New Valuations

Embotelladora Andina S.A. (NYSE:AKOb) Although we expect Chilean and Brazilian operations to register a y-o-y decline in revenues in FY 2009 due to poor performance in 1H 09, we expect these operations to register y-o-y growth in FY 2010 driven by an increase in volumes and Average Selling Price (ASP). The company has launched several new products such as Fanta Uva, Aquarius, Sucos del Valle and the Crystal mineral in Chile and Brazil which we believe will diversify the company's product lines and boost top-line. However, we expect the Chilean and Brazilian operations will register a decline in operating margin in FY 2009 due to an anticipated increase in marketing expenses due to the launch of new products and increase in sugar prices. Nevertheless, we expect Chilean and Brazilian operations to register expansion in operating margin in FY 2010 due to the anticipated positive impact of new product launches on topline and increased prices. Furthermore, we expect Argentine operations to register y-o-y growth in FY 2010 revenues, driven by increased volumes and ASP. However, we expect operating margin to decline over the next two years due to increased marketing expenses and increased labor costs.

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