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1 Jan 2005

FINANCIAL REVIEW 2004

MANAGEMENT'S DISCUSSION AND ANALYSIS


Saturday, 01/01/2005, 12:00:00 am

Audited Financial Results for the twelve months ended December 31, 2004 compared to the twelve months ended December 31, 2003

Set forth below is certain audited financial information for Fomento Económico Mexicano, S.A. de C.V. and its subsidiaries ("FEMSA" or the "Company") (NYSE: FMX; BMV: FEMSA UBD). FEMSA is a holding company whose principal activities are grouped mainly under the following sub-holding companies (the "Sub-holding Companies"): Coca-Cola FEMSA, S.A. de C.V. ("Coca-Cola FEMSA" or "KOF"), which engages in the production, distribution and marketing of soft drinks; FEMSA Cerveza, S.A. de C.V. ("FEMSA Cerveza"), which engages in the production, distribution and marketing of beer; and FEMSA Comercio, S.A. de C.V. ("FEMSA Comercio"), which engages in the operation of convenience stores.

All of the figures in this report were prepared in accordance with Mexican Generally Accepted Accounting Principles ("Mexican GAAP") and have been restated in constant Mexican pesos ("Pesos" or "Ps.") with purchasing power as of December 31, 2004. As a result, all percentage changes are expressed in real terms.

This report may contain 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 the Company's actual performance.

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