SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
- --------------------------------------------------------------------------------

                                  SCHEDULE 13D


                                (Rule 13d-101)(1)

    Information to be Included in Statements Filed Pursuant to Rule 13d-1(a)
             and Amendments Thereto Filed Pursuant to Rule 13d-2(a)

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                    Under the Securities Exchange Act of 1934
                                (Amendment No.1)

               Fomento Economico Mexicano, S.A. de C.V. ("FEMSA")
- --------------------------------------------------------------------------------
                                (Name of Issuer)

 BD Units ("BD Units") consisting each of one Series B Share, without par value
 (a "B Share"), two Series D-B Shares, without par value (each a "D-B Share"),
  and two Series D-L Shares, without par value (each a "D-L Share"); American
 Depositary Shares, each representing one BD Unit ("BD Unit ADSs"); and B Units
                 ("B Units") each consisting of five B Shares.
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   3444191062(2)
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

                          Carlos Eduardo Aldrete Ancira
                           General Anaya No. 601 Pte.
                               Colonia Bella Vista
                           Monterrey, NL 64410 Mexico
                                +52 81 8328 6180
- --------------------------------------------------------------------------------
             Name, Address and Telephone Number of Person Authorized
                      to Receive Notices and Communications

                                November 18, 2003
- --------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13D to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f), or 240.13d-1(g) check the
following box. [ ]


          Note. Schedules filed in paper format shall include a signed original
          and five copies of the schedule, including all exhibits. See ss.
          240.13d-7 for other parties to whom copies are to be sent.


The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


- ----------------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

(2) CUSIP number is for the BD Unit ADSs only. No CUSIP number exists for the BD
Units, B Units, B Shares, D-B Shares or D-L Shares, since such units and shares
are not traded in the United States.



CUSIP No.   344419106                 13D                     Page 2 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Technical Committee under Irrevocable Trust No. F/29487-6
      established at Bancomer, S.A., as Trustee

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   -0- B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY
          EACH                  9   SOLE DISPOSITIVE POWER
        REPORTING
         PERSON                     -0- B Shares;
          WITH                      -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER
                                    1,690,475,415  B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,475,415 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.7% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      00



CUSIP No.   344419106                 13D                     Page 3 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Bancomer, S.A., as Trustee under Trust No. F/25078-7

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    -0- B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      -0- B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415  B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,475,415 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.7% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      00


CUSIP No.   344419106                 13D                     Page 4 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Eugenio Garza Laguera

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    38,956,978 B Shares;
                                    8,881,736 D-B Shares;
                                    8,881,736 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares;
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      38,956,978 B Shares;
                                    8,881,736 D-B Shares;
                                    8,881,736 D-L Shares;

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415  B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,729,432,393 B Shares; 8,881,736 D-B Shares; and 8,881,736 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [X]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      63.2% of B Shares; 0.7% of D-B Shares; and 0.7% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                     Page 5 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Paulina Garza Gonda de Marroquin

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415  B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,699,716,420 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.1% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                     Page 6 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Barbara Garza Gonda de Braniff

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,699,716,430 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.1% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                     Page 7 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Mariana Garza Gonda de Trevino Bryan

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,699,716,430 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.1% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                     Page 8 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Eva Gonda de Garza

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,699,716,430 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.1% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                     Page 9 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Eva Garza Gonda de Fernandez

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      9,241,015 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,699,716,430 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.1% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 10 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Consuelo Garza Laguera de Garza

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    20,821,980 B Shares;
                                    4,031,160 D-B Shares;
                                    4,031,160 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                     (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      20,821,980 B Shares;
                                    4,031,160 D-B Shares;
                                    4,031,160 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,711,297,395 B Shares; 4,031,160 D-B Shares; and 4,031,160 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.5% of B Shares; 0.3% of D-B Shares; and 0.3% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 11 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Alfonso Garza Garza

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    23,362 B Shares;
                                    33,924 D-B Shares;
                                    33,924 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      23,362 B Shares;
                                    33,924 D-B Shares;
                                    33,924 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,498,777 B Shares; 33,924 D-B Shares; and 33,924 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.7% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 12 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Patricio Garza Garza

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    278,970 B Shares;
                                    545,140 D-B Shares;
                                    545,140 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      278,970 B Shares;
                                    545,140 D-B Shares;
                                    545,140 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,754,385 B Shares; 545,140 D-B Shares; and 545,140 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 13 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Juan Carlos Garza Garza

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    -0-

        NUMBER OF               8   SHARED VOTING POWER
         SHARES
      BENEFICIALLY                  1,690,475,415 B Shares;
        OWNED BY                    -0- D-B Shares;
          EACH                      -0- D-L Shares
        REPORTING                   (See Schedule I)
         PERSON
          WITH                  9   SOLE DISPOSITIVE POWER

                                    -0-

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,475,415 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.7% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 14 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Eduardo Garza Garza

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    13,879 B Shares;
                                    26,958 D-B Shares;
                                    26,958 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      13,879 B Shares;
                                    26,958 D-B Shares;
                                    26,958 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,489,294 B Shares; 26,958 D-B Shares; and 26,958 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.7% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 15 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Eugenio Garza Garza

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    -0- B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares;

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      -0- B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares;

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,475,415 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.7% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 16 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Alberto Bailleres

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    6,192,375 B Shares;
                                    667,780 D-B Shares;
                                    667,780 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      6,192,375 B Shares;
                                    667,780 D-B Shares;
                                    667,780 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,696,667,790 B Shares; 667,780 D-B Shares; and 667,780 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62% of B Shares; 0.1% of D-B Shares; and 0.1% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 17 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Maria Teresa G. de Bailleres

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    58,800 B Shares;
                                    0 D-B Shares;
                                    0 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      58,800 B Shares;
                                    0 D-B Shares;
                                    0 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,534,215 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 18 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Inversiones Bursatiles Industriales, S.A. de C.V.

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    16,700 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      16,700 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,492,115 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      CO



CUSIP No.   344419106                 13D                    Page 19 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Corbal, S.A. de C.V.

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    695,150 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      695,150 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,691,170,565 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      CO


CUSIP No.   344419106                 13D                    Page 20 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Magdalena M. de David

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    10,825,598 B Shares;
                                    2,536,726 D-B Shares;
                                    2,536,726  D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      10,825,598 B Shares;
                                    2,536,726 D-B Shares;
                                    2,536,726  D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,701,301,013 B Shares; 2,536,726 D-B Shares; and 2,536,726 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.1% of B Shares; 0.2% of D-B Shares; and 0.2% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 21 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Alepage, S.A.

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    9,670 B Shares;
                                    6,940 D-B Shares;
                                    6,940 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      9,670 B Shares;
                                    6,940 D-B Shares;
                                    6,940 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,485,085 B Shares;  6,940 D-B Shares; and 6,940 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      CO



CUSIP No.   344419106                 13D                    Page 22 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Bancomer, S.A. F/29013-0

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    55,315,000 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      55,315,000 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,748,386,165 B Shares; 6,000 D-B Shares; and 6,000 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      63.9% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 23 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Max David Michel

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    15,228,030 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      15,228,030 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,705,703,445 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.3% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN


CUSIP No.   344419106                 13D                    Page 24 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Juan David Michel

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    15,228,030 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      15,228,030 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,705,703,445 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.3% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 25 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Monique David de VanLathem

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    15,228,030 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      15,228,030 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,705,703,445 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      62.3% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 26 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Renee Michel de Guichard

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    35,580,775 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      35,580,775 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,726,056,190 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      63.1% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 27 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Magdalena Guichard Michel

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    2,237,070 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      2,237,070 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,692,712,485 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 28 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Rene Guichard Michel

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    2,282,160 B Shares;
                                    84,180 D-B Shares;
                                    84,180 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      2,282,160 B Shares;
                                    84,180 D-B Shares;
                                    84,180 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,692,757,575 B Shares; 84,180 D-B Shares; and 84,180 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 29 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Miguel Guichard Michel

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    2,297,070 B Shares;
                                    120,000 D-B Shares;
                                    120,000 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      2,297,070 B Shares;
                                    120,000 D-B Shares;
                                    120,000 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,692,772,485 B Shares; 120,000 D-B Shares; and 120,000  D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 30 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Graciano Guichard Michel

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    1,887,070 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      1,887,070 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,692,362,485 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 31 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Juan Guichard Michel

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    2,212,070 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      2,212,070 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,692,687,485 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.8% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      IN



CUSIP No.   344419106                 13D                    Page 32 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Franca Servicios, S.A. de C.V. (formerly known as Inversiones Franca, S.A.
      de C.V.)


2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      PF

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    40,361,582 B Shares;
                                    4,553,034 D-B Shares;
                                    4,553,034 D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      40,361,582 B Shares;
                                    4,553,034 D-B Shares;
                                    4,553,034 D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,730,856,997 B Shares; 4,553,034 D-B Shares; and 4,553,034 D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      63.2% of B Shares; 0.4% of D-B Shares; and 0.4% of D-L Shares

14    TYPE OF REPORTING PERSON*

      CO



CUSIP No.   344419106                 13D                    Page 33 of 74 Pages

1     NAME OF REPORTING PERSONS

      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)

      Bancomer, S.A., as Trustee under Trust No. F/29490-0

2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

3     SEC USE ONLY


4     SOURCE OF FUNDS

      Not Applicable

5     CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
      or 2(e)   [ ]

6     CITIZENSHIP OR PLACE OF ORGANIZATION

      Mexico

                                7   SOLE VOTING POWER

                                    -0- B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                8   SHARED VOTING POWER

        NUMBER OF                   1,690,475,415 B Shares;
         SHARES                     -0- D-B Shares;
      BENEFICIALLY                  -0- D-L Shares
        OWNED BY                    (See Schedule I)
          EACH
        REPORTING               9   SOLE DISPOSITIVE POWER
         PERSON
          WITH                      -0- B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares

                                10  SHARED DISPOSITIVE POWER

                                    1,690,475,415 B Shares;
                                    -0- D-B Shares;
                                    -0- D-L Shares
                                    (See Schedule I)

11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      1,690,475,415 B Shares; -0- D-B Shares; and -0- D-L Shares

12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
      (See Instructions)   [ ]

13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      61.7% of B Shares; 0% of D-B Shares; and 0% of D-L Shares

14    TYPE OF REPORTING PERSON*

      OO



Item 1.  Security and Issuer

         a. Title of Class of Securities:

             BD Units consisting each of one B Share, two D-B Shares and two D-L
             Shares; American Depositary Shares, each representing ten BD Units;
             and B Units each consisting of five B Shares.

         b. Name of Issuer:

            Fomento Economico Mexicano, S.A. de C.V.

         c. Address of Issuer's Principal Executive Offices:

             Av. General Anaya 601 pte., Col. Bella Vista, Monterrey, N.L., C.P.
             64410, Mexico

Item 2.  Identity and Background

         (a) Name of Persons Filing (the "Reporting Persons"):

             Bancomer, S.A., as Trustee under Trust No. F/25078-7, Eugenio Garza
             Laguera, Paulina Garza Gonda de Marroquin, Barbara Garza Gonda de
             Braniff, Mariana Garza Gonda de Trevino Bryan, Eva Gonda de Garza,
             Eva Garza Gonda de Fernandez, Consuelo Garza Laguera de Garza,
             Alfonso Garza Garza, Patricio Garza Garza, Juan Carlos Garza Garza,
             Eduardo Garza Garza, Eugenio Garza Garza, Alberto Bailleres, Maria
             Teresa G. de Bailleres, Inversiones Bursatiles Industriales, S.A.
             de C.V., Corbal, S.A. de C.V., Magdalena M. de David, Alepage,
             S.A., Bancomer, S.A. F/29013-0, Max David Michel, Juan David
             Michel, Monique David de VanLathem, Renee Michel de Guichard,
             Magdalena Guichard Michel, Rene Guichard Michel, Miguel Guichard
             Michel, Graciano Guichard Michel, Juan Guichard Michel, Franca
             Servicios, S.A. de C.V. (formerly known as Inversiones Franca, S.A.
             de C.V.), Bancomer, S.A., as Trustee under Trust No. F/29490-0
             (together all of them, the "Trust Participants") and Technical
             Committee under Irrevocable Trust No. F/29487-6 established at
             Bancomer, S.A., as Trustee (the "Technical Committee").

         (b) Address or Principal Office or, if none, Residence:

             Bancomer, S.A., as Trustee under Trust No. F/25078-7: Edificio
             Bancomer, Calzada San Pedro #218 sur, 1er Piso, Col. del Valle, San
             Pedro Garza Garcia, N.L., Mexico.

             Eugenio Garza Laguera: Ave. Alfonso Reyes #2202 Norte, Monterrey,
             N.L., Mexico

             Paulina Garza Gonda de Marroquin: Ave. Alfonso Reyes #2202 Norte,
             Monterrey, N.L., Mexico

             Barbara Garza Gonda de Braniff: Ave. Universidad #1200, Col. Xoco,
             Mexico, D.F. 03339, Mexico

             Mariana Garza Gonda de Trevino Bryan: Ave. Alfonso Reyes #2202
             Norte, Monterrey, N.L., Mexico

             Eva Gonda de Garza: Ave. Alfonso Reyes #2202 Norte, Monterrey,
             N.L., Mexico

             Eva Garza Gonda de Fernandez: Ave. Alfonso Reyes #2202 Norte,
             Monterrey, N.L., Mexico

             Consuelo Garza Laguera de Garza: Privada Tamazunchale #220, Col.
             del Valle, San Pedro Garza Garcia, N.L., Mexico

             Alfonso Garza Garza: Privada Tamazunchale #220, Col. del Valle, San
             Pedro Garza Garcia, N.L., Mexico

             Patricio Garza Garza: Privada Tamazunchale #220, Col. del Valle,
             San Pedro Garza Garcia, N.L., Mexico

             Juan Carlos Garza Garza: Privada Tamazunchale #220, Col. del Valle,
             San Pedro Garza Garcia, N.L., Mexico

             Eduardo Garza Garza: Privada Tamazunchale #220, Col. del Valle, San
             Pedro Garza Garcia, N.L., Mexico

             Eugenio Garza Garza: Privada Tamazunchale #220, Col. del Valle, San
             Pedro Garza Garcia, N.L., Mexico

             Alberto Bailleres: Paseo de la Reforma #144, 6 Piso,
             Mexico, D.F., Mexico.

             Maria Teresa G. de Bailleres: Paseo de la Reforma #144, 6 Piso,
             Mexico, D.F., Mexico

             Inversiones Bursatiles Industriales, S.A. de C.V.: Ave. Alfonso
             Reyes #2202 Norte, Monterrey, N.L., Mexico

             Corbal, S.A. de C.V.: Paseo de la Reforma #144, 6(degree) Piso,
             Mexico, D.F., Mexico

             Magdalena M. de David: Torre del Caballito, Paseo de la Reforma
             #10, Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Alepage, S.A.: Privada Tamazunchale #220, Col. del Valle, San Pedro
             Garza Garcia, N.L., Mexico

             Bancomer, S.A., as Trustee under Trust No. F/29013-0: Edificio
             Bancomer, Calzada San Pedro #218 sur, 1er Piso, Col. del Valle, San
             Pedro Garza Garcia, N.L., Mexico

             Max David Michel: Torre del Caballito, Paseo de la Reforma #10,
             Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Juan David Michel: Torre del Caballito, Paseo de la Reforma #10,
             Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Monique David de VanLathem: Torre del Caballito, Paseo de la
             Reforma #10, Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Renee Michel de Guichard: Torre del Caballito, Paseo de la Reforma
             #10, Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Magdalena Guichard Michel: Torre del Caballito, Paseo de la Reforma
             #10, Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Rene Guichard Michel: Torre del Caballito, Paseo de la Reforma #10,
             Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Miguel Guichard Michel: Torre del Caballito, Paseo de la Reforma
             #10, Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Graciano Guichard Michel: Torre del Caballito, Paseo de la Reforma
             #10, Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Juan Guichard Michel: Torre del Caballito, Paseo de la Reforma #10,
             Piso 21, Col. Centro, Mexico, D.F. 06030, Mexico

             Franca Servicios, S.A. de C.V. (formerly known as Inversiones
             Franca, S.A. de C.V.): Padre Mier #336 Oriente, Monterrey, N.L.,
             Mexico

             Bancomer, S.A., as Trustee under Trust No. F/29490-0: Edificio
             Bancomer, Calzada San Pedro #218 sur, 1er Piso, Col. del Valle, San
             Pedro Garza Garcia, N.L., Mexico

             Technical Committee under Irrevocable Trust No. F/29487-6
             established at Bancomer, S.A., as Trustee: Av. General Anaya 601
             Pte, Col. Bella Vista, Monterrey, N.L. 64410, Mexico.

         (c) With respect to any Reporting Person that is a natural person, the
             present principal occupation or employment and the name, principal
             business and address of any organization in which such employment
             is conducted. With respect to any other Reporting Person, the place
             of its organization, its principal business and the address of its
             principal office:

             Bancomer, S.A., as Trustee under Trust No. F/25078-7 is a trust
             whose principal business is an authorized banking institution
             authorized by the competent Mexican authorities and whose principal
             address is Av. Universidad 1200, Colonia Xoco, Mexico, D.F.,
             Mexico.

             Eugenio Garza Laguera is principally employed as Honorary Life
             Chairman of the Board of Directors at Fomento Economico Mexicano,
             S.A. de C.V., the address of which is General Anaya 601 Pte., Col.
             Bella Vista, Monterrey, N.L., Mexico.

             Paulina Garza Gonda de Marroquin is principally employed as a
             private investor. The principal address of her place of employment
             is Camino a la Sierrita No. 105, Col. La Sierrita, Garza Garcia,
             N.L., Mexico.

             Barbara Garza Gonda de Braniff is principally employed as
             Vice-President at Fundacion BBVA Bancomer, the address of which is
             Av. Universidad 1200, Colonia Xoco, Mexico, D.F., Mexico.

             Mariana Garza Gonda de Trevino Bryan is principally employed as a
             private investor. The principal address of her place of employment
             is Camino a la Sierrita No. 105, Col. La Sierrita, Garza Garcia,
             N.L., Mexico.

             Eva Gonda de Garza is principally employed as a private investor.
             The principal address of her place of employment is Camino a la
             Sierrita No. 105, Col. La Sierrita, Garza Garcia, N.L., Mexico.

             Eva Garza Gonda de Fernandez is principally employed as Founder and
             President at Alternativas Pacificas, A.C., the address of which is
             Zaragoza 555 Norte, Colonia Centro, Monterrey, N.L. Mexico 64000.

             Consuelo Garza Laguera de Garza is principally employed as
             President of the National Board at Asociacion Nacional
             Pro-Superacion Personal, A.C. (a non-profit organization), the
             address of which is Orinoco 102 Pte. Colonia Del Valle, Garza
             Garcia, N.L.

             Alfonso Garza Garza is principally employed as Chief Executive
             Officer at Femsa Empaques, S.A. de C.V., the address of which is
             General Anaya 601 Pte., Col. Bella Vista, Monterrey, N.L. Mexico.

             Patricio Garza Garza is principally employed as Executive Officer
             at Impulsora Vertex, S.A. de C.V., the address of which is Ave.
             Lazaro Cardenas 2475, Colonia Residencial San Agustin, San Pedro
             Garza Garcia, N.L.

             Juan Carlos Garza Garza is principally employed as Chief Executive
             Officer at Acor, S.A. de C.V., the address of which is Ave. Gomez
             Morin 350, Suite 408, Colonia Valle del Campestre, San Pedro Garza
             Garcia, N.L., Mexico.

             Eduardo Garza Garza is principally employed as an employee at Bara,
             S.A. de C.V., the address of which is Edison 1235 Norte, Colonia
             Talleres, Monterrey, N.L., Mexico.

             Eugenio Garza Garza is principally employed as Executive Officer at
             Desarrollo Tecnologico de Maquinas, S.A. de C.V., the address of
             which is Lerdo de Tejada No. 106, Colonia El Lechugal, Santa
             Catarina, N.L., Mexico.

             Alberto Bailleres is principally employed as Chairman of the Board
             of Directors at Industrias Penoles, S.A. de C.V., the address of
             which is Moliere 222, Col. Polanco. Mexico, D.F.

             Maria Teresa G. de Bailleres is principally employed as a private
             investor. The principal address of her place of employment is
             Molier No. 222, Colonia Polanco, Delegacion Miguel Hidalgo, Mexico.

             Inversiones Bursatiles Industriales, S.A. de C.V. is a sociedad
             anonima de capital variable organized under the laws of Mexico,
             that engages in holding shares of several companies and other
             assets and has its principal business at Ave. San Jeronimo No. 800
             Pte. Monterrey, N.L., Mexico.

             Corbal, S.A. de C.V. is a sociedad anonima de capital variable
             organized under the laws of Mexico, that engages in holding shares
             of several companies and has its principal business at Av. Paseo de
             la Reforma No. 144, Fifth Floor, Col. Juarez, Mexico, D.F., 06600.

             Magdalena M. de David is principally employed as private investor.
             The principal address of her place of employment is address of
             which is Montanas Rocallosas 615 Pte. Col. Lomas de Chapultepec,
             Mexico, D.F. 11000.

             Alepage, S.A. is a corporation whose principal business is holding
             shares of companies and whose principal address is Privada
             Tamazunchale #220, Col. del Valle, San Pedro Garza Garcia, N.L.,
             Mexico.

             Bancomer, S.A., as Trustee under Trust No. F/29013-0 is a trust
             whose principal business is an authorized banking institution
             authorized by the competent Mexican authorities and whose principal
             address is Av. Universidad 1200, Colonia Xoco, Mexico, D.F.,
             Mexico.

             Max David Michel is principally employed as Chairman of the Board
             at El Puerto de Liverpool, the address of which is Vasco de Quiroga
             3800, Third Floor, Santa Fe, Mexico, D.F. 05109.

             Juan David Michel is principally employed as Chief Promotion
             Officer at Invex Casa de Bolsa, S.A. de C.V., the address of which
             is Paseo de la Reforma Bolsa, 21st Floor, Mexico D.F. 06030.

             Monique David de VanLathem is principally employed as private
             investor. The principal place of her employment is Sierra Vertiente
             674, Col. Lomas de Chapultepec, Mexico, D.F. 11000.

             Renee Michel de Guichard is principally employed as private
             investor. The principal place of her employment is Plasticos 28,
             Col. Lomas de San Francisco. Cuauthlalpan, Estado de Mexico 53569.

             Magdalena Guichard Michel is principally employed as private
             investor. The principal place of her employment is Plasticos 28,
             Col. Lomas de San Francisco. Cuauthlalpan, Estado de Mexico 53569.

             Rene Guichard Michel is principally employed as private investor.
             The principal place of her employment is Plasticos 28, Col. Lomas
             de San Francisco. Cuauthlalpan, Estado de Mexico 53569.

             Miguel Guichard Michel is principally employed as Vice-Chairman of
             the Board of Directors at El Puerto de Liverpool, S.A. de C.V., the
             address of which is Vasco de Quiroga 3800, Third Floor, Santa Fe,
             Mexico, D.F. 05109.

             Graciano Guichard Michel is principally employed as Chief Executive
             Officer at Lambertex, S.A. de C.V., the address of which is
             Plasticos 28, Col. Lomas de San Francisco. Cuauthlalpan, Estado de
             Mexico 53569.


             Juan Guichard Michel is principally employed as Chairman and Chief
             Executive Officer at Invex Grupo Financiero, S.A. de C.V., the
             address of which is Paseo de la Reforma 10, 21st Floor, Mexico,
             D.F. 06030.

             Franca Servicios, S.A. de C.V. is a sociedad anonima de capital
             variable organized under the laws of Mexico, that engages in
             holding shares of several companies and has its principal business
             at Padre Mier Ote. 336 Altos, Col. Centro, Monterrey, N.L., Mexico.

             Bancomer, S.A., as Trustee under Trust No. F/29490-0 is a trust and
             an authorized banking institution authorized by the competent
             Mexican authorities and whose principal address is Av. Universidad
             1200, Colonia Xoco, Mexico, D.F., Mexico.

             Technical Committee under Irrevocable Trust No. F/29487-6
             established at Bancomer, S.A., as Trustee is formed by certain
             Trust Participants.

         (d) Criminal Proceedings:

             None.

         (e) Civil Proceedings:

             None.

         (f) Citizenship:

             All the Reporting Persons are citizens of Mexico.

Item 3.    Source and amount of Funds or other consideration

           The individual Trusts Participants involved in these purchase
           agreements obtained all amounts necessary for the purchase of such
           shares through the use of their own personal funds.

Item 4.    Purpose of Transaction

           The Reporting Persons are Trust Participants that have entered into a
           Voting Trust, the primary purpose of which is to permit deposited
           shares to be voted as a block in accordance with the instructions of
           the Technical Committee. As of November 18, 2003, the aggregate
           number of shares deposited in the voting trust amounted to
           1,690,475,415 B Shares (collectively, the "Trust Shares"),
           representing 61.7% of the B Shares outstanding. The Technical
           Committee is comprised of all of the Trust Participants. Each Trust
           Share is entitled to one vote on matters that are the subject of a
           Technical Committee vote, and most matters will be decided by a
           simple majority of the votes of the Trust Shares.

           In addition to the Trust Shares, the Trust Participants also own
           the stock described under Items 5(b)(i) and 5(b)(ii).

           FEMSA's capital stock consists of B Shares with full voting rights
           and of D-B and D-L Shares with limited voting rights. Prior to May
           11, 2008, the shares of FEMSA are not separable and may be
           transferred only in the following forms: (i) B Units, consisting of
           five B Shares; and (ii) BD Units, consisting of one B Share, two D-B
           Shares and two D-L Shares. On May 11, 2008, each D-B Share will
           automatically convert into one B Share with full voting rights, and
           each D-L Share will automatically convert into one L Share with
           limited voting rights. At that time, the BD Units and the B Units
           will cease to exist and the underlying B Shares and L Shares will be
           separated.


           Each B Share entitles its holder to one vote at any of FEMSA's
           ordinary or extraordinary general shareholders meetings. Holders of B
           Shares are entitled to elect at least eleven members of FEMSA's Board
           of Directors, which shall constitute the majority of such Board at
           all times. Holders of D-B and D-L Shares are entitled to elect five
           members of FEMSA's Board of Directors and, upon conversion of the D-L
           Shares to L Shares or upon issuance of L Shares, the holders of L
           Shares will be entitled to elect two members of the Board of
           Directors. Under FEMSA's bylaws, the holders of D-B Shares, D-L
           Shares and L Shares are entitled to vote only on the following
           limited matters with respect to FEMSA: (i) changes in corporate form;
           (ii) any merger in which FEMSA is not the surviving entity or any
           merger with an entity whose principal corporate purposes are
           different from those of FEMSA or its subsidiaries; (iii) change of
           nationality; (iv) dissolution and liquidation; and (v) the
           cancellation of the registration of FEMSA's shares with the Special
           Section of the Registry of Mexico or the removal of the listing of
           FEMSA's shares from the Mexican Stock Exchange or any foreign
           exchange.

           Consequently, because of its ownership of a majority of the B Shares,
           the Voting Trust may be deemed to control FEMSA. The Voting Trust has
           the power to elect a majority of the members of the Board of
           Directors of FEMSA and to play a significant or controlling role in
           the outcome of substantially all matters with respect to FEMSA to be
           decided by its shareholders.

           Except as set forth in this filing, none of the Reporting Persons
           currently has plans or proposals which relate to or which would
           result in any of the actions or transactions described in paragraphs
           (a) through (j) of Item 4 of the instructions to Schedule 13D.
           However, from time to time, the Reporting Persons may evaluate the
           possibility of acquiring additional shares, disposing of shares, or
           entering into corporate transactions involving FEMSA (including, but
           not limited to, joint ventures and/or other commercial arrangements
           with FEMSA). The Reporting Persons reserve the right to formulate
           plans or proposals regarding FEMSA or any of its securities and to
           carry out any of the actions or transactions described in paragraphs
           (a) through (j) of Item 4 of the instructions to this Schedule 13D,
           to the extent deemed advisable by such Reporting Persons.

Item 5.    Interest in Securities of the Issuer

         a. Amount beneficially owned:

            See responses to Item 9 and 11 on pages 2 through 33.

         b. Power to Vote or Dispose:

            Number of shares as to which such person has:

                i. Sole power to vote or to direct the vote:

                       See responses to Item See responses to Item 8 on pages 2
                       through 33.

               ii. Sole power to dispose or to direct the disposition:

                       7 on pages 2 through 33.

              iii. Shared power to vote or direct the vote:

                       See responses to Item 9 on pages 2 through 33.

               iv. Shared power to dispose or direct the disposition:

                       See responses to Item 10 on pages 2 through 33.

         c. Transactions During Past Sixty Days:

            On November 11, 2003, Bancomer, S.A., as Trustee under Trust No.
         F/25078-7, bought 2,360,000 shares of FEMSA at a price per share of
         Mexican Pesos ("Ps.") 39.2547 from BBVA Bancomer, S.A. and an affiliate
         in a privately negotiated sale. These shares were subsequently placed
         into the Voting Trust.

            On November 11, 2003, Eugenio Garza Laguera bought 13,174,325 shares
         of FEMSA at a price per share of Ps. 39.2547 from BBVA Bancomer, S.A.
         in a privately negotiated sale. These shares were subsequently placed
         into the Voting Trust.

            On November 11, 2003, Paulina Garza Gonda de Marroquin bought
         4,047,983 shares of FEMSA at a price per share of Ps. 39.2547 from BBVA
         Bancomer, S.A. in a privately negotiated sale.  These shares were
         subsequently placed into the Voting Trust.

            On November 11, 2003, Barbara Garza Gonda de Braniff bought
         4,047,983 shares of FEMSA at a price per share of Ps. 39.2547 from BBVA
         Bancomer, S.A. in a privately negotiated sale.  These shares were
         subsequently placed into the Voting Trust.

            On November 11, 2003, Mariana Garza Gonda de Trevino Bryan bought
         4,047,983 shares of FEMSA at a price per share of Ps. 39.2547 from BBVA
         Bancomer, S.A. in a privately negotiated sale.  These shares were
         subsequently placed into the Voting Trust.

            On November 11, 2003, Eva Gonda de Garza bought 4,047,983 shares of
         FEMSA at a price per share of Ps. 39.2547 from BBVA Bancomer, S.A. in a
         privately negotiated sale.  These shares were subsequently placed into
         the Voting Trust.

            On November 11, 2003, Eva Garza Gonda de Fernandez bought 4,047,983
         shares of FEMSA at a price per share of Ps. 39.2547 from BBVA Bancomer,
         S.A. in a privately negotiated sale.  These shares were subsequently
         placed into the Voting Trust.

            On November 11, 2003, Consuelo Garza Laguera de Garza bought
         1,962,000 shares of FEMSA at a price per share of Ps. 39.2547 from BBVA
         Bancomer, S.A. in a privately negotiated sale.

            On November 11, 2003, Alberto Bailleres bought 1,293,000 shares of
         FEMSA at a price per share of Ps. 39.2547 from BBVA Bancomer, S.A. in a
         privately negotiated sale. These shares were subsequently placed into
         the Voting Trust.

            On November 11, 2003, Bancomer, S.A. F/29490-0 bought 3,879,000
         shares of FEMSA at a price per share of Ps. 39.2547 from BBVA Bancomer,
         S.A. in a privately negotiated sale. These shares were subsequently
         place into the Voting Trust.

            On November 11, 2003, Jose Calderon Ayala bought 11,063,000 shares
         of FEMSA at a price per share of Ps. 39.2547 from BBVA Bancomer, S.A.
         in a privately negotiated sale. These shares were subsequently
         contributed to Bancomer S.A. F/29013-0.

         d. Right to Receive Dividends and Proceeds.

            None.

         e. Not applicable.

Item 6.    Contracts, Arrangements, Understandings or Relationships with Respect
           to Securities of the Issuer

           The Trust Participants are parties to the Voting Trust (Irrevocable
           Trust No. F/29487-6 established at Bancomer, S.A., as Trustee). The
           Trust Participants agreed in April 1998 to deposit a majority of
           their shares of FEMSA (the Trust Shares) into the Voting Trust. The
           primary purpose of the Voting Trust is to permit the Trust Shares to
           be voted as a block, in accordance with the instructions of the
           Technical Committee. The Technical Committee is comprised of all of
           the Trust Participants. The number of B Shares deposited by each
           Trust Participant (the proportional share of the Trust Shares of such
           participant) determines the number of votes that such Trust
           Participant has on the Technical Committee. Most matters are decided
           by a simple majority of the Trust Shares. As a consequence of the
           Technical Committee's internal procedures, the Technical Committee,
           as a whole, is deemed to have the beneficial ownership with sole
           voting power of all the shares deposited in the Voting Trust and the
           Trust Participants (as defined below), as Technical Committee
           members, are deemed to have beneficial ownership with shared voting
           power over those same deposited shares.

           The Trust Participants agreed to certain transfer restrictions with
           respect to the Trust Shares. During the ten-year term of the Voting
           Trust, Trust Shares may be transferred by Trust Participants to
           spouses and immediate family members and, subject to certain
           conditions, to companies that are 100% owned by Trust Participants
           ("Permitted Transferees"), provided in all cases that the transferee
           agrees to be bound by the terms of the Voting Trust. In the event
           that a Trust Participant wishes to sell part of its Trust Shares to
           someone other than a Permitted Transferee, the other Trust
           Participants have the right of first refusal to purchase the Trust
           Shares that such Trust Participant wishes to sell. If none of the
           Trust Participants elects to acquire the Trust Shares from the
           selling Trust Participant, the Technical Committee will have the
           right to nominate (subject to the approval of Technical Committee
           members representing 75% of the Trust Shares, excluding Trust Shares
           that are the subject of the sale) a purchaser for such Trust Shares.
           In the event that none of the Trust Participants or a nominated
           purchaser elects to acquire such Trust Shares, the selling Trust
           Participant will have the right to sell such Trust Shares to a third
           party on the same terms and conditions that were offered to the Trust
           Participants. Acquirors of Trust Shares will only be permitted to
           become parties to the Voting Trust upon the affirmative vote of
           Technical Committee members. In the event that a Trust Participant
           holding a majority of the Trust Shares elects to sell its Trust
           Shares, the other Trust Participants have "tag along" rights that
           will enable them to sell their Trust Shares to the acquiror of the
           selling Trust Participant's Trust Shares.

           Other than as disclosed herein and in Item 4 of this Statement, there
           are no other contracts, arrangements, understandings or relationships
           among the Reporting Persons and between such persons and any person
           with respect to the B Shares, D-B Shares or D-L Shares.

Item 7.    Material to be Filed as Exhibits

Exhibit Number      Description                                      Page Number
1                   Joint Filing Agreement                           45
2                   Trust Agreement (Original Spanish Version)       47
3                   Trust Agreement (English Translation)            62



Signature

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


Dated:  November 18, 2003

                                         Technical Committee under Irrevocable
                                         Trust No. F/29487-6 established at
                                         Bancomer, S.A., as Trustee, on its own
                                         behalf and on behalf of the Trust
                                         Participants (as defined in Item 2(a)
                                         on page 34 hereof)


                                         By  /s/ Carlos Eduardo Aldrete Ancira
                                             ---------------------------------
                                             Name: Carlos Eduardo Aldrete Ancira
                                             Title: Attorney-in-fact


                                   Schedule I

                    Disclaimer of Certain Pecuniary Interests

The Technical Committee (as defined in Item 2 (a) on page 34 hereof) hereby
disclaims having any pecuniary interests derived from the beneficial ownership
of any shares representing FEMSA's Capital Stock (as described in responses to
Items 5 and 8 on page 2 hereof).

The Trust Participants (as defined in Item 2 (a) on page 34 hereof) hereby
disclaim having any pecuniary interests derived from the beneficial ownership of
any shares (with shared voting power and with shared dispositive power)
representing FEMSA's Capital Stock (as described in responses to Items 6 and 8
on pages 3 through 33 hereof), other than, pecuniary interests derived by each
Trust Beneficiary from shares that such Trust Beneficiary contributed to
Bancomer S.A. Trust No. F/29487-6, which as of November 18, 2003 amount to the
following:


                                                                           FEMSA's Capital Stock
                                                              -----------------------------------------------
                                                               B Shares         D-B Shares              D-L
                                                              ----------       ------------           -------
                                                                                             
Shares
Bancomer S.A. F/250708-7..................................    58,475,895               0                    0
Eugenio Garza Laguera.....................................   504,887,975               0                    0
Paulina Garza Gonda de Marroquin..........................    93,508,985               0                    0
Barbara Garza Gonda de Braniff............................    93,508,985               0                    0
Mariana Garza Gonda de Trevino Bryan......................    93,508,985               0                    0
Eva Gonda de Garza........................................    93,508,985               0                    0
Eva Garza Gonda de Fernandez..............................    93,508,985               0                    0
Consuelo Garza Laguera de Garza...........................   103,532,500               0                    0
Alfonso Garza Garza.......................................        73,650               0                    0
Patricio Garza Garza......................................        73,650               0                    0
Juan Carlos Garza Garza...................................        73,650               0                    0
Eduardo Garza Garza.......................................        73,650               0                    0
Alberto Bailleres.........................................    92,401,670               0                    0
Maria Teresa G. de Bailleres..............................       264,250               0                    0
Inversiones Bursatiles Industriales, S.A. de C.V. ........        77,750               0                    0
Corbal, S.A. de C.V. .....................................     3,145,200               0                    0
Magdalena M. de David.....................................         1,350               0                    0
Alepage, S.A. ............................................        71,050               0                    0
Bancomer, S.A., F/29013-0.................................    20,453,900               0                    0
Max David Michel..........................................    13,480,050               0                    0
Juan David Michel.........................................    13,480,050               0                    0
Monique David de VanLathem................................    13,480,050               0                    0
Renee Michel de Guichard..................................       159,000               0                    0
Magdalena Guichard Michel.................................     8,056,500               0                    0
Rene Guichard Michel......................................     8,056,500               0                    0
Miguel Guichard Michel....................................     8,056,500               0                    0
Graciano Guichard Michel..................................     8,056,500               0                    0
Juan Guichard Michel......................................     8,056,500               0                    0
Franca Servicios S.A. de C.V..............................   231,770,400               0                    0
Bancomer, S.A. F/29490-0..................................   126,672,300               0                    0
                                    Exhibit 1

                             Joint Filing Agreement

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as
amended, the persons named below agree to the joint filing on behalf of them of
a statement on Schedule 13D or any successor form (including amendments thereto)
and further agree that this Joint Filing Agreement be included as an Exhibit to
such joint filings. The persons named below further agree that Carlos Eduardo
Aldrete Ancira has full power and authority, with full power of substitution, to
act alone in the name of, and for and on behalf of, each of the undersigned,
whether in their capacities as holders of securities of Fomento Economico
Mexicano, S.A. de C.V. or as beneficiaries or members of the technical committee
of the Irrevocable Trust No. F-29487-6 of Bancomer, S.A., Institucion de Banca
Multiple, Grupo Financiero, in any matter in connection with their joint filings
on behalf of each of them of a statement on Schedule 13D or any successor form
(including amendments thereto).

This Agreement may be executed in several counterparts, each of which shall be
an original and all of which shall constitute but one and the same instrument.

IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed this
Agreement this 14th day of November, 2003.

/s/                                        /s/
- ----------------------------------         ----------------------------------
Bancomer, S.A. F/25078-7                   Eugenio Garza Laguera

/s/                                        /s/
- ----------------------------------         ----------------------------------
Paulina Garza Gonda de Marroquin           Barbara Garza Gonda de Braniff

/s/                                        /s/
- ----------------------------------         ----------------------------------
Mariana Garza Gonda de Trevino Bryan       Eva Gonda de Garza

/s/                                        /s/
- ----------------------------------         ----------------------------------
Eva Garza Gonda de Fernandez               Consuelo Garza Laguera de Garza

/s/                                        /s/
- ----------------------------------         ----------------------------------
Alfonso Garza Garza                        Patricio Garza Garza

/s/                                        /s/
- ----------------------------------         ----------------------------------
Juan Carlos Garza Garza                    Eduardo Garza Garza

/s/                                        /s/
- ----------------------------------         ----------------------------------
Eugenio Garza Garza                        Alberto Bailleres

/s/                                         /s/
- ----------------------------------         ----------------------------------
Maria Teresa G. de Bailleres               Inversiones Bursatiles Industriales,
                                           S.A. de C.V.

/s/                                        /s/
- ----------------------------------         ----------------------------------
Corbal, S.A. de C.V.                       Magdalena M. de David

/s/                                        /s/
- ----------------------------------         ----------------------------------
Alepage, S.A.                              Bancomer, S.A. F/29013-0

/s/                                        /s/
- ----------------------------------         ----------------------------------
Max David Michel                           Juan David Michel

/s/                                        /s/
- ----------------------------------         ----------------------------------
Monique David de VanLathem                 Renee Michel de Guichard

/s/                                        /s/
- ----------------------------------         ----------------------------------
Magdalena Guichard Michel                  Rene Guichard Michel

/s/                                        /s/
- ----------------------------------         ----------------------------------
Miguel Guichard Michel                     Graciano Guichard Michel

/s/                                        /s/
- ----------------------------------         ----------------------------------
Juan Guichard Michel                       Franca Servicios, S.A. de C.V.

- ----------------------------------
/s/ Bancomer, S.A. F/29490-0

                                    Exhibit 2


CONTRATO DE FIDEICOMISO IRREVOCABLE QUE CELEBRAN, POR UNA PARTE, COMO
FIDEICOMITENTES FIDELCOMISARIOS LAS PERSONAS CUYOS NOMBRES SE MENCIONAN AL CALCE
DEL PRESENTE CONTRATO, Y LO SUSCRIBEN EN LOS ANEXOS "A" DEL MISMO; POR OTRA
PARTE, BANCOMER, S.A. INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO, DIRECCION
FIDUCIARIA A QUIEN EN LO SUCESIVO SE LE DENOMINARA COMO LA "FIDUCIARIA",
REPRESENTADA POR SU DELEGADO FIDUCIARO, EL SENOR LICENCIADO HECTOR ARMANDO GARZA
ESPRONCEDA, EL CUAL SUJETAN AL TENOR DE LOS SIGUIENTES:

                            D E C L A R A C I O N E S

I. Declaran los Fideicomitentes Fideicomisarios:

                  a) Que son titulares de un lote de acciones, series "O", "P" y
         "Q", ordinarias, nominativas, liberadas, sin expresion de valor
         nominal, representativas de parte del capital social de VALORES
         INDUSTRIALES, S.A. ("VISA") y que de dicho lote le corresponde a cada
         uno de ellos, en forma individual la cantidad de acciones que se
         senalan en cada uno de los Anexos "A" del presente contrato, los
         cuales, debidamente firmados por la Fiduciaria y por cada
         Fideicomitente Fideicomisario, forman parte integrante del mismo. Que
         las acciones antes descritas se encuentran libres de gravamen o
         responsabilidad de cualquier indole, lo que manifiestan bajo protesta
         de decir verdad.

                  b) Que VISA es una sociedad anonima debidamente constituida
         conforme a las leyes de la Republica Mexicana.

                  c) Que el dia 18 de Marzo de 1998 los accionistas de VISA
         celebraron una asamblea general ordinaria y extraordinaria, en la que
         se acordo, entre otros asuntos y sujeto al cumplimiento de determinadas
         condiciones, reestructurar el capital social de dicha sociedad en
         diversas series de acciones, y canjear las actuales acciones en
         circulacion series "O", "P" y "Q" por acciones series "B" y "D", en la
         forma de unidades vinculadas, integrando 5 acciones serie "B" en
         "Unidades B", (en adelante las "Unidades B") y 1 accion serie B y 4
         serie "D" en "Unidades Vinculadas BD" (en adelante las "Unidades
         vinculadas BD").

                  d) Que es su voluntad celebrar el presente Fideicomiso para
         los fines que mas adelante se precisan.

II. Declara Bancomer, S.A., Institucion de Banca Multiple, Grupo Financiero, por
conducto de su Delegado Fiduciario, senor Licenciado Hector Armando Garza
Espronceda:

                  a) Que su representada es una institucion de banca multiple,
         constituida conforme a las leyes mexicanas, inscrita en el Registro
         Federal de Contribuyentes con el numero BAN-830831-H69, acreditando la
         existencia y subsistencia legal de la misma, asi como el caracter con
         el que comparece a este instrumento, con los siguientes documentos:

                  1. Escritura publica No. 17,834, de fecha 22 de marzo de 1993,
         otorgada ante el Lic. Rogelio Magana Luna, Notario Publico No. 156 del
         Distrito Federal, inscrita en el Registro Publico de Comercio de la
         ciudad de Mexico, D.F., el dia 28 de abril de 1993, bajo el folio
         mercantil 64010, en la que se hace constar el nombramiento del Consejo
         de Administracion de Bancomer, S.A., Institucion de Banca Multiple,
         Grupo Financiero, que otorga el nombramiento de Delegado Fiduciario del
         Lic. Hector Armando Garza Espronceda.

                  2. Escritura Publica No. 28,035, de fecha 24 de marzo de 1997,
         otorgada ante el Lic. Rogelio Magana Luna, Notario Publico No. 156 del
         Distrito Federal, inscrita en el Registro Publico de Comercio de la
         ciudad de Mexico, D.F., el dia 17 de abril de 1997, bajo el folio
         mercantil 64010, en la que se hace constar la compulsa de los estatutos
         sociales de Bancomer, S.A., Institucion de Banca Multiple, Grupo
         Financiero.

                  3. Escritura Publica No. 19,405, de fecha 16 de noviembre de
         1993, otorgada ante el Lic. Rogelio Magana Luna, Notario Publico No.
         156 del Distrito Federal, inscrita en el Registro Publico de Comercio
         de la ciudad de Mexico, D.F., el dia 23 de noviembre de 1993, bajo el
         folio mercantil 64010, en la que se hace constar el nombramiento del
         Lic. Hector Armando Garza Espronceda, como Delegado Fiduciario de
         Bancomer, S.A., Institucion de Banca Multiple, Grupo Financiero.

                  b) Que hizo saber inequivocamente a los Fideicomitentes
         Fideicomisarios el alcance y consecuencias legales de lo dispuesto por
         los tres primeros parrafos del inciso b) de la fraccion XIX del
         Articulo 106 de la Ley de Instituciones de Credito, que a la letra
         dice:

                       "Articulo 106 - A las instituciones de credito les estara
                       prohibido:

                       Fraccion XIX - En la realizacion de las operaciones a que
                       se refiere la fraccion XV del Articulo 46 de esta Ley:

                       ...b) Responder a los fideicomitentes, mandantes o
                       comitentes, del incumplimiento de los deudores por los
                       creditos que se otorguen, o de los emisores por los
                       valores que se adquieran, salvo que sea por su culpa,
                       segun los dispuestos en la parte final del articulo 356
                       de la Ley General de Titulos y Operaciones del Credito, o
                       garantizar la percepcion de rendimientos por los fondos
                       cuya inversion se les encomiende.

                       Si al termino del fideicomiso, mandato o comision
                       constituidos para el otorgamiento de creditos, estos no
                       hubieren sido liquidados por los deudores, la institucion
                       debera transferirlos al fideicomitente o fideicomisario,
                       segun el caso, o al mandante o comitente, absteniendose
                       de cubrir su importe.

                       Cualquier pacto contrario a lo dispuesto en los dos
                       parrafos anteriores, no producira efecto legal alguno."

                  c)   Que conoce el deseo y voluntad de los Fideicomitentes
                       Fideicomisarios para la celebracion del presente acto
                       juridico, por lo que esta de acuerdo en desempenar el
                       cargo de Fiduciaria del presente contrato de fideicomiso.

Fundados en las declaraciones precedentes, los comparecientes otorgan las
siguientes:

                                C L A U S U L A S

PRIMERA: CONSTITUCION. Los Fideicomitentes Fideicomisarios, para los fines que
mas adelante se establecen, constituyen en este acto un fideicomiso irrevocable
en el que se designa como Fiduciaria a Bancomer, S.A. Institucion de Banca
Multiple, Grupo Financiero (Direccion Fiduciaria), a quien trasmiten en este
acto, las acciones de VISA identificadas en los Anexos "A" de este contrato, con
lo que se integra el patrimonio inicial de este fideicomiso, el cual podra ser
incrementado con otros bienes o derechos, de acuerdo a lo establecido en este
instrumento.

Los Fideicomitentes Fideicomisarios trasmiten a la Fiduciaria la propiedad y
posesion de las acciones antes referidas, con todo lo que de hecho y por derecho
les corresponde, incluyendo los derechos patrimoniales y corporativos
correspondientes a las mismas, en los terminos pactados en este fideicomiso.

SEGUNDA:  PATRIMONIO DEL FIDEICOMISO.  El patrimonio de este fideicomiso se
integrara con los siguientes bienes:

                  a)   Inicialmente con las acciones de VISA series "O", "P" y
                       "Q" descritas en la declaracion I inciso a) e
                       identificadas en los Anexos "A" del presente contrato,
                       con todos sus derechos corporativos y patrimoniales.

                       En lo sucesivo y para los efectos de este contrato, las
                       acciones antes descritas, asi como cualquier otra que
                       llegase a formar parte del patrimonio de este
                       fideicomiso, se denominaran como las "ACCIONES".

                  b)   Con las acciones serie "B", integradas en "Unidades "B"
                       que emita VISA en canje de las ACCIONES fideicomitidas,
                       asi como aquellas que en su caso sean emitidas libres de
                       pago por cualquier operacion, o que se suscriban en
                       ejercicio del derecho de preferencia por aumentos de
                       capital social, y que correspondan por las referidas
                       ACCIONES, en todos los casos con todos sus derechos
                       corporativos y patrimoniales.

                  c)   Con las acciones series "B" integradas en "Unidades B"
                       que lleguen a formar parte del patrimonio fideicomitido
                       por incorporacion de otros fideicomitentes
                       fideicomisarios conforme a la clausula octava de este
                       fideicomiso.

TERCERA: DESIGNACION DE INSTITUCION FIDUCIARIA. Los Fideicomitentes
Fideicomisarios designan con el caracter de Fiduciaria, para que se encargue del
cumplimiento de los fines de este fideicomiso, a Bancomer, S.A., Institucion de
Banca Multiple, Grupo Financiero, Direccion Fiduciaria, representada en este
acto por el senor licenciado Hector Armando Garza Espronceda, quien a nombre de
dicha institucion acepta el cargo que se le confiere, recibiendo a su entera
satisfaccion, debidamente endosados, los titulos que amparan las ACCIONES que en
este acto constituyen el patrimonio inicial del presente fideicomiso y en
consecuencia la titularidad fiduciaria de las mismas, obligandose a dar los
avisos que se requieran para que se realicen las anotaciones correspondientes en
el registro de accionistas que para tales efectos lleve la sociedad emisora.

CUARTA:  FINES.  Los fines del presente fideicomiso son los siguientes.

                  a)   Que la Fiduciaria reciba y conserve para su
                       administracion, la propiedad fiduciaria de las ACCIONES y
                       demas bienes y derechos que constituyen el patrimonio del
                       fideicomiso.

                  b)   Que la Fiduciaria reciba de VISA, en canje de las
                       ACCIONES series "O", "P" y "Q", las acciones que
                       correspondan series "B" y "D", integradas en Unidades "B"
                       y en Unidades Vinculadas "BD", que emitira VISA en
                       cumplimiento de los acuerdos de la asamblea a que se
                       refiere el inciso c) de la declaracion I de este
                       instrumento.

                  c)   Que la Fiduciaria, una vez que realice el canje de las
                       ACCIONES a que se refiere el parrafo anterior, conserve
                       para su administracion, como patrimonio de este
                       fideicomiso, la propiedad fiduciaria de las Unidades "B",
                       en la proporcion que corresponda a los porcentajes
                       especificados por cada uno de los Fideicomitentes
                       Fideicomisarios en los Anexos A de este instrumento; y
                       que el resto de las Unidades "B", si lo hubiere, asi como
                       la totalidad de las Unidades Vinculadas "BD" recibidas
                       por dicho canje, las revierta y entregue a los
                       Fideicomitentes Fideicomisarios, en la proporcion que a
                       cada uno de ellos corresponda.

                  d)   Que la Fiduciaria, ya sea directamente o por medio de
                       mandatarios que designe, siguiendo en todo caso
                       instrucciones expresas del Comite Tecnico, en los
                       terminos de la clausula septima de este contrato,
                       ejercite los derechos corporativos inherentes a las
                       ACCIONES, senalandose en forma enunciativa mas no
                       limitativa los siguientes: efectuar canjes de acciones;
                       ejercer el derecho de representacion de las ACCIONES
                       fideicomitidas en las asambleas que celebre VISA, asi
                       como el derecho de voto en el sentido que senale el
                       Comite Tecnico o su presidente, conforme a la clausula
                       septima inciso b) y, en general, todos los demas derechos
                       corporativos.

                  e)   Que la Fiduciaria, por instrucciones expresas de cada uno
                       de los Fideicomitentes Fideicomisarios ejercite los
                       derechos patrimoniales inherentes a las ACCIONES, tales
                       como suscripcion y pago de acciones, por los aumentos de
                       capital que decrete VISA, previa la provision oportuna de
                       fondos por parte de cada uno de dichos Fideicomitentes
                       Fideicomisarios, reciba reembolsos por disminuciones del
                       capital social de dicha emisora, dividendos y, en
                       general, ejercite todos los demas derechos patrimoniales.

                  f)   Que la Fiduciaria vigile el cumplimiento del
                       procedimiento para el ejercicio de los derechos
                       establecidos en las clausulas quinta y sexta de este
                       contrato.

                  g)   Que la Fiduciaria ponga a disposicion de los
                       Fideicomitentes Fideicomisarios, en la proporcion que a
                       cada uno de ellos corresponda, los reembolsos de capital
                       o pagos de dividendos, en efectivo o en especie distinta
                       a las acciones que constituyen el patrimonio del
                       fideicomiso, que efectuare VISA, asi como en su caso la
                       contraprestacion correspondiente a las cesiones de
                       derechos de Fideicomitentes Fideicomisarios o por
                       transmisiones de ACCIONES conforme a este contrato.

                  h)   Que al termino del presente fideicomiso, la Fiduciaria
                       revierta a los Fideicomitentes Fideicomisarios, o sus
                       cesionarios o causahabientes, las ACCIONES y derechos que
                       constituyan el patrimonio fideicomitido, en la proporcion
                       que le corresponda a cada uno de ellos.

                  i)   Que en general, la Fiduciaria lleve a cabo los demas
                       actos juridicos que sean necesarios o convenientes para
                       el cumplimiento de los fines de este fideicomiso,
                       conforme a las instrucciones que gire el Comite Tecnico,
                       o su presidente, en los casos en que este autorizado
                       conforme a este contrato.

                  j)   Que en el evento de que para el dia 31 de julio de 1998,
                       no se hubiera llevado a cabo el canje de las acciones
                       fideicomitidas series "O", "P" y "Q", en los terminos
                       acordados en la asamblea de accionistas de VISA,
                       celebrada el dia 18 de Marzo de 1998, referida en el
                       inciso c) de la declaracion I de este contrato, la
                       Fiduciaria revierta a los Fideicomitentes
                       Fideicomisarios, a totalidad de las ACCIONES
                       fideicomitidas, en la proporcion que a cada uno de ellos
                       les corresponda, extinguiendose el presente fideicomiso.

QUINTA: CESION DE DERECHOS DE FIDEICOMITENTE FIDEICOMISARIO Y TRANSMISION DE
ACCIONES. Las cesiones de derechos de Fideicomitente Fideicomisario y las
trasmisiones de ACCIONES y/o de derechos materia de este fideicomiso, se
sujetaran a las siguientes reglas:

                  1.   Los Fideicomitentes Fideicomisarios podran realizar en
                       cualquier momento cesiones gratuitas u onerosas de sus
                       derechos, o instruir a la Fiduciaria para que enajene o
                       en cualquier forma transmita las ACCIONES que les
                       correspondan en este fideicomiso, en los siguientes
                       casos:

                           a)   Tratandose de Fideicomitentes Fideicomisarios
                                personas fisicas, si los cesionarios fueren (i)
                                el conyuge; (ii) las personas que tengan
                                parentesco por consanguinidad hasta el cuarto
                                grado con el cedente; o (iii) una persona moral
                                o fiduciaria de diverso fideicomiso, cuyas
                                acciones o derechos de fideicomisaria y control
                                de decisiones de la sociedad o del fideicomiso,
                                sean 100% propiedad y correspondieren al
                                Fideicomisario Cedente, a su conyuge o a las
                                personas que tengan con el cedente los
                                parentescos antes senalados.

                           b)   Tratandose de Fideicomitentes Fideicomisarios
                                personas morales, o fiduciarias de diversos
                                fideicomisos, si los cesionarios o adquirentes,
                                conforme a los registros correspondientes,
                                fueren: (i) sus actuales accionistas o
                                fideicomisarios, los conyuges de estos, o las
                                personas que tengan con dichos accionistas o
                                fideicomisarios parentesco por consanguinidad
                                hasta el cuarto grado; (ii) otra persona moral o
                                fideicomiso, cuyas acciones o derechos de
                                fideicomisario y control de decisiones, sean
                                directa o indirectamente 100% propiedad y
                                correspondieren a las personas referidas en el
                                punto (i) inmediato anterior.

                  2.   Los Fideicomitentes Fideicomisarios personas morales, o
                       fiduciarias de diversos fideicomisos, ("Fideicomisarios
                       M") se obligan a que, si sus accionistas o
                       fideicomisarios (los Propietarios) desean enajenar las
                       acciones o derechos de fideicomisario que les
                       correspondan en el capital social o en el patrimonio de
                       dichos "Fideicomisarios M", la enajenacion se efectuara a
                       favor de los conyuges de los citados Propietarios o de
                       las personas con las que estos tengan parentesco por
                       consanguinidad hasta el cuarto grado.

                       En caso contrario, previamente a la enajenacion referida
                       por parte de los Propietarios, los Fideicomisarios M se
                       obligan a ceder los derechos de fideicomisario del
                       presente fideicomiso o a instruir a la Fiduciaria para la
                       enajenacion de las ACCIONES fideicomitidas, en los
                       terminos del inciso b) del punto 1 que antecede.

                       Si la trasmision de las ACCIONES no se efectuare en
                       dichos terminos, entonces deberan ofrecerse en los
                       terminos previstos en la clausula sexta de este contrato,
                       con la salvedad de que si ningun Fideicomitente
                       Fideicomisario o tercero designado por el Comite Tecnico
                       deseare adquirir las ACCIONES o derechos ofrecidos, los
                       Propietarios podran enajenar a cualquier persona las
                       acciones o derechos de fideicomisaria, representativas
                       del capital social o del patrimonio de los
                       Fideicomisarios M. Al concretarse la enajenacion dejaran
                       de formar parte de este fideicomiso las ACCIONES que les
                       correspondan a los citados Fideicomisarios M.

                  3.   En todos los casos previstos los cedentes o enajenantes y
                       cesionarios o adquirentes se obligan a comunicar de
                       inmediato y por escrito a la Fiduciaria la cesion o
                       enajenacion efectuada.

                       Los Fideicomitentes Fideicomisarios se obligan a
                       proporcionar a la Fiduciaria y al Comite Tecnico la
                       documentacion que se les requiera y sea necesaria para
                       verificar el debido cumplimiento de lo establecido en
                       esta clausula.

                  4.   Si el o los cesionarios o adquirentes de los derechos o
                       ACCIONES correspondientes no hubieren participado en la
                       constitucion de este fideicomiso, asumiran todas las
                       obligaciones y derechos que en virtud de este contrato
                       correspondan al cedente o enajenante en este fideicomiso,
                       mediante la suscripcion de un convenio en los terminos
                       del formato que se agrega al presente contrato como Anexo
                       "B", con cuya suscripcion adquiriran el caracter de
                       Fideicomitentes Fideicomisarios y tendran en el Comite
                       Tecnico, derecho a los votos que les correspondan,
                       conforme a la clausula septima.

                  5.   Si el o los cesionarios o adquirentes ya tuvieren la
                       calidad de Fideicomitentes Fideicomisarios, acrecentaran
                       su parte en este fideicomiso y continuaran manteniendo
                       esa calidad en forma individual, en los terminos pactados
                       en este fideicomiso, teniendo en consecuencia, en el
                       Comite Tecnico del que forman parte, derecho a los votos
                       que les correspondan, conforme a lo establecido en la
                       clausula septima.

SEXTA: DERECHO DE PREFERENCIA. Salvo lo establecido en la clausula quinta que
antecede, los Fideicomitentes Fideicomisarios se otorgan reciprocamente
preferencia para adquirir las ACCIONES o derechos de Fideicomitente
Fideicomisario que les corresponden en este fideicomiso y que quisieren
enajenar, total o parcialmente.

El ejercicio de este derecho se sujetara a las siguientes reglas:

                  1)   El Fideicomitente Fideicomisario que desee ceder en todo
                       o en parte sus derechos, o enajenar las ACCIONES
                       Fideicomitidas ("Fideicomisario Cedente") notificara por
                       escrito a la Fiduciaria en forma fehaciente su proposito.

                  2)   Recibida la notificacion, la Fiduciaria, dentro de los 3
                       (tres) dias habiles siguientes, la hara del conocimiento
                       de los demas Fideicomitentes Fideicomisarios, en los
                       domicilios senalados por estos a la Fiduciaria,
                       indicandoles ademas el porcentaje que las ACCIONES
                       ofrecidas representen en este fideicomiso, para que
                       quienes lo deseen, hagan valer su derecho para adquirir
                       las ACCIONES que correspondan, a traves de Bolsa, en un
                       plaza no mayor de 30 (treinta) dias habiles, a partir de
                       la conclusion del termino de 3 (tres) dias antes
                       senalado.

                  3)   El pecio para la cesion de los derechos de Fideicomitente
                       Fideicomisario o enajenacion de las ACCIONES, sera el que
                       fije el Fideicomisario Cedente o, en su defecto, el que
                       resulte mas alto de los que a continuacion se senalan,
                       considerando el valor en Bolsa de las acciones emitidas
                       por VISA, de la misma serie y especie que las que son
                       materia de este fideicomiso:

                       a) El valor que resulte del precio promedio ponderado de
                       cotizacion en Bolsa de dichas acciones, que se registre
                       durante los 10 (diez) dias habiles comprendidos del
                       18(Degree) al 27(Degree) dia habil del plazo para el
                       ejercicio del derecho de preferencia para adquirir
                       consignado en el punto anterior; o

                       b) El precio promedio ponderado de cotizacion en Bolsa de
                       las referidas acciones de VISA, que se registre el ultimo
                       dia habil anterior al vencimiento del plazo para el
                       ejercicio del derecho de preferencia para adquirir.

                  4)   Los Fideicomitentes Fideicomisarios que deseen hacer
                       valer su derecho en terminos de la presente clausula lo
                       notificaran por escrito a la Fiduciaria dentro del plazo
                       establecido en el numeral 2 (dos) anterior, debiendo
                       entregar a la misma al dia siguiente al en que fenezca el
                       plazo, el precio en numerario no que resulte conforme a
                       lo establecido en el numeral anterior y autorizarla para
                       que reintegre las acciones objeto de la cesion al
                       patrimonio de este fideicomiso, con todos sus derechos
                       corporativos y patrimoniales. Efectuada la venta a cesion
                       respectiva, la Fiduciaria pondra a disposicion del
                       Fideicomisario Cedente el producto de la misma, hechas
                       las deducciones que en su caso correspondan.

                  5)   Si fueren varios los Fideicomitentes Fideicomisarios que
                       hicieren valer su derecho de preferencia, estos
                       adquiriran los derechos del Fideicomisario Cedente, en
                       proporcion a los derechos que en el momento de la cesion
                       representaren frente a los demas adquirentes,
                       acrecentando en consecuencia su participacion en el
                       presente fideicomiso.

                  6)   En caso de que transcurrido el plazo establecido en el
                       numeral 2) anterior, los Fideicomitentes Fideicomisarios
                       no hicieran valer su derecho de preferencia para adquirir
                       las ACCIONES o los derechos que el Fideicomisario Cedente
                       desee ceder, se procedera como sigue:

                       a) El Comite Tecnico, con el voto favorable de los
                       miembros que representen cuando menos el 75% de las
                       ACCIONES fideicomitidas, (sin computar las ACCIONES que
                       correspondan a los derechos que se deseen trasmitir)
                       podra, dentro de un plazo no mayor a 60 (sesenta) dias
                       calendario, contados a partir de la expiracion del plazo
                       senalado en el numeral 2) anterior, designar un tercero
                       adquirente para dichos derechos o ACCIONES, para que
                       dentro de dicho plazo los adquiera, en los mismos
                       terminos ofrecidos a los Fideicomitentes Fideicomisarios.
                       Dicho adquirente, asumira los derechos y obligaciones que
                       le correspondan en este fideicomiso al Fideicomisario
                       Cedente, mediante la suscripcion simultanea de un
                       convenio en los terminos del Anexo "B" del presente
                       contrato

                       b) En el caso de que el Comite Tecnico no proponga un
                       adquirente dentro del plazo senalado, o el propuesto no
                       adquiere las ACCIONES o derechos del Fideicomisario
                       Cedente en el plazo establecido para el efecto, el
                       Fideicomisario Cedente, podra instruir a la Fiduciaria
                       para que enajene las ACCIONES fideicomitidas que le
                       correspondan, a un adquirente propuesto por el mismo
                       Fideicomisario Cedente, o a traves de Bolsa, en un plazo
                       que no exceda de 60, (sesenta) dias calendario. La
                       enajenacion o cesion debera efectuarse de contado y por
                       lo menos al mismo precio fijado para la cesion de
                       derechos, consignado en el numeral 3) de esta clausula,
                       dejando de formar parte del patrimonio de este
                       fideicomiso, las acciones objeto de dicha enajenacion

                       c) Si las ACCIONES no son enajenadas dentro del plazo
                       establecido en el parrafo anterior, y si el
                       Fideicomisario Cedente aun deseare efectuar la
                       enajenacion, se debera nuevamente iniciar el
                       procedimiento para el ejercicio del derecho de
                       preferencia, en los terminos previstos en esta clausula.

                  7)   En el caso de cesion de derechos o enajenacion de
                       ACCIONES en favor de un Fideicomitente Fideicomisario, en
                       ejercicio del derecho de preferencia consignado en esta
                       clausula, si el precio fuere fijado en los terminos de
                       los incisos a) y b) del numeral 3) de esta clausula, y si
                       el Fideicomisario Adquirente asi lo desea, podra
                       efectuarse la enajenacion o cesion fuera de Bolsa,
                       notificandolo a la Fiduciaria dentro de los plazos
                       establecidos y cubriendo un precio que, hechas las
                       deducciones de comisiones e impuestos correspondientes,
                       el enajenante reciba un valor neto igual al que hubiere
                       recibido si la operacion se hubiere efectuado a traves de
                       Bolsa, sujetandose en todo caso al procedimiento que se
                       establece en los parrafos anteriores. En todos los demas
                       casos, para efectuar una enajenacion o cesion fuera de
                       Bolsa, el Fideicomisario Cedente y el Fideicomisario
                       Adquirente deberan acordarlo previamente.

                  8)   Los Fideicomitentes Fideicomisarios estan de acuerdo en
                       que, si los derechos que se deseen trasmitir o las
                       ACCIONES correspondientes representan la mayoria de las
                       ACCIONES fideicomitidas y ninguno de los Fideicomitentes
                       Fideicomisarios deseare adquirirlas, la cesion de dichos
                       derechos o la venta de las ACCIONES a terceros estara
                       condicionada a que conjuntamente con las ACCIONES
                       ofrecidas se enajenen, en los mismos terminos y
                       condiciones, las ACCIONES de los demas Fideicomitentes
                       Fideicomisarios que asi lo deseen, lo cual deberan
                       notificar a la Fiduciaria dentro del termino establecido
                       para el ejercicio del derecho de preferencia, consignado
                       en el numeral 2) de esta clausula.

SEPTIMA: COMITE TECNICO. Los Fideicomitentes Fideicomisarios constituyen un
Comite Tecnico (el "Comite Tecnico") que se sujetara a las siguientes reglas:

     a)  Estara integrado en forma permanente por los Fideicomitentes
         Fideicomisarios. Cada miembro del Comite Tecnico, tendra derecho a un
         vota por cada Accion que le corresponda del patrimonio de este
         fideicomiso.

     b)  El Comite Tecnico instruira por escrito a la Fiduciaria para que
         otorgue poder suficiente en favor de las personas que el mismo designe,
         para que concurran a las asambleas de accionistas de VISA,
         representando las ACCIONES. Asimismo, el Comite Tecnico instruira a la
         Fiduciaria a fin de que se ejerza el voto de las ACCIONES en las
         referidas asambleas, en el sentido que el propio Comite Tecnico
         acuerde. En caso de que el Comite Tecnico hubiere sido convocado y no
         hubiere instruido a la Fiduciaria respecto a quienes deberian asistir a
         las asambleas de VISA, o de la forma de votar las ACCIONES, la
         representacion recaera en las personas que designe el presidente del
         Comite Tecnico, votandose las ACCIONES en el sentido que este le
         indique.

     c)  Sera presidente del Comite Tecnico el senor Eugenio Garza Laguera y en
         su ausencia el senor Jose Antonio Fernandez Carbajal, y en ausencia de
         ambos, la persona que designen de entre ellos mismos, los miembros del
         Comite Tecnico; fungira como secretario la persona que designen los
         miembros del Comite Tecnico, el cual podra no ser Fideicomitente
         Fideicomisario.

     d)  El Comite Tecnico sesionara cuando menos dos veces al ano, la primera
         durante el primer trimestre del ano y la segunda en el cuarto trimestre
         del mismo, pudiendo tambien sesionar en cualquier otro tiempo. Las
         sesiones se llevaran a cabo, en todo caso, previa convocatoria que
         envie la Fiduciaria a solicitud del presidente, secretario o de por lo
         menos 3 (tres) de sus miembros, con cuando menos 7 (siete) dias habiles
         de anticipacion a la fecha de sesion. La convocatoria la enviara la
         Fiduciaria a los integrantes del Comite Tecnico, a los domicilios
         senalados por estos. Adicionalmente a cualquier otro tema que se
         requiera tratar en las sesiones del Comite Tecnico, en las sesiones que
         se celebren en el primer y cuarto trimestre de cada ano se revisaran
         los aspectos mas relevantes de la operacion y de las estrategias de
         VISA.

     e)  El Comite Tecnico se instalara en primera convocatoria, con la
         asistencia de miembros del Comite Tecnico que representen la mayoria de
         las ACCIONES y en segunda convocatoria con cualquier numero de ACCIONES
         que esten representadas. Las resoluciones del Comite Tecnico seran
         validas cuando sean tomadas por mayoria de votos de las ACCIONES que
         representen los miembros presentes de dicho Comite Tecnico, en la
         inteligencia de que se requerira el voto favorable de miembros del
         Comite Tecnico que representen cuando menos el 75% de las ACCIONES y
         que esten representadas cuando menos las ACCIONES de tres miembros del
         Comite Tecnico en los siguientes asuntos que se presenten para su
         consideracion: (i) transformacion de VISA distinta a la transformacion
         de sociedad anonima de capital variable a sociedad anonima o viceversa;
         (ii) escision de VISA o fusion de VISA con otra sociedad; (iii) cambio
         de objeto de la sociedad; (iv) cambio de nacionalidad; (v) disolucion y
         liquidacion de la sociedad; (vi) cancelacion de la inscripcion de las
         acciones en las Secciones de Valores o Especial del Registro Nacional
         de Valores e intermediarios y en las bolsas nacionales o extranjeras en
         las cuales se encuentren inscritas, salvo que se trate de las acciones
         serie "D" de VISA, como consecuencia de su conversion en acciones serie
         "L" de VISA conforme a sus estatutos; (vii) cualquier operacion por la
         que VISA pierda el control de cualquiera de las siguientes
         subsidiarias: Femsa Cerveza, S.A. de C.V., Coca-Cola FEMSA, S.A. de
         C.V., Femsa Empaques, S.A. de C.V. o Femsa Comercio, S.A. de C.V., o de
         cualquier sociedad que hubiere sido adquirida conforme al inciso (viii)
         siguiente; y (viii) la adquisicion por cualquier medio, por parte de
         VISA o de cualquiera de sus subsidiarias, de acciones de una sociedad,
         si el precio de dichas acciones excede del 15% de los activos
         consolidados de VISA. En toda sesion, en caso de empate, el Presidente
         tendra voto de calidad.

     f)  De cada junta del Comite Tecnico, se levantara acta que firmaran el
         presidente y el secretario del Comite Tecnico, se asentara, en un libro
         que conservara bajo su responsabilidad la Fiduciaria y de la misma se
         enviara copia a los miembros del Comite Tecnico.

     g)  Las decisiones del Comite Tecnico seran comunicadas por escrito a la
         Fiduciaria, por el secretario del Comite Tecnico, para el debido
         cumplimiento en lo que corresponda.

     h)  Las integrantes del Comite Tecnico no podran ser removidos de sus
         cargos, los cuales seran honorificos y por lo mismo no tendran
         remuneracion alguna por su desempeno y en caso de ausencia o falta
         definitiva, seran sustituidos por las persona que en su oportunidad
         designe por escrito el miembro del Comite Tecnico de que se trate, y a
         falta de su designacion, la persona que deba sustituirlo sera nombrado
         por el propio Comite Tecnico.

OCTAVA: INCORPORACION DE OTROS FIDEICOMITENTES FIDEICOMISARIOS. Cualquier
titular de ACCIONES ordinarias de VISA, podra solicitar al Comite Tecnico
adherirse a este Contrato, debiendo en caso de ser aceptado por dicho Comite,
entregar a la Fiduciaria los titulos de las ACCIONES que aporte a este
fideicomiso, adquiriendo asi el caracter de Fideicomitente Fideicomisario.

Aprobada la incorporacion del tercero, el Comite Tecnico se lo notificara tanto
a el como a la Fiduciaria, para que previamente al deposito de las ACCIONES
fideicomitidas, el tercero y la Fiduciaria celebren un convenio de adhesion a
este fideicomiso, en los terminos del formato que como Anexo "C" se agrega a
este contrato.

NOVENA: SANEAMIENTO PARA EL CASO DE EVICCION. Los Fideicomitentes
Fideicomisarios se obligan al saneamiento para el caso de eviccion en terminos
de ley respecto a los bienes y derechos que integran el patrimonio de este
fideicomiso.

Cuando la Fiduciaria, en cumplimiento de los fines de este fideicomiso trasmita
parte o la totalidad del patrimonio fideicomitido, el o los Fideicomitentes
Fideicomisarios cuyos derechos se hayan trasmitido, responderan al saneamiento
para el caso de eviccion en terminos de ley, facultado en este acto a la
Fiduciaria para obligarla en dichos terminos ante las personas fisicas o morales
a quienes conforme a este contrato se les trasmita parte o la totalidad de su
patrimonio.

DECIMA: FACULTADES DE LA FIDUCIARIA. La Fiduciaria administrara el patrimonio
fideicomitido con las facultades y deberes que establece el articulo 356 de la
Ley General de Titulos y Operaciones de Credito.

DECIMA PRIMERA: DURACION DEL FIDEICOMISO. El presente fideicomiso es
irrevocable, por un termino de 10 (DIEZ) anos, contados a partir de la fecha de
su firma.

DECIMA SEGUNDA: DEFENSA DEL PATRIMONIO FIDEICOMITIDO. La Fiduciaria no sera
responsable de actos, hechos u omisiones de las partes o de terceros que impidan
o dificulten el cumplimiento de los fines de este fideicomiso.

La Fiduciaria no estara obligada a defender el patrimonio de este fideicomiso
por si misma, estando obligada unicamente a otorgar el o los poderes necesarios
en favor de la o las personas que por escrito le indique el Comite Tecnico para
que se avoquen al cuidado, conservacion o defensa del patrimonio fideicomitido.

Cuando la Fiduciaria reciba alguna notificacion de cualquier demanda judicial,
requerimientos de alguna autoridad y en general cualquier aviso relacionado con
el patrimonio del presente fideicomiso, lo notificara por escrito al Comite
Tecnico a mas tardar el dia siguiente habil de aquel en que hubiere recibido la
notificacion correspondiente.

El Comite Tecnico debera instruir por escrito a la Fiduciaria, a mas tardar al
dia habil siguiente de aquel en que hubiere recibido la notificacion
correspondiente, para que esta otorgue los poderes necesarios a la persona o
personas que sean designadas de conformidad a lo establecido en el segundo
parrafo de esta clausula.

La Fiduciaria no sera responsable de las gestiones de los apoderados, ni del
pago de sus honorarios, gastos, costas o de cualesquier expensa que se deriven
de los juicios respectivos, los cuales en todo caso seran con cargo a los
Fideicomitentes Fideicomisarios, quedando establecido que el Comite Tecnico
podra instruir a la Fiduciaria para que las expensas que se originen con motivo
del juicio correspondiente se cubran con cargo al patrimonio del fideicomiso, y
hasta donde este alcance.

En todos los poderes que se otorguen por la Fiduciaria en cumplimiento a lo
establecido en esta clausula, se debera hacer constar el contenido del parrafo
inmediato anterior.

DECIMA TERCERA: IMPUESTOS. El presente fideicomiso no se considera enajenacion
para efectos fiscales, en los terminos del inciso a) de la fraccion V del
articulo 14 del Codigo Fiscal de la Federacion, en virtud de que los
Fideicomitentes Fideicomisarios se reservan el derecho de readquirir el
patrimonio del fideicomiso en los terminos del presente contrato.

Para el caso de que en cumplimiento de los fines de este contrato, se realice la
trasmision total o parcial de las ACCIONES que integran el patrimonio de este
fideicomiso a favor de algun tercero, se estara a lo dispuesto por la
legislacion fiscal aplicable.

Todos los impuestos que se llegaren a originar con motivo del cumplimiento de
los fines de este fideicomiso, seran a cargo de los Fideicomitentes
Fideicomisarios, en la proporcion que les corresponda, quienes se obligan a
cubrirlos en forma directa y sin intervencion de la Fiduciaria.

DECIMA CUARTA: HONORARIOS. Los honorarios de la Fiduciaria se estableceran en
convenio por separado.

DECIMA QUINTA: DOMICILIOS. Para los efectos del presente contrato, las partes
senalan como sus domicilios los siguientes:

FIDEICOMITENTES FIDEICOMISARIOS:       El senalado por cada uno de estos en este
                                       instrumento, o en los convenios de cesion
                                       o de adhesion correspondientes.

FIDUCIARIA:                            Av. San Pedro Sur 218, Col. Del Valle,
                                       San Pedro Garza Garcia, N.L. 66220

DECIMA SEXTA: JURISDICCION. Para todo lo relativo a la interpretacion,
cumplimiento y ejecucion del presente contrato, las partes se someten
expresamente a los tribunales competentes de la ciudad de Monterrey, Nuevo Leon,
renunciando a cualquier otra jurisdiccion, fuero, o competencia que pudiere
corresponderles en razon de sus domicilios presentes o futuros.

Leido que fue por las partes el presente contrato y enteradas de su contenido y
alcance juridico, lo firman en la ciudad de Monterrey, Nuevo Leon, a los 6, seis
dias del mes de Mayo de 1998, mil novecientos noventa y ocho.

                                   FIDUCIARIA
                                 BANCOMER, S.A.
                          Institucion de Banca Multiple
                                Grupo Financiero
                                representada por:



                      ------------------------------------
                      Lic. Hector Armando Garza Espronceda
                               Delegado Fiduciario




FIDEICOMITENTE-FIDEICOMISARIO         DOMICILIO
- -----------------------------         ---------

EUGENIO GARZA LAGUERA                 Camino a la Sierrita No. 105, La Sierrita,
                                      Garza Garcia, N.L.

EVA GONDA DE GARZA                    Camino a la Sierrita No. 105, La Sierrita,
                                      Garza Garcia, N.L.

JOSE ANTONIO FERNANDEZ CARBAJAL       Pedregal del Valle 1002, La Sierrita,
                                      Garza Garcia, N.L.

EVA GARZA DE FERNANDEZ                Pedregal del Valle 1002, La Sierrita,
                                      Garza Garcia, N.L.

JUAN CARLOS BRANIFF HIERRO            Pedregal del Valle 1002, La Sierrita,
                                      Garza Garcia, N.L.

BARBARA GARZA DE BRANIFF              Pedregal del Valle 1002, La Sierrita,
                                      Garza Garcia, N.L.

MARIANA GARZA DE TREVINO BRYAN        Camino a la Sierrita No. 105, La Sierrita,
                                      Garza Garcia, N.L.

PAULINA GARZA GONDA                   Camino a la Sierrita No. 105, La Sierrita,
                                      Garza Garcia, N.L.

CONSUELO GARZA LAGUERA DE GARZA       Privada Tamazunchale No. 220,
                                      Col. Del Valle, Garza Garcia, N.L.

ALFONSO GARZA GARZA                   Rio Vistula No. 212, Col. del Valle
                                      Garza Garcia, N.L.

PATRICIO GARZA GARZA                  Rio Vistula No. 212, Col. del Valle
                                      Garza Garcia, N.L.

JUAN CARLOS GARZA GARZA               Zaragoza No. 485,
                                      San Pedro Garza Garcia, N.L.

EDUARDO GARZA GARZA                   Privada Tamazunchale No. 220,
                                      Col. del Valle, Garza Garcia, N.L.

EUGENIO GARZA GARZA                   Rio Vistula No. 212 "A", Col. del Valle
                                      Garza Garcia, N.L.

ALBERTO BAILLERES                     Montanas Rocallosas No. 815,
                                      Delegacion Miguel Hidalgo, Mexico, D.F.

MARIA TERESA G. DE BAILLERES          Montanas Rocallosas No. 815,
                                      Delegacion Miguel Hidalgo, Mexico, D.F.


CORBAL S.A. DE C.V.                   Paseo de la Reforma No. 144, 5to piso
                                      Col. Juarez, Mexico D.F. 06600

BANCOMER S.A. FIDEICOMISO F/29490-0   Ave. San Pedro 218 Sur, Col de Valle
                                      San Pedro Garza Garcia N.L., 66220

MAX MICHEL                            Cordoba No. 16, Col. Roma,
                                      Mexico, D.F. 06700

RENEE M. DE GUICHARD                  Montanas Rocallosas No. 105 Pte.
                                      Col. Lomas de Chapultepec, Mexico, DF

MIGUEL GUICHARD MICHEL                Montanas Rocallosas No. 105 Pte.
                                      Col. Lomas de Chapultepec, Mexico, DF

GRACIANO GUICHARD MICHEL              Montanas Rocallosas No. 105 Pte.
                                      Col. Lomas de Chapultepac, Mexico, DF

JUAN GUICHARD MICHEL                  Montanas Rocallosas No. 105 Pte.
                                      Col. Lomas de Chapultepec, Mexico, DF

MAGDALENA GUICHARD MICHEL             Montanas Rocallosas No. 105 Pte.
                                      Col. Lomas de Chapultepec, Mexico, DF

RENE GUICHARD MICHEL                  Montanas Rocallosas No. 105 Pte.
                                      Col. Lomas de Chapultepec, Mexico, DF

BANCOMER S.A. FIDEICOMISO F/29013-0   Ave. San Pedro 218 Sur, Col del Valle
                                      San Pedro Garza Garcia N.L., 66220

INVERSIONES FRANCA, S.A. DE C.V.      Padre Mier Ote. 336 Altos,
                                      Monterrey, N.L.

MAGDALENA M. DE DAVID                 Montanas Rocallosas No. 615 Pte.
                                      Col. Lomas de Chapultepec, Mexico, DF

MONICA D. DE VAN LATHERM              Montanas Rocallosas No. 615 Pte.
                                      Col. Lomas de Chapultepec, Mexico, DF

JUAN DAVID                            Montanas Rocallosas No. 615 Pte.
                                      Col. Lomas de Chapultepec, Mexico, DF

MAX DAVID                             Montanas Rocallosas No. 615 Pte.
                                      Col. Lomas de Chapultepec, Mexico, DF

ALEPAGE, S.A.                         Jesus Ma. Gonzalez No. 202,
                                      Col. San Jeronimo, Monterrey, N.L.

INVERSIONES BURSATILES                Ave. San Jeronimo No. 800 Pte.
INDUSTRIALES S.A. DE C.V.             Monterrey, N.L.


                                                                       ANEXO "B"


CONVENIO QUE CELEBRAN POR UNA PARTE _______________________, Y POR LA OTRA
BONCOMER, S.A. DIVISION FIDUCIARIA, EN ADELANTE LA "FIDUCIARIA", REPRESENTADA
POR EL SENOR ___________________, EL CUAL SUJETAN AL TENOR DE LAS SIGUIENTES.

                                  DECLARACIONES

I.-      Declara el senor __________________________________________:

a) Que simultaneamente con la celebracion del presente convenio esta adquiriendo
de ____________________, ____________ ACCIONES serie ____________________ de
VALORES INDUSTRIALES, S.A. ("VISA") que se encuentran fideicomitidas en el
Fideicomiso __________, y que reconoce que es una condicion para la efectividad
de dichas adquisicion la celebracion del presente convenio.

b) Que esta enterado de los terminos del Fideicomiso ________________, y que es
su deseo participar en el mismo con caracter de Fideicomitente Fideicomisario.

II.- Declara la Fiduciaria que comparece a la celebracion del presente Convenio
en los terminos del contrato de fideicomiso referido anteriormente.

                                    CLAUSULAS

PRIMERA: El senor ___________________________________ en este acto asume el
caracter de Fideicomitente Fideicomisario en el contrato de Fideicomiso referido
en las declaraciones de este instrumento y, por lo tanto, asume los derechos y
obligaciones derivados del mismo, con relacion a las ___________ ACCIONES serie
___________ de VISA a que se hace referencia en la declaracion I a) anterior.

SEGUNDA: El senor ______________________________ senala como su domicilio para
todos los efectos legales a que haya lugar
__________________________________________ y se obliga a notificar a la
Fiduciaria cualquier cambio de domicilio dentro de los ____ dias siguientes a
que ocurra.

PARA CONSTANCIA Y EFECTOS LEGALES, las partes en union de los testigos que mas
adelante se mencionan, suscriben el presente convenio en la ciudad de Monterrey,
N.L. a los _________ de 199__.

                                           LA FIDUCIARIA
                                           BANCOMER, S.A.

________________________________________   _____________________________________
SR.


                                                                       ANEXO "C"

CONVENIO QUE CELEBRAN POR UNA PARTE _____________________________, Y POR LA OTRA
BONCOMER, S.A. DIVISION FIDUCIARIA, EN ADELANTE LA "FIDUCIARIA", REPRESENTADA
POR EL SENOR _________________________, EL CUAL SUJETAN AL TENOR DE LAS
SIGUIENTES.

                                  DECLARACIONES

I.   Declara el senor _____________________________:

a)   Que es propietario de _________ ACCIONES serie ________, ordinarias,
     nominativas, liberadas, sin expresion de valor nominal de VALORES
     INDUSTRIALES, S.A. ("VISA").

b)   Que esta enterado de los terminos del Contrato de Fideicomiso _________, y
     que es su deseo participar en el mismo con caracter de Fideicomitente
     Fideicomisario, y que reconoce que es una condicion para la adherirse a
     dicho Fideicomiso la celebracion del presente convenio.

II.  Declara la Fiduciaria que comparece a la celebracion del presente Convenio,
     de acuerdo con instrucciones del Comite Tecnico del Fideicomiso, en los
     terminos del mismo Fideicomiso.

                                    CLAUSULAS

PRIMERA: El senor ______________________________ en este acto afecta las
__________ ACCIONES ordinarias de VISA para los fines del Fideicomiso
___________, adquiriendo desde este momento el caracter de Fideicomitente
Fideicomisario en el contrato de Fideicomiso referido y, por lo tanto, asume los
derechos y obligaciones derivados del mismo, con relacion a las senaladas
ACCIONES.

SEGUNDA: La Fiduciaria recibe a su entera satisfaccion las __________ ACCIONES
de VISA que se estan afectando al Fideicomiso _________, recibiendo en
consecuencia la titularidad Fiduciaria de las mismas para los fines establecidos
en el Fideicomiso ya citado.

TERCERA: El senor ______________________ senala como su domicilio para todos los
efectos legales a que haya lugar ______________________ y se obliga a notificar
a la Fiduciaria cualquier cambio de domicilio dentro de los ___ dias siguientes
a que ocurra.

PARA CONSTANCIA Y EFECTOS LEGALES, las partes en union de los testigos que mas
adelante se mencionan, suscriben el presente convenio en la ciudad de Monterrey,
N.L. a los ______________________ de 199__.

                                           LA FIDUCIARIA
                                           BANCOMER, S.A.

________________________________________   _____________________________________
SR.


                                    Exhibit 3


                                                          UNOFFICIAL TRANSLATION


IRREVOCABLE TRUST AGREEMENT ENTERED BY AND BETWEEN, THE PERSONS WHOSE NAMES
APPEAR AT THE END OF THE PRESENT AGREEMENT, AS FOUNDERS OF THE TRUST, SIGNED ON
EXHIBITS "A" AND BANCOMER, S.A. INSTITUCION DE BANCA MULTIPLE, FINANCIAL GROUP,
TRUSTEE DIRECTION, HEREINAFTER THE TRUSTEE, HEREBY REPRESENTED BY MR. HECTOR
ARMANDO GARZA ESPRONCEDA, IN WHICH THE PARTIES SET FORTH THE FOLLOWING:

                                    RECITALS

I.       The Founders of the Trust hereby state the following:

         a. They are holders of groups of shares, series "O", "P" "Q", common
            stock, nominative, fully paid, with no face value, that represent
            capital stock of VALORES INDUSTRIALES, S.A. ("VISA") and that such
            group corresponds individually, to each one of them, with the amount
            of shares mentioned in each of the Exhibits "A" of the present
            Agreement, which duly signed by the Trustee and each of the Founders
            of the Trust, integrate the present Agreement. That the
            abovementioned shares are free of any encumbrance or liability of
            any kind, which they manifest under penalty of perjury.

         b. VISA is a corporation organized under the laws of the United Mexican
            States.

         c. That on March 18, 1998, VISA shareholders held a regular and special
            meeting, in which it was agreed, among other issues and subject to
            the fulfillment of certain conditions, to restructure such
            corporation's capital stock in certain series of shares, and
            exchange the current outstanding shares series "O", "P" and "Q" for
            series "B" shares and "D" in form of joint units, integrating 5
            series "B" shares in "B Units" (the "B Units") and 1 "B" series and
            4 "D" series in Joint BD Units (the "Joint BD Units").

         d. That it is their desire to execute the present Trust for the
            purposes set forth hereunder.

II.      Mr. Hector Armando Garza Espronceda, in his capacity of Fiduciary
         Delegate, representing Bancomer, S.A., Institucion de Banca Multiple,
         Financial Group, hereby represents the following:

         a. It is a banking institution, organized under the laws of the United
            Mexican States, registered in the Mexican Tax Registry under number
            BAN-830831-H69, proving the legal existence of such, as well as the
            character by which he appears on this instrument, with the following
            documents:

               i.   Notarized Document No. 17,834, dated March 22, 1993, granted
                    before Mr. Rogelio Magana Luna, Notary Public No. 156, in
                    Mexico City, registered in Mexico City's Commercial
                    Registry, on April 28, 1993, under folio 64010, which states
                    the appointment of Board Members for Bancomer, S.A.,
                    Institucion de Banca Multiple, Financial Group, who grant
                    appointment of Fiducary Delegate to Mr. Hector Armando Garza
                    Espronceda.

               ii.  Notarized Document No. 28,035, dated March 24, 1997, granted
                    before Mr. Rogelio Magana Luna, Notary Public No. 156, in
                    Mexico City, registered in Mexico City's Commercial
                    Registry, on April 17, 1997, under folio 64010, which states
                    the verification of Bancomer, S.A., Institucion de Banca
                    Multiple, Financial Group's by-laws.

               iii. Notarized Document No. 19,405, dated November 16, 1993,
                    granted before Mr. Rogelio Magana Luna, Notary Public No.
                    156, in Mexico City, registered in Mexico City's Commercial
                    Registry, on November 23, 1993, under folio 64010, which
                    states the appointment of Mr. Hector Armando Garza
                    Espronceda, as Fiduciary Delegate for Bancomer, S.A.,
                    Institucion de Banca Multiple, Financial Group.

         b. That has unequivocally notified Founders of the Trust of the legal
            extent and consequences set forth by the first three paragraphs,
            section b), paragraph XIX, of Article 106 of the Mexican Credit
            Institutions Law, which states:

            "Article 106.- Credit institutions will be prohibited to:

            Paragraph XIX.- In the fulfillment of the operations referred on
            Article 46, paragraph XV, in this Law:

            ... b) Respond to trust founders, mandator, or constituent, for
            debtor's breach of credits granted or to the issuers for securities
            acquired, except on its fault, as set forth at the end of article
            356, of General Law of Securities and Credit Operations (Ley General
            de Titulos y Operaciones de Credito), or guarantee revenues for the
            funds of the investments commended.

            If at the termination of the trust, representation or mandate
            constituted for the grant of credits, debtors have paid these, the
            Institution shall transfer them to the founders of the trust or
            beneficieries, whichever the case , or to the mandator or founder,
            abstaining from covering the total amount.

            Any agreement contrary to what is established in the aforementioned
            paragraphs, shall be void."

         c. That is aware of Founders of the Trust' desire and will to execute
            the present legal act, and agrees to hold the charge of Trustee for
            the present trust agreement.

According to the preceding recitals, the parties grant the following:

                                    ARTICLES

FIRST: CONSTITUTION: The Founders of the Trust, for the purposes which will be
determined hereinafter, hereby constitute an irrevocable trust in which
Bancomer, S.A., Institucion de Banca Multiple, Financial Group holds the charge
of Trustee, to whom VISA's stock is transferred by this Act, identified on
Exhibits "A" which integrates the initial capital of this trust, which may be
increased with other goods or rights, according to the terms set forth herein.

The Founders of the Trust transfer ownership and possession of the
aforementioned shares to the Trustee, with everything that corresponds to them
by fact and law, including consequent property and corporate rights, in the
terms agreed upon the present trust.

SECOND: TRUST ASSETS.  The assets of this trust shall be integrated by the
following assets:

         a) Initially with VISA shares, series "O", "P" and "Q" described in
            recital I, section a), identified on the Exhibits "A" of the present
            Agreement, with all property and corporate rights.

            Hereinafter, and for the effects of the present agreement, the
            identified shares, as well as any other that may be part of this
            trust's assets, shall be known as the "SHARES".

         b) With series "B" shares, integrated in "B Units" issued by VISA in
            exchange for the trusted SHARES, as well as those issued free of
            charge for any operation or that are issued in right of first
            refusal for capital stock increase and that correspond to the
            referred SHARES, in any event with all property and corporate
            rights.

         c) With Series "B" shares integrated in "B Units" that form part of the
            trusted capital by the incorporation of other Founders of the Trust,
            according to article eight of the present trust.

THIRD: APPOINTMENT OF TRUSTEE INSTITUTION. The Founders of the Trust appoint as
Trustee, Bancomer, S.A., Institucion de Banca Multiple, Financial Group,
Direccion Fiduciaria, to lead the fulfillment of the present trust's purposes,
represented in this act by Mr. Hector Armando Garza Espronceda, who on behalf of
such corporation accepts the charge conferred herein, receiving to his complete
satisfaction, duly endorsed titles that support the SHARES that in this act
constitute the present trust's initial capital and consequently legal Trustee
entitlement, and obligated to give necessary notices to make required
annotations in the shareholder's records that for such effects are kept by the
issuing corporation.

FOURTH: PURPOSE. The present trust's purposes are the following:

         a) That the Trustee receives and holds for its management, Trustee
            ownership of the SHARES and other goods and rights that constitute
            the trust's capital.

         b) That the Trustee receives from VISA, in exchange for the series "O",
            "P" and "Q" shares, the shares that correspond to the "B" and "D"
            series, integrated in the "B" Units and in "BD" Units which will be
            issued by VISA in fulfillment of the agreements on the meeting
            abovementioned in section c), recital I of the present agreement.

         c) Once the exchange of the SHARES described in the abovementioned
            paragraph has been completed, that the Trustee holds for it's
            administration, as capital for the present trust, Trustee ownership
            of "B" Units, in the proportion that corresponds to the percentages
            specified for each of the Founders of the Trust in Exhibits "A" of
            the present agreement; and that the rest of "B" Units, if any, as
            well as the total "BD" Joint Units received by such exchange, are
            reverted and turned into each of the Founders of the Trust, in the
            proportion corresponding to each of them.

         d) That the Trustee, directly or by appointed representatives,
            following at all times detailed instructions by the Technical
            Committee, in terms of article seven from the present agreement,
            exercises the representation rights of trusted SHARES in the
            meetings held by VISA, as well as the right to vote in the sense
            chosen by the Technical Committee or its president, according to
            article seven, section b) and in general to all corporate rights.

         e) That the Trustee, by detailed instructions of each Founders of the
            Trust, carries out property rights inherent to the SHARES, such as
            subscription and payment of shares for capital increase ordered by
            VISA, by previous timely provision of funds on behalf of each one of
            the Founders of the Trust, receives reimbursements for decrease in
            capital of such issuing corporation, dividends and in general,
            exercise all property rights.

         f) That the Trustee oversees the fulfillment of the procedure for
            exercising the rights set forth in articles five and six of the
            present agreement.

         g) That the Trustee makes available for Founders of the Trust, in
            corresponding proportions for each one of them, the reimbursements
            of capital or dividend payment, in cash or different kind than the
            shares that constitute the trust's capital, performed by VISA, as
            well as in the corresponding consideration for assignment of
            Founders of the Trust rights or for share transfers according to the
            present agreement.

         h) That at the term of the present trust, the Trustee reverts the
            SHARES and rights which constitute the trust's capital to the
            Founders of the Trust, or their assignees or successors, in the
            proportion that corresponds to each of them.

         i) In general that the Trustee carries out all legal acts which may be
            necessary or convenient for the fulfillment of the trust's
            objectives, according to the instructions given by the Technical
            Committee or its president, in the events for which it is hereby
            authorized by the present agreement.

         j) That if by June 31, 1998, the exchange of the trusted series "O",
            "P" and "Q" shares has not been completed, in the terms agreed upon
            on VISA's regular shareholders meeting, which took place on March
            18, 1998, referred to on section c), Recital I of the present
            agreement, the total of the trusted SHARES, in the corresponding
            proportion to each of the Trustor Trustees shall be reverted by the
            Trustee, terminating the present trust.

FIFTH: ASSIGNMENT OF RIGHTS AND SHARE TRANSFER BY THE FOUNDERS OF THE TRUST. The
Founders of the Trust assignment of rights and share transfer pertaining to the
present trust shall follow the following rules:

1.       Founders of the Trust, may, at any time, assign rights (with or without
         consideration), or instruct the Trustee to alienate or in any way
         transfer the SHARES corresponding to the present trust, in the event of
         the following:

         a. Pertaining to a person Trustor Trustee, if the assignees were: (i)
            spouse; (ii) persons who have blood relation up to fourth degree
            with the assignor; (iii) an artificial person or a Trustee from a
            different trust, whose shares or Trustee rights and corporate
            control decisions or of the trust are owned in 100% and
            corresponding to the Assignor Trustee, their spouse or to the
            persons who are related to the assignor in the relationship stated
            herein.

         b. Pertaining to artificial persons or a Trustee from a different trust
            who are Trustor Trustees, if the assignees or acquirers, according
            to the corresponding register are: (i) their actual shareholders or
            trustees, their spouses or the persons who have blood relation up to
            the fourth degree with such shareholders or trustees; (ii) another
            artificial person or trust, whose shares and Trustee rights and
            decision control are directly or indirectly are 100% owned and
            correspond to the persons mentioned in the abovementioned
            sub-section (i).

2.       The Founders of the Trust, legal entities, or fiduciaries from
         different trusts ("M Fiduciaries") shall be obliged to, that if their
         shareholders or fiduciaries (the Owners) desire to transfer their
         corresponding shares or Trustee rights in the capital stock or in such
         M Trustee's capital, the atransfer shall be in favor of the such
         Owner's spouses or the persons with whom they have blood relation up to
         the fourth degree.

         On the contrary, previous to the referred transfer on behalf of the
         Owners, M Fiduciaries are obliged to assign the present trust's Trustee
         rights or instruct the Trustee for the transfer of the Trusted shares
         in terms of the aforementioned section b) number 1.

         If the SHARE transfer is not fulfilled in such terms, they shall then
         be offered in the terms set forth on article six in the present trust,
         with the exception that if none of the Founders of the Trust or third
         party appointed by the Technical Committee desires to acquire the
         SHARES or rights offered, then the Owners may transfer the shares or
         Trustee rights, representing capital stock or from M Trustee's capital
         to any person. At the completion of such transfer, the SHARES
         corresponding to such M Trustees will cease to be part of the present
         trust.

3.       In all the foreseen events, assignors or transferors or assignees or
         acquirers are obliged to notify immediately and in writing, the
         Trustee, of such assignment or alienation.

         The Founders of the Trust agree to provide the Trustee and Technical
         Committee with the required and necessary documentation to verify the
         appropriate fulfillment of the provisions set forth herein.

4.       If the assignee(s) or acquirers of the corresponding rights or SHARES
         did not participate in the constitution of the present trust, they
         shall assume all rights and obligations that correspond to the present
         trust's assignor and transferor, by virtue of this agreement, by means
         of executing an agreement in terms of the format added to the present
         agreement as Exhibit "B", and shall acquire the character of Founders
         of the Trust with such execution and shall have the right to the
         corresponding votes in the Technical Committee, according to article
         seven.

5.       If the assignees or acquirers have the character of Founders of the
         Trust, their participation in this trust shall be increased and shall
         individually maintain such character, in the terms set forth in this
         trust, and consequently have, in the Technical Committee to which they
         belong, the right to the corresponding votes, according to article
         seven.

SIXTH: RIGHT OF FIRST REFUSAL. With the exception of the terms described in the
preceding article five, the Founders of the Trust hereby grant each other right
of first refusal to acquire the SHARES or rights of Founders of the Trust
derived from this trust or that they might, totally or partially transfer.

The exercise of this right shall be subject to the following:

         1)       The Founder of the Trust that desires to assign, wholly or
                  partially, its rights, or to transfer the trusted SHARES
                  ("Assignor Beneficiary") shall notifiy in writing to the
                  Trustee its purpose in a feasible manner.

         2)       At the reception of the notice, the Trustee, during the
                  following 3 days, shall give notice to the other Founders of
                  the Trust, in the domiciles appointed by them to the Trustee,
                  stating also the percentage that he offered SHARES represent
                  in this trust, in order that the people who desire, make
                  effective their right to acquire the corresponding SHARES,
                  through Stock Exchange, in a term that shall not exceed 30
                  (thirty) business days, from the conclusion of the term of 3
                  (three) days previously mentioned.

         3)       The price for the assignment of rights of Founder of the Trust
                  or transfer of SHARES, shall be the one fixed by the Assignor
                  Beneficiary or in the absence of such, the one resulting
                  higher to the following, considering the Stock Exchange values
                  of the shares issued by VISA, of the same series and class
                  than the ones affected to this trust:

                  a) The value that results from the quoted price weighed
                  average in Stock Exchange of such shares that is registered
                  during the 10 (days) business days that are included between
                  the 18th through 28th business day of the term for the
                  exercise of the right of first refusal to acquire mentioned in
                  the previous paragraph; or

                  b) The quoted price weighed average in Stock Exchange of the
                  referred shares of VISA, that is registered in the last
                  business day to maturity of the term to exercise the right of
                  first refusal to acquire.

         4)       The Founders of the Trust that desire to make effective their
                  right in terms and conditions of this Article shall notify in
                  writing to the Trustee during the term mentioned in subsection
                  2 above, delivering to the Trustee in the day following the
                  conclusion of the term, the price in cash that results in
                  accordance with in the preceding subparagraph and authorize it
                  to refund the shares subject to this assignment to the assets
                  of this trust, with all its corporate and property rights.
                  Perfected the respective sale or assignment, the Trustee shall
                  make available to the Assignor Beneficiary the proceeds of the
                  same, with the corresponding tax deductions if applicable.

         5)       In the event that several Founders of the Trust exercise their
                  right of first refusal, these shall acquire the rights of the
                  Assignor Beneficiary, in proportion to the rights that at the
                  time of the assignment represent upon the remaining acquirers,
                  increasing in consequence its participation in this trust.

         6)       In the event that, concluded the term aforementioned in
                  paragraph 2), the Founders of the Trust do not exercise their
                  right of first refusal to acquire the SHARES or the rights
                  that the Assignor Beneficiary may wish to assign, the
                  following shall proceed:

                  a)   The Technical Committee, with the vote in favor of the
                       members that represent at least 75% of the trusted
                       SHARES, (without including the SHARES that correspond to
                       the rights that wish to be transmitted) may, in a term of
                       60 (sixty) calendar days, from the expiration of said
                       term abovementioned in paragraph 2), appoint another
                       buyer for such rights or SHARES, so that in such term
                       acquires such rights or SHARES, in the same terms and
                       conditions offered to the Founders of the Trust. Said
                       buyer, shall assume the rights and obligations that
                       correspond in this trust to the Assignor Beneficiary, by
                       the simultaneous subscription of an agreement in the
                       terms and conditions of Exhibit "B" hereof.

                  b)   In the event that the Technical Committee does not
                       propose a buyer in said term, or the proposed buyer does
                       not acquire the SHARES or rights of the Assignor
                       Beneficiary in the term established to that effect, the
                       Assignor Beneficiary, may instruct to the Trustee in
                       order to transfer the corresponding trusted SHARES, to a
                       proposed buyer from the Assignor Beneficiary, or through
                       the Stock Exchange, in a term that should not exceed 60,
                       (sixty) calendar days. The transfer or assignment shall
                       be made in cash and at least at the same fixed price for
                       the assignment of rights, mentioned in paragraph 3) of
                       this Article, being not anymore part of the assets of the
                       trust, the shares subject to such transfer.

                  c)   If the SHARES are not transferred in the term above
                       mentioned, and if the Assignor Beneficiary still desires
                       to make the transaction, the process to exercise the
                       right of first refusal shall be initiated again, in the
                       terms and conditions provided in this Article.

         7)       In the event of assignment of rights or transfer of SHARES in
                  favor of a Trustor Beneficiary, in exercise of the right of
                  first refusal established in this Article, should the price be
                  fixed in the terms and conditions of sub-paragraphs a) and b)
                  of paragraph 3) of this Article and if the Acquirer
                  Beneficiary desires such transaction or assignment, may
                  proceed with the transaction or assignment outside the Stock
                  Exchange, notifying the Trustee in such terms and paying the
                  price that, deducting the corresponding fees and taxes, the
                  transferor receives a net value equal to the value that it
                  would be received if such operation was made through the Stock
                  Exchange, being subject to the procedure in the sub-paragraphs
                  abovementioned. In all other events, to make a transfer or an
                  assignment outside the Stock Exchange, the Assignor
                  Beneficiary and the Acquirer Beneficiary shall previously
                  agree to such procedure.

         8)       The Founders of the Trust agree that, if the rights that are
                  to be transferred or the corresponding SHARES represent the
                  majority of the trusted shares and none of the Founders of the
                  Trust desire to acquired them, the assignment of such rights
                  or the sell of the SHARES to third parties shall be subject
                  that mutually with the SHARES offered that are transferred, on
                  the same terms and conditions, the SHARES of the other
                  Founders of the Trust that desire to acquire them, which they
                  shall notify to the Trustee during the term established for
                  the exercise of the right of first refusal, abovementioned in
                  paragraph 2) of this Article.

SEVENTH:  TECHNICAL COMMITTEE.  The Founders of the Trust create a Technical
Committee (the "Technical  Committee") that shall be subject to the following
rules:

a)       It will be integrated permanently by the Founders of the Trust. Each
         member of the Technical Committee , shall have right to one vote per
         Share corresponding to the assets of this trust.

b)       The Technical Committee shall instruct in writing to the Trustee in
         order to confer power of attorney in favor of the persons that the
         Technical Committee appoints, for them to attend to the shareholders'
         meetings of VISA, representing the SHARES. Furthermore, the Technical
         Committee shall instruct to the Trustee in order to exercise the vote
         of the SHARES in such shareholders' meetings, in the direction that the
         Technical Committee agrees. In the event that the Technical Committee
         would have been summoned and would have not instructed to the Trustee
         with respect to whom should be attending the shareholders' meetings of
         VISA, or in which direction to vote the SHARES, the responsibility of
         representation shall fall on the persons appointed by the president of
         the Technical Committee, voting the SHARES in the direction that said
         president instructs.

c)       The president of the Technical Committee shall be Mr. Eugenio Garza
         Laguera and in his absence Mr. Jose Antonio Fernandez Carbajal, and in
         absence of both, the person appointed between them, the members of the
         Technical Committee; shall act as secretary the person appointed by the
         members of the Technical Committee, which may not be a Founder of the
         Trust.

d)       The Technical Committee shall meet at least twice a year, the first
         time during the first quarter of the year and the second on the fourth
         quarter of the same year, with the option to meet during any other
         time. The meetings shall be held, in any event, prior notice sent by
         the Trustee at the president's request, secretary or at least by 3
         (three) of its members, with at least 7 (seven) business days prior to
         the date of the meeting. The notice shall be sent by the Trustee to the
         members of the Technical Committee, to the domiciles appointed by them.
         Furthermore, any other matter that requires to be discussed in the
         Technical Committee meeting, in the meetings that are held the first
         and fourth quarter of each year shall be reviewed the most relevant
         operation and strategy issues of VISA.

e)       The Technical Committee shall be established in the first call, with
         the attendance of the members of the Technical Committee that represent
         the majority of the SHARES and in second call with any number of SHARES
         that are represented. The Technical Committee's resolutions shall be
         valid when they are voted by the majority of the SHARES that represent
         the members attending to such Technical Committee, provided that it
         will be required the vote in favor from the members of the Technical
         Committee that represent at least 75% of the SHARES and that are
         represented by at least the SHARES of three members of the Technical
         Committee in the following issues that are presented for their
         consideration: (i) change of VISA different to the change from sociedad
         anonima de capital variable to sociedad anonima or vice versa; (ii)
         spin-off of VISA or merger of VISA with other company; (iii) change in
         corporate purpose of the company; (iv) change in nationality; (v)
         dissolution and liquidation of the company; (vi) cancellation of the
         registration of the shares on the Securities and Especial Section of
         the National Registry of Securities and Intermediaries and on the
         national or foreign stock exchanges in which they are registered,
         except in the event of a cancellation of the "D" Shares of VISA, as a
         consequence of its conversion into "L" Shares of VISA in accordance
         with its by-laws; (vii) any operation by which VISA looses the control
         of any of the following subsidiaries: Femsa Cerveza, S.A. de C.V.,
         Coca-Cola Femsa, S.A. de C.V., Femsa Empaques, S.A. de C.V. or Femsa
         Comercio, S.A. de C.V., or any other company that may have been
         acquired in accordance with sub-section (viii) hereafter; and (viii)
         the acquisition by any mean, by VISA or any of its subsidiaries, of
         shares of a company, if the price of such shares exceeds 15% of the
         consolidated assets of VISA. In any meeting, in the event of a tie, the
         President shall have casting vote.

f)       Of each meeting of the Technical Committee, a minute shall be drawn up
         and signed by the president and the secretary of the Technical
         Committee, and shall establish in a book that shall be held under
         Trustee's responsibility and a copy of such minute shall be sent to the
         members of the Committee.

g)       The decisions made by the Technical Committee shall be notified in
         writing to the Trustee, by the secretary of the Technical Committee,
         for the duly compliance of the corresponding.

h)       The members of the Technical Committee may no be removed of their
         responsibilities, which shall be honorary and as consequence will not
         have the right to a any compensation for their performance an in the
         event of absence or definitive absence, shall be replaced by the person
         who the member in question of the Technical Committee, and in the
         absence of such appointment, the person who will replace the member,
         shall be appointed by the Technical Committee.

EIGHTH: INCORPORATION OF OTHER FOUNDERS OF THE TRUST. Any owner of common SHARES
of VISA, may request to the Technical Committee to be a part and join this
Agreement, and in the event of being accepted by such Committee, such owner
shall deliver to the Trustee the SHARES that are contributed to this trust,
acquiring the character of Trustor Trustee.

Once approved the incorporation of the third party, the Technical Committee
shall notify him and the Trustee, to prior to the deposit of the SHARES, the
third party and the Trustee execute an adhesion agreement to this trust, in the
terms and conditions in the form attached hereto as Exhibit "C".

NINTH: INDEMNIFICATION IN THE EVENT OF DISPOSSESSION. The Founders of the Trust
are obliged to indemnify and hold Trustte harmless in the event of dispossession
in the terms and conditions according to law with respect to the assets and
rights that form part of the assets of this trust.

When the Trustee, in compliance with the purposes of this trust transfers in
whole or in part the trusted assets, he or the Founders of the Trust which right
have been transferred, shall indemnify in the event of dispossession in the
terms and conditions according to law, empowered by this act to the Trustee to
be obliged in such terms and conditions before the person or entity to whom in
accordance to this agreement shall be transferred in the total or part of their
assets.

TENTH: AUTHORITY OF THE TRUSTEE. The Trustee shall manage the trusted assets
with the authority and duties established in article 356 of the General Law of
Securities and Credit Operations.

ELEVENTH: TERM OF THE TRUST. This trust is irrevocable, for a term of 10
(years), from the date of its execution.

TWELFTH: DEFENSE OF THE TRUSTED ASSETS. The Trustee shall not be responsible for
acts, facts or omissions of the parties or third parties that impede or
complicate the performance of the purposes of this trust.

The Trustee shall be obliged to defend the assets of this trust by itself, being
obliged only to grant the necessary power or powers in favor of the person or
persons that the Technical Committee appoints in writing for them to procure the
caution, conservation or defense of the trusted assets.

When the Trustee receives any notice of any lawsuit, injunction and any notice
related to the assets of this trust, shall notify in writing to the Technical
Committee not later than the following business day of which the corresponding
notice was received.

The Technical Committee shall instruct in writing to the Trustee, not later than
the following date of which the corresponding was received, in order for the
latter to grant the necessary powers to the person or persons that are appointed
in accordance with the second paragraph of this Article.

The Trustee shall not be responsible for the performance of the representatives
, nor for the payment of their fees, costs, expenses or any other cost derived
from the respective judgments, which in all events shall be charged to the
Founders of the Trust, establishing that the Technical Committee may instruct to
the Trustee in order for the expenses originated from the corresponding judgment
be charge against the assets of the trust, to the extent possible.

In all powers granted by the Trustee in accordance to this Article, shall
include the content of the abovementioned paragraph.

THIRTEENTH: TAXES. This trust in not to be considered a transfer for purposes of
fiscal issues, in the terms and conditions of sub-paragraph a) of paragraph Y of
article 14 of the Tax Code of the Mexican Federation, by virtue that the
Founders of the Trust reserve the right to acquire again the assets of the trust
in terms and conditions of this agreement.

In order, in the event that in compliance of the purposes of this agreement, be
made the total or partial transfer of the SHARES that are part of the assets of
this trust in favor of certain third party, shall be to the established by the
applicable tax law.

All the taxes that may derive in occasion of the performance of the purposes of
this trust, shall be charged to the Founders of the Trust, in the corresponding
percentage, who assume the obligation to pay them directly and without the
intervention of the Trustee.

FOURTEENTH: FEES. The fees of the Trustee shall be established in a separate
agreement.

FIFTEENTH: DOMICILES. For purposes of this agreement, the parties appoint as
their domiciles the following:

TRUSTEES TRUSTORS:       The one appointed by each one of these in this
                         instrument, or in the corresponding assignment or
                         adhesion agreements.

TRUSTEE:                 Av. San Pedro Sur 218, Col. Del Valle, San Pedro Garza
                         Garcia, N.L. 66220

SIXTEENTH: JURISDICTION. To all the maters relative to the construction,
performance and execution of this agreement, the parties expressly submit to the
courts sitting in Monterrey, Nuevo Leon, waiving to any other jurisdiction or
venue that may correspond them by reason of their future or present domiciles.

IN WITNESS WHEREOF, the parties hereto have executed this agreement as of May,
6, 1998 in the city of Monterrey, Nuevo Leon, Mexico.


                                     TRUSTEE
                                 BANCOMER, S.A.
                             Financial Institutuion
                                 Represented by:


                                    (Signed)
                         -------------------------------
                         Hector Armando Garza Espronceda
                                Trustee Delegate



      TRUSTORS-TRUSTEES                            ADDRESS
      -----------------                            -------

EUGENIO GARZA LAGUERA                 Camino a la Sierrita No. 105, La Sierrita,
                                      Garza Garcia, N.L.

EVA GONDA DE GARZA                    Camino a la Sierrita No. 105, La Sierrita,
                                      Garza Garcia, N.L.


JOSE ANTONIO FERNANDEZ CARBAJAL       Pedregal del Valle 1002, La Sierrita,
                                      Garza Garcia, N.L.


EVA GARZA DE FERNANDEZ                Pedregal del Valle 1002, La Sierrita,
                                      Garza Garcia, N.L.

JUAN CARLSO BRANIFF HIERRO            Pedregal del Valle 1002, La Sierrita,
                                      Garza Garcia, N.L.

BARBARA GARZA DE BRANIFF              Pedregal del Valle 1002, La Sierrita,
                                      Garza Garcia, N.L.

MARIANA GARZA DE TREVINO BRYAN        Camino a la Sierrita No. 105, La Sierrita,
                                      Garza Garcia, N.L.

PAULINA GARZA GONDA                   Camino a la Sierrita No. 105, La Sierrita,
                                      Garza Garcia, N.L.

CONSUELO GARZA LAGUERA DE GARZA       Privada Tamazunchale No. 220, Col. Del
                                      Valle, Garza Garcia, N.L.

ALFONSO GARZA GARZA                   Rio Vistula No. 212, Col. del Valle, Garza
                                      Garcia, N.L.

PATRICIO GARZA GARZA                  Rio Vistula No. 212, Col. del Valle, Garza
                                      Garcia, N.L.

JUAN CARLOS GARZA GARZA               Zaragoza No. 485, San Pedro Garza Garcia,
                                      N.L.

EDUARDO GARZA GARZA                   Privada Tamazunchale No. 220, Col. Del
                                      Valle, Garza Garcia, N.L.

EUGENIO GARZA GARZA                   Rio Vistula No. 212, Col. del Valle, Garza
                                      Garcia, N.L.

ALBERTO BAILLERES                     Montanas Rocallosas No. 815, Delegacion
                                      Miguel Hidalgo, Mexico, D.F.

MARIA TERESA G. DE BAILLERES          Montanas Rocallosas No. 815, Delegacion
                                      Miguel Hidalgo, Mexico, D.F.

CORBAL, S.A. DE C.V.                  Paseo de la Reforma No. 144, 5to Piso Col.
                                      Juarez, Mexico D.F., 06600

BANCOMER, S.A. FIDEICOMISO F/29490-0  Ave. San Pedro 218 Sur, Col. Valle San
                                      Pedro Garza Garcia N.L., 66220

MAX MICHEL                            Cordoba No. 16, Col. Roma, Mexico D.F.
                                      06700

RENEE M. DE GUICHARD                  Montanas Rocallosas No. 105 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

MIGUEL GUICHARD MICHEL                Montanas Rocallosas No. 105 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

GRACIANO GUICHARD MICHEL              Montanas Rocallosas No. 105 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

JUAN GUICHARD MICHEL                  Montanas Rocallosas No. 105 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

MAGDALENA GUICHARD MICHEL             Montanas Rocallosas No. 105 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

RENE GUICHARD MICHEL                  Montanas Rocallosas No. 105 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

BANCOMER, S.A. FIDEICOMISO F/29013-0  Ave. San Pedro 218 Sur, Col. Valle San
                                      Pedro Garza Garcia N.L., 66220

INVERSIONES FRANCA, S.A. DE C.V.      Padre Mier Ote. 336 Altos, Monterrey, N.L.

MAGDALENA M. DE DAVID                 Montanas Rocallosas No. 615 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

MONICA D. DE VAN LATHERM              Montanas Rocallosas No. 615 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

JUAN DAVID                            Montanas Rocallosas No. 615 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

MAX DAVID                             Montanas Rocallosas No. 615 Pte. Col.
                                      Lomas de Chapultepec, Mexico, D.F.

ALEPAGE                               Jesus Ma. Gonzalez No. 202, Col. San
                                      Jeronimo, Monterrey, N.L.

INVERSIONES BURSATILES                Ave. San Jeronimo No. 800 Pte.
INDUSTRIALES, S.A. DE C.V.            Monterrey N.L.


                                                                     EXHIBIT "B"

AGREEMENT ENTERED BY AND BETWEEN ___________________ AND BANCOMER, S.A. TRUSTEE
DIVISION, HEREINAFTER THE "TRUSTEE", REPRESENTED IN THIS ACT BY MR.
____________________, BY WHICH THE PARTIES AGREE PER THE FOLLOWING:

                                 REPRESENTATIONS

I.       ____________ represents that:

         a) At the time of the execution of this agreement is acquiring
            _______________________ "__" SHARES of VALORES INDUSTRIALES, S.A.
            ("VISA") that remain trusted in the Trust ______, and acknowledges
            that it is a condition for the effectiveness of such acquisition the
            execution of this agreement.

         b) Is aware of the terms and conditions of Trust _______, and that it
            desires to be part of such Trust as Trustor Trustee.

II.      The Trustee represents that appears at the execution of this Agreement
         in terms and conditions of the trust agreement previously referred.

                                    COVENANTS

FIRST: Mr. ________________ here by assumes the character of Founder of the
Trust in the Trust agreement referred in the representations hereof, and, in
consequence, assumes the rights and obligations derived from the same, in
relation to the _________ "__" SHARES of VISA referred to in representation I a)
hereof.

SECOND: Mr. ________________ appoints as domicile for all legal purposes:
____________________________ and undertakes to notify to the Trustee any change
of domicile within ___ days following such change.

FOR ALL LEGAL PURPOSES, the parties in connection with the witnesses hereinafter
referred, execute this agreement in the city of Monterrey, N.L. as of ________,
19__.


                                                    THE TRUSTEE
                                                   BANCOMER, S.A.


- -----------------------------------      -----------------------------------
     MR.
        --------------------------


                                                                     EXHIBIT "C"

AGREEMENT ENTERED BY AND BETWEEN ___________________ AND BANCOMER, S.A. TRUSTEE
DIVISION, HEREINAFTER THE "TRUSTEE", REPRESENTED IN THIS ACT BY MR.
____________________, BY WHICH THE PARTIES AGREE PER THE FOLLOWING:

                                 REPRESENTATIONS

I.       ____________ represents that:

         a)  Is the owner of ______ "___" SHARES, common stock, nominative,
             fully paid, with no face value, of VALORES INDUSTRIALES, S.A.
             ("VISA").

         b)  Is aware of the terms and conditions of the Trust Agreement
             ________, andf that it desires to enter in the same with the
             character of Trustor Trustee, and acknowledges that the execution
             of this agreement is a condition to enter into such Trust.

II.      The Trustee represents that appears to the execution of this Agreement,
         in accordance to instructions by the Technical Committee of the Trust,
         in terms and conditions of such Trust.

                                    COVENANTS

FIRST: Mr. _________________________ hereby allocates the _____ SHARES, common
stock of VISA for purposes of the Trust _______, acquiring from this moment the
character of Trustor Trustee in the Trust agreement and, in consequence, assumes
the rights and obligations derived from such Trust, in relation to said SHARES.

SECOND: The Trustee receives in complete satisfaction the ________ SHARES of
VISA that are being allocated to the Trust ________, receiving the Trustee in
consequence the ownership of such SHARES for the purposes established in the
referred Trust.

THIRD: Mr. ________________ appoints as domicile for all legal purposes:
____________________________ and undertakes to notify to the Trustee any change
of domicile within ___ days following such change.

FOR ALL LEGAL PURPOSES, the parties in connection with the witnesses hereinafter
referred, execute this agreement in the city of Monterrey, N.L. as of ________,
19__.


                                                    THE TRUSTEE
                                                   BANCOMER, S.A.


- -----------------------------------      -----------------------------------
     MR.
        --------------------------