While Fomento Economico Mexicano, S.A.B de C.V's (FEMSA) 3Q 09 revenues and operating income were above our estimates, adjusted net income was below our expectation due to higher-thananticipated net minority income and effective tax rate during the quarter. Going forward, we expect top-line growth to be supported by healthy revenue growth from Coca-Cola Femsa and Femsa Camercio, coupled with ongoing efforts to open new stores. However, considering current price levels, we reiterate our common stock rating a HOLD. We will reassess our target price and rating in our 3Q 09 update report. As we continue to expect a positive currency impact on the ADR over the long term we maintain our BUY rating for the ADR. We will reassess our target price and rating in our 3Q 09 update report.

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