Craig Jung Joins Panamco as President and COO and Becomes a Member of Its Board of Directors.

Business Editors

MIAMI--(BUSINESS WIRE)--March 6, 2002

20-Year Industry Veteran Brings Consumer Product, Bottling and

Latin America Experience to New Post

Panamerican Beverages, Inc. ("Panamco" or the "Company") (NYSE:PB), the third largest bottler of Coca-Cola products in the world, and the largest in Latin America, announced today that Craig Jung, 48, will join the Company effective March 20, 2002 as President and Chief Operating Officer (COO) and a member of its Board of Directors.

Mr. Jung will report to William G. Cooling, Chairman and Chief Executive Officer of Panamco and will be directly responsible for leading all operations in the seven countries in which Panamco operates. Mr. Jung is a former COO of the Pepsi Bottling Group ("PBG") (NYSE:PBG) and a former General Manager of South America and the Caribbean for the Pepsi-Cola Company ("Pepsi-Cola") (NYSE:PEP). He spent 14 years within the PepsiCo and PBG systems successfully leading soft drink and salty snack businesses both internationally and in the U.S.

"Craig's appointment completes the senior management changes that Panamco announced in January and underscores our commitment to assembling a world class leadership team to continue the Company's strong financial performance and deliver consistently strong operating results," said Mr. Cooling. "Craig's international experience and proven track record in building and leading high performance direct store delivery (DSD) organizations will be instrumental in driving top line and operating income growth for Panamco in the coming years. With Craig and Henry Schimberg, our Vice Chairman and former CEO of Coca-Cola Enterprises, Panamco will now benefit from the experience of two of the strongest operating executives in the industry. We welcome Craig to our Company."

Mr. Jung said "I am delighted to be joining Panamco, a cornerstone anchor bottler in the Coca-Cola system, and look forward to helping further build the executional capabilities of one of the foremost companies in Latin America, selling the world's greatest brand. I have tremendous respect for the performance that Bill and Henry have driven over the past year and look forward to working closely with them."

Mr. Jung comes to Panamco from eOriginal, an e-commerce start up company, where he served as CEO. Prior to eOriginal, he served as Chief Operating Officer of the Pepsi Bottling Group, and had full organizational and P&L responsibility for this $7 billion publicly-owned company's North American operations. Mr. Jung was instrumental in leading PBG through a successful turnaround and the Company's initial public offering and helped position PBG for several years of consistent double-digit earnings growth. Prior to his work at PBG, Mr. Jung served as General Manager for South America and the Caribbean for Pepsi-Cola. He was promoted to this position, from President and General Manager of Frito Lay's business in Canada, to lead a turnaround of Pepsi-Cola in South America following the sale of their bottler in Venezuela to The Coca-Cola Company ("Coca-Cola") (NYSE:KO) and the financial implosion of BAESA, Pepsi's former bottler in Brazil and Argentina. During his tenure in this position, Mr. Jung led Pepsi's re-entrance into Venezuela, and was the principal architect behind Pepsi's re-franchising Brazil to AmBev (formerly Brahma) (NYSE:ABV).

Mr. Jung has also worked in numerous sales and marketing assignments at Frito Lay, both in Spain and in North America. He started his career at Procter & Gamble, where he rose to brand manager. Mr. Jung is a graduate of the United States Military Academy at West Point, New York.

About Panamco

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

Forward Looking Statement

Statements made in this press release that are not historical in nature may include "forward-looking statements" within the meaning of U.S. federal securities laws, including statements related to anticipated future earnings and cost savings. Such statements, estimates, and projections reflect various assumptions by Panamco's management concerning anticipated results and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Panamco's control. Factors that could cause Panamco's actual results to differ include, but are not limited to, changes in the soft drink business environment (including actions of competitors and changes in consumer performance), changes in governmental laws and regulations (including income taxes), market demand for new and existing products and raw material prices. Accordingly, Panamco cannot assure that such statements, estimates and projections will be realized. The forecasts and actual results will likely vary and those variations may be material. Panamco makes no representation or warranty as to the accuracy or completeness of such statements, estimates or projections contained in this press release or that any forecast contained herein will be achieved. Panamco undertakes no obligation to update such statements, estimates or projections. Information concerning such factors is contained in Panamco's Registration Statement on Form S-8, dated July 23, 2001 and its Annual Report on Form 10-K for the year ended December 31, 2000, and other documents since filed by Panamco with the U.S. Securities and Exchange Commission (the "SEC"), all of which are available from the SEC.