Earning Release

Westpac Banking Corporation's (NYSE:WBK) top-line was above our estimate, benefiting from lower interest expenses. However, higher employee costs and impairment losses resulted in lower-thananticipated bottom-line. Although we are cautious of the impact of the ongoing weak economic environment on Westpac, the bank's fundamentals offer scope for optimism in the wake of signs of economic recovery and robust growth in Westpac's average interest bearing assets in FY 2009. Hence, we maintain Westpac common stock a HOLD, despite the target price not supporting a HOLD at current levels. We will reassess our common stock rating for Westpac in our next full update report. We continue to anticipate a positive currency impact on the ADR over the next 6-24 months. However, given our fundamental outlook and current price levels, we maintain the ADR (1 ADR = 5 common shares) a HOLD. We will reassess our ADR rating for Westpac in our next full update report.

New Valuations

Coca-Cola FEMSA, S.A.B de C.V. (NYSE:KOF) Going forward, we expect revenues from the Mexico division to be driven by increased volumes from the Coca-Cola brand (which carries higher Average selling price), further augmented by an increase in ASP. In addition, we expect revenues to be further bolstered by robust growth in volumes from Jugos Del Valle. Furthermore, we expect revenues from the Latincentro division to post robust growth, driven by increased volumes due to expansion of the Brisa brand in Colombia and the sparkling beverages brand and Jugos del Valle, in Columbia and Central America. In addition, we expect revenues from the Mercosur division to register y-o-y growth, driven by the still beverage portfolio in Argentina and Brazil. Considering the recent increase in sugar prices and our expected rise in crude oil prices, partially offset by our anticipation of a decline in USD denominated costs reflecting our forecast of the depreciation of USD against MXN over the next 2 years, we expect operating margins to decline in FY 2009 and FY 2010.

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