Edgar Filing: MEXICAN ECONOMIC DEVELOPMENT INC

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2011

FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.

(Exact name of Registrant as specified in its charter)

Mexican Economic Development, Inc.

(Translation of Registrant’s name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

General Anaya No. 601 Pte.

Colonia Bella Vista

Monterrey, Nuevo León 64410

México

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(1): _______

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(7): _______

Indicate by check mark whether by furnishing the information contained in this

Form, the registrant is also thereby furnishing the information to the

Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If "Yes" is marked, indicate below the file number assigned to the registrant in

connection with Rule 12g3-2(b): 82-_____________

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the

registrant has duly caused this report to be signed on its behalf of the

undersigned, thereunto duly authorized.

	FOMENTO ECONÓMICO MEXICANO, S.A. DE C.V.

	By:	/s/ Javier Astaburuaga
		Javier Astaburuaga
		Chief Financial Officer

Date: July 22, 2011

FEMSA Delivers Double-Digit Revenue and Operating

Income Growth Across Operations in 2Q11

Monterrey, Mexico, July 22, 2011 — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) announced today its operational and financial results for the second quarter of 2011.

Second Quarter 2011 Highlights:

·	FEMSA comparable consolidated total revenues and income from operations grew 15.5% and 17.7%, respectively, compared to the second quarter of 2010, reflecting double-digit growth at Coca-Cola FEMSA and FEMSA Comercio.

·	Coca-Cola FEMSA total revenues and income from operations increased 12.9% and 12.4%, respectively. Double-digit income from operations growth in the Mexico and Mercosur divisions drove these results.

·	FEMSA Comercio achieved double digit same-store sales growth during the quarter. Income from operations increased 26.2%.

José Antonio Fernández Carbajal, Chairman and CEO of FEMSA, commented: “The second quarter was a successful one for us, on several fronts. Operationally, we saw sustained momentum at FEMSA Comercio and in most of our territories at Coca-Cola FEMSA, with Mexico continuing to show strong growth. In an environment that is not without its challenges, our team once again managed to produce an encouraging set of results. In addition to that, as you know, during the second quarter we had the privilege of reaching a key strategic agreement with Grupo Tampico to join forces and combine their bottling operations with those of Coca-Cola FEMSA, marking an important step in the journey to consolidate our leadership position in the non-alcoholic beverage space. So as we pass the halfway mark for this year, we are on the right track but we must keep our focus and our energy and continue to strive to exceed the goals we have set for ourselves.”

FEMSA Consolidated

On April 30, 2010, FEMSA announced the closing of the strategic transaction pursuant to which FEMSA agreed to exchange 100% of its beer operations for a 20% economic interest in the Heineken Group (“the transaction”). For more information regarding this acquisition, please refer to the transaction filings available at www.femsa.com/investor. FEMSA’s consolidated results for the second quarter of 2011 reflect the transaction effects and are presented on a comparable basis.

Comparable total revenues increased 15.5% compared to 2Q10 to Ps. 48.392 billion in 2Q11. FEMSA Comercio and Coca-Cola FEMSA drove the incremental consolidated revenues. For the first half of 2011, comparable consolidated total revenues increased 13.5% to Ps. 91.534 billion.

Comparable gross profit increased 14.5% compared to 2Q10 to Ps. 20.092 billion in 2Q11 driven by FEMSA Comercio and Coca-Cola FEMSA. Gross margin decreased 40 basis points compared to the same period in 2010 to 41.5% of total revenues, as FEMSA Comercio’s gross profit improvement partially offset raw-material-driven cost pressures at Coca-Cola FEMSA.

For the first half of 2011, comparable gross profit increased 13.0% to Ps. 37.547 billion. Gross margin decreased 20 basis points compared to the same period in 2010 to 41.0% of total revenues, mainly due to the effect of the faster growth of lower-margin FEMSA Comercio, which tends to compress FEMSA’s consolidated margins over time.

Comparable income from operations increased 17.7% to Ps. 6.277 billion in 2Q11 as compared to the same period in 2010. Consolidated operating margin increased 30 basis points compared to 2Q10 to 13.0% of total revenues, due mainly to operating margin improvement at FEMSA Comercio.

For the first half of 2011, comparable income from operations increased 13.5% to Ps. 11.085 billion. Our consolidated operating margin year-to-date remained at 12.1% as a percentage of total revenues as compared to the same period of 2010.

Net income from continuing operations increased 7.1% to Ps. 4.066 billion in 2Q11 compared to 2Q10, reflecting the fact that this line includes FEMSA’s 20% participation in Heineken’s 1Q11 net income. The figures also reflect growth in comparable income from operations, as described above. The effective income tax rate on continuing operations was 30.8% in 2Q11 compared to 24.5% in 2Q10.

For the first half of 2011, net income from continuing operations increased 15.7% to Ps. 7.432 billion compared to the same period of 2010, primarily as a result of growth in income from operations.

Net consolidated income decreased 86.7% compared to 2Q10 to Ps. 4.066 billion in 2Q11, due to a high comparison base in 2Q10 which reflected the inclusion of the gain from the transaction. Net majority income for 2Q11 resulted in Ps. 0.77 per FEMSA Unit1. Net majority income per FEMSA ADS was US$ 0.66 for the quarter. For the first half of 2011, net majority income per FEMSA Unit1 was Ps. 1.39 (US$ 1.18 per ADS).

Capital expenditures increased to Ps. 2.960 billion in 2Q11 as FEMSA Comercio deployed a higher amount of investment.

Our consolidated balance sheet as of June 30, 2011, recorded a cash balance of Ps. 31.176 billion (US$ 2.660 billion), an increase of Ps. 8.348 billion (US$ 712.3 million) compared to the same period in 2010. Short-term debt was Ps. 5.581 billion (US$ 476.2 million), while long-term debt was Ps. 22.485 billion (US$ 1,918.7 billion). Our consolidated net cash balance was Ps. 3.110 billion (US$ 265.4 million).

FEMSA Units consist of FEMSA BD Units and FEMSA B Units. Each FEMSA BD Unit is comprised of one Series B Share, two Series D-B Shares and two Series D-L Shares. Each FEMSA B Unit is comprised of five Series B Shares. The number of FEMSA Units outstanding as of June 30, 2011 was 3,578,226,270 equivalent to the total number of FEMSA Shares outstanding as of the same date, divided by 5.

July 22, 2011

Coca-Cola FEMSA

Coca-Cola FEMSA’s financial results and discussion are incorporated by reference from Coca-Cola FEMSA’s press release, which is attached to this press release or visit www.coca-colafemsa.com.

FEMSA Comercio

Total revenues increased 20.3% compared to 2Q10 to Ps. 18.973 billion in 2Q11 mainly driven by the opening of 342 net new stores in the quarter, reaching 1,132 total net new store openings in the last twelve months. As of June 30, 2011, FEMSA Comercio had a total of 8,963 convenience stores. Same-store sales increased an average of 10.7% for the quarter over 2Q10, reflecting a 4.3% increase in store traffic and a 6.1% increase in average customer ticket.

For the first half of 2011, total revenues increased 19.9% to Ps. 35.083 billion. FEMSA Comercio’s same-store sales increased an average of 9.9% driven by a 4.5% increase in store traffic and a 4.9% increase in average customer ticket.

Gross profit increased by 23.1% in 2Q11 compared to 2Q10, resulting in an 80 basis point gross margin expansion to 33.9% of total revenues. This increase reflects (i) a positive mix shift due to the growth of higher margin categories, (ii) a more effective collaboration and execution with our key supplier partners combined with a more efficient use of promotion-related marketing resources, and (iii) a change in the structure of commercial terms for certain supplier partners; while the impact of these terms used to be skewed towards the fourth quarter, it is now more evenly spread throughout the year. For the first half of 2011, gross margin expanded by 70 basis points to 32.8% of total revenues.

Income from operations increased 26.2% over 2Q10 to Ps. 1.590 billion in 2Q11. Operating expenses increased 22.2% to Ps. 4.845 billion, largely driven by the growing number of stores as well as by incremental expenses such as the strengthening of FEMSA Comercio’s organizational structure, mainly IT-related. Operating expense growth was contained during the quarter, allowing the operating margin to expand 40 basis points compared to 2Q10, reaching 8.4% of total revenues. For the first half of 2011, income from operations increased 26.0% to Ps. 2.367 billion, resulting in an operating margin of 6.7%, which represents a 30 basis point expansion from the prior year.

July 22, 2011

CONFERENCE CALL INFORMATION:

Our Second Quarter Conference Call will be held on: Friday July 22, 2011, 11:00 AM Eastern Time (10:00 AM Mexico City Time). To participate in the conference call, please dial: Domestic US: (800) 261-3417 International: (617) 614-3673, Conference Id 87907812. The conference call will be webcast live through streaming audio. For details please visit www.femsa.com/investor.

If you are unable to participate live, the conference call audio will be available on http://ir.FEMSA.com/results.cfm.

FEMSA is a leading company that participates in the non-alcoholic beverage industry through Coca-Cola FEMSA, the largest independent bottler of Coca-Cola products in the world in terms of sales volume; in the retail industry through FEMSA Comercio, operating the largest and fastest-growing chain of convenience stores in Latin America, and in the beer industry, through its ownership of the second largest equity stake in Heineken, one of the world’s leading brewers with operations in over 70 countries.

The translations of Mexican pesos into US dollars are included solely for the convenience of the reader, using the noon day buying rate for pesos as published by the Federal Reserve Bank of New York at June 30, 2011, which was 11.7191 Mexican pesos per US dollar.

FORWARD LOOKING STATEMENTS

This report may contain certain forward-looking statements concerning our future performance that should be considered as good faith estimates made by us. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact our actual performance.

Five pages of tables and Coca-Cola FEMSA’s press release to follow.

July 22, 2011

FEMSA

Consolidated Income Statement

Millions of Pesos

	For the second quarter of:													For the six months of:
	2011 (A)			% of rev.		2010 (A)			% of rev.		% Increase			2011 (A)			% of rev.		2010 (A)			% of rev.		% Increase
Total revenues		48,392			100.0		41,899			100.0		15.5			91,534			100.0		80,642			100.0		13.5
Cost of sales		28,300			58.5		24,358			58.1		16.2			53,987			59.0		47,418			58.8		13.9
Gross profit		20,092			41.5		17,541			41.9		14.5			37,547			41.0		33,224			41.2		13.0
Administrative expenses		2,037			4.2		1,976			4.7		3.1			3,869			4.2		3,687			4.6		4.9
Selling expenses		11,778			24.3		10,234			24.4		15.1			22,593			24.7		19,773			24.5		14.3
Operating expenses		13,815			28.5		12,210			29.1		13.1			26,462			28.9		23,460			29.1		12.8
Income from operations		6,277			13.0		5,331			12.7		17.7			11,085			12.1		9,764			12.1		13.5
Other (expenses) income		(425	)				(320	)				32.8			(691	)				(518	)				33.4
Interest expense		(689	)				(729	)				(5.5	)		(1,327	)				(1,477	)				(10.2	)
Interest income		255					228					11.8			456					530					(14.0	)
Interest expense, net		(434	)				(501	)				(13.4	)		(871	)				(947	)				(8.0	)
Foreign exchange (loss) gain		(116	)				(61	)				90.2			(296	)				(356	)				(16.9	)
(Loss) gain on monetary position		11					101					(89.1	)		56					256					(78.1	)
Gain (loss) on financial instrument(1)		15					(33	)			N.S.				102					102					-
Integral result of financing		(524	)				(494	)				6.1			(1,009	)				(945	)				6.8
Participation in Heineken results(2)		551					508					8.5			1,042					508				N.S.
Income before income tax		5,879					5,025					17.0			10,427					8,809					18.4
Income tax		1,813					1,230					47.4			2,995					2,386					25.5
Net income from continuing operations		4,066					3,795					7.1			7,432					6,423					15.7
Gain from transaction with Heineken, net of taxes(3)		-					26,623				N.S.				-					26,623				N.S.
Net Income from FEMSA's former beer operations(4)		-					216				N.S.				-					706				N.S.
Net consolidated income		4,066					30,634					(86.7	)		7,432					33,752					(78.0	)
Net majority income		2,747					29,374					(90.6	)		4,958					31,392					(84.2	)
Net minority income		1,319					1,260					4.7			2,474					2,360					4.8

(A) This information is presented on a comparable basis.

EBITDA & CAPEX
Income from operations	6,277		13.0	5,331		12.7		17.7	11,085	12.1	9,764	12.1	13.5
Depreciation	1,073		2.2	914		2.2		17.4	2,125	2.3	1,821	2.3	16.7
Amortization & other(5)	625		1.3	471		1.1		32.7	1,166	1.3	964	1.2	21.0
EBITDA	7,975		16.5	6,716		16.0		18.7	14,376	15.7	12,549	15.6	14.6
CAPEX	2,960			2,661				11.2	4,228		4,234		(0.1	)


FINANCIAL RATIOS	2011			2010			Var. p.p.
Liquidity(6)	1.55			1.52				0.03
Interest coverage(7)	18.38			13.41				4.97
Leverage(8)	0.49			0.49				0.00
Capitalization(9)	15.83	%		14.69	%			1.14

(1) Includes solely derivative instruments that do not meet hedging criteria for accounting purposes.

(2) Represents the equity-method participation in Heineken´s results.

(3) Represents the difference between the market value of the Heineken shares (20% equity interest) and the book value of FEMSA's former beer operations, net of transaction tax, as of April 30, 2010.

(4) Represents the net income of FEMSA's former beer operations for the period ended April 30, 2010.

(5) Includes returnable bottle breakage expense.

(6) Total current assets / total current liabilities.

(7) Income from operations + depreciation + amortization & other / interest expense, net.

(8) Total liabilities / total stockholders' equity.

(9) Total debt / long-term debt + stockholders' equity.

Total debt = short-term bank loans + current maturities long-term debt + long-term bank loans.

July 22, 2011

FEMSA

Consolidated Balance Sheet

Millions of Pesos

As of June 30:

ASSETS	2011	(A)	2010	(A)	% Increase
Cash and cash equivalents	31,176		22,828			36.6
Accounts receivable	6,690		5,605			19.4
Inventories	11,216		9,476			18.4
Other current assets	5,524		5,061			9.1
Total current assets	54,606		42,970			27.1
Investments in shares	71,112		62,638			13.5
Property, plant and equipment, net	43,198		39,203			10.2
Intangible assets(1)	52,778		51,624			2.2
Other assets	9,583		8,880			7.9
TOTAL ASSETS	231,277		205,315			12.6

LIABILITIES & STOCKHOLDERS´ EQUITY
Bank loans	1,389		1,225			13.4
Current maturities long-term debt	4,192		1,573		N.S.
Interest payable	202		158			27.8
Operating liabilities	29,465		25,347			16.2
Total current liabilities	35,248		28,303			24.5
Long-term debt (2)	22,485		20,522			9.6
Labor liabilities	1,965		1,841			6.7
Other liabilities	16,730		16,413			1.9
Total liabilities	76,428		67,079			13.9
Total stockholders’ equity	154,849		138,236			12.0
LIABILITIES AND STOCKHOLDERS’ EQUITY	231,277		205,315			12.6

(A) This information is presented on a comparable basis.

(1) Includes mainly the intangible assets generated by acquisitions.

(2) Includes the effect of assigned derivative financial instruments on long-term debt, for accountig purposes.


	June 30, 2011
DEBT MIX	Ps.		% Integration			Average Rate(1)
Denominated in:
Mexican pesos		16,797		59.9	%		6.5	%
Dollars		7,910		28.2	%		4.5	%
Colombian pesos		2,108		7.5	%		5.0	%
Argentinan pesos		1,095		3.9	%		15.5	%
Venezuelan bolivars		54		0.2	%		12.0	%
Brazilian Reals		102		0.3	%		4.5	%
Total debt		28,066		100.0	%		6.3	%

Fixed rate(1)		15,360		54.7	%
Variable rate(1)		12,706		45.3	%

% of Total Debt		2011				2012				2013				2014				2015				2016					2017	+
DEBT MATURITY PROFILE			4.5	%			17.4	%			15.0	%			5.0	%			10.1	%			8.9	%			39.1	%

(1) Includes the effect of interest rate swaps.

July 22, 2011

Coca-Cola FEMSA

Results of Operations

Millions of Pesos

	For the second quarter of:											For the six months of:
		2011	(A)	% of rev.		2010	(A)	% of rev.		% Increase			2011	(A)	% of rev.		2010	(A)	% of rev.		% Increase
Total revenues		28,417			100.0	25,177			100.0		12.9		54,388			100.0	49,205			100.0		10.5
Cost of sales		15,339			54.0	13,522			53.7		13.4		29,454			54.2	26,650			54.2		10.5
Gross profit		13,078			46.0	11,655			46.3		12.2		24,934			45.8	22,555			45.8		10.5
Administrative expenses		1,277			4.5	1,011			4.0		26.3		2,427			4.5	2,062			4.2		17.7
Selling expenses		7,205			25.3	6,556			26.1		9.9		14,016			25.7	12,827			26.1		9.3
Operating expenses		8,482			29.8	7,567			30.1		12.1		16,443			30.2	14,889			30.3		10.4
Income from operations		4,596			16.2	4,088			16.2		12.4		8,491			15.6	7,666			15.6		10.8
Depreciation		761			2.7	645			2.6		18.0		1,505			2.8	1,294			2.6		16.3
Amortization & other		375			1.3	290			1.2		29.3		719			1.3	611			1.3		17.7
EBITDA		5,732			20.2	5,023			20.0		14.1		10,715			19.7	9,571			19.5		12.0
Capital expenditures		1,849				1,742					6.1		2,465				2,706					(8.9	)

(A) Average Mexican Pesos of each year.

Sales volumes
(Millions of unit cases)
Mexico	365.3	54.9	343.1	54.2	6.5	663.0	52.1	614.4	50.2	7.9
Latincentro	147.4	22.1	143.5	22.6	2.7	278.9	22.0	296.7	24.3	(6.0	)
Mercosur	152.9	23.0	147.2	23.2	3.9	328.6	25.9	312.1	25.5	5.3
Total	665.6	100.0	633.8	100.0	5.0	1,270.5	100.0	1,223.2	100.0	3.9

July 22, 2011

FEMSA Comercio

Results of Operations

Millions of Pesos

	For the second quarter of:											For the six months of:
		2011	(A)	% of rev.		2010	(A)	% of rev.		% Increase			2011	(A)	% of rev.		2010	(A)	% of rev.		% Increase
Total revenues		18,973			100.0	15,774			100.0		20.3		35,083			100.0	29,259			100.0		19.9
Cost of sales		12,538			66.1	10,548			66.9		18.9		23,588			67.2	19,856			67.9		18.8
Gross profit		6,435			33.9	5,226			33.1		23.1		11,495			32.8	9,403			32.1		22.2
Administrative expenses		358			1.9	291			1.8		23.0		692			2.0	560			1.9		23.6
Selling expenses		4,487			23.6	3,675			23.3		22.1		8,436			24.1	6,964			23.8		21.1
Operating expenses		4,845			25.5	3,966			25.1		22.2		9,128			26.1	7,524			25.7		21.3
Income from operations		1,590			8.4	1,260			8.0		26.2		2,367			6.7	1,879			6.4		26.0
Depreciation		285			1.5	239			1.5		19.2		560			1.6	472			1.6		18.6
Amortization & other		176			0.9	144			0.9		22.2		339			1.0	284			1.0		19.4
EBITDA		2,051			10.8	1,643			10.4		24.8		3,266			9.3	2,635			9.0		23.9
Capital expenditures		903				772					17.0		1,607				1,367					17.6

(A) Average Mexican Pesos of each year.

Information of OXXO Stores
Total stores				8,963		7,831		14.5
Net new convenience stores	342	339	0.9	1,132	(2)	1,020	(2)	11.0

Same store data: (1)
Sales (thousands of pesos)	696.4	629.2	10.7	652.8		594.1		9.9
Traffic (thousands of transactions)	26.7	25.6	4.3	25.4		24.3		4.5
Ticket (pesos)	26.1	24.6	6.1	25.7		24.5		4.9

(1) Monthly average information per store, considering same stores with more than 12 months of operations.

(2) For the last twelve months for each period.

July 22, 2011

FEMSA

Macroeconomic Information

			End of period, Exchange Rates
	Inflation		Jun-11		Jun-10
		June-10
	2Q 2011	June-11	Per USD	Per Mx. Peso	Per USD	Per Mx. Peso
Mexico	-0.75%	3.28%	11.84	1.0000	12.66	1.0000
Colombia	0.73%	3.23%	1,780.16	0.0067	1,916.46	0.0066
Venezuela	6.62%	23.58%	4.30	2.7532	4.30	2.9434
Brazil	1.40%	6.71%	1.56	7.5837	1.80	7.0256
Argentina	2.30%	9.67%	4.11	2.8805	3.93	3.2197
Euro Zone	0.56%	2.80%	0.70	16.9899	0.81	15.5316

July 22, 2011

Stock Listing Information
Mexican Stock Exchange Ticker: KOFL	2011 SECOND-QUARTER AND FIRST SIX-MONTH RESULTS

NYSE (ADR)		Second Quarter							YTD
Ticker: KOF		2011		2010		Δ%		2011		2010	Δ%
	Total Revenues	28,417		25,177		12.9	%		54,388	49,205	10.5	%
Ratio of KOF L to KOF = 10:1	Gross Profit	13,078		11,655		12.2	%		24,934	22,555	10.5	%
	Operating Income	4,596		4,088		12.4	%		8,491	7,666	10.8	%
	Net Controlling Interest Income	2,629		2,480		6.0	%		4,869	4,613	5.5	%
	EBITDA(1)	5,732		5,023		14.1	%		10,715	9,571	12.0	%
	Net Debt (2)	5,344		4,817		10.9	%
	Net Debt / EBITDA (3)	0.24		0.24
	EBITDA/ Interest Expense, net (3)	16.52		15.38
	Earnings per Share (3)	5.43		5.22
	Capitalization (4)	24.1	%	19.4	%
	Expressed in millions of Mexican pesos. (1) EBITDA = Operating income + Depreciation + Amortization & Other operative Non-cash Charges. See reconciliation table on page 9 except for Earnings per Share (2) Net Debt = Total Debt - Cash (3) LTM figures (4) Total debt / (long-term debt + shareholders' equity)
For Further Information: Investor Relations José Castro jose.castro@kof.com.mx (5255) 5081-5120 / 5121	· Total revenues reached Ps. 28,417 million in the second quarter of 2011, an increase of 12.9% compared to the second quarter of 2010 as a result of double-digit total revenue growth in every division. · Consolidated operating income grew 12.4% to Ps. 4,596 million for the second quarter of 2011, mainly driven by double-digit operating income growth recorded in our Mexico and Mercosur divisions. Our operating margin was 16.2% in the second quarter of 2011. · Consolidated net controlling interest income grew 6.0%, reaching Ps. 2,629 million in the second quarter of 2011, resulting in earnings per share of Ps. 1.42 in the second quarter of 2011.
Gonzalo García gonzalojose.garciaa@kof.com.mx (5255) 5081-5148 Roland Karig roland.karig@kof.com.mx (5255) 5081-5186 Website: www.coca-colafemsa.com	Mexico City (July 20, 2011), Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE: KOF) (“Coca-Cola FEMSA” or the “Company”), the largest public Coca-Cola bottler in the world in terms of sales volume, announces results for the second quarter of 2011. “Our diversified portfolio of franchise territories enabled us to deliver strong results for the second quarter of 2011. Our performance was supported by volume growth across all of our divisions and our ability to implement pricing initiatives over the past several months throughout our main markets. The continued implementation of our commercial model at the point of sale is allowing us to better identify our customer’s value potential, satisfy our consumers’ needs and, at the same time, generate efficiencies for further investment in our marketplace. We are enthusiastic about the merger with Grupo Tampico’s beverage division in Mexico. This merger will not only reinforce our presence in one of our key markets, but also present the opportunity to integrate with the oldest bottling franchise in the Mexican Coca-Cola system, whose talented team of professionals will help us to drive our future growth. We have significantly advanced our strategy to grow through value-creating transactions during the first half of the year, as exemplified by our acquisition in Panama's dairy segment, completed in March, and the upcoming merger with Grupo Tampico’s beverage division. As we enter the second half of the year, we look forward with renewed optimism, eager to deliver both organic and non-organic growth for our investors through the execution of our business strategy." said Carlos Salazar Lomelin, Chief Executive Officer of the Company.

July 20, 2011

Page 10

CONSOLIDATED RESULTS

Our consolidated total revenues increased 12.9% to Ps. 28,417 million in the second quarter of 2011, compared to the second quarter of 2010 as a result of double-digit total revenue growth in every division. On a currency neutral basis, total revenues grew approximately 14%, driven by average price per unit case growth in most of our territories, in combination with volume growth mainly in Mexico, Colombia and Argentina.

Total sales volume increased 5.0% to reach 665.6 million unit cases in the second quarter of 2011 as compared to the same period in 2010. The sparkling beverage category grew 5% mainly supported by strong volume growth of the Coca-Cola brand in Mexico and Colombia, contributing 75% of incremental volumes. The bottled water category, including bulk water, grew 5%, representing 15% of incremental volumes. The still beverage category grew 10%, mainly driven by the Jugos del Valle line of business in Mexico and Brazil, representing the balance.

Our gross profit increased 12.2% to Ps. 13,078 million in the second quarter of 2011, compared to the second quarter of 2010. Cost of goods sold increased 13.4%, mainly as a result of higher PET and sweetener costs across our territories, which were partially offset by the appreciation of the Brazilian real,(1) the Colombian peso(1)and the Mexican peso(1) as applied to our U.S. dollar-denominated raw material costs. Gross margin reached 46.0%, as compared to 46.3% in the second quarter of 2010.

Our consolidated operating income increased 12.4% to Ps. 4,596 million in the second quarter of 2011, mainly driven by double-digit operating income growth in our Mexico and Mercosur divisions. Operating expenses increased 12.1% in the second quarter of 2011 mainly as a result of higher labor costs in Venezuela and Mercosur and higher freight costs in Argentina. Our operating margin remained flat at 16.2% in the second quarter of 2011.

During the second quarter of 2011, we recorded Ps. 332 million in the other expenses, net line. These expenses mainly reflect the recording of employee profit sharing.

Our comprehensive financing result in the second quarter of 2011 recorded an expense of Ps. 340 million as compared to an expense of Ps. 364 million in the same period of 2010.

During the second quarter of 2011, income tax, as a percentage of income before taxes, was 30.5% compared to 25.8% in the same period of 2010. This difference was mainly driven by the cancellation of a provision during the second quarter of 2010, that had been recorded in excess during 2009.

Our consolidated net controlling interest income grew 6.0% reaching Ps. 2,629 million in the second quarter of 2011 as compared to the second quarter of 2010. Earnings per share (EPS) in the second quarter of 2011 were Ps. 1.42 (Ps. 14.24 per ADS) computed on the basis of 1,846.5 million shares outstanding (each ADS represents 10 local shares).

(1) See page 14 for average and end of period exchange rates for the second quarter and first six months.

July 20, 2011

Page 11

BALANCE SHEET

As of June 30, 2011, we had a cash balance of Ps. 16,723 million, including US$ 571 million denominated in U.S. dollars, an increase of Ps. 4,189 million compared to December 31, 2010, mainly as a result of the issuance of Ps. 5,000 million of Certificados Bursátiles in April 2011 and cash generated by our operations, net of the dividend payment made during the quarter.

As of June 30, 2011, total short-term debt was Ps. 5,582 million and long-term debt was Ps. 16,485 million. Total debt increased by Ps. 4,716 million, compared to year end 2010. Net debt increased Ps. 527 million compared to year end 2010. KOF’s total debt balance includes U.S. dollar-denominated debt in the amount of US$ 673 million.(1)

The weighted average cost of debt for the quarter was 5.9%. The following charts set forth the Company’s debt profile by currency and interest rate type and by maturity date as of June 30, 2011:

Currency	% Total Debt(1)			% Interest Rate Floating(1)(2)
Mexican pesos		48.9	%		33.0	%
U.S. dollars		35.8	%		2.8	%
Colombian pesos		9.6	%		100.0	%
Brazilian reais		0.5	%		0.0	%
Venezuelan bolivars		0.2	%		0.0	%
Argentine pesos		5.0	%		5.3	%

(1)	After giving effect to cross-currency swaps and interest rate swaps.

(2)	Calculated by weighting each year’s outstanding debt balance mix.

Debt Maturity Profile

Maturity Date		2011				2012				2013				2014				2015					2016	+
% of Total Debt			5.7	%			22.2	%			3.2	%			6.4	%			12.9	%			49.6	%

Consolidated Cash Flow

The following cash flow statement is presented on a historical basis and the balance sheet included on page 10 is presented in nominal terms. Certain differences resulting from calculations performed with the information contained in the balance sheet may differ from items shown in this cash flow statement. These differences are presented separately as a part of the Translation Effect in the cash flow statement in accordance with Mexican Financial Reporting Standards.

Consolidated Cash Flow
Expressed in millions of Mexican pesos (Ps.) as of June 30, 2011
	jun-11
	Ps.
Income before taxes		7,428
Non cash charges to net income		3,091
		10,519
Change in working capital		(2,418	)
Resources Generated by Operating Activities		8,101
Investments		(3,489	)
Debt increase		5,018
Dividends declared and paid		(4,367	)
Other		(756	)
Increase in cash and cash equivalents		4,507
Cash, cash equivalents and marketable securities at begining of period		12,534
Translation Effect		(318	)
Cash, cash equivalents and marketable securities at end of period		16,723

July 20, 2011

Page 12

MEXICO DIVISION OPERATING RESULTS

Revenues

Total revenues from our Mexico division increased 10.8% to Ps. 11,802 million in the second quarter of 2011, as compared to the same period in 2010. Volume growth accounted for approximately 60% of incremental revenues during the quarter, and increased average price per unit case represented the balance. Average price per unit case reached Ps. 32.22, an increase of 3.9%, as compared to the second quarter of 2010, mainly reflecting selective price increases across our product portfolio implemented over the past several months. Excluding bulk water under the Ciel brand, our average price per unit case was Ps. 37.56, a 3.6% increase as compared to the same period in 2010.

Total sales volume increased 6.5% to 365.3 million unit cases in the second quarter of 2011, as compared to the second quarter of 2010. Sparkling beverage volume increased 6%, driven by a 7% growth of the Coca-Cola brand and a 5% increase in flavored sparkling beverages, accounting for more than 70% of incremental volumes. Our bottled water portfolio, including bulk water, grew 7% and contributed with close to 25% of incremental volumes. Still beverages grew 6% mainly driven by the Jugos del Valle line of products, Nestea and Powerade, contributing the balance.

Operating Income

Our gross profit increased 11.3% to Ps. 5,867 million in the second quarter of 2011 as compared to the same period in 2010. Cost of goods sold increased 10.3% as a result of higher PET costs, which were compensated mainly by the appreciation of the Mexican peso(1) as applied to our U.S. dollar-denominated raw material costs. Gross margin expanded 20 basis points to reach 49.7% in the second quarter of 2011.

Operating income increased 18.6% to Ps. 2,325 million in the second quarter of 2011, compared to Ps. 1,960 million in the same period of 2010. Operating leverage achieved through higher revenues, in combination with controlled operating expenses, resulted in an operating margin expansion of 130 basis points to reach 19.7% in the second quarter of 2011.

(1) See page 14 for average and end of period exchange rates for the second quarter and first six months.

July 20, 2011

Page 13

LATINCENTRO DIVISION OPERATING RESULTS (Colombia, Venezuela, Guatemala, Nicaragua, Costa Rica and Panama)

Revenues

Total revenues were Ps. 8,181 million in the second quarter of 2011, an increase of 11.0% as compared to the same period of 2010 as a result of total revenue growth in every territory. Higher average prices per unit case in Venezuela and Central America in combination with volume growth in Colombia and Central America, were partially offset by lower volumes in Venezuela. On a currency neutral basis, total revenues increased approximately 15%.

Total sales volume in our Latincentro division increased 2.7% to 147.4 million unit cases in the second quarter of 2011 as compared to the same period of 2010. Volumes in Colombia and Central America, which increased 10% and 8%, respectively, compensated for a 9% volume decline in Venezuela. Our sparkling beverage portfolio grew 4%, mainly driven by a strong performance of the Coca-Cola brand in Colombia and Central America, which grew 18% and 8%, respectively. The still beverage category grew 4% driven by the Jugos del Valle line of business in Central America. These increases compensated for a 6% decline in the bottled water portfolio, including bulk water.

Operating Income

Gross profit reached Ps. 3,752 million, an increase of 9.6% in the second quarter of 2011, as compared to the same period of 2010. Cost of goods sold increased 12.3% mainly driven by higher year-over-year PET and sweetener costs across the division, which were partially offset by the appreciation of the Colombian peso(1) as applied to our U.S. dollar-denominated raw material costs. Gross profit reached 45.9% in the second quarter of 2011 as compared to 46.5% in the same period of 2010.

Our operating income decreased 1.3% to Ps. 1,217 million in the second quarter of 2011, compared to the second quarter of 2010. Operating expenses increased 15.8%, mainly as a result of higher labor costs in Venezuela. Our operating margin was 14.9% in the second quarter of 2011, as compared to 16.7% in the same period of 2010.

(1) See page 14 for average and end of period exchange rates for the second quarter and first six months.

July 20, 2011

Page 14

MERCOSUR DIVISION OPERATING RESULTS (Brazil and Argentina)

Volume and average price per unit case exclude beer results.

Revenues

Total revenues increased 17.8% to Ps. 8,434 million in the second quarter of 2011, as compared to the same period of 2010. Excluding beer, which accounted for Ps. 850 million during the quarter, revenues increased 18.3% to Ps. 7,584 million. Average price per unit case growth accounted for close to 80% of incremental total revenues. On a currency neutral basis, our Mercosur division’s revenues increased approximately 16%.

Total sales volume in our Mercosur division increased 3.9% to 152.9 million unit cases in the second quarter of 2011 as compared to the same period of 2010. The sparkling beverage category grew 2%, mainly driven by a 7% volume growth in flavored sparkling beverages, accounting for close to 60% of incremental volumes. The still beverage category increased 35%, mainly driven by the performance of the Jugos del Valle line of business and the Matte Leao portfolio in Brazil and the Cepita juice brand in Argentina, representing more than 30% of incremental volumes. The bottled water category, including bulk water, grew 10%, mainly driven by the performance of Aquarius flavored water in Argentina, representing the balance.

Operating Income

In the second quarter of 2011, our gross profit increased 16.9% to Ps. 3,459 million, as compared to the same period in 2010. Cost of goods sold increased 18.5% mainly due to higher PET and sweetener costs across the division, which were partially offset by the appreciation of the Brazilian real(1) as applied to our U.S. dollar-denominated raw material costs. Gross margin reached 41.0% in the second quarter of 2011, a decrease of 40 basis points as compared to the second quarter of 2010.

Operating income grew 17.8% to Ps. 1,054 million in the second quarter of 2011, as compared to Ps. 895 million in the same period of 2010. Operating expenses increased 16.5% mainly due to higher labor cost in the division and higher freight costs in Argentina. Our operating margin remained flat at 12.5% in the second quarter of 2011.

(1) See page 14 for average and end of period exchange rates for the second quarter and first six months.

July 20, 2011

Page 15

SUMMARY OF SIX-MONTH RESULTS

Our consolidated total revenues increased 10.5% to Ps. 54,388 million in the first six months of 2011, as compared to the same period of 2010, mainly as a result of double-digit total revenue growth in our Mercosur and Mexico divisions. On a currency neutral basis, total revenues increased approximately 12% in the first half of 2011.

Total sales volume increased 3.9% to 1,270.5 million unit cases in the first six months of 2011, as compared to the same period in 2010. The sparkling beverage category, driven by a 4% growth of the Coca-Cola brand, contributed more than 70% of incremental volumes. Our bottled water portfolio, including bulk water, grew 4% and represented 15% of incremental volumes. The still beverage category grew 11%, mainly driven by the performance of the Jugos del Valle line of business in Mexico and Brazil, and the Cepita juice brand in Argentina, representing the balance.

Our gross profit increased 10.5% to Ps. 24,934 million in the first six months of 2011, as compared to the same period of 2010. Cost of goods sold increased 10.5% mainly as a result of higher PET and sweetener costs across our operations, which were partially offset by the appreciation of the Brazilian real,(1) the Colombian peso(1) and the Mexican peso(1) as applied to our U.S. dollar-denominated raw material costs. Gross margin remained flat at 45.8% for the first six months of 2011 as compared to the same period of 2010.

Our consolidated operating income increased 10.8% to Ps. 8,491 million in the first six months of 2011, as compared to the same period of 2010. Our Mexico and Mercosur divisions accounted for this growth. Our operating margin was 15.6% for the first six months of 2011, remaining flat as compared to the same period of 2010.

Our consolidated net controlling interest income increased 5.5% to Ps. 4,869 million in the first six months of 2011 as compared to the same period of 2010. Earnings per share (EPS) in the first six months of 2011 were Ps. 2.64 (Ps. 26.37 per ADS) computed on the basis of 1,846.5 million shares outstanding (each ADS represents 10 local shares).

(1) See page 14 for average and end of period exchange rates for the second quarter and first six months.

July 20, 2011

Page 16

RECENT DEVELOPMENTS

On June 28, 2011, Coca-Cola FEMSA and Grupo Tampico S.A. de C.V. and its shareholders agreed to merge Grupo Tampico’s beverage division, one of the largest family-owned bottlers in terms of sales volume in Mexico, with Coca-Cola FEMSA. The merger agreement has been approved by both Coca-Cola FEMSA’s and Grupo Tampico’s Board of Directors and is subject to the completion of confirmatory legal, financial and operating due diligence and to customary regulatory and corporate approvals, among them, the approval of The Coca-Cola Company and the Comisión Federal de Competencia, the Mexican antitrust authority.

CONFERENCE CALL INFORMATION

Our second-quarter 2011 Conference Call will be held on July 20, 2011, at 11:00 A.M. Eastern Time (10:00 A.M. Mexico City Time). To participate in the conference call, please dial: Domestic U.S.: 866-700-7477 or International: 617-213-8840. We invite investors to listen to the live audiocast of the conference call on the Company’s website, www.coca-colafemsa.com

If you are unable to participate live, an instant replay of the conference call will be available through July 26, 2011. To listen to the replay, please dial: Domestic U.S.: 888-286-8010 or International: 617-801-6888. Pass code: 85154446.

v v v

Coca-Cola FEMSA, S.A.B. de C.V. produces and distributes Coca-Cola, Fanta, Sprite, Del Valle and other trademark beverages of The Coca-Cola Company in Mexico (a substantial part of central Mexico, including Mexico City and southeast Mexico), Guatemala (Guatemala City and surrounding areas), Nicaragua (nationwide), Costa Rica (nationwide), Panama (nationwide), Colombia (most of the country), Venezuela (nationwide), Brazil (greater São Paulo, Campiñas, Santos, the state of Mato Grosso do Sul, part of the state of Goias and part of the state of Minas Gerais) and Argentina (Buenos Aires and surrounding areas), along with bottled water, juices, teas, isotonics, beer and other beverages in some of these territories. The Company has 30 bottling facilities in Latin America and serves close to 1,600,000 retailers in the region. The Coca-Cola Company owns a 31.6% equity interest in Coca-Cola FEMSA.

v v v

This news release may contain forward-looking statements concerning Coca-Cola FEMSA’s future performance, which should be considered as good faith estimates by Coca-Cola FEMSA. These forward-looking statements reflect management’s expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, many of which are outside Coca-Cola FEMSA’s control, which could materially impact the Company’s actual performance.

References herein to “US$” are to United States dollars. This news release contains translations of certain Mexican peso amounts into U.S. dollars for the convenience of the reader. These translations should not be construed as representations that Mexican peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.

v v v

(6 pages of tables to follow)

July 20, 2011

Page 17

Consolidated Income Statement
Expressed in millions of Mexican pesos(1)

	2Q 11			% Rev			2Q 10		% Rev			Δ%			YTD 11			% Rev			YTD 10			% Rev			Δ%
Volume (million unit cases) (2)		665.6					633.8						5.0	%		1,270.5						1,223.2						3.9	%
Average price per unit case (2)		41.23					38.41						7.3	%		41.25						38.83						6.2	%
Net revenues		28,296					25,092						12.8	%		54,137						49,000						10.5	%
Other operating revenues		121					85						42.4	%		251						205						22.4	%
Total revenues		28,417			100	%	25,177			100	%		12.9	%		54,388			100	%		49,205			100	%		10.5	%
Cost of goods sold		15,339			54.0	%	13,522			53.7	%		13.4	%		29,454			54.2	%		26,650			54.2	%		10.5	%
Gross profit		13,078			46.0	%	11,655			46.3	%		12.2	%		24,934			45.8	%		22,555			45.8	%		10.5	%
Operating expenses		8,482			29.8	%	7,567			30.1	%		12.1	%		16,443			30.2	%		14,889			30.3	%		10.4	%
Operating income		4,596			16.2	%	4,088			16.2	%		12.4	%		8,491			15.6	%		7,666			15.6	%		10.8	%
Other expenses, net		332					248						33.9	%		571						417						36.9	%
Interest expense		406					420						-3.3	%		753						794						-5.2	%
Interest income		144					71						102.8	%		237						155						52.9	%
Interest expense, net		262					349						-24.9	%		516						639						-19.2	%
Foreign exchange loss		78					94						-17.0	%		87						285						-69.5	%
Gain on monetary position in Inflationary subsidiries		(12	)				(105	)					-88.6	%		(60	)					(258	)					-76.7	%
Market value loss (gain) on ineffective portion of derivative instruments		12					26						-53.8	%		(51	)					(108	)					-52.8	%
Comprehensive financing result		340					364						-6.6	%		492						558						-11.8	%
Income before taxes		3,924					3,476						12.9	%		7,428						6,691						11.0	%
Income taxes		1,195					896						33.4	%		2,340						1,856						26.1	%
Consolidated net income		2,729					2,580						5.8	%		5,088						4,835						5.2	%
Net controlling interest income		2,629			9.3	%	2,480			9.9	%		6.0	%		4,869			9.0	%		4,613			9.4	%		5.5	%
Net non-controlling interest income		100					100						0.0	%		219						222						-1.4	%
Operating income		4,596			16.2	%	4,088			16.2	%		12.4	%		8,491			15.6	%		7,666			15.6	%		10.8	%
Depreciation		761					645						18.0	%		1,505						1,294						16.3	%
Amortization and other operative non-cash charges		375					290						29.3	%		719						611						17.7	%
EBITDA (3)		5,732			20.2	%	5,023			20.0	%		14.1	%		10,715			19.7	%		9,571			19.5	%		12.0	%

(1) Except volume and average price per unit case figures.

(2) Sales volume and average price per unit case exclude beer results

(3) EBITDA = Operating Income + depreciation, amortization & other operative non-cash charges.

July 20, 2011

Page 18

Consolidated Balance Sheet
Expressed in millions of Mexican pesos.

Assets	Jun 11			Dec 10
Current Assets
Cash, cash equivalents and marketable securities	Ps.	16,723		Ps.	12,534
Total accounts receivable		5,034			6,363
Inventories		5,307			4,962
Other current assets (1)		2,088			2,577
Total current assets		29,152			26,436
Property, plant and equipment
Property, plant and equipment		58,812			57,330
Accumulated depreciation		(26,149	)		(25,230	)
Total property, plant and equipment, net		32,663			32,100
Other non-current assets (1)		57,782			55,525
Total Assets	Ps.	119,597		Ps.	114,061


Liabilities and Shareholders' Equity	Jun 11			Dec 10
Current Liabilities
Short-term bank loans and notes	Ps.	5,582		Ps.	1,840
Suppliers		8,937			8,988
Other current liabilities		6,524			6,818
Total Current Liabilities		21,043			17,646
Long-term bank loans		16,485			15,511
Other long-term liabilities		6,995			7,023
Total Liabilities		44,523			40,180
Shareholders' Equity
Non-controlling interest		2,823			2,602
Total controlling interest		72,251			71,279
Total shareholders' equity		75,074			73,881
Liabilities and Shareholders' Equity	Ps.	119,597		Ps.	114,061

(1) As of January 1, 2010, according to Mexican Financial Reporting Standards, advances to suppliers presentation is part of the entry "Other current assets” and "Other non-current assets". Reclassification is made for comparative purposes in 2010 .

July 20, 2011

Page 19

Mexico Division
Expressed in millions of Mexican pesos(1)

	2Q 11	% Rev			2Q 10	% Rev			Δ%			YTD 11		% Rev			YTD 10		% Rev			Δ%
Volume (million unit cases)	365.3				343.1					6.5	%		663.0					614.4					7.9	%
Average price per unit case	32.22				31.01					3.9	%		32.04					30.81					4.0	%
Net revenues	11,768				10,640					10.6	%		21,238					18,928					12.2	%
Other operating revenues	34				13					161.5	%		56					30					86.7	%
Total revenues	11,802		100.0	%	10,653		100.0	%		10.8	%		21,294		100.0	%		18,958		100.0	%		12.3	%
Cost of goods sold	5,935		50.3	%	5,381		50.5	%		10.3	%		10,862		51.0	%		9,682		51.1	%		12.2	%
Gross profit	5,867		49.7	%	5,272		49.5	%		11.3	%		10,432		49.0	%		9,276		48.9	%		12.5	%
Operating expenses	3,542		30.0	%	3,312		31.1	%		6.9	%		6,740		31.7	%		6,204		32.7	%		8.6	%
Operating income	2,325		19.7	%	1,960		18.4	%		18.6	%		3,692		17.3	%		3,072		16.2	%		20.2	%
Depreciation, amortization & other operative non-cash charges	467		4.0	%	441		4.1	%		5.9	%		907		4.3	%		896		4.7	%		1.2	%
EBITDA (2)	2,792		23.7	%	2,401		22.5	%		16.3	%		4,599		21.6	%		3,968		20.9	%		15.9	%

(1) Except volume and average price per unit case figures.

(2) EBITDA = Operating Income + Depreciation, amortization & other operative non-cash charges.

Latincentro Division
Expressed in millions of Mexican pesos(1)

	2Q 11	% Rev			2Q 10	% Rev			Δ%			YTD 11		% Rev			YTD 10		% Rev			Δ%
Volume (million unit cases)	147.4				143.5					2.7	%		278.9					296.7					-6.0	%
Average price per unit Case	55.45				51.25					8.2	%		54.85					50.96					7.6	%
Net revenues	8,173				7,354					11.1	%		15,300					15,121					1.2	%
Other operating revenues	8				13					-38.5	%		16					20					-20.0	%
Total revenues	8,181		100.0	%	7,367		100.0	%		11.0	%		15,316		100.0	%		15,141		100.0	%		1.2	%
Cost of goods sold	4,429		54.1	%	3,944		53.5	%		12.3	%		8,193		53.5	%		8,169		54.0	%		0.3	%
Gross profit	3,752		45.9	%	3,423		46.5	%		9.6	%		7,123		46.5	%		6,972		46.0	%		2.2	%
Operating expenses	2,535		31.0	%	2,190		29.7	%		15.8	%		4,769		31.1	%		4,453		29.4	%		7.1	%
Operating income	1,217		14.9	%	1,233		16.7	%		-1.3	%		2,354		15.4	%		2,519		16.6	%		-6.6	%
Depreciation, amortization & other operative non-cash charges	395		4.8	%	323		4.4	%		22.3	%		763		5.0	%		660		4.4	%		15.6	%
EBITDA (2)	1,612		19.7	%	1,556		21.1	%		3.6	%		3,117		20.4	%		3,179		21.0	%		-2.0	%

(1) Except volume and average price per unit case figures.

(2) EBITDA = Operating Income + Depreciation, amortization & other operative non-cash charges.

July 20, 2011

Page 20

Mercosur Division
Expressed in millions of Mexican pesos(1)
Financial figures include beer results

	2Q 11	% Rev			2Q 10	% Rev			Δ%			YTD 11		% Rev			YTD 10		% Rev			Δ%
Volume (million unit cases) (2)	152.9				147.2					3.9	%		328.6					312.1					5.3	%
Average price per unit case (2)	49.07				43.15					13.7	%		48.30					43.07					12.1	%
Net revenues	8,355				7,098					17.7	%		17,599					14,951					17.7	%
Other operating revenues	79				59					33.9	%		179					155					15.5	%
Total revenues	8,434		100.0	%	7,157		100.0	%		17.8	%		17,778		100.0	%		15,106		100.0	%		17.7	%
Cost of goods sold	4,975		59.0	%	4,197		58.6	%		18.5	%		10,399		58.5	%		8,799		58.2	%		18.2	%
Gross profit	3,459		41.0	%	2,960		41.4	%		16.9	%		7,379		41.5	%		6,307		41.8	%		17.0	%
Operating expenses	2,405		28.5	%	2,065		28.9	%		16.5	%		4,934		27.8	%		4,232		28.0	%		16.6	%
Operating income	1,054		12.5	%	895		12.5	%		17.8	%		2,445		13.8	%		2,075		13.7	%		17.8	%
Depreciation, Amortization & Other operative non-cash charges	274		3.2	%	171		2.4	%		60.2	%		554		3.1	%		349		2.3	%		58.7	%
EBITDA (3)	1,328		15.7	%	1,066		14.9	%		24.6	%		2,999		16.9	%		2,424		16.0	%		23.7	%

(1) Except volume and average price per unit case figures.

(2) Sales volume and average price per unit case exclude beer results

(3) EBITDA = Operating Income + Depreciation, amortization & other operative non-cash charges.

July 20, 2011

Page 21

SELECTED INFORMATION

For the three months ended June 30, 2011 and 2010

Expressed in millions of Mexican pesos.

	2Q 11		2Q 10
Capex	1,848.7	Capex	1,742.2
Depreciation	761.0	Depreciation	645.0
Amortization & Other non-cash charges	375.0	Amortization & Other non-cash charges	290.0

VOLUME

Expressed in million unit cases

	2Q 11					2Q 10
	Sparkling	Water (1)	Bulk Water (2)	Still	Total	Sparkling	Water (1)	Bulk Water (2)	Still	Total
Mexico	264.5	21.0	61.7	18.1	365.3	248.5	17.9	59.6	17.1	343.1
Central America	31.7	1.7	0.1	3.4	36.9	29.4	1.5	0.1	3.1	34.1
Colombia	47.8	5.4	7.0	4.2	64.4	41.7	5.6	7.1	4.2	58.6
Venezuela	42.4	2.0	0.5	1.2	46.1	46.2	2.9	0.5	1.2	50.8
Latincentro	121.9	9.1	7.6	8.8	147.4	117.3	10.0	7.7	8.5	143.5
Brazil	97.5	4.6	0.5	5.0	107.6	97.0	4.3	0.4	3.9	105.6
Argentina	40.8	2.4	0.2	1.9	45.3	38.1	2.1	0.2	1.2	41.6
Mercosur	138.3	7.0	0.7	6.9	152.9	135.1	6.4	0.6	5.1	147.2
Total	524.7	37.1	70.0	33.8	665.6	500.9	34.3	67.9	30.7	633.8

(1) Excludes water presentations larger than 5.0 Lt

(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations

Certain brands within our portfolio have been reclassified across categories. This reclassification affects, among others, flavored water brands that were previously included as a part of still beverages and will now be presented within our water category. For comparison purposes, the figures of 2010 have been restated. This change mainly affects our Mexico, Brazil and Argentina second quarter 2010 volumes and accounts for 3.9 million unit cases.

SELECTED INFORMATION

For the six months ended June 30, 2011 and 2010

Expressed in millions of Mexican pesos.

	YTD 11		YTD 10
Capex	2,464.9	Capex	2,706.4
Depreciation	1,505.0	Depreciation	1,294.0
Amortization & Other non-cash charges	719.0	Amortization & Other non-cash charges	611.0

VOLUME

Expressed in million unit cases

	YTD 11					YTD 10
	Sparkling	Water (1)	Bulk Water (2)	Still	Total	Sparkling	Water (1)	Bulk Water (2)	Still	Total
Mexico	482.4	35.4	110.8	34.4	663.0	447.8	30.1	105.0	31.5	614.4
Central America	60.5	3.8	0.2	6.4	70.9	59.3	3.2	0.2	6.0	68.7
Colombia	91.0	10.4	13.8	8.2	123.4	87.0	12.6	14.9	8.5	123.0
Venezuela	78.0	3.7	1.0	1.9	84.6	95.8	5.9	0.9	2.4	105.0
Latincentro	229.5	17.9	15.0	16.5	278.9	242.1	21.7	16.0	16.9	296.7
Brazil	207.0	11.1	1.3	10.4	229.8	203.8	10.8	1.2	7.7	223.5
Argentina	89.0	5.7	0.4	3.7	98.8	80.4	5.2	0.5	2.5	88.6
Mercosur	296.0	16.8	1.7	14.1	328.6	284.2	16.0	1.7	10.2	312.1
Total	1,007.9	70.1	127.5	65.0	1,270.5	974.1	67.8	122.7	58.6	1,223.2

(1) Excludes water presentations larger than 5.0 Lt

(2) Bulk Water = Still bottled water in 5.0, 19.0 and 20.0 - liter packaging presentations

Certain brands within our portfolio have been reclassified across categories. This reclassification affects, among others, flavored water brands that were previously included as a part of still beverages and will now be presented within our water category. For comparison purposes, the figures of 2010 have been restated. This change mainly affects our Mexico, Brazil and Argentina first half 2010 volumes and accounts for 8.0 million unit cases.

July 20, 2011

Page 22

June 2011

Macroeconomic Information

	Inflation (1)
	LTM	2Q 2011	YTD

Mexico	3.28%	-0.75%	0.30%
Colombia	3.23%	0.73%	2.53%
Venezuela	23.58%	6.62%	13.02%
Brazil	6.71%	1.40%	3.87%
Argentina	9.67%	2.30%	4.68%

(1) Source: inflation is published by the Central Bank of each country.

Average Exchange Rates for each Period

	Quarterly Exchange Rate (local currency per USD)			YTD Exchange Rate (local currency per USD)
	2Q 11	2Q 10	Δ%	YTD 11	YTD 10	Δ%

Mexico	11.7364	12.5543	-6.5%	11.9098	12.6770	-6.1%
Guatemala	7.6891	8.0033	-3.9%	7.7598	8.0944	-4.1%
Nicaragua	22.2841	21.2230	5.0%	22.1501	21.0954	5.0%
Costa Rica	508.2812	531.5654	-4.4%	508.3342	544.2584	-6.6%
Panama	1.0000	1.0000	0.0%	1.0000	1.0000	0.0%
Colombia	1,797.8340	1,949.2961	-7.8%	1,837.4608	1,948.6718	-5.7%
Venezuela	4.3000	4.3000	0.0%	4.3000	4.2307	1.6%
Brazil	1.5956	1.7921	-11.0%	1.6315	1.7973	-9.2%
Argentina	4.0818	3.9015	4.6%	4.0477	3.8703	4.6%

End of Period Exchange Rates

	Exchange Rate (local currency per USD)
	Jun 11	Jun 10	Δ%

Mexico	11.8389	12.6567	-6.5%
Guatemala	7.7702	8.0314	-3.3%
Nicaragua	22.4184	21.3509	5.0%
Costa Rica	509.5700	540.2400	-5.7%
Panama	1.0000	1.0000	0.0%
Colombia	1,780.1600	1,916.4600	-7.1%
Venezuela	4.3000	4.3000	0.0%
Brazil	1.5611	1.8015	-13.3%
Argentina	4.1100	3.9310	4.6%

July 20, 2011

Page 23