Treasury’s
      forecast of rate trends for the remainder of the month, and unanticipated
      rate changes occurring in the previous month. In determining the monthly
      rate to be used, KO does not attempt to precisely reflect actual rate movements;
      the preference is to minimize rate fluctuations. After considering all of
      the above factors, the rate is set effective the first of each month, to
      remain in effect for the entire month, as of the first working day of each
      month.



 
	 	 	 



 



  
  


	EXHIBIT I 




	[Form of Notice of Consummation of Transfer in Connection
      with Which the By-Laws Have Been Amended to Eliminate Transfer Restrictions]




	To: Trustee Division of Banca Serfin, S.A.




	Dear Sirs:




	     The undersigned Chairman of
      the Board of Directors of the Company and designated representative of the
      Directors of the Company appointed by the Series “D” shares hereby
      certify that the restrictions on transfer of Series “A” and Series
      “D” shares of Coca-Cola FEMSA, S.A. de C.V. (the “Company”)
      previously contained in Article 15 of the By-Laws of the Company have been
      eliminated therefrom. The undersigned hereby direct you immediately to enter
      the following sale of shares in the Registry Book:




	 	Series: 

      Certificate Number: 

      Number of Shares: 

      Name of Purchaser: 

      Address of Purchaser:






	 	Very truly yours,
	 	 	 
	 	
      

    
	 	Name:

      Chairman of the Board
	 	 	 
	 	
      

    
	 	Name:

      Series D Representative



 
	 	 	 



 



  
  


	EXHIBIT J 




	Article 1: The company is named “COCA-COLA
      FEMSA DE BUENOS AIRES, S.A.” and will continue operating under this
      name. This company was initially named “Coca-Cola S.A. Fábrica
      Argentina de Bebidas Carbonatadas” and subsequently “Coca-Cola
      S.A. Industrial, Comercial y Financiera.” The legal domicile of the
      company is the city of Buenos Aires.




	Article 2: The duration of the company shall
      be 99 (ninety-nine) years, beginning on the date of the company’s registration
      in the Public Register of Commerce. This term may be extended.




	Article 3: The purpose of the company is
      the production, bottling, distribution, sale, exportation and importation,
      under the license of The Coca-Cola Company, of soft drinks bearing the trademark
      “Coca-Cola” and other products of The Coca-Cola Company, within
      certain designated territories in the Republic of Argentina, as a result
      of the authorization referred to in article 11. Furthermore, the company
      may produce, bottle, distribute, sell, import and export non-alcoholic beverages,
      syrups for drinks, concentrates, mineral water, juices, carbonated gas and
      food products, as well as the fabrication, distribution, importation, exportation
      and sale of crowns for bottles for beverages, plastic glasses, any type
      of containers and computer services. The non-alcoholic beverages, syrups
      for beverages or concentrates that the company may produce, import and export,
      distribute and/or sell shall not imitate the concentrates, the syrups, or
      the “Coca-Cola” beverages and other beverages under the license
      of The Coca-Cola Company and shall not be sold with designations or in containers
      that imitate or infringe the registered trademarks “Coca-Cola”,
      “Coke”, “Cola”, “Coca” or the distinctive
      bottle, or any graphic or phonetic edition thereof or of the other trademarks
      under the license of The Coca-Cola Company. Furthermore, the company may
      acquire, subscribe and/or sell shares of the company and of other companies
      related with the same activities of the company, as well as acquire and
      sell titles, shares, and other securities; execute any commercial and industrial
      financing, through loans with interest, with or without specific guarantee,
      or by means of contributions of capital to other companies incorporated
      or to be incorporated or to persons, make advances of funds for the acquisition
      and importation of merchandise and raw materials, by acquiring by assignment
      of rights from the sale of merchandise, discounting, commercial documents
      and pledges; take participation in any specific financial transactions,
      issuing guarantees or bonds for liabilities of third parties and in general
      using the funds of the company commercially or in the formation of the capital
      of all type of companies in the country and/or abroad, by participating
      with individuals or private, public, mixed or state entities or in commercial
      entities, in its capacity as shareholders and in any other capacity, and
      to execute any required legal acts and transactions, exception made of those
      transactions contemplated in the law of Financial Entities and all those
      transactions that require the concurrence of the public. For this purpose,
      the company has full legal capacity to acquire rights, to assume obligations
      and to execute any act not prohibited by law or by these by-laws.




	Article 4: The capital stock is the amount
      of $52,694,342, represented by 52,694,342 registered, non-endorsable, ordinary
      shares, with a face value of $1 (one peso) each, and with the right of one
      vote per share. The capital stock of the company may be increased by resolution
      of the ordinary general shareholders meeting, by up to five times its total
      amount pursuant to article 188 of Law No 19,550. Capital stock increases
      shall be filed in the Public Register of



 
	 	 	 



 



  
  


	Commerce. The company shall register all increases and decreases
      of its capital stock in its general balance.




	Article 5: The company shall have a share
      registry book, and shall only consider as shareholders those persons appearing
      in such register. The book shall contain, at least, the references specified
      in article 213 of Law No 19,550. The definitive or provisional certificates
      representing the shares will contain the references and information specified
      in articles 211 and 212 of Law 19,550.




	Article 6: The shareholders meetings may
      be ordinary or extraordinary. Ordinary meetings shall be those that are
      called to address any of the matters specified in article 234 of Law 19,550;
      all other meetings shall be extraordinary, as specified by article 235 of
      Law 19,550.




	Article 7: Shareholders meetings shall be
      called in accordance with the specifications of article 237 of Law 19,550,
      subject to the provisions specified in the referenced article regarding
      meetings to be held with the presence of all shareholders.




	Article 8: The quorum and resolution rules
      for shareholders meetings shall be subject to the provisions of articles
      234 and 244 of Law 19,550, for the class of meetings, notices and matters
      to be discussed, exception made for the quorum for the extraordinary meetings
      to be held upon in second notice, which will be considered legally held
      regardless of the number of shares with full voting rights that are represented.




	Article 9: The management of the company
      shall be the responsibility of a board of directors, consisting of a number
      of members to be resolved by the shareholders meeting, which shall be at
      least 3 and no more than 5 members. The members of the board of directors
      shall hold their position for one year, but they shall continue in their
      duties until the new directors appointed to replace them assume their duties.
      The shareholders meeting may appoint alternate directors up to the same
      number of directors appointed and up to the same term. The alternate directors
      will substitute for any of the directors appointed, in the order of their
      appointment. The members of the board, in the first meeting, shall appoint
      the chairman of the board and may appoint a vice-chairman and a secretary
      as well. The chairman shall preside at the board of directors meetings and
      shall be temporarily substituted for in his absences by the vice-chairman,
      and in the absence of the vice-chairman by the other members of the board
      in the order of their appointment. The board of directors shall function
      with the presence of the absolute majority of the members of the board (or
      the respective alternates, as the case may be). A resolution shall be valid
      only if it has been approved by the majority of votes represented at the
      time of voting. The members of the board shall receive such compensation
      as the ordinary shareholders meeting may determine. Every member of the
      board shall post a guarantee in favor of the company in the amount of $100
      (one-hundred pesos).




	Article 10: The notices for the meetings
      of the board shall be signed by the chairman, and in his absence by the
      secretary of the board, and shall be delivered personally or by any other
      means permitted by law to each member of the board at least 10 (ten) days
      prior to the date set forth for the meeting, with the following exception,
      that any member of the board may request to hold a board meeting, and the
      chairman shall call such meeting to be held within 5 (five) days following
    



 
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	receipt of such request, which notice shall include the agenda
      requested by such member of the board. The board of directors shall hold
      meetings at least quarterly. The minutes prepared for every meeting must
      be signed by the members of the board attending the meeting.




	Article 11: The board of directors shall
      have the power to manage and dispose of the assets of the company, including
      those powers which require special legal powers as specified in article
      1881 of The Civil Code and in article 9 of law decree No 5965/63. Consequently
      the board shall have the power to execute on behalf of the company all types
      of legal acts to comply with the corporate purposes; among their powers
      the board may: operate with the Banks of the Republic of Argentina, of the
      Province of Buenos Aires, Hipotecario Nacional and other official and private
      credit institutions: establish agencies, branch offices, and any other type
      of representation in the country or abroad; grant to one or more person(s)
      the judicial powers, including powers to sue in criminal or extra-judiciary
      complaints, with the extension and purpose that it may deem convenient.
      Furthermore the board of directors shall have the power to obtain and maintain
      the authorization of The Coca-Cola Export Corporation, a corporation established
      under the laws of the State of Delaware, United States of America, and/or
      of The Coca-Cola Company, a corporation established under the laws of the
      Sate of Delaware, United States of America, by which the company is authorized
      to bottle and sell the “Coca-Cola” trademark soft-drinks and other
      products of The Coca-Cola Company within certain specific territories in
      Argentina, with the express understanding that the company assumes herein
      the commitment with The Coca-Cola Company of canceling the use of the trademark
      “Coca-Cola” from its name and to cease any use of such trademark,
      if such authorization expires or is canceled. The legal representation of
      the company is vested in the chairman of the board of directors, or in his
      absence in the vice-chairman. The board may appoint one or more representatives,
      which may or may not be members of the board, with the powers and subject
      to the terms and conditions that may be set forth in the corresponding notary
      deed.




	Article 12: The surveillance of the operations
      of the company shall be entrusted to an examiner and his alternate who shall
      be appointed by the ordinary shareholders meeting. The examiner and his
      alternate shall be appointed annually, but shall continue in their duties
      until the new examiners assume their duties. The examiners shall have the
      duties and attributions specified in article 294 of Law 19,550.




	Article 13: The fiscal year of the company
      shall be of 12 (twelve) months, beginning the first day of January and ending
      the last day of December of each year.




	Article 14: The annual net profits, after
      deduction of the necessary amounts of any applicable taxes and any other
      amounts required by law to be deducted or segregated shall be applied as
      follows: a) Five percent shall be deducted to establish the legal reserve
      fund, until such fund is equal to twenty percent of the paid capital stock.
      b) Payment of fees to the members of the board and examiners, which shall
      be subject to the limits set by article 261 of Law 19,550. c) The balance
      shall be distributed as dividends to the shareholders, in proportion to
      their number of shares, or if resolved by the shareholders meeting it shall
      be applied totally or partially to create any reserve or fund that the shareholders
      meeting may resolve.



 
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	Article 15: The company shall be dissolved
      upon the occurrence of any of the events contemplated in article 94 of Law
      19,550.




	Article 16: Once the company is dissolved,
      the board of directors shall act as a liquidator.




	Article 17: The board of directors shall
      implement the liquidation of the company and will have the power to execute
      all the necessary actions for the liquidation of the assets and the cancellation
      of the liabilities, in accordance with the obligations set forth in article
      109 of Law 19,550. Once the liabilities are paid and the capital stock reimbursed,
      the balance shall be distributed to the shareholders in the same manner
      as the capital stock.




	Article 18: During the liquidation process
      the ordinary and extraordinary shareholders meeting shall meet in accordance
      with articles 6, 7 and 8 of these by-laws, and the liquidator shall have
      those duties and rights pertaining to the board of directors during the
      normal operation of the company.




	Article 19: During the liquidation and with
      respect to the liquidator the examiners shall continue to perform the same
      duties and obligations that they normally perform during the normal operation
      of the company, with respect to the board of directors.



 
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