Document:

EXHIBIT 10.49

                         SHARE SUBSCRIPTION AGREEMENT
                         ----------------------------

     This SHARE SUBSCRIPTION AGREEMENT, dated as of October 2, 2002 (together
with its Schedules and Exhibits and as amended or supplemented from time to
time, the "Agreement") is entered into by and between Coca Cola de Panama Cia.
Embotelladora, S.A., a corporation organized and existing according to the
laws of the Republic of Panama ("Coca Cola" or the "Seller"), and CA
Beverages, Inc., a corporation organized and existing according to the laws of
the Republic of Panama (the "Buyer").

                                  CONSIDERING

THAT, Seller owns and operates soft drink bottling and distribution facilities
in the Republic of Panama;

THAT, Seller also is the owner, directly or indirectly, among other
investments: (i) of approximately fifty one and one-half percent (51.5%) of
the issued and outstanding capital stock of Cervecerias Baru-Panama, S.A.
("CBP"), a corporation organized according to the laws of the Republic of
Panama that owns and operates beer bottling and distribution facilities in the
Republic of Panama (a "Company" and, jointly with the Seller, the
"Companies"); and (ii) a majority share interest in the issued and outstanding
capital stock of Crecimiento y Desarrollo, S.A. ("Credesa") and Ventas y
Mercadeo, S.A. ("Vemersa");

THAT, CBP is the owner, directly or indirectly, among other investments, of a
majority share interest in the issued and outstanding capital stock of
Cerveceria Panama, S.A. ("Cerveceria Panama"), Cerveceria del Baru, S.A.
("Baru"), Direccion y Administracion de Empresas, S.A. ("Daesa"), Panama Beer
Import S.A. ("Panama Beer"), Panama Brew Inc. ("Panama Brew"), and Grupo El
Hangar, S.A. ("Hangar");

THAT, with the advice and support of its financial advisor, the Seller
undertook a process to select a strategic partner in order to improve the
Seller's ability to face the challenges presented by globalization and by
changes in the local market;

THAT, as a result of that process, the Seller has selected Buyer as its
strategic partner;

THAT, the Buyer is wholly owned by and a joint venture of Heineken Finance
N.V. (a wholly-owned, indirect subsidiary of Heineken N.V.), Florida Ice and
Farm Co., and Inter-American Financial Corporation (a wholly owned subsidiary
of Panamerican Beverages Inc.) (jointly, the "Sponsors");

THAT, the Seller wishes to issue, and the Buyer wishes to buy, 3,934,246
shares (representing 50% of the issued and outstanding voting shares plus one
voting share) of newly issued and authorized common shares, no par value, of
Seller (the "Shares"), according to the terms and subject to the conditions
set out in this Agreement; and

THAT, after the issuance of the Shares and the change of control of the
Companies effected thereby, the Seller and the Buyer wish to give the
shareholders of both Companies (as

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existed immediately prior to the issuance of the Shares) the opportunity to
decide to maintain or to sell their share interests therein.

     THEREFORE, Seller and Buyer agree as follows:

                                   ARTICLE I
                            SUBSCRIPTION FOR SHARES

1.1  Subscription. On the basis of the representations and warranties herein
contained, and subject to the terms, conditions and agreements herein set
forth, Seller hereby issues and sells to the Buyer an aggregate of 3,934,246
Shares and the Buyer hereby purchases the Shares by making a capital
contribution to the Seller in an amount equal to a price of US$22.55 per
share, for an aggregate purchase price and capital contribution of
US$88,717,247.30 (the "Purchase Price").

                                  ARTICLE II
                 REPRESENTATIONS AND WARRANTIES OF THE SELLER

     2.1  The Seller represents and warrants to the Buyer as follows (for
purposes of this Section 2.1, the term "Coca Cola" shall mean Coca Cola and
all of its direct and indirect subsidiaries except for CBP and all of its
direct and indirect subsidiaries and the term "CBP" shall mean CBP and its
direct and indirect subsidiaries):

     (a)  Organization and Standing; Articles and Bylaws. Schedule 2.1(a) sets
forth the name of each entity which either Company controls (through its
ability to direct the management or operation of such entity or otherwise) or
has more than a 50% equity or participation interest ("Subsidiaries") and
provides for each Company and Subsidiary its jurisdiction of organization, its
capitalization and the percentage equity or other participation interest
(including options, etc.) owned by the Company, each Subsidiary and any other
natural person, legal entity or governmental or regulatory authority
("Person") with a percentage equity interest in excess of five percent. Each
of the Companies and the Subsidiaries is a corporation duly organized and in
good standing under the laws of its jurisdiction of organization. Each of the
Companies and the Subsidiaries is duly qualified to transact business and is
in good standing in each other jurisdiction in which the ownership or leasing
of its properties or assets or the conduct of its business requires such
qualification, except where the failure to so qualify has not had or would not
have a material adverse effect on or change in the assets, results of
operations, financial condition, business, or prospects of, either Coca Cola,
CBP or any Subsidiary (in either case, a "Material Adverse Effect"). Each of
the Companies and the Subsidiaries has all requisite corporate power to own or
lease and to operate and use its properties and assets and to carry on its
businesses as now conducted. Each of the Companies and the Subsidiaries has
delivered or made available to the Buyer complete and correct copies of its
articles of organization (or equivalent thereof) and, if any, bylaws (or
equivalent thereof), each as in effect on the date hereof.

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     (b)  Capital Structure. The authorized and outstanding capital stock of
each Company and each Subsidiary is set forth on Schedule 2.1(a). Schedule
2.1(a) includes an accurate and complete list of the stock options issued by
either of the Companies or the Subsidiaries setting forth the name of the
optionee, the exercise price and the number of shares of capital stock subject
to each outstanding option. Except as disclosed in Schedule 2.1(a), there are
no agreements, warrants, puts, calls, rights, preemptive rights, options or
other commitments of any character to which either Company or any Subsidiary
is a party or by which any of them are bound which obligates either Company or
any Subsidiary to issue, deliver, register or sell any additional shares of
capital stock or any securities or instruments convertible into or
exchangeable for additional shares of capital stock. The outstanding shares of
capital stock of each of the Companies and the Subsidiaries are duly and
validly issued and fully paid and nonassessable.

     (c)  Issuance of Shares. The Shares issued and sold by the Seller to the
Buyer have been duly authorized and, when delivered against payment thereof as
provided herein, will be duly and validly issued, fully paid and
non-assessable and not subject to the pre-emptive rights of any Person. Upon
the closing of this Agreement, the Buyer will own and have good and valid
title to, all of the Shares, free and clear of all Encumbrances (as defined
below), except for any created by the Buyer. Schedule 2.1(c) contains a true
and correct copy of the resolution of the Board of Directors of the Seller
authorizing the issuance of the Shares. The Shares represent at least fifty
percent plus one share of the Seller's outstanding capital stock on a fully
diluted basis (i.e., giving effect to the options and all other rights to
acquire capital stock of the Seller) and give the Buyer, subject to the rights
set forth in Section 5.10 hereof, voting control of the Seller.

     (d)  Authorization. The Seller has full power, and is properly authorized
and empowered (including corporate authorizations and others) to execute, to
deliver and to comply with this Agreement. This Agreement constitutes the
valid, legal and binding obligation of the Seller, enforceable against the
Seller according to its terms, except as enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws now or
hereafter in effect affecting the enforcement of creditors' rights generally.

     (e)  No Conflicts or Consents.

          (i)  The execution, delivery and performance of this Agreement,
including the issuance and delivery of the Shares and the proper registration on
the share registry book of the Seller of the Shares in the name of the Buyer and
the execution, delivery and performance of any related agreements or
contemplated transactions by the Seller will not: (a) violate, contravene, or
constitute a breach or default (whether upon lapse of time or the occurrence
of any act or event or otherwise) under, the charter documents or by-laws (or
comparable governing documents) of either Company or any Subsidiary; (b)
violate any law, statute, regulation, judgment, order, writ, injunction, or
decree of any court, administrative agency, or governmental body applicable to
any Company or any Subsidiary or any of their respective properties, assets or
outstanding debt or equity securities; (c) contravene, conflict with or
constitute a breach or default (whether upon lapse of time and/or the
occurrence of any act or event or otherwise) under any contract to

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which either Company or any Subsidiary is a party, except (x) where any such
violation, breach or default would not have a material adverse effect on the
ability of either Company or any Subsidiary to perform their obligations under
this Agreement or limit or impair any right of Buyer under or with respect to
the Shares and (y) as set forth in Schedule 2.1(e)(i). (ii) No consent, notice
or approval by any governmental or regulatory entity or stock exchange or any
other Person is required in connection with the execution of this Agreement or
the consummation of the transactions provided for herein or contemplated
hereby, with the exception of the consents, notices and approvals set forth in
Schedule 2.1(e)(ii).

     (f)  Financial Statements; No Undisclosed Liabilities, Inventories and
Receivables.

          (i)  The Buyer has been furnished with copies of the financial
statements set forth on Schedule 2.1(f)(i) (collectively, the "Financial
Statements"). The Financial Statements: (A) are correct and complete in all
material respects and have been prepared in accordance with the books and
records of the Companies and the Subsidiaries; (B) have been prepared in
accordance with international accounting standards ("IAS") consistently applied
throughout the periods covered; (C) reflect and provide adequate reserves in
respect of all liabilities, including all contingent liabilities, as of their
respective dates; and (D) present fairly the consolidated financial condition
of each of Coca Cola and CBP at such dates and the results of its operations
for the fiscal periods then ended.

          (ii)  Each Company and the Subsidiaries keep books, records and
accounts that, in reasonable detail, accurately and fairly reflect (A) the
transactions and dispositions of their respective assets and (B) the value of
inventory calculated in accordance with IAS.

          (iii)  The inventories of the Companies and the Subsidiaries as of the
date hereof are good and merchantable, and the aggregate quantity of inventory
for each of Coca Cola and CBP is reasonable and consistent with past practice.

          (iv)  All accounts receivable reflected in the Financial Statements,
and all accounts receivable arising since the date of the most recent balance
sheet, represent bona fide claims against debtors for sales arising on or
before the dates thereof, and all the goods delivered and services performed
which give rise to such accounts will have been delivered or performed in
accordance with the applicable orders or customer requirements. The accounts
receivable reflected in the Financial Statements, and all accounts receivable
arising since the date of the most recent balance sheet, will be subject to no
defenses, counterclaims or rights of setoff and will be fully collectible in
the ordinary course of business consistent with past practice without costs
payable by the Buyer to third parties in collection efforts therefor, except
to the extent that reserves for uncollectible accounts receivable are included
in the Financial Statements.

          (v)  The Net Debt (as defined herein) of CBP and Coca Cola as of
September 25, 2002 was US$9,527,237 and US$11,683,408, respectively. Net Debt
shall

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mean interest-bearing liabilities less cash and cash equivalents determined in
accordance with IAS. Since September 25, 2002, neither the Net Debt of CBP nor
the Net Debt of Coca Cola has increased.

          (vi)  Since the date of the most recent balance sheet included in
Schedule 2.1(f)(i), the Companies and the Subsidiaries have operated their
businesses in the ordinary course consistent with past practice and no event
has occurred with respect to the Companies that has had or could reasonably be
expected to have a Material Adverse Effect, except as set forth on
Schedule 2.1(f)(vi).

     (g)  Taxes. Each Company and each Subsidiary has filed or caused to be
filed all material tax returns, tax information returns, reports, and
estimates ("Returns"), for all taxable or reporting periods ending on or
before the date hereof. All Taxes due have been paid in full when due and each
Company and each Subsidiary has established adequate reserves in accordance
with IAS on the books and records and on their respective financial statements
for all Taxes not yet due and payable. All Returns are complete and accurate
in all material respects; and there are no liens on any of the assets of the
Company or any Subsidiary that arose in connection with any failure (or
alleged failure) to pay any Tax. As used in this Agreement, "Taxes" or "Tax"
means all foreign, federal, state and local taxes of any kind, including,
without limitation, income, excise, capital gains, gross receipts, franchise,
employment, sales, use, license, property or withholding taxes and any
interest or penalties related thereto, validly imposed upon the Company and
the Subsidiaries with respect to such taxes.

     (h)  Material Agreements. Except as set forth in Part A of Schedule
2.1(h), neither of the Companies nor any of the Subsidiaries is a party to, or
is bound by: (i) any agreement, contract or other commitment outside of the
ordinary course of business involving payments by or to either Company or any
Subsidiary of more than US$250,000 in any 12-month period; (ii) any severance
agreement or contract for the employment of any officer or employee (other
than any contract which is terminable without liability upon notice of 90 days
or less), or any severance agreement or contract of employment with a former
officer, director or employee, pursuant to which, in any case, payments in
excess of US$50,000 in any 12-month period are required to be made by either
Company or any Subsidiary after the date hereof; (iii) any contract or
obligation relating to any outstanding indebtedness for borrowed money by the
Company or any Subsidiary, other than borrowings less than US$250,000 in the
aggregate; (iv) any guarantee or other contingent liability in respect of any
indebtedness or obligation; (v) any collective bargaining agreement; (vi) any
agreement which obligates either Company or any Subsidiary not to compete with
any business or which otherwise restrains or prevents the Company or any of
the Subsidiaries from carrying on any lawful business; or (vii) any sales,
marketing or distribution agreements generating revenues or expenditures in
excess of US$250,000.

     Except as set forth in Part B of Schedule 2.1(h), complete and correct
copies of all contracts, agreements and other instruments referred to in Part
A of Schedule 2.1(h) have been made available to the Buyer. Except as
disclosed in Part B of Schedule 2.1(h), all contracts, agreements and other
instruments referred to in Part A of Schedule 2.1(h) are in full force and
effect and enforceable by the relevant Company or Subsidiary against the

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other parties thereto and neither of the Companies nor any Subsidiary, nor any
third party including any employee of either Company or the Subsidiaries, is
in breach of or default under any such contract, agreement or instrument.

     (i) Compliance with Laws; Environmental Matters.

          (i)  Each of the Companies and the Subsidiaries has complied in the
conduct of its business with all applicable laws, except failures to comply
which have not had and would not have a Material Adverse Effect.

          (ii)  (A) Neither of the Companies nor any Subsidiary is subject to
any order, consent, decree, notice, demand, enforcement proceeding or injunction
issued or initiated by any governmental authority relating to any
environmental law or regulation, (B) neither of the Companies nor any
Subsidiary has been notified in writing that it may be a responsible party or
potentially responsible party under or in violation of or noncompliance with
any environmental law or regulation and (C) there are no events or facts known
to either Company that indicate that either Company or any Subsidiary is or
will be such a responsible party or potentially responsible party or will be
in violation of or not in compliance with any environmental law or regulation.

          (iii)  Except as has not had and would not have a Material Adverse
Effect, there are no other circumstances or conditions involving either Company
or any Subsidiary that have resulted or are likely to result in any liability
on the part of either Company or any Subsidiary relating to or arising under any
environmental law or regulation.

     (j)  Litigation. Except as set forth in Schedule 2.1(j), there is no
action, suit, proceeding or investigation pending or, to either Company's
knowledge, threatened against either Company or any Subsidiary. Neither
Company nor any Subsidiary is in default in respect of any judgment, order,
writ, injunction or decree of any court or any governmental authority. Except
as set forth in Schedule 2.1(j), there is no action, suit, investigation or
proceeding pending, or to either Company's knowledge, threatened involving
either Company or any of the Subsidiaries which would be reasonably likely to
have a Material Adverse Effect or a material adverse effect on the ability of
either Company to perform its obligations hereunder, or which seeks to
rescind, void, enjoin or obtain damages in respect of the consummation of the
transactions contemplated hereby.

     (k)  Labor Matters. Except as set forth in Schedule 2.1(k), neither
Company nor any of the Subsidiaries is a party to any contract or collective
bargaining agreement with any labor organization. Each of the Companies and
each of the Subsidiaries are in compliance with all applicable labor laws and
collective bargaining agreements, except to the extent any non-compliance
would not reasonably be expected to have a Material Adverse Effect. Except as
set forth in Schedule 2.1(k), no strike, slowdown or work stoppage is
occurring or, to the knowledge of the Companies, is threatened to occur. There
is no pending social security or labor complaint involving either Company or
any of the Subsidiaries which would reasonably be expected to have a Material
Adverse Effect. The Companies and the Subsidiaries have established adequate
reserves in accordance with IAS on the books and records and on their
respective financial statements for all labor-related

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obligations. The recent collective bargaining agreement between the Seller and
Sitecovem is on terms and condition that are not materially less advantageous
to the Seller than the terms and conditions of the recently expired collective
bargaining agreement between the Seller and Sitecovem.

     (l)  Affiliated Transactions. Except as set forth in Schedule 2.1(l),
neither Company nor any Subsidiary is a party to or bound by any contract,
commitment or understanding with any of its respective shareholders, directors
or officers (except for the employment and related agreements listed in
Schedule 2.1(h)) or any of its affiliates or any member of their respective
families, and none of such shareholders, directors or officers or any of their
affiliates or members of their respective families owns or otherwise has any
right to or interest in any asset, tangible or intangible, which is used in
the business of either Company or any Subsidiary. For purposes of this
paragraph, a person will be considered part a "family" if he or she is related
to a shareholder, director or officer within the fourth degree of
consanguinity and second degree of affinity.

     (m)  Property.

          (i)  Ownership of Property. Except as set forth in Schedule 2.1(m)(i),
each Company and each Subsidiary has good (and, in the case of owned real
property, marketable) title (or leasehold interest with respect to leased real
property) to all assets which are necessary to the conduct of their respective
businesses, free and clear of any claim, collection, covenant, obligation,
tax, bail, mortgage, lien, preventive sequestration, attachment, option,
privileged credit or restriction ("Encumbrances"), except (A) for liens for
taxes not yet due and payable or being contested in good faith by appropriate
proceedings and for which appropriate reserves have been established on the
relevant Financial Statements or (B) for liens of carriers, warehousemen,
mechanics, materialmen and other similar liens incurred in the ordinary course
of business that do not individually or in the aggregate have a Material
Adverse Effect.

          (ii)  Personal Property. Each Company and each Subsidiary has good and
marketable title to each item of material personal property free and clear of
all Encumbrances. All material items of personal property are in reasonably
good condition and in a reasonable state of repair, reasonable wear and tear
excepted, and material maintenance on such items has not been deferred beyond
a reasonable time period.

          (iii)  Intellectual Property. Part A of Schedule 2.1(m)(iii) contains
a complete and correct list of each patent, patent application, registered
trademark, trademark application, registered service mark, service mark
application, trade name, trade secret or copyright owned by, used by, or
licensed for use by either Company or any Subsidiary (together with other
intellectual property rights owned by, used by or licensed for use by either
Company or any Subsidiary, the "Intellectual Property") and the owner of each
item of Intellectual Property. Either Coca Cola, CBP or a Subsidiary is the
owner of all right, title and interest in and to each item of Intellectual
Property. Except as set forth in Part B of Schedule 2.1(m)(iii), either Coca
Cola, CBP or a Subsidiary has the right and authority to use all such
Intellectual Property in connection with the conduct of its business in the

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manner presently conducted and such use does not conflict with, infringe upon
or violate any third parties' intellectual property rights.

     (n)  Licenses and Permits. Each Company and each Subsidiary owns, holds or
possesses all licenses, permits, privileges, immunities, approvals and other
authorizations which are necessary for the ownership, leasing, operation and
use of its respective assets and business or which is required for the conduct
of its respective business (the "Licenses and Permits"), except (i) where the
failure to own, hold or possess such Licenses and Permits has not had or would
not have a Material Adverse Effect or (ii) as set forth in Schedule 2.1(n).
Each License and Permit is valid and in full force and effect and, to the
knowledge of the Companies, no suspension or cancellation of any License or
Permit is threatened. Except as set forth in Schedule 2.1(n), immediately
after the date hereof, each License and Permit will be valid and in full force
and effect.

     (o)  Brokerage. Except as set forth on Schedule 2.1(o), none of the
Companies nor any of their Subsidiaries nor any employee, shareholder,
director or agent of the Companies nor any of their Subsidiaries has dealt
with any finder or broker in connection with any of the transactions
contemplated by this Agreement or the negotiations looking toward the
consummation of such transactions who may be entitled to a fee in connection
therewith. Any fees payable to any finder or broker set forth on Schedule
2.1(o) shall be fully paid as provided in Section 5.3(g) and in no
circumstance shall the Buyer or the Seller have any liability therefor.

     2.2  Disclosure. To the knowledge of the Seller, the Seller's
representations and warranties in this Agreement do not contain any untrue
statement of a material fact, nor do such representations and warranties omit
statements necessary in order to make such representations and warranties not
misleading. Any disclosure or exception by Seller in this Agreement, in any
Schedule or Exhibit hereto, shall be deemed to be a disclosure or exception,
as the case may be, with respect to the same or any similar matter contained
elsewhere in this Agreement, in any Schedule or Exhibit hereto.

     2.3  Knowledge. For purposes of this Article II, "knowledge of the Seller"
or "best knowledge of the Seller" as used in connection with any
representation or warranty made by the Seller means that the representation
and warranty so qualified shall be deemed to be made by the Seller solely on
the basis of the actual knowledge of any of the directors or officers of any
of the Companies. It is expressly agreed by the Buyer that the Buyer shall
have no claim or remedy against Seller for any breach or untruth of any
representation or warranty that is qualified by the phrase "knowledge of
Seller", "Seller's knowledge", "best knowledge of Seller" or "Seller's best
knowledge" except upon a showing by the Buyer that such breach or untruth was
known to any of the already mentioned natural persons.

                                  ARTICLE III
                  REPRESENTATIONS AND WARRANTIES OF THE BUYER

         The Buyer represents and warrants to the Seller that:

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     3.1  Organization and Related Matters. The Buyer is a corporation duly
organized and in good standing under the laws of Panama. The Buyer has full
power, and is properly authorized and empowered (including corporate
authorizations and others) to execute, to sign, to deliver and to comply with
this Agreement.

     3.2  Authorization; Absence of Conflicts. The signing, delivery and
compliance of this Agreement on the part of the Buyer has been properly and
validly authorized by all the necessary acts (corporate and others) on the
part of the Buyer. This Agreement constitutes the valid, legal and binding
obligation of the Buyer, enforceable against the Buyer according to its terms,
except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws now or hereafter in effect
affecting the enforcement of creditors' rights generally.

     3.3  Legal Proceedings. At the signing of this Agreement, the Buyer has
not been notified of any claim nor has any known threat of claim against the
Buyer (or that which may affect it), that can have a material adverse effect
upon the capability of the Buyer of complying with its obligations under this
Agreement.

     3.4  Brokerage. Except as set forth on Schedule 3.4, neither the Buyer nor
any shareholder, employee or agent of the Buyer has dealt with any finder or
broker in connection with any of the transactions contemplated by this
Agreement or the negotiations looking toward the consummation of such
transactions who may be entitled to a fee in connection therewith. Any fees
payable to any finder or broker set forth on Schedule 3.4 shall be the sole
responsibility of the Buyer or its shareholders and in no circumstance shall
the Seller have any liability therefor.

     3.5  Experience. The Sponsors have substantial experience: (i) in the
production, distribution and marketing of soft drinks and beer; and (ii)
operating and doing business in emerging markets such as Panama.

     3.6  Support of Sponsors. Buyer has the financial ability to perform its
obligations under this Agreement and the financial support of the Sponsors.

                                  ARTICLE IV
                                  DELIVERIES

     4.1  Deliveries by the Seller. Contemporaneous with the execution of this
Agreement, Seller shall deliver or cause to be delivered to Buyer:

     (a)  a stock certificate representing the Shares, together with a
certificate of the secretary of the Seller (or such other evidence reasonably
acceptable to Buyer) certifying that the Shares have been duly registered on
Coca Cola's share registry;

     (b)  copies of the resignation letters of each of the directors of each of
the Companies and the Subsidiaries, except for the persons set forth in
Schedule 4.1;

     (c)  copies of the Officers' Letters referred to in Section 5.11 hereof;

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     (d)  the Coca Cola OPA Trust (as defined below), executed by the Seller,
the Trustee (as defined therein) and the Representative (as defined therein);

     (e)  the CBP OPA Trust (as defined below), executed by the Trustee (as
defined therein) and the Representative (as defined therein);

     (f)  the Coca Cola Holdback Trust (as defined below), executed by the
Seller, the Trustee (as defined therein) and the Representative (as defined
therein);

     (g)  the CBP Holdback Trust (as defined below), executed by Trustee (as
defined therein) and the Representative (as defined therein);

     (h)  true and correct originals of the duly authorized and executed
notices with respect to the issuance of the shares and the changes of the
Seller's officers and directors to the Comision Nacional de Valores and the
stock exchange in Panama as disclosed in Schedule 2.1(e)(ii);

     (i)  the legal opinion of Arias, Fabrega and Fabrega in the form of
Exhibit A hereto; and

     (j)  a true and correct copy of the Seller's board resolution referred to
in Section 5.1 hereof (as well as the resolutions authorizing issuance of the
Shares) and attached hereto as Exhibit B.

     4.2  Deliveries by the Buyer. Contemporaneous with the execution of this
Agreement, Buyer shall deliver or cause to be delivered to the Seller:

     (a)  US$61,570,956.80 of the Purchase Price in immediately available funds
and the remaining US$27,146,290.50 in the form of a letter of credit in the
form attached as Exhibit G hereto;

     (b)  evidence, in form and substance reasonably satisfactory to the
Seller, of the Buyer's board resolution(s) authorizing this Agreement and the
transactions contemplated hereby;

     (c)  the Coca Cola OPA Trust (as defined below), executed by the Buyer and
immediately funded by the Buyer as provided for therein;

     (d)  the CBP OPA Trust (as defined below), executed by the Buyer and
immediately funded by the Buyer as provided for therein;

     (e)  the Coca Cola Holdback Trust (as defined below), executed by the
Buyer and immediately funded by the Buyer as provided for therein;

     (f)  the CBP Holdback Trust (as defined below), executed by the Buyer and
immediately funded by the Buyer as provided for therein; and

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     (g)  the legal opinion of Tapia, Linares and Alfaro in the form of Exhibit
H hereto.

     4.3  Other Documents; Efforts to Close. The parties to this Agreement
shall in good faith execute such other and further instruments, assignments or
documents as may be necessary or advisable to carry out the transactions
contemplated by this Agreement. Each of the parties hereto shall use such
party's best efforts to consummate the transactions contemplated by this
Agreement, including, without limitation, (a) requiring the Seller to issue
additional shares to the Buyer (in addition to the Shares) to ensure that,
after the date hereof and prior to the closing of the OPA, the Buyer will at
all times own one share more than 50% of the fully-diluted shares of voting
common stock of the Seller and (b) providing executed copies of this Agreement
to the Trustee. Each party shall promptly notify the other (as well as the
Representative(s) under the trust agreements (the "Trust Agreements") listed
in Section 4.1) of any action, suit, claim or proceeding (collectively
referred to herein as a "Proceeding") that shall be instituted or threatened
against such party to rescind, void, restrain, prohibit, otherwise challenge
the legality of or delay the transactions contemplated by this Agreement.

                                   ARTICLE V
                                   COVENANTS

     5.1  Boards of Directors. Contemporaneously with the execution of this
Agreement, the current board of directors of each of the Companies and their
respective Subsidiaries shall resign (with the exception of persons listed in
Schedule 4.1) and be replaced by the persons designated by Buyer. Exhibit B
contains the resolutions of the board of directors of the Companies and their
respective Subsidiaries in which all members (except for the persons listed in
Schedule 4.1) thereof resign and appoint, effective as of the date hereof, the
persons designated by Buyer.

     5.2  Shareholders Meetings. As soon as practicable but no later than 20
days after the execution of this Agreement, the Seller will cause each of the
Companies to hold a shareholders' meeting in order to provide information
regarding the transaction contemplated hereby. Schedule 2.1(c) contains copies
of the resolutions of the Board of Directors of Coca Cola and CBP calling
meetings of shareholders thereof to be held on the dates indicated therein for
all shareholders of record as of the date immediately prior to the date of
issuance of the Shares.

     5.3  OPAs. Subject to Section 5.9 hereof, within 30 days following the
date of this Agreement, (i) the Buyer shall launch a revocable tender offer
(an "OPA") to acquire up to 100% of the issued and outstanding capital stock
of CBP for US$14.60 per share (the "CBP Purchase Price"); and (ii) Buyer shall
cause Seller to launch a revocable OPA to acquire up to 3,934,245 of the
issued and outstanding shares of capital stock of the Seller for the sum of
US$22.55 per share (the "Basic Coca Cola Purchase Price"). In the event that
there is a sale of the Subject Property under Section 5.8 hereof, the per
share price for Coca Cola will be equal to the sum of $22.55 and the Net
Subject Property Per Share Amount (as defined herein) (the "Adjusted Coca Cola
OPA Purchase Price").

                                      11
<PAGE>

     Subject to the terms and conditions of the Trust Agreements with respect
to certain indemnification obligations, it is understood by the parties that
(i) on the closing date of the OPA for CBP, the Accepting Shareholders in the
OPA for CBP will receive net proceeds of $12.74 per share (the "CBP Net
Purchase Price"), which has been determined by subtracting the following
amounts from the CBP Purchase Price: (A) $1.10 per share for the CBP Holdback
Trust as provided in Section 5.3(d); and (B) $0.76 per share for the fees
referred to in Section 5.3(g) with respect to CBP; and (ii) subject to the
following paragraph on the closing date of the OPA for Coca Cola, the
Accepting Shareholders in the OPA for Coca Cola will receive net proceeds of
$20.00 per share ("Net Basic Coca Cola Purchase Price") if there is no sale of
the Subject Property under Section 5.8, which $20.00 per share has been
determined by subtracting the following amounts from the Basic Coca Cola
Purchase Price: (A) $1.17 per share for the Coca Cola Holdback Trust as
provided in Section 5.3(e) below; (B) $0.50 per share for the fees referred to
in Section 5.3(g) with respect to Coca Cola; (C) $0.52 per share related to
Coca Cola's and Credesa's proportional share of the CBP Holdback Trust; and
(D) of $0.36 per share related to Coca Cola's and Credesa's portion of the
fees set forth in clause (i)(B) of this paragraph.

     In the event that there is a sale of the Subject Property under Section
5.8 prior to the Subject Property Termination Date, then the net proceeds
("Net Adjusted Coca Cola Purchase Price") to be received by Accepting
Shareholders will be determined by subtracting the following amounts from the
Adjusted Coca Cola OPA Purchase Price: (i) $1.17 per share for the Coca Cola
Holdback Trust as provided in Section 5.3(e) below, increased by an amount per
share equal to 7.5% of the Net Subject Property Per Share Amount; (ii) $0.50
per share for the fees referred to in Section 5.3(g) with respect to Coca
Cola, increased by a per share amount equal to the product of (x) the Net
Subject Property Per Share Amount multiplied by (y) 0.0335; (iii) $0.52 per
share related to Coca Cola's and Credesa's proportional share of the CBP
Holdback Trust; and (iv) a total of $0.36 per share related to Coca Cola's and
Credesa's portion of the fees set forth in clause (i)(B) of the immediately
preceding paragraph.

     In connection with such OPAs, the Buyer will publish the notices and
notify the National Securities Commission of Panama about each OPA, according
to the laws of the Republic of Panama. The OPAs shall be made in accordance
with the terms and conditions of this Agreement, the tender offer documents
and the following:

     (a)  each shareholder that properly accepts, tenders and does not
subsequently revoke shares in either OPA (an "Accepting Shareholder" and
collectively, the "Accepting Shareholders") shall, on an individual basis and
without limitation on liability, make customary and appropriate
representations and warranties regarding organization and related matters,
title of its shares, governmental and regulatory authorizations, conflicts,
legal proceedings and brokerage as reasonably determined by Buyer (the
"Individual Shareholder Representations");

     (b)  each Accepting Shareholder in the OPA for CBP will (in addition to
the Individual Shareholder Representations), by accepting, tendering and not
revoking, its shares in the OPA be deemed to confirm the representations and
warranties set forth in Article II hereof with respect to CBP and its
Subsidiaries, provided that the liability of such

                                      12
<PAGE>

Accepting Shareholder shall be on a several, pro rata basis and shall be
limited to and governed by the CBP Holdback Trust;

     (c)  each Accepting Shareholder in the OPA for Coca Cola will (in addition
to the Individual Shareholder Representations), by accepting, tendering and
not revoking, its shares in the OPA be deemed to confirm the representations
and warranties set forth in Article II hereof with respect to Coca Cola and
its Subsidiaries (other than CBP and its Subsidiaries), provided that the
liability of such Accepting Shareholder shall be on a several, pro rata basis
and shall be limited to and governed by the Coca Cola Holdback Trust;

     (d)  the OPA for CBP shall provide that US$1.10 per share of the CBP
Purchase Price shall be paid and held in a trust (the "CBP Holdback Trust")
substantially in the form of Exhibit C hereto to compensate Buyer for breaches
of the representations, warranties, covenants and other matters provided for
in the CBP Holdback Trusts and to be released, subject to Section 5.9 hereof,
to the Accepting Shareholders in the OPA for CBP as provided therein in case
such compensation is not required;

     (e)  the OPA for Coca Cola shall provide that US$1.17 per share of the
Purchase Price shall be paid and held in a trust (the "Coca Cola Holdback
Trust") substantially in the form of Exhibit D hereto to compensate Buyer for
breaches of the representations, warranties, covenants and other matters
provided for in the Coca Cola Holdback Trust and to be released, subject to
Section 5.9 hereof, as provided in the OPA for Coca Cola in case such
compensation is not required;

     (f)  it is intended that the two OPAs shall be launched simultaneously,
with the OPA for CBP to close 30 days thereafter (or such longer period as
required by applicable law) and with the OPA for Coca Cola to close as soon as
practicable thereafter (but in no event more than 10 business days thereafter)
in order to allow Coca Cola and Credesa to tender their shares of CBP in the
CBP OPA, receive the proceeds therefrom and, in the case of Credesa, to
distribute the proceeds to its shareholders as provided in Section 5.7 hereof;

     (g)  the reasonable fees, commissions and/or expenses of the legal and
investment advisors specified in Schedule 5.3(g) hereof shall be deducted from
the proceeds payable to the Accepting Shareholders (after deducting the
amounts held in the Holdback Trusts) and shall be paid directly to such
advisors by the relevant Trustee;

     (h)  each OPA shall provide for equality of terms and conditions among the
shareholders of each Company;

     (i)  the Buyer agrees not to tender the Shares in the OPA for Coca Cola
described in this Section 5.3 in order to ensure that all of the shareholders
(other than the Buyer) can fully participate in the Coca Cola OPA Purchase
Price and receive the Coca Cola OPA Purchase Price; and

     (j)  the Buyer may include such other terms and conditions in either OPA
as, based on the advice of counsel, are necessary or advisable under Panama
law, provided that

                                      13
<PAGE>
such terms and conditions may not be contrary to this Section 5.3 or any
provision of this Agreement or adversely affect the terms and conditions of
this Section 5.3 or the Agreement.

     5.4  OPA Trusts.

     (a)  To ensure Buyer's obligation to cause Coca Cola to launch the
self-OPA for Coca Cola, Coca Cola shall, immediately upon receipt of the
Purchase Price, place US$84,114,180.65 in trust pursuant to the terms and
conditions of the trust agreement ("Coca Cola OPA Trust") attached hereto as
Exhibit E.

     (b)  To ensure Buyer's obligation to launch the OPA for CBP, Buyer, shall,
contemporaneously with the execution of this Agreement, place US$51,895,539.00
in trust pursuant to the terms and conditions of the trust agreement ("CBP OPA
Trust") attached hereto as Exhibit F.

     5.5  Holdback Trusts.

     (a)  the Buyer shall, contemporaneous with the execution of this
Agreement, place US$4,228,525.40 in trust pursuant to the terms and conditions
of the CBP Holdback Trust; and

     (b)  the Seller shall, contemporaneous with the execution of this
Agreement, place US$4,603,066.65 in trust pursuant to the terms and conditions
of the Coca Cola Holdback Trust.

     5.6  Approval of Tender. As soon as practicable, but no later than 20 days
after the OPA for CBP is launched, the Buyer shall cause Coca Cola and Credesa
to call and hold meetings of shareholders to consider the tender of their
respective shares in CBP pursuant to the OPA for the purchase of the CBP
shares.

     5.7  Credesa Dividend. As soon as practicable, but not later than 15 days
after the OPA for CBP is consummated, Buyer shall cause Coca Cola to cause
Credesa to distribute a dividend to its shareholders in an amount equal to the
proceeds (if any) received by Credesa for the sale of its shares in Coca Cola
and CBP.

     5.8  Subject Property.

     (a)  Coca Cola shall use commercially reasonable efforts to sell the
Subject Property (as defined below) prior to the Subject Property Termination
Date. If, prior to the Subject Property Termination Date, Coca Cola sells the
Subject Property, then the Buyer shall calculate the Net Subject Property Per
Share Amount, and Coca Cola shall promptly deposit 92.5% of the Net Subject
Property Amount in the Coca Cola OPA Trust and 7.5% of the Net Subject
Property Amount in the Coca Cola Holdback Trust.

     (b)  For purposes of this Agreement, the following terms shall have the
meanings set forth below:

                                      14
<PAGE>

     "Net Subject Property Per Share Amount" means the Net Subject Property
Amount divided by 3,934,245 (or such number that represents 50% (minus one
share) of the issued and outstanding shares of Coca Cola common stock
immediately after the execution of this Agreement).

     "Net Subject Property Amount" means (X) the difference between (1) the
purchase price for the Subject Property actually received by Coca Cola in cash
or cash equivalents (as such term is defined by IAS) in respect of the sale of
the Subject Property prior to the Subject Property Termination Date; less (2)
$78,362.00; less (3) the book value of the Subject Property as reflected in
the consolidated balance sheet (contained as part of the Financial Statements)
of the Seller as of August 31, 2002; less (4) all costs and expenses
(including, without limitation, all Taxes, as reasonably determined by the
Buyer) incurred or accrued in connection with such sale. For the avoidance of
doubt, all funds received by Coca Cola in respect of the sale of the Subject
Property after the Subject Property Termination Date shall be excluded from
the Net Subject Property Amount.

     "Subject Property" means the following properties belonging to Orinvest,
Inc. to wit: (a) Real Estate property No. 50946, registered in volume 1198,
page 340 of the Panama Province Property Section of the Public Registry of the
Republic of Panama, with an area of approximately 5,109.83 square meters, and
(b) Real Estate property No. 50956, registered in volume 1198, page 346 of the
Panama Province Property Section of the Public Registry of the Republic of
Panama, with an area of approximately 4,208.90 square meters. Both properties
are adjacent and are located across the street from the physical plant
installations of Cerveceria Panama, S.A.

     "Subject Property Termination Date" means the earlier of: (a) 21 days
from the date of this Agreement and (b) the first date that either OPA
described in Section 5.3 hereof is launched.

     5.9  Certain Buyer's Rights.

     (a)  Notwithstanding anything contained herein to the contrary, if any
Proceeding is brought by any Person, against any of the Buyer, a Sponsor, the
Seller or CBP: (i) that enjoins, rescinds or voids the sale of the Shares (or
any portion thereof) or has the effect of materially and adversely
restricting, limiting or delaying the ability of the Buyer to gain or maintain
ownership and control of a majority of the issued and outstanding shares of
capital stock of the Seller or CBP (directly or indirectly) or exercise any of
the rights or any of the economic benefits of ownership of the Shares (or any
portion thereof), including without limitation the ability of the Buyer to
elect the majority of the directors of the Seller or CBP or operate the
business of either the Seller or CBP in such manner as the Buyer directs
(subject to the rights set forth in Section 5.10); or (ii) that, in the
opinion of Dr. Eloy Alfaro (or a partner of Tapia, Linares and Alfaro if Dr.
Alfaro is unavailable), such Proceeding, based upon the facts presented and
applicable law, is reasonably likely to enjoin, rescind or void the sale of
the Shares (or any portion thereof) or is reasonably likely to materially and
adversely restrict, limit or delay the ability of the Buyer to gain or
maintain ownership and control of a majority of the shares of the issued and
outstanding capital stock of the Seller or CBP (directly or indirectly) or
exercise any of the rights or any

                                      15
<PAGE>

of the economic benefits of ownership of the Shares (or any portion thereof),
including without limitation, the ability of the Buyer to elect the majority
of the directors of the Seller or CBP or operate the business of either the
Seller or CBP in such manner as the Buyer directs (subject to the rights set
forth in Section 5.10); then the Buyer shall, subject to Section 5.9(b), have
the right (such right to be in addition to any other rights that the Buyer may
have) but not the obligation, to rescind the sale of the Shares, this
Agreement and all of the transactions contemplated hereby and to return the
Buyer and the Seller to its respective position as it existed immediately
prior to execution of this Agreement, including without limitation, the return
to the Buyer of all funds paid pursuant to this Agreement and the agreements
contemplated hereby in exchange for the return of the Shares to Seller.

     (b)  The right of the Buyer described in Section 5.9(a) shall be the sole
and exclusive decision of the Buyer for a period (the "Unconditional Period")
that shall expire 15 days after the latest of: Buyer's receipt of written
notice of (i) a Proceeding that qualifies as a Proceeding under Section
5.9(a)(i); (ii) the date that any Proceeding ripens into a Proceeding that
meets the qualifications of Section 5.9(a)(i) and (iii) the date that the
opinion described in Section 5.9(a)(i) of Dr. Eloy Alfaro (or a partner of
Tapia, Linares and Alfaro if Dr. Alfaro is unavailable) is rendered. Upon the
expiration of the Unconditional Period, Buyer may only exercise the right of
Buyer described in Section 5.9(a) with the approval of Representative(s) under
the trust agreements referred to in Section 4.1 and the unanimous approval of
all of the members of the Board of Directors of the Seller. The foregoing
notwithstanding, the right of Buyer described in Section 5.9(a) shall in all
cases expire on the earlier of the consummation of the Coca Cola OPA or
January 31, 2003.

     5.10 Certain Obligations of Buyer.

     (a)  Buyer shall, from the date hereof until the closing of the OPA for
Coca Cola, vote its shares in favor of the election of the four current
directors of Coca Cola listed in Schedule 4.1 and shall not permit Coca Cola
to take any of the following actions ("Major Corporate Actions") without the
prior consent of a majority of such four directors: (i) amend the articles of
incorporation or bylaws in a manner that is adverse to the rights of minority
shareholders; (ii) sell all or substantially all of the assets of the company;
(iii) dissolve or liquidate the Company; (iv) cancel registration of the
Company with the Comision Nacional de Valores or the stock exchange in Panama;
(v) issue new shares of the capital stock of the Company without first
granting all shareholders preemptive rights to participate in such issuance;
(vi) make or declare a dividend or distribution to shareholders; (vii) enter
into transactions with affiliates that are not either (x) on an arms-length
basis or (y) with a direct or indirect subsidiary of Coca Cola; or (viii)
change the Company's principal line of business.

     (b)  Buyer shall, if the OPA for Coca Cola has not been closed for any
reason by January 31, 2003, promptly amend the articles of incorporation of
Coca Cola to provide that until the closing of the OPA for Coca Cola: (i) the
Major Corporate Actions (with the exception of clause (vi) of Section 5.10(a)
that will continue to require the consent of the directors listed in Schedule
4.1) shall require the approval of 75% of the issued and outstanding shares of
capital stock of Coca Cola; and (ii) the shareholders of Coca Cola

                                      16
<PAGE>
other than the Buyer shall have the ability to elect four of the nine members
of the board of directors of Coca Cola through cumulative voting rights.

     (c)  Buyer shall, from the date hereof until the close of the OPA for CBP,
vote its shares in favor of the election of the four current directors of CBP
listed in Schedule 4.1 and shall not permit CBP to take any Major Corporate
Action with respect to CBP without the prior consent of a majority of such
three directors.

     (d)  Buyer shall, if the OPA for CBP has not been closed for any reason by
January 31, 2003, promptly amend the articles of incorporation of CBP to
provide that until the closing of the OPA for CBP: (i) the Major Corporate
Actions (with the exception of clause (vi) of Section 5.10(a) that will
continue to require the consent of the directors listed in Schedule 4.1) shall
require the approval of 75% of the issued and outstanding shares of capital
stock of CBP; and (ii) the shareholders of CBP other than the Seller shall
have the ability to elect three of the eight members of the board of directors
of CBP through cumulative voting rights.

     (e)  Notwithstanding anything herein to the contrary, all actions required
or contemplated by this Agreement shall be deemed approved by all parties
hereto and the minority rights provided by this Section 5.10 shall not apply
to any such action, including without limitation, the right of any Company or
Subsidiary to tender shares pursuant to the OPAs.

     5.11 Officers of the Companies and Subsidiaries. All officers of each
Company and each Subsidiary shall resign from all officer's positions (e.g.,
President, Vice-President, Secretary and Treasurer) with respect to the Board,
but to the extent such officer is also an employee of the Company or any
Subsidiary, such resignation shall not affect such officer's status as an
employee. The Companies shall, contemporaneous with the execution of this
Agreement, cause each officer to provide the Buyer with a letter of
resignation (the "Officers' Letters") to such effect in form and substance
reasonably acceptable to Buyer.

     5.12 Distribution of Funds from CBP Holdback.

     (a)  Upon receipt of any funds from the CBP Holdback Trust, Coca Cola
shall allocate such funds, on a pro rata basis, to the shareholders of record
of Coca Cola as of the date immediately prior to the date of issuance of the
Shares, provided that the funds related to any shareholders of Coca Cola as of
such date that do not become Accepting Shareholders shall be retained by Coca
Cola.

     (b)  Upon receipt of any funds from the CBP Holdback Trust, Credesa shall
dividend such funds to its shareholders of record as of the date immediately
prior to the date of issuance of the Shares, including Coca Cola. Upon receipt
of such funds from Credesa, Coca Cola shall distribute the funds in the manner
set forth in Section 5.12(a).

     5.13 Good Faith. The parties will act in good faith to perform their
respective obligations under this Agreement.

                                      17
<PAGE>

                                  ARTICLE VI
                                    GENERAL

     6.1  Amendments; Waivers. This Agreement and any related document or
agreement may only be amended by written agreement between the Buyer and the
Seller with the consent of Representative. No waiver of any provision or
consent to any exception from the terms of this Agreement will be in force
unless done in writing and signed by the obliged parties, and will only be in
force for the specific purpose, matter and case provided.

     6.2  Applicable Law. This Agreement will be governed by and will be
interpreted according to the laws of the Republic of Panama.

     6.3  Arbitration. Any controversy, dispute or claim between the parties
arising out of or related to this Agreement, or the breach hereof, shall be
finally settled under the Rules of Arbitration of the International Chamber of
Commerce("ICC"). The dispute shall be referred to arbitration before a panel
of three arbitrators, one of whom shall be selected by the Buyer, one of whom
shall be selected by the Seller and the remaining arbitrator to be mutually
selected by the other two arbitrators, provided that if the amount in
controversy is less than US$250,000, there shall be one arbitrator appointed
as provided in the rules of the ICC. Each arbitrator shall be fully bi-lingual
in English and Spanish and is qualified to practice law in a civil law
jurisdiction. Any such arbitration shall be conducted in Panama City, Republic
of Panama. The award rendered by the arbitrator(s) shall be at law (and not in
equity), shall be subject to the limitations on liability provided in this
Agreement and shall be final, and judgment may be entered upon it in
accordance with law in any court having jurisdiction thereof. The parties
waive, to the fullest extent permitted by applicable law, and agree not to
invoke or exercise, any rights to appeal, review or impugn such decision or
award by any court or tribunal. Any party shall be entitled to seek interim
measures of protection in the form of pre-award attachment of assets or
injunctive relief. It is understood and agreed that money damages would not be
a sufficient remedy for any breach of this Agreement and that, except as
provided in Section 5.9, the parties hereto shall be entitled to specific
performance and injunctive or other equitable relief as a remedy for any such
breach and the parties further agree to waive any requirement for the security
or posting of any bond in connection with such remedy. Such remedy shall not
be deemed to be the exclusive remedy for breach of this Agreement but shall be
in addition to all other remedies available at law or equity to the Companies.
At any hearing of oral evidence, each party shall have the right to present
and examine its witnesses and to cross-examine the witnesses of the other
party and each party shall have the right to conduct reasonable discovery of
the other party.

     6.4  No Assignment. Neither this Agreement or any right or obligation
under this Agreement may be assigned by any of its parties.

     6.5  Confidentiality. The parties agree that they will not divulge to any
other Person information related to this Agreement and the negotiations that
have been conducted for the signing of the same, and that they will take the
measures necessary so that their advisors, representatives and employees
comply with this obligation and, to the extent practicable, will avoid that
any information related to this Agreement be published or

                                      18
<PAGE>

known, except by the publications or communications that the parties should
carry out according to the legislation that is applicable in their respective
countries, in case that such disclosure is required by judicial or
administrative order from competent authority or by legal provision or by
mutual agreement among the parties. To the extent that it may be required by
the law or that is necessary for the launching of each OPA, the duty of
confidentiality of the parties set out in this section will terminate and will
expire automatically at the moment in which the Buyer launches such OPA with
respect to the information that the law or such OPA requires its disclosure.

     6.6  Notices. Any notices or another communication under this Agreement,
must be given in writing and be (a) delivered to the address indicated
hereinafter; (b) transmitted by telefax or by a telecommunication mechanism,
provided that any notice given in this form must also be sent by mail as
provided in clause (c); or (c) sent by mail with 48 hour delivery (courier),
or by certified or registered mail, postage paid and receipt confirmation
requested as follows:

If to the Buyer, addressed to:

                           CA BEVERAGES, INC.
                           c/o TAPIA, LINARES & ALFARO
                           P.O. Box 7412
                           Edificio Plaza 2000, 4th Floor
                           Avenida Gral. Nicanor A. de Obarrio (Calle 50)
                           Panama, Republic of Panama

                           with copies to:

                           FABREGA BARSALLO MOLINO & MULINO
                           Omega Bldg., M Floor
                           Samuel Lewis Ave. & 53rd St.
                           P.O. Box 4493, Panama 5, Rep. of Panama
                           Attention:  Juan Pablo Fabrega/Jose Raul Mulino
                           Fax: (507) 263-6983

                           and

                           TAPIA, LINARES & ALFARO
                           P.O. Box 7412
                           Edificio Plaza 2000, 4th Floor
                           Avenida Gral. Nicanor A. de Obarrio (Calle 50)
                           Panama, Republic of Panama
                           Attention:  Eloy Alfaro / Mario E. Correa
                           Fax: (507) 263-5305

                           and

                           PANAMCO L.L.C.

                                      19
<PAGE>

                           701 Waterford Way
                           Suite 800
                           Miami, FL 33126
                           Attention:  General Counsel
                           Fax: (786) 388-8191

If to the Seller, addressed to:

                           COCA COLA DE PANAMA CIA. EMBOTELLADORA, S.A.
                           Apartado 4411, Zona 5
                           Urbanizacion Industrial, Via Ricardo J. Alfaro
                           Panama, Republic of Panama
                           Attention: Joaquin J. Vallarino Jr.
                           Fax: 507-236-5727

                           with copies to:

                           ARIAS, ALEMAN & MORA Apartado 8799, Zona 5 Calle 50
                           y Calle 74, San Francisco Edificio PH
                           Interfinanzas, Piso 16 Panama, Republic of Panama
                           Attention: Alvaro Arias Fax: 507-270-0174

                           and

                           ARIAS, FABREGA & FABREGA
                           Apartado 6307, Zona 5
                           Calle 50 y Calle 53, Marbella
                           Edificio PH 2000, Piso 16
                           Panama, Republic of Panama
                           Attention: Francisco Arias G.
                           Fax: 507-205-7001

or to any other address or to any other person that any party has appointed in
last instance through a notice to the other party. Each one of the referred
notices or communications will be effective (i) if given by telefax or with a
telecommunications mechanism, when transmitted to the corresponding number
specified in (or according to) this Section 6.6 and the sender device confirms
sending and receipt; (ii) if sent by 48 hour delivery mail, two (2) working
day and, if sent by certified or registered mail, seven (7) working days after
placed in the mail with first class postage paid, addressed as previously
explained; or (iii) if issued by any other means, when actually received at
the address mentioned. Any notices required to be delivered to the
Representative hereunder shall be sent to the address(es) set forth in the
applicable Trust Agreement.

                                      20
<PAGE>

     6.7  Expenses. Subject to Section 5.3(g) with respect to, the tender
documents for the OPAs and as otherwise provided or contemplated hereby, the
Seller and the Buyer will assume their own expenses in relation to the
negotiation, preparation and compliance of this Agreement and the issuance of
the Shares provided herein, including but not limited, to the fees, expenses
and disbursements of their respective investment bankers, accountants and
legal counsel.

     6.8  Severability. If any provision of this Agreement is considered
invalid, illegal or inapplicable by any governmental entity, the other
provisions of this Agreement will remain in full force and effect.

     6.9  Limitation of Liability and Survival of Representations and
Warranties.

     (a)  The Seller assumes the responsibility for the accuracy and
truthfulness of the representations and warranties made in Article II of this
Agreement. Such representations and warranties shall be in force for the
respective periods set forth in the Coca Cola Holdback Trust and the CBP
Holdback Trust.

     (b)  The Buyer assumes responsibility for the accuracy and truthfulness of
the representations and warranties made in Article III of this Agreement. Said
representations and warranties will be in force for a period of 36 months from
the date hereof.

     (c)  The liability of each Accepting Shareholder shall be unlimited with
respect to Individual Shareholder Representations made in the OPA and shall be
limited on a several, pro rata basis to the amount in the Coca Cola Holdback
Trust and CBP Holdback Trust with respect to the representations of the
Accepting Shareholders referred in Section 5.3(b) and (c). Such
representations shall be in force for the period provided in the Coca Cola
Holdback Trust and CBP Holdback Trust.

     6.10 Sole Agreement. This Agreement and its Exhibits and Schedules (which
form integral parts of the Agreement) contain all the agreements,
understandings, commitments and obligations of the parties related to the
rights and obligations of the parties set out in this Agreement and,
therefore, subrogates, replaces and leaves without effect any prior agreement,
covenant or understanding among the parties, whether verbal or written,
relating to the subject matter hereof.

     6.11 Execution in Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be considered an original instrument,
but all of which shall be considered one and the same agreement.

     6.12 Language. This Agreement has been negotiated and executed in the
English Language. The parties acknowledge that a translation into Spanish may
be required for purposes of filings with governmental authorities; in such
case the parties shall agree on the Spanish translation by initialing the
same. The parties agree that, in case of conflict between the English and
Spanish translations of this Agreement, the English version shall govern.

                                      21
<PAGE>

                [THE SIGNATURES APPEAR IN THE FOLLOWING PAGES]

                                      22
<PAGE>

             [SIGNATURE PAGE OF THE SHARE SUBSCRIPTION AGREEMENT]

IN WITNESS WHEREOF, each one of the parties signs this Agreement as of the
date first above written.

                                    "BUYER"

                                    CA BEVERAGES, INC.

                                    By:
                                       /s/ Han de Goederen
                                       -------------------------------
                                       Name:  Han de Goederen
                                       Title: President

                                    "SELLER"

                                    COCA COLA DE PANAMA CIA.
                                      EMBOTELLADORA, S.A.

                                    By:
                                        /s/ Roberto Ramon Vallarino Cox
                                        ---------------------------------
                                        Name:  Roberto Ramon Vallarino Cox
                                        Title: Vice President and Director

                                      23
<PAGE>

            EXHIBIT A - LEGAL OPINION OF ARIAS, FABREGA AND FABREGA

<PAGE>

        EXHIBIT B - RESOLUTIONS OF BOARD OF DIRECTORS WITH RESIGNATIONS
                 AND APPOINTMENT OF NEW MEMBERS IN COMPANIES

<PAGE>

                      EXHIBIT C - THE CBP HOLDBACK TRUST

<PAGE>

                   EXHIBIT D - THE COCA COLA HOLDBACK TRUST

<PAGE>

                      EXHIBIT E - THE COCA COLA OPA TRUST

<PAGE>

                         EXHIBIT F - THE CBP OPA TRUST

<PAGE>

                            EXHIBIT G - FORM OF L/C

<PAGE>

               EXHIBIT H - OPINION OF TAPIA, LINARES AND ALFAROEXHIBIT 10.50

                      TRUST AGREEMENT - COCA COLA OPA TRUST

This TRUST AGREEMENT - COCA COLA OPA TRUST, dated as of October 2, 2002 (this
"Trust Agreement"), is entered into by and among COCA COLQ DE PANAMA COMPANIA
EMBOTELLADORA, S.A., a corporation ("sociedad anonima") organized and existing
pursuant to the laws of the Republic of Panama (the "SETTLOR"), hereby
represented by Roberto Ramon Vallarino Cox, Panamanian, of legal age, with
personal identity card No. 8-137-229; BANCO GENERAL, S.A., a corporation
organized and existing pursuant to the laws of the Republic of Panama (the
"TRUSTEE"), hereby represented by Jean-Pierre Leignadier, Panamanian, of legal
age, with personal identity card No. 8-390-635; FUNDACION PRO ACCIONISTAS
MINORITARIOS DE COCA COLA DE PANAMA Y CERVECERIAS BARU-PANAMA, a private
foundation organized and existing pursuant to the laws of the Republic of
Panama, as Representative ("REPRESENTATIVE"), hereby jointly represented by
Alvaro Arias, Panamanian, of legal age, with personal identity card No.
8-169-678, and Roberto Ramon Vallarino Cox, Panamanian, of legal age, with
personal identity card No. 8-137-229, as Council Members acting jointly, duly
authorized pursuant to Section 13 of its Foundation Charter, representing and
acting on behalf of the shareholders of the Settlor who, in accordance with the
Tender Offer Documents (as defined below) and in compliance with the laws of the
Republic of Panama, accept the OPA (as defined below), do not revoke such
acceptance and consummate such acceptance by tendering their common shares of
Settlor (the "ACCEPTING SHAREHOLDERS"); and CA BEVERAGES, INC., a corporation
("sociedad anonima") organized and existing pursuant to the laws of the Republic
of Panama ("CAB"), hereby represented by Han de Goederen, male, of legal age,
citizen of the Netherlands, with passport No. Z01328951, duly authorized to
execute this agreement pursuant to a resolution of the Board of Directors of CAB
dated September 30, 2002.

WHEREAS, on the date first written above Settlor and CAB have entered into a
Share Subscription Agreement (the "SHARE SUBSCRIPTION AGREEMENT") whereby
Settlor has agreed to issue and sell to CAB, who has agreed to purchase, three
million nine hundred thirty-four thousand two hundred forty-six (3,934,246)
newly issued no par value common shares of the Settlor (or such amount
corresponding to fifty percent (50%) plus one share of the total issued and
outstanding no par value common shares of the Settlor) (the "SHARES");

WHEREAS, pursuant to the Share Subscription Agreement, the Settlor has agreed to
launch a Public Tender Offer in the Republic of Panama (the "OPA") to acquire up
to three million nine hundred thirty-four thousand two hundred forty-five
(3,934,245) issued and outstanding no par value common shares of the Settlor;
and

WHEREAS, the execution and delivery of this Trust Agreement (including the
deposit of the Trust Amount (as defined below)) is a condition to the
consummation of the transactions contemplated by the Share Subscription
Agreement.

NOW, THEREFORE, Settlor, the Trustee, CAB and Representative hereby agree as
follows:

<PAGE>

1. Constitution of the Trust. Settlor, the Trustee, CAB and Representative
hereby enter into an irrevocable trust agreement under the provisions of Law 1
of January 5, 1984 of the Republic of Panama, which regulates trust agreements
in the Republic of Panama.

2. Objectives of the Trust. This Trust has the purpose of ensuring compliance
with the obligations of the Settlor and CAB under the Share Subscription
Agreement and, consequently, has as its objectives:

(a)  To permit the Trustee to pledge the Trust Assets to secure any guarantee
     required by applicable securities legislation in connection with the OPA;

(b)  To make available to the Settlor the funds necessary to launch and
     consummate the OPA, as intended under the Share Subscription Agreement;

(c)  To guarantee to the Accepting Shareholders that the Trust Assets (as
     defined below) will be available for the payment for their shares on a per
     share amount (the "NET COCA COLA AMOUNT") equal to the greater of the Net
     Basic Coca Cola Purchase Price (as defined in the Share Subscription
     Agreement) and the Net Adjusted Coca Cola Purchase Price (as defined in the
     Share Subscription Agreement) and in the manner provided for in Section
     7(d)(i) hereof;

(d)  To pay the fees described in Section 5.3(g) of the Share Subscription
     Agreement;

(e)  To provide to Settlor and CAB that, upon consummation of the OPA, the
     balance of the Trust Assets shall be distributed in accordance with
     Sections 7(d)(ii), 7(d)(iii) and 7(d)(iv) hereof; and

(f)  To provide for the return of the Trust Assets to CAB in return for the
     Shares upon the occurrence of an event described in Section 10 hereof.

3. Appointment of Beneficiaries. Subject to Section 10 hereof, Settlor hereby
appoints the following as Beneficiaries of the Trust (also known under the law
of the Republic of Panama as "Fideicomisarios"), and consequently, as
Beneficiaries of the Trust Assets:

(a)  Primary Beneficiaries: The Accepting Shareholders;

(b)  Secondary Beneficiary: CAB, with respect to earnings accrued on the Trust
     Amount in accordance with Section 7(c) or Section 8 hereof; and

(c)  Tertiary Beneficiary: Settlor, with respect to the balance of the Trust
     Assets.

4. The Trust Amount. The parties acknowledge that, on the date hereof pursuant
to the Share Subscription Agreement, CAB has made a capital contribution to the
Settlor in the aggregate amount of US$88,717,247.30, by delivery of
US$61,570,956.80 in cash

                                       2

<PAGE>

and an irrevocable standby letter of credit issued by ING Bank, N.V., Curacao
Branch, in the amount of US$27,146,290.50, naming Settlor as beneficiary and
assignable at the option of Settlor to the Trustee (the "LETTER OF CREDIT"). The
Settlor shall transfer, assign or deliver to the Trustee in trust, with
irrevocable instructions as described in the form of instruction letter attached
hereto as Exhibit A: (i) the sum of US$56,967,890.15 in cash and the Letter of
Credit; (ii) the Net Subject Property Amount multiplied by 92.5%; (iii) upon
Settlor's receipt thereof, an amount equal to the funds received by Settlor as a
result of the Public Tender Offer for shares of Cervecerias Baru-Panama, S.A.;
and (iv) upon Settlor's receipt thereof, an amount equal to the dividend from
Settlor's subsidiary Crecimiento y Desarrollo, S.A. made in accordance with
Section 5.7 of the Share Subscription Agreement (all such amounts in clauses (i)
through (iv) above are collectively referred to herein as the "TRUST AMOUNT").

5. Appointment of the Trustee; Deposit of Trust Amount. Settlor hereby
constitutes and appoints the Trustee as, and the Trustee hereby agrees to assume
and perform the duties of, trustee under and pursuant to this Trust Agreement.
The Trustee acknowledges receipt of an executed copy of the Share Subscription
Agreement and, as of the date hereof, of the Trust Amount (except for the items
set forth in clauses (ii), (iii) and (iv) of Section 4) from Settlor as provided
in the Share Subscription Agreement. Settlor shall deliver to the Trustee,
immediately upon launching the OPA, a copy of the prospectus (as may be amended
from time to time) and the exhibits and schedules attached thereto that are
delivered to shareholders in respect of the OPA (collectively, the "TENDER OFFER
DOCUMENTS"). Trustee hereby accepts such appointment and agrees to hold, invest
and disburse the Trust Assets in accordance with this Trust Agreement.

6. The Trust Assets. The Trust Amount, all earnings accrued thereon in
accordance with Section 7(c) or Section 8 hereof and any shares or other assets
placed in trust in accordance with the terms of this Trust Agreement (the "TRUST
ASSETS") shall be held by the Trustee, to be used as specifically provided in
this Trust Agreement. Except as expressly provided in Section 13 hereof, the
Trustee does not have any interest in the Trust Amount deposited hereunder or
the Trust Assets but is serving as Trustee only and having only possession
thereof in that capacity.

7. Use and Release of Trust Assets by the Trustee.

(a)  The Trustee may only use the Trust Assets in the manner provided by this
     Trust Agreement.

(b)  The Trustee may pledge the Trust Assets to secure any guarantee required by
     applicable securities legislation in connection with the OPA.

(c)  Unless and until the Trustee receives joint written instructions from CAB
     and the Representative pursuant to Section 8 hereof, the Trustee shall
     maintain the Trust Assets in an interest-bearing overnight account at Banco
     General, S.A.

                                       3

<PAGE>

(d)  After the expiration of the relevant acceptance period of the OPA as set
     forth in the Tender Offer Documents (the "Acceptance Termination Date"),
     the Trustee shall proceed as follows:

     (i)  The Trustee will deliver to Banco General, S.A. or another qualified
          financial institution appointed by Settlor to serve as the paying
          agent of the OPA (and performing the duties of a paying agent in
          connection with the OPA as required by the laws of the Republic of
          Panama) (the "PAYING AGENT") out of the Trust Assets an amount equal
          to the Net Coca Cola Amount multiplied by the number of shares
          tendered by the Accepting Shareholders. For that purpose, the Paying
          Agent shall certify (the "PAYING AGENT CERTIFICATION") to the Trustee
          the number of shares that each such Accepting Shareholder has tendered
          and sold and the aggregate amount to be paid to each such Accepting
          Shareholder (the "CERTIFIED AMOUNT") pursuant to the Tender Offer
          Documents. Promptly after the Acceptance Termination Date and receipt
          of the Paying Agent Certification, the Trustee shall deliver the
          Certified Amount to the Paying Agent.

     (ii) Representative shall notify Trustee of the name, address and related
          information about the persons to receive the fees described in Section
          5.3(g) of the Share Subscription Agreement and promptly after the
          Acceptance Termination Date and delivery of the Certified Amount to
          the Paying Agent, the Trustee shall pay an amount equal to $0.50 per
          share (or such increased amount if an adjustment is made pursuant to
          the third paragraph of Section 5.3 of the Share Subscription
          Agreement) properly tendered by the Accepting Shareholders.

    (iii) Promptly after the Acceptance Termination Date and delivery of the
          payments under Section 7(d)(i) hereof, the Trustee shall notify CAB of
          the amount and form of the remaining Trust Assets. During the thirty
          (30) day period after CAB's receipt of such notice, CAB shall have the
          right to exchange such number of its Shares as CAB shall determine for
          all or a portion of the remaining Trust Amount, based on a per share
          price of the greater of $22.55 or the Adjusted Coca Cola OPA Purchase
          Price (as defined in the Share Subscription Agreement). In order to
          exercise the exchange rights granted hereby, CAB shall deliver notice
          to the Trustee together with a certificate representing the Shares and
          an assignment or endorsement thereof with respect to the number of
          Shares to be exchanged. Promptly thereafter, Trustee shall pay to CAB
          an amount equal to the number of exchanged Shares times the greater of
          $22.55 or the Adjusted Coca Cola OPA Purchase Price (as defined in the
          Share Subscription Agreement), it being understood that such payment
          may, at the option of CAB, be effected through the draw, assignment,
          expiration or cancellation of the Letter of Credit.

                                       4

<PAGE>

     (iv) Promptly after payments are made in accordance with clause (ii) and
          (iii) above, the Trustee shall pay to CAB, by wire transfer in
          immediately available funds, the portion of the Trust Assets
          attributable to earnings accrued on the Trust Amount.

     (v)  After payment by the Trustee to CAB in accordance with clauses (ii),
          (iii) and (iv) above, the Trustee promptly shall return to Settlor any
          remaining Trust Assets.

(e)  Notwithstanding anything in this Trust Agreement to the contrary, the
     Trustee shall have the right to draw upon the Letter of Credit only if:

     (i)  upon the closing of the OPA, the cash portion of the Trust Assets is
          insufficient to pay the Certified Amount to the Paying Agent, provided
          that the right to draw upon the Letter of Credit shall be limited to
          the amount of such insufficiency;

     (ii) within five (5) business days after the Trustee has received written
          notice from Representative (with a copy to CAB and Settlor) stating
          that, in Representative's opinion, CAB has willfully breached its
          obligations under Section 5.3 of the Share Subscription Agreement and,
          to the knowledge of Representative after due inquiry, no Proceeding
          (as defined in the Share Subscription Agreement) exists with respect
          to the Share Subscription Agreement or the OPA (the "REPRESENTATIVE
          NOTICE"), the Trustee has not received written notice from CAB or
          Settlor objecting to the statements made in the Representative Notice;

    (iii) two (2) business days prior to the expiration of the Letter of Credit
          unless prior to such time the Trustee has received an extension of the
          expiration date of the Letter of Credit; or

     (iv) the Trustee receives written instructions from CAB granting the
          Trustee such right.

8.  Investment of the Trust Assets; Taxes.

(a)  As per written instructions of CAB and the Representative delivered to the
     Trustee, the Trustee shall directly invest and reinvest the Trust Assets,
     in any of the following kinds of investments, or in any combination
     thereof:

     (i)  Bonds or other obligations of, or guaranteed by, the government of the
          United States of America or any State thereof or the District of
          Columbia, or agencies of any of the foregoing, having maturities as
          agreed upon by CAB and the Representative, such maturities not to
          extend beyond the date on which this Trust Agreement terminates in
          accordance with Section 9 or Section 10 hereof (the "TERMINATION
          DATE");

                                       5

<PAGE>

     (ii) Commercial paper of United States issuers rated, at the time of the
          Trustee's investment therein or contractual commitment providing for
          such investment, at least P-1 by Moody's Investors Service, Inc.
          ("MOODY'S") and A-1 by Standard & Poor's Corporation ("S&P") and
          having maturities as agreed upon by CAB and the Representative, such
          maturities not to extend beyond the Termination Date;

    (iii) Demand or time deposits in, certificates of deposit of or bankers'
          acceptances issued by (A) Banco General, S.A. or a depository
          institution or trust company incorporated under the laws of Panama or
          the laws of the United States of America, any State thereof or the
          District of Columbia having a combined capital and surplus of US$10
          billion, or (B) a Panamanian or United States branch office or agency
          of a foreign depository institution or trust company if, in any such
          case, the depository institution, trust company or office or agency is
          rated at least P-l by Moody's and A-1 by S&P (any such institution
          described in clause (A) or (B) being herein called a "PERMITTED
          BANK"), and having maturities as agreed upon by CAB and the
          Representative, such maturities not to extend beyond the Termination
          Date; or

     (iv) Such other investments as CAB and the Representative shall jointly
          approve or direct in writing.

          The written instructions for the investment shall be given by CAB and
          the Representative to the Trustee. The Trustee shall notify CAB and
          the Representative of the amount of funds available to invest, in
          accordance with this Section 8(a).

(b)  Each of the foregoing investments shall be made in the name of the Trustee
     in accordance with this Trust Agreement. Notwithstanding anything to the
     contrary contained herein, the Trustee may, without notice to CAB or the
     Representative, sell or liquidate any of the foregoing investments at any
     time if the proceeds thereof are required for release of any portion of the
     Trust Assets permitted or required hereunder, and Trustee shall not be
     liable or responsible for any loss, cost or penalty resulting from any such
     sale or liquidation.

(c)  The Trustee shall have no responsibility for any investment losses
     resulting from the investment, reinvestment or liquidation of the Trust
     Assets.

(d)  Any interest or other income received on such investment and reinvestment
     of the Trust Assets shall become part of the Trust Assets.

(e)  All taxes (except for income taxes of the Trustee arising from the Fees (as
     defined below)), if any, in respect of the Trust Assets shall be allocable
     among and paid or reimbursed by the parties as set forth in Section 13
     hereof.

9. General Termination. Subject to Section 10, this Trust Agreement and all
obligations of the Trustee hereunder shall terminate on the earlier of: (i) the
date that the

                                      6

<PAGE>

objectives established in Section 2 of this Trust Agreement have been fulfilled
or (ii) the date on which CAB and Representative jointly notify the Trustee in
writing of their agreement to terminate the Trust Agreement, subject to the
Trustee's consent (such consent not to be unreasonably withheld). In connection
with termination of this Trust Agreement pursuant to this Section 9, upon
payment of all Fees due to the Trustee, the Trust Assets then held hereunder
shall be distributed in accordance with Section 7(d).

10. Early Termination. If CAB exercises its rights of rescission under Section
5.9(a) of the Share Subscription Agreement, then (a) CAB (if such exercise shall
occur during the Unconditional Period (as defined in the Share Subscription
Agreement)) or CAB and Representative jointly (if such exercise shall not occur
during the Unconditional Period) shall send notice of such exercise to the
Trustee in the form attached as Exhibit B-1 or Exhibit B-2 hereto, as the case
may be, (b) together with the delivery of such notice as described in clause (a)
above, CAB shall deliver to the Trustee the certificate representing the Shares,
duly endorsed in blank, (c) the Trustee shall deliver to CAB all of the Trust
Assets (net of Fees due to the Trustee and net of the Trust Assets described in
clause (ii) of Section 4 hereof, which Trust Assets shall be returned to
Settlor), by wire transfer in immediately available funds, (d) the Trustee shall
deliver the certificate representing the Shares to the Settlor for cancellation
and (e) this Trust Agreement and all obligations of the Trustee hereunder shall
terminate.

11. Duties and Obligations of the Trustee. The duties and obligations of the
Trustee shall be limited to and determined solely by the provisions of this
Trust Agreement and the certificates delivered in accordance herewith, and the
Trustee is not charged with knowledge of or any duties or responsibilities in
respect of any other agreement or document. In furtherance and not in limitation
of the foregoing:

(a)  The Trustee shall not be liable for any loss of interest or earnings
     sustained as a result of investments made hereunder in accordance with the
     terms hereof, including any liquidation of any investment of the Trust
     Assets prior to its maturity effected in order to make a payment required
     by the terms of this Trust Agreement;

(b)  The Trustee shall be fully protected in relying in good faith upon any
     written certification, instruction, notice, direction, request, waiver,
     consent, receipt or other document that the Trustee reasonably believes to
     be genuine and duly authorized, executed and delivered;

(c)  The Trustee shall not be liable for any error of judgment, or for any act
     done or omitted by it, or for any mistake in fact or law, or for anything
     that it may do or refrain from doing in connection herewith; provided,
     however, that notwithstanding any other provision in this Trust Agreement,
     the Trustee shall be liable for its willful misconduct or gross negligence;

(d)  The Trustee may seek the advice of legal counsel selected with reasonable
     care (provided that the selection of such legal counsel shall require CAB's
     prior written consent, such consent not to be unreasonably withheld) in the
     event of any

                                       7

<PAGE>

     dispute or question as to the construction of any of the provisions of this
     Trust Agreement or its duties hereunder, and it shall incur no liability
     and shall be fully protected in respect of any action taken, omitted or
     suffered by it in good faith in accordance with the opinion of such
     counsel;

(e)  In the event that the Trustee shall in any instance, after seeking the
     advice of legal counsel pursuant to the immediately preceding clause, in
     good faith be uncertain as to its duties or rights hereunder, it shall be
     entitled to refrain from taking any action in that instance and its sole
     obligation, in addition to those of its duties hereunder as to which there
     is no such uncertainty, shall be to keep the property affected by such
     uncertainty safely held in trust until it shall be directed otherwise in
     writing by CAB and Representative; provided, however, in the event that the
     Trustee has not received such written direction within thirty (30) days
     after requesting the same, it shall have the right to submit the issue to
     arbitration in accordance with Section 29 hereof; and

(f)  The Trustee may execute any of its powers or responsibilities hereunder and
     exercise any rights hereunder either directly or by or through agents or
     attorneys selected with reasonable care. Nothing in this Trust Agreement
     shall be deemed to impose upon the Trustee any duty to qualify to do
     business or to act as fiduciary or otherwise in any jurisdiction other than
     the Republic of Panama and the Trustee shall not be responsible for and
     shall not be under a duty to examine into or pass upon the validity,
     binding effect, execution or sufficiency of this Trust Agreement or of any
     agreement amendatory or supplemental hereto.

(g)  The Trustee shall issue, or shall cause a financial institution (including
     Banco General, S.A.) to issue, a letter or a bank guarantee confirming the
     availability of sufficient funds to settle the obligations derived from the
     OPA, as required by applicable securities legislation of the Republic of
     Panama.

12.  Cooperation. Settlor, CAB and Representative shall provide to the Trustee
     all instruments and documents within their respective powers to provide
     that are necessary for the Trustee to perform its duties and
     responsibilities hereunder.

13.  Fees and Expenses; Indemnity.

(a)  Notwithstanding anything in this Section 13 to the contrary, the Trustee is
     authorized to deduct from earnings on the Trust Amount an acceptance fee of
     $10,000, and an annual fee of $25,000, both payable upon execution of this
     Trust Agreement. The annual fee will be payable thereafter on each
     anniversary of the execution of this Trust Agreement. The Trustee also
     shall be entitled to receive reasonable and customary out-of-pocket
     expenses incurred in connection with the performance of its duties
     hereunder. The fees, costs and expenses described in this Section 13(a)
     shall be referred to herein as "FEES".

(b)  The Trustee is authorized to, and may disburse to itself from the earnings
     on the Trust Amount, from time to time, the amount of any Fees due and
     payable to it

                                       8

<PAGE>

     hereunder. If for any reason such earnings are insufficient to cover such
     Fees, CAB shall pay within the following thirty (30) days such amounts to
     make up such shortfall to Trustee upon the presentation of an itemized
     invoice. The Trustee shall notify CAB and Representative of any
     disbursement from the Trust Assets to itself in respect of any Fees under
     any provision of this Trust Agreement and shall furnish to CAB and
     Representative copies of all related invoices and other statements.

(c)  Prior to the consummation or termination of the OPA, CAB shall be liable
     for and shall reimburse and indemnify Trustee (and any predecessor Trustee)
     and hold Trustee harmless from and against one-half (1/2) of any and all
     claims, losses, actions, liabilities, costs, damages or expenses (including
     reasonable attorneys' fees and expenses) arising from or in connection with
     Trustee's administration of, or performance of duties and obligations
     pursuant to, this Trust Agreement; provided, however, that notwithstanding
     the foregoing, CAB shall not be required to indemnify the Trustee for any
     such claims, losses, actions, liabilities, costs, damages or expenses
     caused by its own gross negligence or own willful misconduct. In addition,
     when the Trustee acts on any information, instructions or communications
     (including, but not limited to, communications with respect to the delivery
     of securities or the wire transfer of funds) sent by telephone, telex or
     facsimile, the Trustee, absent gross negligence or willful misconduct,
     shall not be responsible or liable in the event such communication is not
     an authorized or authentic communication or is not in the form CAB sent or
     intended to send (whether due to fraud, distortion or otherwise). The
     Trustee shall have the right to offset an amount equal to one-half (1/2) of
     any indemnifiable claims, losses, actions, liabilities, costs, damages or
     expenses described above against the Trust Assets.

(d)  Settlor shall be liable for one hundred percent (100%) of all indemnifiable
     claims, losses, actions, liabilities, costs, damages or expenses described
     in Section 13(c) above that arise after consummation of the OPA (including
     payment of the Certified Amount to the Paying Agent) or termination of the
     OPA.

(e)  Notwithstanding anything in this Section 13 to the contrary, all of CAB's
     compensation, reimbursement and indemnification obligations set forth in
     this Section 13 shall be payable by CAB upon demand by the Trustee, and the
     failure of CAB to fund such obligations shall give rise to an additional
     claim by the Trustee with respect to the earnings on the Trust Amount. The
     obligations of CAB under this Section 13 shall survive any termination of
     this Trust Agreement and the resignation or removal of Trustee.

14.  Resignation and Removal of the Trustee.

(a)  The Trustee may resign as such thirty (30) calendar days following the
     giving of written notice thereof to CAB and Representative. In addition,
     the Trustee may be removed and replaced on a date designated in a written
     instrument signed by

                                       9

<PAGE>

     CAB and Representative and delivered to the Trustee. In the case of either
     such resignation or removal, CAB and the Representative jointly shall
     appoint a branch or affiliate located in the Republic of Panama of one of
     HSBC, BNP Paribas or Citibank, N.A. as the successor Trustee.
     Notwithstanding the foregoing, no such resignation or removal shall be
     effective until a successor Trustee has acknowledged its appointment as
     such as provided in Section 14(c). In either event, upon the effective date
     of such resignation or removal, the Trustee shall deliver the property
     comprising the Trust Assets (net of Fees due to the Trustee) to such
     successor Trustee, together with such records maintained by the Trustee in
     connection with its duties hereunder and other information with respect to
     the Trust Assets as such successor may reasonably request.

(b)  If a successor Trustee shall not have acknowledged its appointment as such
     as provided in Section 14(c), in the case of a resignation, prior to the
     expiration of thirty (30) calendar days following the date of a notice of
     resignation or, in the case of a removal, on the date designated for the
     Trustee's removal, as the case may be, because CAB and Representative are
     unable to agree on a successor Trustee, or for any other reason, the
     successor Trustee shall be appointed from the first of HSBC, BNP Paribas
     and Citibank, N.A. (in such order) to acknowledge its appointment as such,
     and such appointment shall be binding upon all of the parties to this Trust
     Agreement.

(c)  Upon written acknowledgment by a successor Trustee appointed in accordance
     with the foregoing provisions of this Section 14 of its agreement to serve
     as Trustee hereunder and the receipt of the property then comprising the
     Trust Assets, the Trustee shall be fully released and relieved of all
     duties, responsibilities and obligations under this Trust Agreement,
     subject to the provision contained Section 11(c) and such successor Trustee
     shall for all purposes hereof be the Trustee.

15.  Notices.

Any notices or another communication under this Trust Agreement, must be given
in writing and be (a) delivered to the address indicated hereinafter; (b)
transmitted by facsimile, provided that any notice given in this form must also
be sent by mail as provided in clause (c); or (c) sent by mail with 48 hour
delivery (courier), or by certified or registered mail, postage paid and receipt
confirmation requested as follows:

If to Settlor:

COCA COLA DE PANAMA CIA. EMBOTELLADORA, S.A.
Apartado 4411, Zona 5
Urbanizacion Industrial, Via Ricardo J. Alfaro
Panama, Republic of Panama
Attn: Joaquin J. Vallarino Jr.
Facsimile: 507-236-5727

                                       10

<PAGE>

with copies (which shall not constitute notice) to:

ARIAS, ALEMAN & MORA
Apartado 8799, Zona 5
Calle 50 y Calle 74, San Francisco
Edificio PH Interfinanzas, Piso 16
Panama, Republic of Panama
Attn: Alvaro Arias
Facsimile: 507-270-0174

and

ARIAS, FABREGA & FABREGA
Apartado 6307, Zona 5
Calle 50 y Calle 53, Marbella
Edificio PH 2000, Piso 16
Panama, Republic of Panama
Attn: Francisco Arias G.
Facsimile: 507-205-7001

If to the Trustee, to:

BANCO GENERAL, S.A.
APDO. 4592 Panama 5, Republic of Panama
Calle Aquilino de la Guardia y Avenida 5ta B Sur
Torre Banco General
Attn: Jean Pierre Leignadier
Facsimile:  507-265-0291

If to the Representative, to:

FUNDACION PRO ACCIONISTAS MINORITARIOS DE COCA COLA DE
PANAMA Y CERVECERIAS BARU-PANAMA
c/o Arias, Fabrega & Fabrega
Apartado 6307, Zona 5
Calle 50 y Calle 53, Marbella
Edificio PH 2000, Piso 16
Panama, Republic of Panama
Attn: Alvaro Arias and Roberto R. Vallarino C., c/o Francisco Arias G.
Facsimile: 507-205-7001

with a copy (which shall not constitute notice) to:

ARIAS, FABREGA & FABREGA
Apartado 6307, Zona 5
Calle 50 y Calle 53, Marbella
Edificio PH 2000, Piso 16
Panama, Republic of Panama

                                       11

<PAGE>

Attn: Francisco Arias G.
Facsimile: 507-205-7001

If to CAB, addressed to:

CA BEVERAGES, INC.
c/o TAPIA, LINARES & ALFARO
P.O. Box 7412
Edificio Plaza 2000, 4th Floor
Avenida Gral. Nicanor A. de Obarrio (Calle 50)
Panama, Republic of Panama
Attn:  Eloy Alfaro / Mario E. Correa
Facsimile: (507) 263-5305

with copies (which shall not constitute notice) to:

HEINEKEN INTERNATIONAL B.V.
Tweede Weteringplantsoen 21
P.O. Box 28, 1000 AA
Amsterdam, Netherlands
Attn: Rene Hooft Graafland
Facsimile: +31-20-523-9790

PANAMCO L.L.C.
701 Waterford Way
Suite 800
Miami, FL  33126
Attn:  General Counsel
Facsimile:  (786) 388-8191

FABREGA BARSALLO MOLINO & MULINO
Omega Bldg., M Floor
Samuel Lewis Ave. & 53rd St.
P.O. Box 4493, Panama 5, Rep. of Panama
Attn: Juan Pablo Fabrega/Jose Raul Mulino
Facsimile: (507) 263-6983

and

TAPIA, LINARES & ALFARO
P.O. Box 7412
Edificio Plaza 2000, 4th Floor
Avenida Gral. Nicanor A. de Obarrio (Calle 50)
Panama, Republic of Panama
Attn: Eloy Alfaro / Mario E. Correa
Facsimile: (507) 263-5305

                                       12

<PAGE>

or to any other address or to any other person that any party has appointed in
last instance through a notice to the other party. Each one of the referred
notices or communications will be effective (i) if given by facsimile, when
transmitted to the corresponding number specified in (or according to) this
Section 15 and the sender device confirms sending and receipt; (ii) if sent by
48 hour delivery mail, two (2) working days and, if sent by certified or
registered mail, seven (7) working days after placed in the mail with first
class postage paid, addressed as previously explained; or (iii) if issued by any
other means, when actually received at the address mentioned.

16. Bankruptcy of Settlor. In the event that there shall be filed by or against
Settlor in any court pursuant to the bankruptcy laws of Panama or any other
similar foreign, federal or state law providing for bankruptcy, insolvency,
receivership or protection from creditors (collectively, the "BANKRUPTCY LAWS"),
a petition in bankruptcy or insolvency or for reorganization or for the
appointment of a receiver or trustee of all or a portion of the assets of
Settlor, Settlor will be deemed to have waived, and therefore will not assert,
any and all rights, remedies and recourses under the Bankruptcy Laws with
respect to the Trust Assets, and the Trust Assets shall continue to be
administered pursuant to the terms of this Trust Agreement, irrespective of such
filing.

17. Severability. To the extent any provision of this Trust Agreement is
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Trust Agreement.

18. Amendments, etc. This Trust Agreement may be amended or modified, and any of
the terms hereof may be waived, only by a written instrument duly executed by or
on behalf of all of the parties hereto. No waiver by any party of any term or
condition contained in this Trust Agreement, in any one or more instances, shall
be deemed to be or construed as a waiver of the same or any other term or
condition of this Trust Agreement on any future occasion.

19. Entire Agreement. This Trust Agreement constitutes the entire agreement
between the parties relating to the holding, investment and disbursement of the
Trust Assets and administration of the Trust Assets and sets forth in their
entirety the obligations and duties of Trustee with respect to the Trust Assets;
provided that any capitalized terms used but not defined herein shall have the
meaning assigned to such terms in the Share Subscription Agreement.

20. Binding Effect. All of the terms of this Trust Agreement, as amended from
time to time, shall be binding upon, inure to the benefit of and be enforceable
by the parties hereto, and their respective heirs, executors, administrators,
successors and assigns.

21. Representations and Warranties. CAB, Settlor and Representative each hereby
represent and warrant (a) that this Trust Agreement has been duly authorized,
executed and delivered on its behalf and constitutes its legal, valid and
binding obligation and (b) that the execution, delivery and performance of this
Trust Agreement by CAB, Settlor and Representative do not and will not violate
any applicable law or regulation.

                                       13

<PAGE>

22. Assignments. No party may assign any of its rights or obligations under this
Trust Agreement without the prior written consent of the other parties, provided
that no such consent shall be required for any such assignment by CAB to any of
the Sponsors (as defined in the Share Subscription Agreement) or any direct or
indirect subsidiary of the Sponsors.

23. Execution in Counterparts; Facsimile Signatures. This Trust Agreement may be
executed in two or more counterparts, which when so executed shall constitute
one and the same agreement or direction. Facsimile signatures shall be treated
as originals.

24. Governing Law. This Trust Agreement, the legal relations between the parties
and any action, whether contractual or non-contractual, instituted by any party
with respect to matters arising under or growing out of or in connection with or
in respect of this Trust Agreement shall be governed and construed in accordance
with the laws of the Republic of Panama, particularly Law 1 of 1984, without
regard to conflicts of law or private international law rules.

25. Domicile. The parties choose as domicile for the Trust the City of Panama,
Republic of Panama.

26. Business Day. For all purposes of this Trust Agreement, the term "business
day" shall mean a day other than Saturday, Sunday or any day on which banks
located in the Republic of Panama are authorized or obligated to close.

27. Headings. The headings used in this Trust Agreement have been inserted for
convenience of reference only and do not define or limit the provisions hereof.

28. Resident Agent of the Trust. In compliance with Section 9 of article 9, of
Law No. 1 of 1984, the law firm Tapia Linares & Alfaro, with address at P.O. Box
7412, Edificio Plaza 2000, 4th Floor, Avenida Gral. Nicanor A. de Obarrio (Calle
50), Panama, Republic of Panama, is hereby appointed as the Resident Agent for
this Trust.

29. Arbitration. Any controversy, dispute or claim between the parties arising
out of or related to this Trust Agreement, or the breach hereof, shall be
finally settled under the Rules of Arbitration of the International Chamber of
Commerce ("ICC"). The dispute shall be referred to arbitration before a panel of
three arbitrators, one of whom shall be selected by CAB, one of whom shall be
selected by Representative and the remaining arbitrator to be mutually selected
by the other two arbitrators, provided that if the amount in controversy is less
than US$250,000, there shall be one arbitrator appointed as provided in the
rules of the ICC. Each arbitrator shall be fully bi-lingual in English and
Spanish and is qualified to practice law in a civil law jurisdiction. Any such
arbitration shall be conducted in Panama City, Republic of Panama. The
arbitrators shall have the power to decide on its own subject matter
jurisdiction. The award rendered by the arbitrator(s) shall be at law (and not
in equity), shall be subject to the limitations on liability provided in this
Trust Agreement and shall be final, and judgment may be entered upon it in
accordance with law in any court having jurisdiction thereof. The parties waive,
to the fullest extent permitted by applicable law, and agree not to invoke or

                                       14

<PAGE>

exercise, any rights to appeal, review or impugn such decision or award by any
court or tribunal. Any party shall be entitled to seek interim measures of
protection in the form of pre-award attachment of assets or injunctive relief.
It is understood and agreed that money damages would not be a sufficient remedy
for any breach of this Trust Agreement and that the parties hereto shall be
entitled to specific performance and injunctive or other equitable relief as a
remedy for any such breach and the parties further agree to waive any
requirement for the security or posting of any bond in connection with such
remedy. Such remedy shall not be deemed to be the exclusive remedy for breach of
this Trust Agreement but shall be in addition to all other remedies available at
law or equity to CAB. At any hearing of oral evidence, each party shall have the
right to present and examine its witnesses and to cross-examine the witnesses of
the other party and each party shall have the right to conduct reasonable
discovery of the other party.

30. Language. This Trust Agreement has been negotiated and executed in English.
The parties acknowledge that a translation into Spanish may be required for
purposes of filings with governmental authorities; in such case, the parties
shall agree on Spanish translation by initialing the same. The parties agree
that, in case of conflict between the English and Spanish translations of this
Trust Agreement, the English version shall govern.

31. No Third Party Beneficiaries. Notwithstanding anything herein to the
contrary, this Trust Agreement is not intended to confer upon any person other
than the parties hereto any rights or remedies hereunder.

                                       15

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to
be executed in New York, New York, USA, as of the date first above written.

                                       "SETTLOR"

                                       COCA COLA DE PANAMA COMPANIA
                                       EMBOTELLADORA, S.A.,

                                       By:
                                            /s/ Roberto Ramon Vallarino Cox
                                            -----------------------------------
                                           Name:  Roberto Ramon Vallarino Cox
                                           Title: Vice President and Director

                                       "TRUSTEE"

                                       BANCO GENERAL, S.A.

                                       By:
                                           /s/ Jean-Pierre Leignadier
                                           ------------------------------------
                                       Name:  Jean-Pierre Leignadier
                                       Title: Attorney-in-Fact

                                       "REPRESENTATIVE"

                                       FUNDACION PRO ACCIONISTAS MINORITARIOS
                                       DE COCA COLA DE PANAMA Y CERVECERIAS
                                       BARU-PANAMA

                                       By:
                                           /s/ Alvaro Arias
                                           ------------------------------------
                                       Name:  Alvaro Arias
                                       Title: Authorized Representative

                                       By:
                                           /s/ Roberto Ramon Vallarino Cox
                                           ------------------------------------
                                       Name:  Roberto Ramon Vallarino Cox
                                       Title: Authorized Representative

<PAGE>

                                       "CAB"

                                       CA BEVERAGES, INC.

                                       By:_____________________________________
                                       Name:___________________________________
                                       Title:__________________________________

                                       TAPIA LINARES & ALFARO,
                                       as Resident Agent of the Trust Agreement

                                       By:_____________________________________
                                       Name:___________________________________
                                       Title:__________________________________

<PAGE>

                                    EXHIBIT A

                           FORM OF INSTRUCTION LETTER

To

BANCO GENERAL, S.A.
APDO. 4592 Panama 5, Republic of Panama
Calle Aquilino de la Guardia y Avenida 5ta B Sur
Torre Banco General
Attn: Jean Pierre Leignadier

as Trustee

     The undersigned Coca Cola de Panama Compania Embotelladora, S.A.
("Settlor"), pursuant to the Trust Agreement - Coca Cola OPA Trust, dated as of
October 2, 2002, among Settlor, CA Beverages, Inc., Fundacion Pro Accionistas
Minoritarios de Coca Cola de Panama y Cervecerias Baru-Panama, as
Representative, and you (terms defined in said Trust Agreement have the same
meanings when used herein), hereby irrevocably instructs you to credit the funds
in the sum of US$________________, transferred to you from our account number
03-01-01-012584-0 to the trust in accordance with the terms of said Trust
Agreement.

                                       COCA COLA DE PANAMA COMPANIA
                                       EMBOTELLADORA, S.A.,

                                       By:_____________________________________
                                       Name:___________________________________
                                       Title:__________________________________

<PAGE>

                                   EXHIBIT B-1

                           NOTICE OF EARLY TERMINATION

To

BANCO GENERAL, S.A.
APDO. 4592 Panama 5, Republic of Panama
Calle Aquilino de la Guardia y Avenida 5ta B Sur
Torre Banco General
Attn: Jean Pierre Leignadier

as Trustee

     The undersigned, CA BEVERAGES, INC. ("CAB"), pursuant to Section 10 of the
Trust Agreement - Coca Cola OPA Trust, dated as of October 2, 2002, among CAB,
Coca Cola de Panama Compania Embotelladora de Panama, S.A. (the "Settlor"),
Fundacion Pro Accionistas Minoritarios de Coca Cola de Panama y Cervecerias
Baru-Panama, as Representative (the "Representative"), and you (terms defined in
said Trust Agreement have the same meanings when used herein), hereby:

     (a)  certifies that CAB has exercised its option under Section 5.9 of the
          Share Subscription Agreement during the Unconditional Period (as
          defined therein) to rescind the sale of the Shares;

     (b)  irrevocably instructs you to pay to CAB the full amount of the Trust
          Assets on behalf of the Settlor as full consideration for the
          repurchase of the Shares in accordance with the terms of Section 5.9
          of the Share Subscription Agreement, by wire transfer of immediately
          available funds to CAB's account at ________________________,
          ________________________, ______________, ______________ (Account
          No.________________________); and

     (c)  encloses the certificate representing the Shares duly endorsed by us
          in blank.

                                       CA BEVERAGES, INC.

                                       By:_____________________________________
                                       Name:___________________________________
                                       Title:__________________________________

Dated:  __________, _____

           [a copy of this notice is to be remitted to Representative]

<PAGE>

                                   EXHIBIT B-2

                           NOTICE OF EARLY TERMINATION

To

BANCO GENERAL, S.A.
APDO. 4592 Panama 5, Republic of Panama
Calle Aquilino de la Guardia y Avenida 5ta B Sur
Torre Banco General
Attn: Jean Pierre Leignadier

as Trustee

     The undersigned, CA BEVERAGES, INC. ("CAB") and Fundacion Pro Accionistas
Minoritarios de Coca Cola de Panama y Cervecerias Baru-Panama, as Representative
(the "Representative"), pursuant to Section 10 of the Trust Agreement - Coca
Cola OPA Trust, dated as of October 2, 2002, CAB, Coca Cola de Panama Compania
Embotelladora de Panama, S.A. (the "Settlor"), Representative, and you (terms
defined in said Trust Agreement have the same meanings when used herein),
hereby:

     (a)  certify that CAB, with the unanimous approval of all of the members of
          Board of Directors of Settlor and the approval of Representative, has
          exercised its option under Section 5.9 of the Share Subscription
          Agreement outside of the Unconditional Period to rescind the sale of
          the Shares;

     (b)  irrevocably instruct you to pay to CAB the full amount of the Trust
          Assets on behalf of the Settlor as full consideration for the
          repurchase of the Shares in accordance with the terms of Section 5.9
          of the Share Subscription Agreement, by wire transfer of immediately
          available funds to CAB's account at ________________________,
          ________________________, ______________, ______________ (Account
          No.________________________); and

     (c)  enclose the certificate representing the Shares duly endorsed by us in
          blank.

                                       CA BEVERAGES, INC.

                                       By:_____________________________________
                                       Name:___________________________________
                                                      [Please Print]

<PAGE>

                                       FUNDACION PRO ACCIONISTAS MINORITARIOS DE
                                       COCA COLA DE PANAMA Y CERVECERIAS
                                       BARU-PANAMA

                                       By:_____________________________________
                                       Name:___________________________________
                                                      [Please Print]

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