Mexican Antitrust Commission Clears Coca-Cola FEMSA Acquisition of Panamco

Press Release Source: Coca-Cola FEMSA, S.A. de C.V. Friday March 28, 7:56 am ET

MEXICO CITY & MIAMI--(BUSINESS WIRE)--March 28, 2003--Coca-Cola FEMSA, S.A. de C.V. ("Coca-Cola FEMSA") (NYSE:KOF - News) and Panamerican Beverages Inc. ("Panamco") announced today that the Comision Federal de Competencia, the Mexican Antitrust Commission, has approved without any restrictive conditions the acquisition by Coca-Cola FEMSA of Panamco. Additionally, the Brazilian Ministry of Justice issued a favorable legal opinion in support of the acquisition to the Brazilian Antitrust Commission, which will make its final decision on the acquisition within the next 60 days. Coca-Cola FEMSA and Panamco, however, may consummate the transaction before the Brazilian Antitrust Comission renders a final decision. As previously announced, on February 4, 2003 the Company received notice that the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act with respect to the proposed acquisition by Coca-Cola FEMSA of Panamco had been terminated early. As a result of the receipt of these approvals, all conditions precedent to the completion of the acquisition relating to the receipt of antitrust approvals of governmental agencies have been satisfied.

ADVERTISEMENT The closing of the proposed acquisition remains subject to the satisfaction or waiver of other conditions. These conditions are described in the preliminary proxy statements filed by Panamco with the U.S. Securities and Exchange Commission (the "SEC") on January 30, 2003 and March 18, 2003.

About Coca-Cola FEMSA

Coca-Cola FEMSA produces Coca-Cola, Sprite, Fanta, Lift and other trademark beverages of The Coca-Cola Company in the Valley of Mexico, the Southeast Territories in Mexico and the Buenos Aires Territory in Argentina. The Company has eight bottling facilities in Mexico and one in Buenos Aires and serves more than 283,650 retailers in Mexico and 76,400 retailers in the greater Buenos Aires area. Coca-Cola FEMSA currently accounts for approximately 3.4% of Coca-Cola global sales, 25.0% of all Coca-Cola sales in Mexico and approximately 36.5% of all Coca-Cola sales in Argentina. The Coca-Cola Company owns a 30% equity interest in Coca-Cola FEMSA.

About Panamco

Panamco is the largest soft drink bottler in Latin America and one of the three largest bottlers of Coca-Cola products in the world. The Company produces and distributes substantially all Coca-Cola soft drink products in its franchise territories in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela and Brazil, along with bottled water, beer and other beverages in some of these territories. Panamco is an anchor bottler of The Coca-Cola Company.

FORWARD-LOOKING STATEMENTS

This press release contains certain "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements relate to Coca-Cola FEMSA, Panamco, their respective businesses, the proposed combined company and the transaction are based on Coca-Cola FEMSA's and Panamco's managements current expectations. Readers 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 Coca-Cola FEMSA's and Panamco's control.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

Panamco filed with the SEC a preliminary proxy statement on January 30, 2003 and an amended preliminary proxy statement on March 18, 2003, regarding the proposed business combination transaction referred to in the foregoing information. In addition, Panamco will prepare and file with the SEC a definitive proxy statement and other documents regarding the proposed transaction. Investors and security holders are urged to read the definitive proxy statement, when it becomes available, because it will contain important information. The definitive proxy statement will be sent to shareholders of Panamco seeking their approval of the proposed transaction. Investors and security holders may obtain a free copy of the definitive proxy statement (when it is available) and other documents filed with the SEC by Panamco on the SEC's website at www.sec.gov. The definitive proxy statement (when it is available) and these other documents may also be obtained for free from Panamco by directing a request to Laura I. Maydon (lmaydon@panamcollc.com). Free copies of documents filed with the SEC by Coca-Cola FEMSA may be obtained at the SEC's website at www.sec.gov or by directing a request to Alfredo Fernandez (afernandeze@kof.com.mx).

CERTAIN INFORMATION CONCERNING PARTICIPANTS

A detailed list of names, affiliations and interests of participants in the solicitation of proxies of Panamco to approve the proposed business combination is included in the preliminary proxy statement.

CONTACTS

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Coca-Cola FEMSA Investor Relations Guillermo Gonzalez Camarena No. 600, Col. Centro de Ciudad Santa Fe 01210, Mexico D.F., Mexico Alfredo Fernandez / (52) 55 5081 51 20 / afernandeze@kof.com.mx Julieta Naranjo / (52) 55 5081 51 48 / jnaranjo@kof.com.mx

Panamco Investor Relations 701 Waterford Way, Suite 800, Miami, FL 33126 Laura Maydon / 305 929 0867 / lmaydon@panamcollc.com

Contact:

 Coca-Cola FEMSA
 Investor Relations:
 Alfredo Fernandez, (52) 55 5081 51 20
 afernandeze@kof.com.mx
 or
 Julieta Naranjo, (52) 55 5081 51 48
 jnaranjo@kof.com.mx
 or
 Panamco
 Investor Relations:
 Laura Maydon, 305/929-0867
 lmaydon@panamcollc.com