Coca-Cola FEMSASeptember 2006

2

Cautionary Statement

FORWARD-LOOKING STATEMENTSThis presentation contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements relate to Coca-Cola FEMSA, S.A. de C.V. and subsidiaries (“KOF”) and their businesses, and are based on KOF management’s current expectations regarding KOF and its businesses. Recipients are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside KOF’s control, that could cause actual resultsof KOF and its businesses to differ materially from such statements. KOF is under no obligation, and expressly disclaims any intention or obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

ADDITIONAL INFORMATION AND WHERE TO FIND ITDocuments filed by KOF are available at the Securities and Exchange Commission’s public reference room located at 450 Fifth Street, N.W., Washington, D.C. 20594. Investors and security holders may call the Commission at 1-800-SEC-0330 for further information on the public reference room. Free copies of all of KOF’s filings with the Commission may also be obtained by directing a request to:

COCA-COLA FEMSAGuillermo González Camarena No. 600, Col. Centro de Ciudad Santa Fé 01210, México D.F., México

Investor Relations Alfredo Fernandez / (52) 55 5081 51 20 / alfredo.fernandez@kof.com.mxJulieta Naranjo / (52) 55 5081 51 48 / julieta.naranjo@kof.com.mx

3

6%

9%

9%

14%

54%

8%

55%

7%

9%

10%

13%

6%

Mexico Central America VenezuelaColombia Brazil Argentina

2.98

2.55 2.432.83

2.25

1.69

Mexico Central America Colombia Venezuela Brazil ArgentinaEBITDAMargin 27.3% 19.3% 17.1% 7.6% 17.6% 18.9%

LTM 06 - Average Unit Price (USD/UC)

6%

7%

3%

10%

68%

5%

KOF – LTM June 2006

(1) LTM information as of June 30, 2006.

Revenues (US$ 4,785 MM)Volume (1,937 MM UC) EBITDA (US$ 1,058 MM)

4

2,596734 318 194 201

2,0431,014

1,487964

1,653

3,939

2,5224,098

3,107

CCE A-B SAB InBev PBG FEM SA AmBev TAP Hellenic M odelo KOF Arca Contal Andina

KOF in the beverage world

KOF is the third largest Coca-Cola bottler in the world in terms of revenues, and thesecond one in terms of EBITDA generation.

Source: Analysts Reports and Companies files

2005 Revenues (US MM) 2005 EBITDA (US MM)

18,706

17,253

16,174

13,753

11,885

9,564

6,567

5,657

1,368988 909

4,5774,657

5,531

5

FEMSA’s Ownership Structure & Contribution by Business

46%

26%

28%

50%41%

9%

LTM 2006 EBITDA US$ 2,166 mm

LTM 2006 Revenues US$ 10,329 mm

45.7% 100% 100%39.6%

PublicFloat14.7%

LTM as of June 30, 2006

6

Strong EBITDA and FCF growth

22

3 29

3

20

6 30

7

32

3 39

4

38

3

11

8

1997 1998 1999 2000 2001 2002 2003 2004 2005 LTM06

128

3137

24

3

24

4

33

0

43

8

53

7

51

8 74

2 89

9

1,0

29

1,0

58

1997 1998 1999 2000 2001 2002 2003 2004 2005 LTM06

A clear sign of our superior track record is our EBITDA growth and strong cash flow generation during the last 10 years…..

CAGR 97- LTM06 18%

EBITDA(US$ Million)

Financial information in nominal terms translated into US Dollars using the end of period exchange rate of each year.

1997 1998 1999 2000 2001 2002 2003 2004 2005 3Q05 4Q05 1Q06 2Q06FX Rate 8.05 9.88 9.50 9.61 9.18 10.46 11.24 11.15 10.71 10.81 10.71 10.95 11.40

(1) Tax Reimbursement

(2) Last Twelve Months information as of June 30, 2006. Converted into U.S. dollars with ending exchange rate of each of 4 quarters.

Free Cash Flow(US$ Million)

CAGR 97- LTM06 30%

(2)

(1)

7

Significant Debt Reduction

2,498 2,3052,096 1,914 1,896 1,700 1,594 1,534

307 503194240

330

162 260 301

May 03 Dec 03 Jun 04 Dec 04 Jun 05 Dec-05 Mar 06 Jun 06

$2,828

$2,545

$2,290 $2,399

FX Rate: 10.30 11.24 11.51 10.76

$2,221

11.15

Net DebtCash

$1,862

10.71

$1,854

10.95

…allowing us to reduce over US$ 900 million of net debt since the acquisition of Panamco…

$1,835

11.40

We have fostered our growth through...

9

…our multisegmentation strategy…

Regional Brands

Segments

1.25 L RGB & 2.5L Ref Pet

PREMIUM

CORE

Prof

itabi

lity

+

-

SE L

evel

+

-

Competition -+

Tailoring our multisegmentation strategy to our different markets…

Mexico’s Portfolio

10

…our packaging innovation…

Mundet & Fanta MF 2.0 lts

$8.00 - $10.00

0 0.5 1 1.5 2 2.5 3 3.5

KOF PC BC KOF Reg Multiflavor Brand Jarritos

CC can$5.00

PC can$4.50

CC 600 ml. N-Ret$6.00 - $6.50PC 600ml.

$5.50

BC 620ml.$3.50

CC 1.0 lts. N-Ret$8.50 - $9.00

PC 1.0 lts. $8.50 BC 2.2 lts$8.50

PC 2.0 lts.$11.00

CC 2.0 lts. N-Ret$13.00

CC 2.5 lts N-Ret$16.00

PC 3.0 lts $12.00

BC 3.3 lts.$12.00 - 13.00

CC 2.5 lts. Ret$11.00 - $13.00

BC 1.28 lts. N-Ret$6.50

CC 1.5 lts.N-Ret$11.00

Size (Lts)

Pric

e

Single-serve Presentations Multi-serve Presentations

… adapting our packaging portfolio to market needs. In Mexico alone we have over 13 packaging presentations for brand Coca-Cola…

Red Cola 3.3 lts.$12.00

Jarritos 2.0 lts.$8.00 - $10.00

CC 1.25 lts. Ret$7.50 – $8.00

11

…our premium soft drinks…

… strengthening our premium portfolio, which carries higher profitability…

• In Mexico together with Coca-Cola Light, we launched a light version of every core flavored soft drink brand

under a product umbrella called Spacio Leve.

• In Brazil our premium brands grew over 100 basis points as a percentage of volumes in the 1Q06.

12

…non carbonated beverage segment…

… exploring new beverage segments, capturing potential growth from new consumer trends…

KOF: An attractive investment

14

Attractive Growth Opportunities

• Improve per capita consumption

• Opportunity to continue to capture value from our segmented product portfolio

• Foster single serve consumption through directed strategies

• Reinforce our portfolio of premium CSD’s brand alternatives

• Opportunity to capture flavored carbonated soft drinks (“CSD’s”) growth with an ongoing pipeline of innovation

• Special focus on the non-carb segment with new and existing brands of The Coca-Cola Company

• Focus on bottled water profitability

CSD per Capita Consumptionin KOF Territories during 2005(1)

413 389

316

187135 131

85

Nor

th A

mer

ica

Mex

ico

Argen

tina

Brasi

lVen

ezuel

a

Centr

al A

mer

ica(

2)

Colom

bia

(1) Per capita consumption of soft drinks of Coca-Cola FEMSA products in the territories of Coca-Cola FEMSA, withthe exception of North America which consists of KO products.

(2) Includes Guatemala, Nicaragua, Costa Rica, and Panama.(3) Last twelve months as of June 30, 2006. Excludes still and mineral water.

…we foresee several growth opportunities…

LTM Non-carbs(3) as % of KOF Total Volume

4.64.0

1.31.0 0.9

0.6

Venez

uela

Centr

al A

mer

ica(

2)

Argen

tina

Mex

ico

Brazi

l

Colom

bia

15

Attractive Profitability

27.3%24.7% 22.4% 22.1%

20.4%17.5%

16.5%13.5% 12.4%

KOFMexico

Arca Andina KOF Contal Amatil Hellenic PBG CCE

…we deliver attractive profitability compared to our peers…

LTM EBITDA MarginJune 2006

16

Attractive Return to Investors

…and an attractive return to investors based on our performance.

2,551

4,0994,387

4,801

5,458

2,860

1,372

3,188

2,503

1,888

2,755

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 LTM06

Market Capitalization(US$ Million)

(1): Prices as of December 31 of each year, except for 2003 when the price is as of May 6, 2003 and for 2006 the price is as of August 30, 2006.Source: Bloomberg

$19.33 $13.25 $17.56 $22.37 $20.07 $17.90 $22.21 $29.56$23.76 $26.00Stock…Price (1)

CAGR 96- LTM06 15%

$9.62

17

KOF Mexico Profitability

In spite of higher raw material costs, and a more competitive environment, our Mexican operation has delivered stable results in the last two years…

34.6 34.8

33.8

32.732.1

31.5 31.7 31.7

32.932.2 32.5

31.6 31.6

33.7

54.1% 53.4% 53.0% 53.0% 53.0% 52.7% 53.4%51.7% 53.2% 53.9% 53.7% 53.0% 53.0%

30.7% 29.6%27.4%

24.9% 24.9% 25.2% 25.9% 27.5%

22.9%

27.0% 27.0% 28.5%24.9%

28.4%

54.7%

1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06

Avge price exc Jug Gross Margin EBITDA margin