Controladora Comercial Mexicana, S.A. de C.V. (CCM) is a holding company that, through its subsidiaries, operates a retail chain in Mexico, as well as a chain of family restaurants. In addition, CCM owns a 50% interest in the Costco Mexico joint venture with Costco Wholesale Co. of the United States, which operates a chain of warehouse clubs in Mexico. The Company's retail operations sell a variety of food items, including basic groceries and perishables and non-food items, which include general merchandise and clothing. At December 31, 2004, CCM had 58 restaurants and 181 stores with a total selling area of approximately 1.2 million square feet, concentrated primarily in the Mexico City metropolitan area and the central Mexico region, including Guadalajara or the Central Region. Retail Operations The Company operates its stores in the five retail formats: Comercial Mexicana, Bodega Comercial Mexicana stores, Mega, Sumesa supermarkets and Costco membership warehouse stores. During 2003, CCM opened six Mega and two Costco. The Company converted one Comercial Mexicana into a Mega format. Comercial Mexicana stores carry both food items and non-food items. Food items include meats, poultry, fish, fresh fruits and vegetables, dairy products, baked goods, frozen goods, canned goods, prepared foods, delicatessen, wines and liquors and imported foods. Non-food items include men's, women's and children's clothing and shoes, paper products, office supplies, books and magazines, health and beauty products, garden supplies, automotive supplies, photographic supplies, electric appliances, sporting goods, toys and gifts and numerous household items. All Comercial Mexicanas have one or more specialty departments, such as a bakery, tortilla press or video rental shop. Most Comercial Mexicana stores have pharmacies offering prescription and non-prescription medications. A typical Comercial Mexicana offers more than 55,000 products. Most Comercial Mexicana stores are located in neighborhood shopping centers. At December 31, 2003, the Company operated 68 Comercial Mexicana stores, including 18 in the Mexico City metropolitan area, 29 in the central region (including Guadalajara), nine in the Northwest region (including Tijuana), one in the Northeast region, five in the Southeast region and six in the Southwest region. Comercial Mexicana stores are targeted at middle and upper-income customers. Bodegas are warehouse stores, which offer more than 30,000 products, mainly food items, pharmaceutical items and general merchandise of the type sold in Comercial Mexicana stores (but with less selection in terms of brands and sizes of items offered). Bodegas range in size from approximately 24,000 to 65,000 square feet of selling area, with an average of approximately 50,600 square feet. At December 31, 2003, the Company operated 33 Bodegas, of which 25 were located in Mexico City and its surrounding suburbs, six were located in the Central region one was located in the Southeast region and one in the Southwest region. Bodegas target lower-income customers. Sumesa is designed to serve their surrounding neighborhoods, which typically are densely populated. Sumesa is smaller in size than Comercial Mexicana stores and Bodegas. Developed as neighborhood stand-alone supermarkets, Sumesas emphasize sales of quality groceries and perishables and carry more than 8,000 products. Some Sumesas include pharmacies, as well as bakeries and tortilla presses. At December 31, 2003, the Company had 17 Sumesas in operation. Except for two Sumesas in Cuernavaca, all Sumesas are located in Mexico City. Sumesa stores are targeted from upper to upper-middle income customers. In June 1991, CCM and Costco formed a joint venture to develop the membership warehouse-style warehouses that are popular in the United States and Canada. The first Costco membership warehouse was opened in a suburb of Mexico City in February 1992. At December 31, 2003, the Costco Mexico joint venture was operating 23 Costco membership warehouses, five of which were located in Mexic

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