SANLUIS Corporacion, S.A. de C.V.
        Consolidated Balance Sheets as of December 31st, 2003
  (in thousands of Mexican Pesos in Purchasing Power of December 31st, 2003)

               Assets                  2003           2002
Cash & equivalents                   170,621        136,800
Client receivables                   669,900        547,487
Other Accounts Receivable            230,659        264,753
Inventories                          436,365        415,306
Other current assets                 305,049        108,741

Total current assets                1,812,594      1,473,087

Investment in affiliates and long-term
    receivables                        72,582        273,992
Property, Plant & Equipment, net    4,358,315      4,209,048
Other assets                        1,403,768      1,365,315

Total assets                        7,647,259      7,321,442

                           Liabilities
Suppliers                             560,020        546,027
Notes Payable                         531,553        358,299
Other Current Liabilities             405,912        362,829

Long-Term debt                      3,320,104      3,465,301
Deferred Taxes                         --             --
Other Liabilities                     112,133         99,845

Total liabilities                   4,929,722      4,832,301

                     Consolidated Net Worth

Majority Interest Equity              863,234        660,041
Minority Interest Equity            1,854,303      1,829,100
Total consolidated Net Worth        2,717,537      2,489,141
Total liabilities and Net Worth     7,647,259      7,321,442

            SANLUIS Corporacion, S.A. de C.V.
Consolidated Statements of Income for the quarters ended December 31st, 2003 and 2002(in thousands of Mexican Pesos in Purchasing Power of December 31st, 2003)


                                       2003           2002
Net Sales                           5,331,122      4,535,065
               Cost of Sales        4,178,632      3,431,156
Gross Profit                        1,152,490      1,103,909
            Operating Expenses        744,769        709,394
Operating Income                      407,721        394,515
            Financial expenses        339,075        306,135
              Financial gain            7,374         16,590
           Exchange (Gain) Loss       272,874        611,175
       Monetary Position (Gain) Loss (162,353)      (312,657)
              Other expenses          109,805         66,734
          Income from affiliates        4,440            598
Income before Taxes and 
Profit Sharing                       (139,866)      (259,684)
    Taxes and Employee Profit Sharing  60,076         59,280
              Deferred Taxes              488         13,782
Net Income before 
extraordinary items                  (200,430)      (332,746)
    Extraordinary expense (income)   (227,509)      (182,526)
Net Income                             27,079       (150,220)

   Distribution of Net Income :
     Majority Interests                20,359       (126,759)
Minority Interests                      6,720        (23,461)

Depreciation & Amortization           343,581        316,202
EBITDA                                751,302        710,717

                Financial and operating indicators
Gross Margin                            21.62%         24.34%
EBITDA Margin                           14.09%         15.67%
Operative Margin                         7.65%           8.7%
Net Interest coverage
     (EBITDA /Net Interest Expense)      2.3            2.5