Going forward, we expect Coca Cola Femsa to register strong top-line growth, driven by growth in revenues from Mexican operations. In addition, we expect revenues to be further bolstered by robust growth in volumes from Jugos Del Valle. Furthermore, higher volumes, backed by expansion of the Brisa brand in Colombia and the sparkling beverages brand and Jugos del Valle are expected to drive the Latincentro division’s top-line going forward. Moreover, the Mercosur division is expected to register healthy y-o-y growth, driven by the still beverage portfolio in Argentina and Brazil. Although Femsa Cerveza reported positive y-o-y volume growth during the quarter, we expect this to decline in FY 2009 in light of intense competition, increase in Average Selling Prices (ASP) and significant economic and unemployment-driven headwinds faced in the domestic market. However we expect overall revenues to register y-o-y growth going forward, mainly due to increased ASP and higher revenues from exports as we expect the Mexican peso to appreciate against the USD over the next two years. Furthermore, we expect Femsa Comercio to register healthy growth in revenues, driven by an increase in the number of stores. However, considering the recent increase in sugar prices and our expected rise in crude oil and aluminum 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 margin to decline in FY 2009 and FY 2010. Therefore we do not expect any significant upside potential from the common stock from current levels.

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