Safe Harbor Statement

During this presentation management may discuss certain forward- looking statements concerning FEMSA’s future performance that should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact FEMSA’s actual performance.

2 The Right Business Model...

Publicly Held 14.7% 31.6% 53.7% 100% 100%

2008 Revenues: US$ 15.1 bn 2008 EBITDA: US$ 2.8 bn

25% 14% 27% 31%

48% 55%

Note: 2008 figures in nominal Mexican pesos converted to US dollars using average exchange rate of the year. 3 ... and an expanding continental footprint

Large Scale • 2.2 bn unit cases of soft drinks • 41 mm hectoliters of beer Powerful Brands • #1 in soft drinks in all regions • #2 in beer in • Significant player in US imports and Efficient Production • 30 bottling plants • 14 breweries Broad Distribution • 9,500+ routes Growing Consumer Base • 2.0 mm+ retailers • 300 mm+ consumers Dynamic C-Store Platform • Over 6,300 OXXO stores

Note: Information as of December 31,2008. 4 Delivering consistent growth

Total Revenue EBIT

(US$ million) 15,081 (US$ million)

2,036

6,751 1,078

3,387 477

1998 2003 2008 1998 2003 2008

CAGR 98-08: 16% CAGR 98-08: 16%

CAGR 03-08: 17% CAGR 03-08: 14%

Note: 2008 figures in nominal Mexican pesos converted to US dollars using average exchange rate of the year, prior figures in constant pesos as of year end 5 and converted to US dollars using the period-end exchange rate.

Significant player in three top beer markets

USA • Mexico 302 mm people 79 lt per capita – Brand health indicators at all-time 34 mm Hl(1) high • United States Imports Mexico – Double-digit compound annual 106 mm people 58 lt per capita volume growth from 03-08 63 mm Hl – Strategic complementary fit with Heineken • Brazil

– Business turnaround on track ~ 200 mm Hl – Long-term profitable growth Operating Profit Pool objective Brazil ~ US$ 6.0 billion 188 mm people – Volume growth ahead of the 53 lt per capita industry for second consecutive year 102 mm Hl

(1) Includes only volume of U.S. import category. 7 Source: 2007 Impact Databank. Delivering consistent growth

Total Revenue EBIT

(US$ million) 3,804 (US$ million)

484

319 1,950

1,339 197

1998 2003 2008 1998 2003 2008

CAGR 98-08: 11% CAGR 98-08: 9%

CAGR 03-08: 14% CAGR 03-08: 9%

Note: 2008 figures in nominal Mexican pesos converted to US dollars using average exchange rate of the year, prior figures in constant pesos as of year end and 8 converted to US dollars using the period-end exchange rate. Targeted Brand-Building Strategy

Brand Value Building Process

Emerging Brands

Purchase Awareness Trial Acceptance Intention Consumer Base De Frequency v

Favorite Brand Consumer Base e loped Br (∆ Pp 07 vs 04) (∆% 07 vs 04) Preference Strong +3.7 ands Favorite Balanced +7.2 +6.2 Brand

Developing +15.3 Market Position

9 Driving per capita consumption through innovation and segmentation…

Per Capita Consumption (Lt)

79 78 79

58 54 53 51 48 49

Mexico Brazil USA 2003-2004 2005-2006 2007-2008 2003 2005 2007 Total SKU Portfolio: 61 70 186

Source: Impact Databank and International Monetary Fund, CONAPO, US Census Bureau and IBGE. 10 Note: From 2006 includes Kaiser portfolio. ..while improving efficiencies along the value chain

2003 2005 2007 2003 2005 2007 HL Production per Employee Distribution Centers 1,272 1,303 1,358 448 442 347 % Capacity Utilization % Direct Distribution 74 78 86 76 77 85

2003 2005 2007 % Presale 80 86 87 HL Distribution per Route 11,225 12,025 12,617

Note: Excludes Kaiser information. 11 USA: Long-term partnership Heineken USA-FEMSA Cerveza brands

• Segmenting portfolio through pricing, Vol. Growth of FEMSA Exports product and channel vs. U.S. Beer Industry (%) • Reinforcing distribution and product offering • Strengthening presence in on-premise 15.3 channel and East Coast 14.6 13.2 • High single-digit growth in both on- and off-premise channels 9.2 8.1 7.2

1.7 1.4 1.4 0.6

-0.4

-3.4 2005 2006 2007 2008

U.S. Industry U.S. Import Category FEMSA

Source: U.S. Beer Industry data from The Beer Institute and Company data filings. 12 Brazil: Taking steps in the right direction

Kaiser Volume • Revert sharp volume decline trend (mm Hl) • Stabilize financial losses, sourcing 14.9 marketing funds 12.8 -42% +18% +1.6 • Improvements along the value-chain mm Hl • Adjust product portfolio 10.2 10.0 9.8 – Repositioning existing brands 9.2 8.6 8.9 – Complementing product portfolio through the successful introduction of Sol and new packages – Adjusting price architecture • Improved alignment and coordination with the Coca-Cola system

2001 2002 2003 2004 2005 2006 2007 2008

13 Significant growth opportunities

Mexico and Brazil • Low beer per-capita consumption markets • Broad-based, growing demographic pyramids • Strong competitive position in Mexico and developing in Brazil • Room for advanced multi-segmentation strategies and go-to-market models USA • Differentiated and complementary portfolio • Room for increased coverage in on-premise segment and East Coast • Fast-growing Hispanic demographic

14

A dynamic feedback model…

Consumer

F e n e io d t b a c k xe E

Value Store Proposition Enablers

16 Developing store segmentation

Replenishment Base Indulgence

Groceries Convenience Impulse Full meals Supply

Immediate Hunger Thirst Replenishment Satisfaction 1718 Mexico’s leading chain

6,374

2,071 369 , , SuperCity

969 7-Eleven Extra 733

OXXO Others

• > 800 net new store openings per year • Over US$ 3.8 bn in revenues in 2008 • Reciprocal leverage with FEMSA beverage operations – Approximately 40% of OXXO sales are beverage-related

Source: Company information as of Dec 2008. 18 Accelerated profitable growth

Revenue EBIT 6.5% (US$ million) (US$ million) 4,232 276

p b 0 1 3 +

1,477

62 3.4% 421 14

1998 2003 2008 1998 2003 2008

CAGR 98-08: 26% CAGR 98-08: 34%

CAGR 03-08: 23% CAGR 03-08: 35%

Note: 2008 figures in nominal Mexican pesos converted to US dollars using average exchange rate of the year, prior figures in constant pesos as of year end and 19 converted to US dollars using the period-end exchange rate. Plenty of room for growth

12,000 OXXO’s by 2015

OXXO Penetration Level by Population

Nuevo Leon Population: 4.4 mm OXXO Stores: 630 7,000 people/store

Valley of Mexico Population: 23.6 mm OXXO Stores:780 30,200 people/store

Source: CONAPO and FEMSA estimates as of December 2008. 20 Driving efficiency based on a strong infrastructure backbone

2003 2005 2007 2003 2005 2007 Sales per Sq Ft (US$) Distribution Centers 430 546 580 6 7 9 Transactions per Year (MM) % Direct Distribution 628 978 1,357 21 42 44

2003 2005 2007 OXXO Stores 2,798 4,141 5,563 # SKU’s 2,723 2,103 1,800 21 Significant growth opportunities

• Changes in consumption habits towards convenience

• Low OXXO penetration in Central and Southern Mexico

• Unmatched footprint for service-provider partners

• IT systems in place to enable future incremental revenues and profit streams

• Potential to take OXXO model beyond Mexico in the medium-term

22

Delivering consistent growth

Total Revenue EBIT (US$ million) (US$ million) 1,229 7,447

597 3,178

1,285 161

1998 2003 2008 1998 2003 2008 CAGR 98-08: 19% CAGR 98-08: 23%

CAGR 03-08: 19% CAGR 03-08: 16%

Note: 2008 figures in nominal Mexican pesos converted to US dollars using average exchange rate of the year, prior figures in constant pesos as of year end and 24 converted to US dollars using the period-end exchange rate. KOF Strategic Framework

Key Emerging Traditional Accounts Categories

World-Class Enablers People / Capabilities / Processes / IT

Effective Supply Chain Ensure Capacity and Flexibility / Services and Supply / Cost Savings SUSTA Level of Execution

Expand Go-to-Market / Improve in non-traditional I customers N A BILITY Point of Sale Leadership

INNOVATION Multi-Segmentation / The Picture of Success

Superior Portfolio Accelerated Growth/ Leadership and Preference in Key Categories 25 The framework at a glance

Powerful Multi-category portfolio Tailored POS Execution State of the Art Facilities

OverOver 1,2001,200 SKU’sSKU’s

66 millionmillion unitunit casescases 100%100% productivityproductivity solsoldd everyevery ddaayy Highly concentrated increaseincrease ssiincence ‘03‘03 fragmented markets Tailored Service Models Robust, Customized Systems Platform

1.51.5 millionmillion clientsclients

1414 differedifferentnt waysways toto gogo toto marketmarket OverOver 1212 millionmillion Note: Information as of December 31,2008. transactionstransactions dailydaily 26 Driving higher efficiencies

2003 2005 2007 2003 2005 2007 Per Capita Consumption (8 OZ) Points of Sale (MM) 244 252 273 1.6 1.5 1.5 # Brands Sales per Point of Sale (M UC) 56 64 79 0.9 1.2 1.4

2003 2005 2007 Productivity per Employee (M UC) 25.5 34.0 36.5 Plants 52 30 30 Distribution Centers 287 228 199

Note: Per capita consumption for Sparkling and Still beverages for Coca-Cola FEMSA’s territories. 27 …bottled water and emerging categories growing at superior rates

Volumes

(Millions of Unit Cases) CAGR

70 34% 33 22 108 6% 92 85

Emerging Categories 201 6% 160 179 Bottled Water Bulk Water 2004 2006 2008

…with important opportunities of growth within the industry

Bottled Water Fruit & Vegetable Other Still Sports Drinks Juices Beverages

Opportunity Opportunity Opportunity Opportunity 2.4 Bn UC 0.4 Bn UC 0.1 Bn UC 0.1 Bn UC

10% 14% 15% 13%

Source: Euromonitor International 12/02/2008. KOF 28 Significant growth opportunities

• Evolving a successful execution model

• Boosting our learning capacity to constantly reinvent our business model to face new challenges

• Broad-based, growing demographic pyramid

• Water and emerging categories growing at superior rates

• Multi-segmentation and go to market capabilities, better positioning to capture opportunities in a challenging macro economic environment

29

FEMSA Investment Highlights

• Largest beverage company in

• Proven track record of profitable growth

• Leading market position with strong brands

• Unique and dynamic business model and capabilities

• Defensive products in nature

• Flexible organization that allow us to rationalize costs, expenses and investments

31 EBITDA Reconciliation By Division

In US$ million

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Consolidated FEMSA Income from Operations 477 638 737 896 910 1,078 1,232 1,467 1,610 1,793 2,036 Depreciation 137 178 201 212 194 232 298 338 375 399 446 Amortization 102 137 179 192 198 232 280 314 346 355 362 EBITDA 717 952 1,117 1,300 1,303 1,542 1,810 2,119 2,332 2,547 2,844

FEMSA Cerveza Income from Operations 197 277 297 344 340 319 425 504 548 495 484 Depreciation 64 81 90 102 107 104 132 139 153 148 154 Amortization 54 72 108 121 134 151 182 202 219 221 228 EBITDA 315 430 494 567 581 574 739 844 920 864 866

Coca-Cola FEMSA Income from Operations 161 217 302 415 426 597 690 817 876 1,049 1,229 Depreciation 37 60 73 71 50 86 111 123 139 151 227 Amortization 46 54 59 53 44 59 97 115 117 123 80 EBITDA 244 331 434 539 519 742 898 1,055 1,131 1,322 1,536

FEMSA Comercio Income from Operations 14 24 29 31 47 62 82 118 149 212 276 Depreciation 4578 912193038 50 60 Amortization 3469 912212634 39 42 EBITDA 22 33 42 48 64 85 122 175 221 301 378 Fx Rate (Pesos per US$) 9.90 9.48 9.62 9.16 10.43 11.24 11.15 10.63 10.80 10.92 11.14

Note: 2008 figures in nominal Mexican pesos converted to US dollars using average exchange rate of the year, prior figures in constant pesos as of year end and 32 converted to US dollars using the period-end exchange rate.