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<SEC-DOCUMENT>0000950123-06-008495.txt : 20060630
<SEC-HEADER>0000950123-06-008495.hdr.sgml : 20060630
<ACCEPTANCE-DATETIME>20060630172821
ACCESSION NUMBER:		0000950123-06-008495
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060630
DATE AS OF CHANGE:		20060630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRUPO TELEVISA S A
		CENTRAL INDEX KEY:			0000912892
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12610
		FILM NUMBER:		06938873

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA CHAPULTEPEC NO 28
		CITY:			06724 MEXICO DF MEXI
		STATE:			O5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		AVENIDA CHAPULTEPEC NO. 28
		STREET 2:		COLONIA DOCTORES

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRUPO TELEVISA S A DE CV
		DATE OF NAME CHANGE:	19931001
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>y22671e20vf.htm
<DESCRIPTION>FORM 20-F
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 20-F</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 20-F</B>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>OR</B></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>OR</B></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>OR</B></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 12%"><B>Date
of event requiring this shell company report</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%"><B>FOR THE TRANSITION PERIOD FROM <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> TO <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">COMMISSION FILE NUMBER 1-12610</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Grupo Televisa, S.A.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>N/A</B><BR>
(Translation of Registrant&#146;s name into English)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>United Mexican States</B><BR>
(Jurisdiction of incorporation or organization)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Av. Vasco de Quiroga No.&nbsp;2000<BR>
Colonia Santa Fe<BR>
01210 Mexico, D.F.<BR>
Mexico</B><BR>
(Address of principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act:</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Title of each class</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Name of each exchange on which registered</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">A Shares, without par value (&#147;A Shares&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">B Shares, without par value (&#147;B Shares&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">L Shares, without par value (&#147;L Shares&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Dividend Preferred Shares, without par value (&#147;D Shares&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Global Depositary Shares (&#147;GDSs&#148;), each representing<BR>
twenty Ordinary Participation Certificates <I>(Certificados<BR>
de Participaci&#243;n Ordinarios) </I>(&#147;CPOs&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">CPOs, each representing twenty-five A Shares, twenty-two<BR>
B Shares thirty-five L Shares and thirty-five D Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange (for listing purposes only)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">None.</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">None.</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">The number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of<BR>
December&nbsp;31, 2005 was:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">114,245,852,915 A Shares<BR>
53,970,590,013 B Shares<BR>
85,862,244,071 L Shares<BR>
85,862,244,071 D Shares</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of
the Securities Act. Yes <FONT face="Wingdings">&#254;</FONT> No <FONT face="Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If this report is an annual or transition report, indicate by check mark if the registrant is not
required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934. Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for
such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days. Yes <FONT face="Wingdings">&#254;</FONT> No <FONT face="Wingdings">&#111;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
or a non-accelerated filer. See definition of &#147;accelerated filer and large accelerated filer&#148; in
Rule&nbsp;12b-2 of the Exchange Act. (Check one):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check which financial statement item the registrant has elected to follow. Item&nbsp;17 <FONT face="Wingdings">&#111;</FONT> Item&nbsp;18 <FONT face="Wingdings">&#254;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If this is an annual report, indicate by check mark whether the registrant is a shell company (as
defined in Rule&nbsp;12b-2 of the Exchange Act). Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><A href="#101"><BR>PART 1</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#102"><B>Item&nbsp;1.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#102">Identity of Directors, Senior Management and Advisers</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#103"><B>Item&nbsp;2.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#103">Offer Statistics and Expected Timetable
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#104"><B>Item&nbsp;3.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#104">Key Information
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#105">Selected Financial Data
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#106">The Recapitalization
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#107">Dividends
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#108">Exchange Rate Information
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#109">Risk Factors
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#110">Forward-Looking Statements
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#111"><B>Item&nbsp;4.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#111">Information on the Company
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#112">History and Development of the Company</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#113">Capital Expenditures
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#114">Business Overview
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#115"><B>Item&nbsp;5.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#115">Operating and Financial Review and Prospects</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#116">Preparation of Financial Statements
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#117">Results of Operations
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#118"><B>Item&nbsp;6.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#118">Directors, Senior Management and Employees</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">92</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#119"><B>Item&nbsp;7.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#119">Major Shareholders and Related Party Transactions</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">104</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#120">The Principal Shareholders and Related Party Transactions</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">104




</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#121"><B>Item&nbsp;8.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#121">Financial Information
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">112</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#122"><B>Item&nbsp;9.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#122">The Offer and Listing
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">112</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#123">Trading History of CPOs and GDSs
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">112</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#124">Trading on the Mexican Stock Exchange
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">114</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#125"><B>Item&nbsp;10.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#125">Additional Information
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">118</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#126">Mexican Securities Market Law
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">118</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#127">Bylaws
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">120</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#128">Enforceability of Civil Liabilities
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">130</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#129">Material Contracts
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">130</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#130">Legal Proceedings
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">131</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#131">New York Stock Exchange Corporate Governance Standards</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">133</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#132">Exchange Controls
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">134</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#133">Taxation
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">134</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#134">Documents on Display
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">139</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#135"><B>Item&nbsp;11.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#135">Quantitative and Qualitative Disclosures About Market Risk
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#136"><B>Item&nbsp;12.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#136">Description of Securities Other than Equity Securities
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">143</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><A href="#137"><BR><B>PART II</B></A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#138"><B>Item&nbsp;13.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#138">Defaults, Dividend Arrearages and Delinquencies
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">143</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#139"><B>Item&nbsp;14.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#139">Material Modifications to the Rights of Security Holders and Use of Proceeds
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">143</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#140"><B>Item&nbsp;15.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#140">Controls and Procedures
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">143</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#141"><B>Item&nbsp;16A.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#141">Audit Committee Financial Expert
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">143</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#142"><B>Item&nbsp;16B.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#142">Code of Ethics
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">144</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#143"><B>Item&nbsp;16C.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#143">Principal Accountant Fees and Services
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">144</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#144"><B>Item&nbsp;16D.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#144">Exemptions from the Listing Standards for Audit Committees
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">145</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#145"><B>Item&nbsp;16E.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#145">Purchases of Equity Securities by the Issuer and Affiliated Purchasers
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">145</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><A href="#146"><BR><B>PART III</B></A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#147"><B>Item&nbsp;17.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#147">Financial Statements
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">146</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- i -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#148"><B>Item&nbsp;18.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#148">Financial Statements
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">146</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A href="#149"><B>Item&nbsp;19.</B>
</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#149">Exhibits
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">146</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv2w8.txt">EX-2.8: NINTH SUPPLEMENTAL INDENTURE</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv4w7.txt">EX-4.7: PROGRAM LICENSE AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv4w9.txt">EXEX-4.9: ENGLISH TRANSLATION OF INVESTMENT AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv4w13.txt">EX-4.13: SUMMARY OF PS 2,100.0 MILLION CREDIT AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv4w14.txt">EX-4.14: SUMMARY OF PS 1,400.0 MILLION CREDIT AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv8w1.txt">EX-8.1: SUBSIDIARIES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv12w1.txt">EX-12.1: CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv12w2.txt">EX-12.2: CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv13w1.txt">EX-13.1: CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y22671exv13w2.txt">EX-13.2: CERTIFICATION</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>


<P align="center" style="font-size: 10pt">- ii -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We publish our financial statements in accordance with generally accepted accounting principles in Mexico, or Mexican GAAP, which differ in some
significant respects from generally accepted accounting principles in the United
States, or U.S. GAAP, and accounting procedures adopted in other countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated, (i)&nbsp;information included in this annual report is as of December&nbsp;31, 2005 and (ii)&nbsp;references to &#147;Ps.&#148; or &#147;Pesos&#148; in this
annual report are to Mexican Pesos and references to &#147;Dollars,&#148; &#147;U.S. Dollars,&#148;
&#147;U.S. dollars,&#148; &#147;$,&#148; or &#147;U.S.$&#148; are to United States dollars.
</DIV>

<P align="center" style="font-size: 10pt">- iii -
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part I</B>
</DIV>

<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Identity of Directors, Senior Management and Advisers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2. Offer Statistics and Expected Timetable</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Key Information</B>
</DIV>

<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Selected Financial Data</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables present our selected consolidated financial information as of and for
each of the periods indicated. This data is qualified in its entirety by reference to, and should
be read together with, our audited year-end financial statements. The following data for each of
the years ended December&nbsp;31, 2001, 2002, 2003, 2004 and 2005 has been derived from our audited
year-end financial statements, including the consolidated balance sheets as of December&nbsp;31, 2004
and 2005, and the related consolidated statements of income and changes in financial position for
the years ended December&nbsp;31, 2003, 2004 and 2005 and the accompanying notes appearing elsewhere in
this annual report. The data should also be read together with &#147;Operating and Financial Review and
Prospects.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange rate used in translating Pesos into U.S. Dollars in calculating the convenience
translations included in the following tables is determined by reference to the Interbank Rate, as
reported by Banco Nacional de M&#233;xico, S.A. (&#147;Banamex&#148;) as of December&nbsp;31, 2005, which was Ps.10.6265 per U.S. Dollar. The exchange
rate translations contained in this annual report should not be construed as representations that
the Peso amounts actually represent the U.S. Dollar amounts presented or that they could be
converted into U.S. Dollars at the rate indicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective April&nbsp;1, 2004, we began consolidating Sky Mexico, in accordance with the Financial
Accounting Standards Board Interpretation No.&nbsp;46, &#147;Consolidation of Variable Interest Entities&#148;
(&#147;FIN 46&#148;), which is applicable under Mexican GAAP Bulletin A-8, &#147;Supplementary Application of
International Accounting Standards.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a general extraordinary meeting and at special meetings of the shareholders of Grupo
Televisa, S.A., or Televisa held on April&nbsp;16, 2004, our shareholders approved the creation of a new
class of capital stock, the B Shares, and the distribution of new shares to our shareholders as
part of the recapitalization of our capital stock, or the Recapitalization, as described in the
Information Statement dated March&nbsp;25, 2004, which was submitted to the Securities and Exchange
Commission, or the SEC, on Form 6-K on March&nbsp;25, 2004 and as described under &#147;&#151; The Recapitalization.&#148; Except where otherwise indicated, all information in this annual
report reflects our capital structure as of December&nbsp;31, 2005.
</DIV>

<P align="center" style="font-size: 10pt">- 1 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>(Millions of Pesos in purchasing power as of December 31, 2005 or millions of U.S. Dollars)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican GAAP)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income Statement Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">23,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">24,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">25,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">30,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">32,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$3,057</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,017</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Integral cost of financing, net<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring and non-recurring charges<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(445</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">726</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from discontinued operations<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(70</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative effect of accounting change, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(83</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,056</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(506</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations per CPO<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.12</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income per CPO<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted-average number of shares outstanding (in millions)<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash
Dividend per CPO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares outstanding (in millions, at year end)<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)</B><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income Statement Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">24,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">24,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">25,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">30,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">32,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$3,057</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">942</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative effect of accounting change, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(939</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,393</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from continuing operations per CPO<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;per CPO<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.43</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted-average number of Shares outstanding (in millions)<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares outstanding (in millions, at year end)<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican GAAP)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance Sheet Data (end of year):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">6,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">9,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">13,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">17,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">14,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$1,391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,044</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current notes payable to banks and other notes payable<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,698</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital stock issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity (including minority interest)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,810</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)</B><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance Sheet Data (end of year):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">17,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">17,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">16,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">19,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">19,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$1,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,733</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current notes payable to banks and other notes payable<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity (excluding minority interest)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,666</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican GAAP)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Financial Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">2,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$248</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)</B><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Financial Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by (used for) financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,880</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(540</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,278</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(873</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used for investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,560</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,382</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,362</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(735</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,216</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(209</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Data (unaudited):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average prime time audience share (TV broadcasting)<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">72.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">68.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">68.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average prime time rating (TV broadcasting)<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Magazine circulation (millions of copies)<SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of employees (at year end)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of Innova subscribers (in thousands at year end)<SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of Cablevisi&#243;n subscribers (in thousands at year end)<SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of <I>EsMas.com </I>registered users (in thousands at year
end)<SUP style="font-size: 85%; vertical-align: text-top">(14)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3"><B>Notes to Selected Consolidated Financial Information:</B></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Except per CPO, ratio, average audience share, average rating, magazine circulation,
employee, subscriber and registered user data. Information in these footnotes is in thousands
of Pesos in purchasing power as of December&nbsp;31, 2005, unless otherwise indicated.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes interest expense, interest income, foreign exchange gain or loss, net and gain or
loss from monetary position. See Note 17 to our year-end financial statements.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">- 2 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>See Note 18 to our year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>See Note 1(s) to our year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>For further analysis of income (loss)&nbsp;from continuing operations per CPO and net income per
CPO (as well as corresponding amounts per A Share not traded as CPOs), see Note 21 (for the
calculation under Mexican GAAP) and Note 24 (for the calculation under U.S. GAAP) to our
year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>As of December&nbsp;31, 2004 and 2005, we had four classes of common stock: A Shares, B Shares, D
Shares and L Shares. As of December&nbsp;31, 2003, we had three classes of common stock: A Shares,
D Shares and L Shares. For purposes of this table, the weighted-average number of shares for
all periods reflects the 25-for-one stock split and the 14-for-one stock dividend from the
2004 Recapitalization, and the number of shares outstanding for all periods reflects the
25-for-one stock split from the 2004 Recapitalization. Our shares are publicly traded in
Mexico, primarily in the form of CPOs, each CPO representing 117 shares comprised of 25 A
Shares, 22 B Shares, 35 D Shares and 35 L Shares; and in the United States in the form of
Global Depositary Shares, or GDS, each GDS representing 20 CPOs. Effective on March&nbsp;22, 2006,
each GDS is represented by five CPOs.</TD>
</TR>

</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The number of CPOs and shares issued and outstanding for financial reporting purposes
under Mexican and U.S. GAAP is different than the number of CPOs issued and outstanding for
legal purposes, because under Mexican and U.S. GAAP shares owned by subsidiaries and/or the
trusts created to implement our Stock Purchase Plan and our Long-Term Retention Plan are not
considered outstanding for financial reporting purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">As of December&nbsp;31, 2005, for legal purposes, there were approximately 2,586&nbsp;million CPOs
issued and outstanding, each of which was represented by 25 A Shares, 22 B Shares, 35 D Shares
and 35 L Shares, and an additional number of approximately 58,927&nbsp;million A Shares and 2,357
million B Shares (not in the form of CPO units). See Note 12 to our year-end financial
statements.
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>See Note 24 to our year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Current notes payable to banks and other notes payable include Ps.15.3&nbsp;million and Ps.8.0
million of other notes payable as of December&nbsp;31, 2001 and 2002, respectively. As of December
31, 2003, 2004 and 2005, there are no other notes payable outstanding. See Note 8 to our
year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>As of December&nbsp;31, 2002, 2003, 2004 and 2005, there are no other long-term notes payable. See
&#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign
Exchange and Capital Resources &#151; Indebtedness&#148; and Note 8 to our year-end financial
statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;Average prime time audience share&#148; for a period refers to the average daily prime time
audience share for all of our networks and stations during that period, and &#147;average prime
time rating&#148; for a period refers to the average daily rating for all of our networks and
stations during that period, each rating point representing one percent of all television
households. As used in this annual report, &#147;prime time&#148; in Mexico is 4:00 p.m. to 11:00&nbsp;p.m.,
seven days a week, and &#147;weekday prime time&#148; is 7:00 p.m. to 11:00&nbsp;p.m., Monday through Friday.
Data for all periods reflects the average prime time audience share and ratings nationwide as
published by IBOPE Mexico. For further information regarding audience share and ratings
information and IBOPE Mexico, see &#147;Information on the Company &#151; Business Overview &#151; Television
&#151; Television Broadcasting.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>The figures set forth in this line item represent total circulation of magazines that we
publish independently and through joint ventures and other arrangements and do not represent
magazines distributed on behalf of third parties.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Innova, S. de R.L. de C.V., or Innova, our direct to home, or DTH satellite service in
Mexico, referred to alternatively as Sky Mexico for segment reporting purposes, commenced
operations on December&nbsp;15, 1996. The figures set forth in this line item represent the total
number of gross active residential and commercial subscribers for Innova at the end of each
year presented. Our share in the results of operations of Innova through December&nbsp;31, 2000 was
included in our income statement under the line item &#147;Equity in results of affiliates.&#148; For a
description of Innova&#146;s business and results of operations and financial condition, see
&#147;Information on the Company &#151; Business Overview &#151; DTH
Joint Ventures &#151; Mexico.&#148; Under Mexican GAAP, effective January&nbsp;1, 2001 and through March&nbsp;31, 2004, we did not recognize
equity in results in respect of our investment in Innova in our income statement. See
&#147;Operating and Financial Review and Prospects &#151; Results of
Operations &#151; Equity in Earnings of
Affiliates.&#148; Since April&nbsp;1, 2004, Innova has been consolidated in our financial results.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>The figures set forth in this line item represent the total number of subscribers for
Cablevisi&#243;n&#146;s basic service package at the end of each year presented. For a description of
Cablevisi&#243;n&#146;s business and results of operations and financial condition, see &#147; Operating and
Financial Review and Prospects &#151; Results of Operations &#151; Cable Television&#148; and &#147;Information on
the Company &#151; Business Overview &#151; Cable Television.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>We launched <I>EsMas.com </I>in May&nbsp;2000. Since May&nbsp;2000, the results of operations of <I>EsMas.com</I>
have been included in the results of operations of our Other Businesses segment. See
&#147;Operating and Financial Review and Prospects&#151; Results of Operations &#151; Other Businesses.&#148; For
a description of <I>EsMas.com, </I>see &#147;Information on the Company &#151; Business Overview &#151; Other
Businesses &#151; Total Segment Results &#151; <I>EsMas.com.</I>&#148; The figures set forth in this line item represent the number of
registered users in each year presented. The term &#147;registered user&#148; means a visitor that has
completed a profile questionnaire that enables the visitor to use the e-mail service provided
by <I>EsMas.com</I>.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Recapitalization</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recapitalization increased the number of our outstanding Shares by a factor of 39 but did
not affect our total equity or dilute the equity interest of any shareholder. The Recapitalization
comprised these steps:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a stock split in which each outstanding Share was divided into 25 Shares of the same class;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the creation of a new class of common or ordinary shares, the B Shares;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 3 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a stock dividend in which we distributed to holders of outstanding Shares, 14 new
Shares (of various classes depending on the class held) for every 25 Shares outstanding
after the stock split;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increase in the number of Shares represented by each outstanding CPO, from three
Shares to 117 Shares; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amendments to our bylaws related to these transactions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Stock Split and Stock Dividend</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the Recapitalization, we carried out a stock split in which each of our outstanding
Shares was divided into 25 Shares of the same class. Following the stock split and the creation of
the B Shares, we increased our capital by incorporating approximately Ps.906&nbsp;million of retained
earnings into capital stock and issuing approximately 132,560&nbsp;million new Shares, equal to fourteen
new Shares (of various classes, depending on the class held), for every 25 Shares outstanding after
the split. We did not receive any consideration for the issuance of the new Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the effect of the stock split and the stock dividend on a
holder of one Share of each class of our capital stock:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Before the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>After the Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>14 New Shares Distributed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Recapitalization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Split</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Per 25 Shares (post-split)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>After the Recapitalization</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">One A Share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25 A Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Four B Shares, Five D
Shares and Five L Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">25 A Shares, Four B
Shares, Five D Shares and
Five L Shares</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">One D Share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25 D Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nine B Shares, Five D Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nine B Shares, 30 D Shares</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">One L Share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25 L Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nine B Shares, Five L Shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nine B Shares, 30 L Shares</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the effect of the Recapitalization on the total number of
Shares of each class of our capital stock, based on the number of Shares outstanding at April&nbsp;16,
2004:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Before the Recapitalization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>After the Recapitalization</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(% of total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(% of total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(% of total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(% of total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>capital stock)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>voting stock)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>capital stock)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>voting stock)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Series&nbsp;A</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67.42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Series&nbsp;B</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Series&nbsp;D</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Series&nbsp;L</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effect of the Recapitalization on A Shares, D Shares and L Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Recapitalization did not change the voting and economic rights of the A Shares, D Shares
and L Shares, except in two respects. First, the number of directors (and corresponding alternate
directors) that the holders of A Shares were entitled to designate decreased by five, from sixteen
to eleven, and the holders of the new B Shares are entitled to designate five directors (and
corresponding alternate directors). Second, the aggregate amount of the cumulative annual preferred
dividend payable by the Company increased as a result of the stock dividend, while the per share
amount of the cumulative annual preferred dividend to which the holder of one D Share is entitled
decreased as a result of the stock split.
</DIV>

<P align="center" style="font-size: 10pt">- 4 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of the principal amendments to our bylaws that were adopted in connection
with the Recapitalization, see &#147;Additional Information &#151; Bylaws.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effect of the Recapitalization on CPOs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Recapitalization, our Shares traded in the form of CPOs, each at that time
represented one A Share, one D Share and one L Share. The Recapitalization increased the number of
Shares represented by each CPO from three Shares to 117 Shares. Following the Recapitalization, one
CPO represents 25 A Shares, 22 B Shares, 35 D Shares and 35 L Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the dividend preference per D Share decreased by a factor of 25 as a result of the stock
split, the number of D Shares owned by a holder of one CPO increased by a factor of 35.
Accordingly, the amount of the preferred dividend on one CPO increased by 40% (reflecting the
25-for-1 split and the distribution in the stock dividend of ten D Shares to each holder of one
CPO).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments to the CPO Trust Agreement and the CPO Deed of Issuance related to the
Recapitalization were approved by the CPO holders at a meeting on April&nbsp;5, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effect of the Recapitalization on GDSs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Recapitalization, our Shares also traded in the form of GDSs, each representing
20 CPOs. Global Depositary Receipts, or GDRs, evidencing GDSs are issued by the Depositary,
JPMorgan Chase Bank, pursuant to the Deposit Agreement we entered into with the Depositary and all
holders from time to time of GDSs. Following the Recapitalization, one GDS continues to represent
20 CPOs, and each GDR continues to represent the same number of GDSs as before the
Recapitalization. No approval or other action was or will be required by holders of GDSs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Delivery of New Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We delivered the shares issued in the Recapitalization to our shareholders, generally through
S.D. Indeval, S.A. de C.V., Instituci&#243;n para el Dep&#243;sito de Valores, which is the clearing system
for securities traded on the Mexican Stock Exchange. At that time, we deposited into the CPO Trust
the new shares to be held by the CPO Trustee on behalf of holders of CPOs (including CPOs held in
the form of GDSs).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For shareholders who hold share certificates in physical form, delivery was made at our
offices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The B Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We created a new class of capital stock, the B Shares, with no par value. The B Shares are
common or ordinary shares, like the A Shares, with no preferred dividend rights and no preference
upon liquidation. Holders of the B Shares have the right to elect five out of 20 members of our
Board of Directors at a shareholders&#146; meeting that must be held within the first four months after
the end of each year, beginning in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As is the case for the A Shares: (a)&nbsp;holders of B Shares have the right to vote on all matters
subject to shareholder approval at any general shareholders&#146; meeting, (b)&nbsp;holders of B Shares have
the right to vote at special meetings of B Shares, on any matter subject to approval at such a
meeting and (c)&nbsp;under Mexican law, non-Mexicans may not own B Shares directly or exercise any
voting rights in respect of B Shares, but they may hold B Shares indirectly through the CPO Trust,
which will control the voting of the B Shares.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Dividends</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decisions regarding the payment and amount of dividends are subject to approval by holders of
a majority of the A Shares and B Shares voting together, generally, but not necessarily, on the
recommendation of the Board of Directors, as well as a majority of the A Shares voting separately.
Emilio Azc&#225;rraga Jean indirectly controls the voting of the majority of the A Shares and, as a
result of such control, both the amount and the payment of dividends require his affirmative vote.
See &#147;Major Shareholders and Related Party Transactions &#151;
The Principal Shareholders and Related Party Transactions &#151; The Major Shareholders.&#148; In February
2003, the Board of Directors proposed, and our shareholders approved at our annual general
shareholders&#146; meeting in April&nbsp;2003, the payment of a dividend in the
</DIV>

<P align="center" style="font-size: 10pt">- 5 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">aggregate amount of Ps.550&nbsp;million, which consisted of a Ps.0.18936540977 dividend per CPO and
a Ps.0.05260150265 dividend per A Share not in the form of CPOs. On March&nbsp;25, 2004, our Board of
Directors approved a dividend policy under which we currently intend to pay an annual regular
dividend of Ps.0.35 per CPO. Also, on May&nbsp;21, 2004, the Company&#146;s Board of Directors approved a
Ps.3,850&nbsp;million cash distribution to shareholders, equivalent to Ps.1.219 per CPO, which included
the annual regular dividend of Ps.0.35 per CPO, that is the dividend corresponding to the Series&nbsp;A
and L shares and the cumulative preferred dividend corresponding to the Series&nbsp;D shares. On
February&nbsp;22, 2005, our Board of Directors approved a cash distribution to shareholders, equivalent
to Ps.1.35 per CPO, equivalent to approximately Ps.4,250.0&nbsp;million. On April&nbsp;29, 2005, at a
general shareholders&#146; meeting, our shareholders approved the payment of an extraordinary dividend
of Ps.1.00 per CPO, which is in addition to our ordinary dividend of Ps.0.35 per CPO, for a total
dividend of Ps.1.35 per CPO. On April&nbsp;28, 2006 at a general shareholders&#146; meeting, our
shareholders approved a cash distribution to shareholders for up to
Ps.1,104&nbsp;million, equivalent
to Ps.0.00299145 per share, or Ps.0.35 per CPO. All of the recommendations of the Board of
Directors related to the payment and amount of dividends were voted and approved at the applicable
general shareholders&#146; meetings. The agreements related to some of our outstanding indebtedness
contain covenants that restrict, among other things, the payment of dividends, subject to certain
conditions.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exchange Rate Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 1991, Mexico has had a free market for foreign exchange and, since 1994, the Mexican
government has allowed the Peso to float freely against the U.S. Dollar. The Peso was relatively
stable from 1999 to 2001. In 2002 and 2003, the Peso declined in value against the U.S. Dollar and
appreciated in 2004 and 2005. There can be no assurance that the government will maintain its
current policies with regard to the Peso or that the Peso will not depreciate or appreciate
significantly in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, for the periods indicated, the high, low, average and period
end noon buying rate in New York City for cable transfers for Pesos published by the Federal
Reserve Bank of New York, expressed in Pesos per U.S. Dollar. The rates have not been restated in
constant currency units and therefore represent nominal historical figures.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Average</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Period End</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>Period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.242</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.628</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.628</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.440</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.454</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June
(through June 27)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Annual average rates reflect the average of the exchange rates on the last day of each
month during the relevant period.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above rates may differ from the actual rates used in the preparation of the financial
statements and the other financial information appearing in this annual report on Form 20-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican economy has had balance of payment deficits and shortages in foreign exchange
reserves. While the Mexican government does not currently restrict the ability of Mexican or
foreign persons or entities to convert Pesos to U.S. Dollars, we cannot assure you that the Mexican
government will not institute restrictive exchange control policies in the future, as has occurred
from time to time in the past. To the extent that the Mexican government institutes restrictive
exchange control policies in the future, our ability to transfer or to convert Pesos into U.S.
Dollars and other currencies for the purpose of making timely payments of interest and principal of
indebtedness, as well as to obtain foreign programming and other goods, would be adversely
affected. See &#147;&#151; Risk Factors &#151; Risk Factors Related to Mexico &#151; Currency
Fluctuations or the Devaluation and Depreciation of the Peso Could Limit the Ability of Our Company
and Others to Convert Pesos into U.S. Dollars or Other Currencies Which Could Adversely Affect Our
Business, Financial Condition or Results of Operations.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June 27, 2006 the noon buying rate was Ps.11.418 to U.S.$1.00.
</DIV>

<P align="center" style="font-size: 10pt">- 6 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Risk Factors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following is a discussion of risks associated with our company and an investment in our
securities. Some of the risks of investing in our securities are general risks associated with
doing business in Mexico. Other risks are specific to our business. The discussion below contains
information, among other things, about the Mexican government and the Mexican economy obtained from
official statements of the Mexican government as well as other public sources. We have not
independently verified this information. Any of the following risks, if they actually occur, could
materially and adversely affect our business, financial condition, results of operations or the
price of our securities.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Risk Factors Related to Mexico</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Economic and Political Developments in Mexico May Adversely Affect Our Business</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of our operations and assets are located in Mexico. As a result, our financial condition,
results of operations and business may be affected by the general condition of the Mexican economy,
the devaluation of the Peso as compared to the U.S. Dollar, Mexican inflation, interest rates,
regulation, taxation, social instability and political, social and economic developments in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mexico Has Experienced Adverse Economic Conditions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico has historically experienced uneven periods of economic growth. In 2001, Mexico&#146;s gross
domestic product, or Mexican GDP, decreased 0.2% primarily as a result of the downturn in the U.S.
economy. Mexican GDP increased 1.4%, 4.2% and 3.0% in 2003, 2004 and 2005, respectively. Inflation
in 2003, 2004 and 2005 was 4.0%, 5.2% and 3.3%, respectively. Although these inflation rates tend
to be lower than Mexico&#146;s historical inflation rates, Mexico&#146;s level of inflation may be higher
than the annual inflation rates of its main trading partners, including the United States. Mexican
GDP growth fell short of Mexican government estimates in 2005; however, according to Mexican
government estimates, Mexican GDP is expected to grow by approximately 3.2% to 3.7%, while
inflation is expected to be less than 4.0%, in 2006. We cannot assure you that these estimates will
prove to be accurate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Mexican economy should fall into a recession or if inflation and interest rates
increase significantly, our business, financial condition and results of operations may be
adversely affected for the following reasons:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>demand for advertising may decrease both because consumers may reduce expenditures
for our advertisers&#146; products and because advertisers may reduce advertising
expenditures; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>demand for publications, cable television, DTH satellite services, pay-per-view
programming and other services and products may decrease because consumers may find it
difficult to pay for these services and products.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Developments in Other Emerging Market Countries or in the U.S. May Affect Us and the Prices
for Our Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market value of securities of Mexican companies, the economic and political situation in
Mexico and our financial condition and results of operations are, to varying degrees, affected by
economic and market conditions in other emerging market countries and in the United States.
Although economic conditions in other emerging market countries and in the United States may differ
significantly from economic conditions in Mexico, investors&#146; reactions to developments in any of
these other countries may have an adverse effect on the market value or trading price of securities
of Mexican issuers, including our securities, or on our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, Argentina went through an economic downturn and faced insolvency and a possible
default on its public debt. The majority of the foreign holders of Argentina&#146;s indebtedness agreed
to exchange their securities in connection with Argentina&#146;s restructuring, and in 2005 Argentina
was able to raise funds in the international capital markets. To the extent that the Argentine
government is unsuccessful in preventing a future economic decline, a crisis may adversely affect
Mexico, the price of our securities or our business.
</DIV>

<P align="center" style="font-size: 10pt">- 7 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the political and economic future of Venezuela remains uncertain. A nationwide
general strike that occurred between December&nbsp;2002 and January&nbsp;2003 caused a significant reduction
in oil production in Venezuela, and has had a material adverse effect on Venezuela&#146;s oil-dependent
economy. In February&nbsp;2003, Venezuelan authorities imposed foreign exchange and price controls on
specified products. Inflation continues to grow despite price controls and the political and
economic environment has continued to deteriorate. Venezuela has experienced increasing social
instability and massive public demonstrations against President Chavez. We cannot predict what
effect, if any, the decisions of the Venezuelan government will have on the economies of other
emerging market countries, including Mexico, the price of securities or our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations, including the demand for our products or services, and the price of our debt
securities, have also historically been adversely affected by increases in interest rates in the
United States and elsewhere. The Federal Reserve Bank of the United States has signaled that it
will continue implementing &#147;measured&#148; increases in interest rates in 2006. As interest rates rise,
the prices of our securities may fall.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Military Operations in Iraq and Elsewhere Have Negatively Affected Industry and Economic
Conditions Globally, and These Conditions Have Had, and May Continue to Have, a Negative Effect on
Our Business</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our profitability is affected by numerous factors, including changes in viewing preferences,
priorities of advertisers and reductions in advertisers&#146; budgets. Historically, advertising in most
forms of media has correlated positively with the general condition of the economy and thus, is
subject to the risks that arise from adverse changes in domestic and global economic conditions,
consumer confidence and spending, which may decline as a result of numerous factors outside of our
control, such as terrorist attacks and acts of war. Military operations in Iraq have depressed
economic activity in the United States and globally, including the Mexican economy. There have been
terrorist attacks abroad, such as the terrorist attacks in Madrid on March&nbsp;11, 2004 and in London
on July&nbsp;7, 2005, as well as ongoing threats of future terrorist attacks in the United States and
abroad. Although it is not possible at this time to determine the long-term effect of these
terrorist threats and attacks and the consequent response by the United States, there can be no
assurance that there will not be other attacks or threats in the United States or abroad that will
lead to economic contraction in the United States or any other major markets. If terrorist attacks
continue or become more prevalent or serious, if the economic conditions in the United States
decline or if a global recession materializes, our business, financial condition and results of
operations may be materially and adversely affected.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Currency Fluctuations or the Devaluation and Depreciation of the Peso Could Limit the Ability
of Our Company and Others to Convert Pesos into U.S. Dollars or Other Currencies Which Could
Adversely Affect Our Business, Financial Condition or Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A portion of our indebtedness and a significant amount of our costs are U.S.
Dollar-denominated, while our revenues are primarily Peso-denominated. As a result, decreases in
the value of the Peso against the U.S. Dollar could cause us to incur foreign exchange losses,
which would reduce our net income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severe devaluation or depreciation of the Peso may also result in governmental intervention,
as has resulted in Argentina, or disruption of international foreign exchange markets. This may
limit our ability to transfer or convert Pesos into U.S. Dollars and other currencies for the
purpose of making timely payments of interest and principal on our indebtedness and adversely
affect our ability to obtain foreign programming and other imported goods. The Mexican economy has
suffered current account balance payment of deficits and shortages in foreign exchange reserves in
the past. While the Mexican government does not currently restrict, and for more than ten years has
not restricted, the right or ability of Mexican or foreign persons or entities to convert Pesos
into U.S. Dollars or to transfer other currencies outside of Mexico, the Mexican government could
institute restrictive exchange control policies in the future. To the extent that the Mexican
government institutes restrictive exchange control policies in the future, our ability to transfer
or convert pesos into U.S. Dollars for the purpose of making timely payments of interest and
principal on indebtedness would be adversely affected. Devaluation or depreciation of the Peso
against the U.S. Dollar may also adversely affect U.S. Dollar prices for our debt securities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>High Inflation Rates in Mexico May Decrease Demand for Our Services While Increasing Our Costs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico historically has experienced high levels of inflation, although the rates have been
lower in recent years. The annual rate of inflation, as measured by changes in the Mexican National
Consumer Price Index, or NCPI, was 4.0% for 2003, 5.2% for 2004 and 3.3% for 2005. Although
Mexico&#146;s current level of inflation is close to the annual
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">inflation rates of its main trading partners, an adverse change in the Mexican economy may
have a negative impact on price stability and result in higher inflation than its main trading
partners. High inflation rates can adversely affect our business and results of operations in the
following ways:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inflation can adversely affect consumer purchasing power, thereby adversely
affecting consumer and advertiser demand for our services and products;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent inflation exceeds our price increases, our prices and revenues will be
adversely affected in &#147;real&#148; terms; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the rate of Mexican inflation exceeds the rate of depreciation of the Peso
against the U.S. Dollar, our U.S. Dollar-denominated sales will decrease in relative
terms when stated in constant Pesos.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>High Interest Rates in Mexico Could Increase Our Financing Costs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico historically has had, and may continue to have, high real and nominal interest rates.
The interest rates on 28-day Mexican government treasury securities averaged 6.2%, 6.8% and 9.2%
for 2003, 2004 and 2005, respectively. Accordingly, if we have to incur Peso-denominated debt in
the future, it will likely be at higher interest rates.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Political Events in Mexico Could Affect Mexican Economic Policy and Our Business, Financial
Condition and Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico&#146;s President Vicente Fox has encountered strong opposition to a number of his proposed
reforms in both the Chamber of Deputies and the Senate, where opposition forces have frequently
joined to block his initiatives. Although the Mexican economy has exhibited signs of improvement,
general economic sluggishness continues. This continuing weakness in the Mexican economy, combined
with recent political events, has slowed economic reform and progress. In the 2003 and 2004
elections, the political party of President Fox, the <I>Partido Acci&#243;n Nacional</I>, or the National
Action Party, lost additional seats in the Mexican congress, as well as state governorships. The
increased party opposition and legislative gridlock arising out of the elections could further
hinder President Fox&#146;s ability to implement his economic reforms. Presidential and federal
congressional elections in Mexico are scheduled to be held on July&nbsp;2, 2006. Under Mexican law,
President Fox cannot run for re-election. The electoral process could lead to further friction
among political parties and the executive branch officers, which could potentially cause additional
political and economic instability. Additionally, once the President and representatives are
elected, there could be significant changes in laws, public policies and government programs, which
could have a material adverse effect on the Mexican economic and political situation which, in turn
may adversely affect our business, financial condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent polls indicate that the candidate Andr&#233;s Manuel L&#243;pez Obrador of the <I>Partido de la
Revoluci&#243;n Democr&#225;tica</I>, or the Democratic Revolution Party (a left-wing party), Felipe Calder&#243;n
Hinojosa of the <I>Partido Acci&#243;n Nacional </I>or National Action Party (a right-wing party) and Roberto
Madrazo Pintado of the <I>Partido Revolucionario Institucional
</I>are very close to each other in the presidential race. Uncertainty of the outcome of
the presidential elections and the effects on the social and political situation in Mexico could
adversely affect the Mexican economy, including the stability of its currency, which in turn could
have a material adverse effect on our business, financial condition and results of operations, as
well as market conditions and prices for our securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National politicians are currently focused on the 2006 elections and crucial reforms regarding
fiscal and labor policies, gas, electricity, social security and oil have not been and may not be
approved. Once the President and representatives are elected, there could be significant changes
in laws, public policies and government programs, which could have a material adverse effect on the
Mexican economic and political situation which, in turn, may adversely affect our business,
financial condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mexican Antitrust Laws May Limit Our Ability to Expand Through Acquisitions or Joint Ventures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico&#146;s federal antitrust laws and regulations may affect some of our activities, including
our ability to introduce new products and services, enter into new or complementary businesses or
joint ventures and complete
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">acquisitions. In addition, the federal antitrust laws and regulations may adversely affect our
ability to determine the rates we charge for our services and products. Approval of the <I>Comisi&#243;n
Federal de Competencia</I>, or Mexican Antitrust Commission, is required for us to acquire and sell
significant businesses or enter into significant joint ventures. In 2002, the Mexican Antitrust
Commission did not approve the proposed merger of our radio subsidiary Sistema Radi&#243;polis, S.A. de
C.V., or Sistema Radi&#243;polis, with Grupo Acir Comunicaciones, S.A. de C.V., or Grupo Acir, and it
may not approve possible future acquisitions or joint ventures that we may pursue. See &#147;Information
on the Company &#151; Business Overview &#151; Radio&#148; and &#147;Information on the Company &#151; Business Overview &#151;
Regulation.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Changes in Existing Mexican Laws and Regulations or the Imposition of New Ones May Negatively
Affect Our Operations and Revenue</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing laws and regulations could be amended, the manner in which laws and regulations are
enforced or interpreted could change, and new laws or regulations could be adopted. Such changes
could materially adversely affect our operations and our revenue. On December&nbsp;30, 2005, Mexico&#146;s
Federal Congress enacted a new federal statute that, upon its effectiveness 180&nbsp;days from its
enactment, will amend and restate the existing Mexican Securities Market Law in its entirety. The
new Mexican Securities Market Law enhances disclosure requirements and corporate governance
standards for Mexican listed companies through the refinement of existing concepts (such as the
functions, duties and liabilities of management, directors and audit committees) and the
introduction of new concepts, such as corporate practices committees (comprised, in the case of
companies such as us, of independent directors), institutional investors and safe harbors from
public offering requirements. The new law also provides minority shareholders of Mexican listed
companies with improved information rights and legal remedies. In order to comply with the new
legal regime applicable to and governing public issuers in Mexico upon the effectiveness of the new
Mexican Securities Market Law, we will be required, by December 2006, to amend our by-laws and form a corporate practices committee. We
cannot predict what impact this will have upon our business at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico&#146;s federal antitrust law, or <I>Ley Federal de Competencia Econ&#243;mica</I>, has been recently
amended by Congress. The amendments to the Mexican Antitrust Law recently approved by the Mexican
Federal Congress are in full force and effect as of June 29, 2006.
The amendments include, among other things, the following
newly regulated activities: predatory pricing,
exclusivity discounts, cross subsidization and any acts by an agent that result in cost increases
or in the creation of obstacles in the production process of its competitors or the demand of the
goods or services offered by such competitor. We cannot predict what
impact such amendments will have upon our
business at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain amendments to the existing <I>Ley Federal de Radio y Televisi&#243;n </I>and the <I>Ley Federal de
Telecomunicaciones </I>have been enacted. We do not foresee that they will have a negative impact on
our results of operations, but no assurances can be made in this regard. In May&nbsp;2006, several
members of the Senate of the Mexican Federal Congress filed a complaint before the Supreme Court of
Justice of Mexico, seeking a declaration that the amendments are unconstitutional
and, therefore null and void. This complaint is still on review by the Supreme Court of Justice
and has not yet been resolved. We can give no assurances on the outcome of this complaint.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Differences Between Mexican GAAP and U.S. GAAP May Have an Impact on the Presentation of Our
Financial Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our annual audited consolidated financial statements are prepared in accordance with Mexican
GAAP, which differ in some significant respects from U.S. GAAP. We are required, however, to file
an annual report on Form 20-F containing financial statements reconciled to U.S. GAAP, although
this filing only contains year-end financial statements reconciled to U.S. GAAP for the three most
recent fiscal years. See Note 24 to our year-end financial statements for a description of the
principal differences between Mexican GAAP and U.S. GAAP applicable to us. In addition, we do not
publish U.S. GAAP information on an interim basis.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Risk Factors Related to Our Major Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Emilio Azc&#225;rraga Jean has Substantial Influence Over Our Management and the Interests of Mr.
Azc&#225;rraga Jean may Differ from Those of Other Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have four classes of common stock: A Shares, B Shares, D Shares, and L Shares. As of
December&nbsp;31, 2005, approximately 44.26% of the outstanding A Shares, 2.58% of the outstanding B
Shares, 2.69% of the outstanding D Shares and 2.69% of the outstanding L Shares of our company are
held through a trust, including shares in the form of Certificados de Participaci&#243;n Ordinarios, or
CPOs, or the Shareholder Trust. The largest beneficiary of the Shareholder Trust is a trust for the
benefit of Emilio Azc&#225;rraga Jean. As a result, Emilio Azc&#225;rraga Jean controls the voting of the
Shares held through the Shareholder Trust. The A Shares held through the Shareholder Trust
constitute a majority of the A Shares whose holders are entitled to vote, because non-Mexican
holders of CPOs and Global Depositary Shares, or GDSs, are not permitted by law to vote the
underlying A Shares. Accordingly, and so long as non-Mexicans own more than a minimal number of A
Shares, Emilio Azc&#225;rraga Jean will have the ability to direct the election of 11 out of 20 members
of our Board, as well as prevent certain actions by the shareholders, including the timing and
payment of dividends, if he so chooses. See &#147;Major Shareholders and Related Party Transactions &#151;
The Major Shareholders.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>As Controlling Shareholder, Emilio Azc&#225;rraga Jean Will Have the Ability to Limit Our Ability
to Raise Capital, Which Would Require Us to Seek Other Financing Arrangements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emilio Azc&#225;rraga Jean has the voting power to prevent us from raising money through equity
offerings. Mr.&nbsp;Azc&#225;rraga Jean has informed us that if we conduct a primary sale of our equity, he
would consider exercising his pre-emptive rights to purchase a sufficient number of additional A
Shares in order to maintain such power. In the event that Mr.&nbsp;Azc&#225;rraga Jean is unwilling to
subscribe for additional shares and/or prevents us from raising money through equity offerings, we
would need to raise money through a combination of debt or other forms of financing, which we may
not obtain, or if so, possibly not on favorable terms.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Risk Factors Related to Our Business</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Operation of Our Business May Be Terminated or Interrupted if the Mexican Government Does
Not Renew or Revokes Our Broadcast or Other Concessions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican law, we need concessions from the <I>Secretar&#237;a de Comunicaciones y Transportes</I>, or
SCT, to broadcast our programming over our television and radio stations and our cable and DTH
satellite systems. In July&nbsp;2004, in connection with the adoption of a release issued by the SCT for
the transition to digital television, all of our television concessions were renewed until 2021.
The expiration dates for the concessions for our radio stations range from 2008 to 2016. Our cable
telecommunications concessions expire in 2029. In the past, the SCT has typically renewed the
concessions of those concessionaires that comply with the requisite procedures set forth for
renewal under Mexican law. The SCT can revoke our concessions and the Mexican government can
require us to forfeit our broadcast assets under the circumstances described under &#147;Information on
the Company &#151; Business Overview &#151; Regulation.&#148; This may not happen in the future and the current
law may change or be superseded by new laws. In this regard, certain amendments to the existing <I>Ley
Federal de Radio y Televisi&#243;n </I>and the <I>Ley Federal de Telecomunicaciones </I>have been enacted. We do
not foresee that such amendments will have a negative impact on our results of operations, but no
assurances can be made in this regard. In May&nbsp;2006, several members of the Senate of the Mexican
Federal Congress filed a complaint before the Supreme Court of Justice of Mexico, seeking a
declaration that the amendments are unconstitutional and, therefore null and void.
This complaint is still on review by the Supreme Court of Justice and has not yet been
resolved. We can give no assurances on the outcome of this complaint.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>We Face Competition in Each of Our Markets That We Expect Will Intensify</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We face competition in all of our businesses, including television advertising and other media
businesses, as well as our strategic investments and joint ventures. In particular, we face
substantial competition from TV Azteca, S.A. de C.V., or TV Azteca. See &#147;Information on the Company
&#151; Business Overview &#151; Television &#151; Television Industry in Mexico&#148; and &#147;Information on the Company &#151;
Business Overview &#151; Television Broadcasting.&#148; In addition, the entertainment and communications
industries in which we operate are changing rapidly because of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">evolving distribution technologies. Our future success will be affected by these changes,
which we cannot predict. Consolidation in the entertainment and broadcast industries could further
intensify competitive pressures. As the pay-television market in Mexico matures, we expect to face
competition from an increasing number of sources, including emerging technologies that provide new
services to pay-television customers and require us to make significant capital expenditures in new
technologies. Developments may limit our access to new distribution channels, may require us to
make significant capital expenditures in order to have access to new digital and other distribution
channels or may create additional competitive pressures on some or all of our businesses.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Seasonal Nature of Our Business Affects Our Revenue and a Significant Reduction in Fourth
Quarter Net Sales Could Impact Our Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business reflects seasonal patterns of advertising expenditures, which is common in the
television broadcast industry, as well as cyclical patterns in periodic events such as the World
Cup, the Olympics and political elections. We typically recognize a disproportionately large
percentage of our overall advertising net sales in the fourth quarter in connection with the
holiday shopping season. For example, in 2003, 2004 and 2005 we recognized 29.8%, 28.7% and 29.7%,
respectively, of our net sales in the fourth quarter of the year. Accordingly, a significant
reduction in fourth quarter advertising revenue could adversely affect our business, financial
condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Future Activities Which We May Wish to Undertake in the United States May Be Affected by Our
Arrangements With Univision. These Activities, as Well as a Current Dispute We Are Having With
Univision and Univision&#146;s Recent Agreement to Sell Univision, May Affect Our Relationship With,
and Our Interest in, Univision</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have a program license agreement with Univision Communications, Inc.
or Univision, whereby we have granted Univision an
exclusive right to broadcast our television programming in the United States, with some
exceptions, as
described in &#147;Information on the Company &#151; Business Overview &#151; Univision.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under an agreement with Univision we are required to offer Univision the opportunity to
acquire a
50% economic interest in our interest in certain Spanish-language television broadcasting
ventures to the
extent they relate to United States Spanish-language television broadcasting. Should Univision
exercise
these rights, Univision would reduce our share of potentially lucrative corporate
opportunities involving
these ventures. In April&nbsp;2003, we entered into a joint venture with Univision to introduce our
satellite and
cable pay-TV programming into the United States, including two of our existing movie channels
and
three channels featuring music videos, celebrity lifestyle, interviews and entertainment news
programming, and to create future channels available in the United States that feature our
programming. See &#147;Information on the Company &#151; Business Overview &#151; Univision.&#148; The current joint venture
with
Univision and any future venture we might pursue involving United States Spanish-language
television
broadcasting, with or without Univision as a partner, may compete directly with Univision to
the extent
such ventures seek viewership among Hispanic households in the United States. Direct
competition
between Univision and these ventures could have a material adverse effect on the financial
condition and
results of operations of our joint ventures and the value of our
investment in Univision. This agreement and our obligations thereunder terminate (subject to a limited
exception) when we no longer own a specified number of shares of
Class&nbsp;T common stock of Univision, including as a result of a sale of our Univision
shares pursuant to Univision&#146;s recent agreement to sell Univision.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;9, 2005, Televisa filed its original complaint against Univision, asserting three
claims for
relief, including breach of the Second Amended and Restated Program Licensing Agreement, dated
December&nbsp;19, 2001, as amended, declaratory relief and copyright infringement. The factual
averments
of the original complaint were focused on and limited to Univision&#146;s refusal to pay Televisa
royalties
relating to advertising revenues on certain programs such as <I>Premio Lo Nuestro </I>and
Univision&#146;s
improper editing of Spanish language programming licensed to it by Televisa under the program
license
agreement for broadcast in the United States. By its First Amended
Complaint, filed June&nbsp;16, 2005,
Televisa added factual averments relating to Univision&#146;s obligation under the program license
agreement
to provide Televisa with both free and paid advertising on its networks and added a claim for
Univision&#146;s
violation of a letter agreement between Televisa and its subsidiaries (including Televisa, S.A. de C.V.) and
Univision, dated December&nbsp;19, 2001, as
amended, relating to the broadcast of soccer games. In April 2006, Televisa
filed a Second Amended Complaint adding new factual averments, including
Univision&#146;s failure to pay royalties on the value of advertising provided to
its subsidiaries and affiliates, Univision&#146;s announced decision to begin
withholding royalties based on revenues obtained from affiliated stations
(denominated &#147;national advertising sales agency commissions&#148; by Univision),
Univision&#146;s announced decision to exclude from its royalty calculation for
Televisa revenues received by Univision for advertising on programs allegedly
related to shows such as <I>Premio Lo Nuestro</I> (sometimes referred
to as &#147;shoulder
programming&#148;), various other breaches of Univision&#146;s obligation to pay
royalties under the program license agreement, Univision&#146;s failure to provide
audited certifications of its calculation of royalties in violation of the
program license agreement, and Univision&#146;s failure to cooperate with auditors
retained by Televisa to audit the royalty calculations for the years 2003 and
2004 (all of which were also asserted previously in support of Televisa&#146;s
Affirmative Defenses contained in its Answer to Univision&#146;s Counterclaims) and
Univision&#146;s failure to include in its royalty calculations for Televisa amounts
received by its affiliated stations for national and local advertising. We
cannot predict how our overall business relationship with Univision will be
affected by this dispute.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;16, 2006, and based on the complaint, the amendment to the complaint and other
breaches found during an audit performed on Univision and Galavision for years 2003 and 2004,
we
served a notice of material breaches under the program license agreement and the Soccer
Agreement. On
June&nbsp;2, 2006, we served notice to Univision of our right to terminate the program license agreement and the soccer
letter
agreement based on the uncured material breaches, as well as material breaches that are not, by
their
nature, susceptible to being cured.</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, effective as of May&nbsp;9, 2005, Emilio Azc&#225;rraga Jean resigned as a director, and
Alfonso
de Angoitia Noriega resigned as an alternate director, of Univision. We have the right to
elect one director
and one alternate director to the Univision Board of Directors and, in April&nbsp;2006, we
designated Ricardo
Maldonado Ya&#241;ez, Secretary to our Board of Directors, as our director on the Univision Board
of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have
had disagreements with Univision over our ability to offer over the
Internet
programs to which Univision has broadcast rights in the United States. As part of the
amendments in
December&nbsp;2001 to our arrangements with Univision, we agreed that for a five-year period,
ending
December&nbsp;2006, we would have limited rights in the United States to transmit via the Internet
certain
programming. At the end of this period, certain rights we held under our prior
agreements with
Univision will be reinstated. We continue to believe that these rights us to make our
Internet service
originating from Mexico available globally, including making available to U.S. audiences via
the Internet
programs to which Univision has broadcast rights in the United States. Univision disagrees that we have such
rights to distribute to U.S. audiences via the Internet of such programs and the issue may be subject of litigation. Under our program license agreement with Univision, Univision does not have the right to broadcast over the Internet programs licensed to Univision in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, by operation of the ownership rules and policies of the U.S. Federal
Communications
Commission, or the FCC, our interest in Univision may limit our ability to invest in other
U.S. media
entities. See &#147;Information on the Company &#151; Business
Overview &#151; Regulation &#151; Television &#151; U.S. Regulation of Broadcast Stations.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2006, Univision announced that its board had decided to engage in a process to
explore
strategic alternatives to enhance shareholder value, including the sale or merger of Univision
with another
entity. Our board of directors held a meeting on April&nbsp;27, 2006 and authorized Emilio
Azc&#225;rraga,
Chairman of the Board, President and Chief Executive Officer of Televisa, and Alfonso de
Angoitia,
Executive Vice President of Televisa, in their judgment to enter into a group with others and
to make a
plan or proposal for a transaction with Univision which, if successful, would involve an
increase in our
minority shareholding of Univision. In May 2006, Televisa,
pursuant to
such authority, and a number of private equity and investment entities decided to work together for the purpose of making such a plan or proposal. In June 2006,
Univision
announced that it had entered into a definitive agreement with another group pursuant to which that group is to
acquire Univision on the terms and subject to the
conditions
of the agreement. This transaction involving the acquisition of Univision has significant implications
for our
obligations to Univision under our existing agreements with Univision, and we cannot predict
how our
overall business relationship with Univision will be affected by the transaction.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We Have Experienced Substantial Losses, Primarily in Respect of Our Investments in Innova, and
Expect to Continue to Experience Substantial Losses as a Result of Our Participation in Innova,
Which Would Adversely Affect Our Net Income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have invested a significant amount to develop DTH satellite services primarily in Mexico.
Although Innova, our DTH joint venture in Mexico, referred to herein, for segment reporting
purposes, as Sky Mexico, achieved net income for the first time in 2004 and generated positive cash
flow in 2003, 2004 and 2005, we have, in the past, experienced substantial losses and substantial
negative cash flow, and we may experience substantial losses over the next several years, as a
result of our participation in Innova, which would adversely affect our net income. We cannot
assure you that Innova will continue to generate net income in the upcoming years, principally due
to the substantial capital expenditures and investments required to expand and improve its DTH
service, the impact of any potential devaluation of the Peso versus the U.S. Dollar on Innova&#146;s
financial structure, as well as the strong competition that exists in the pay-television industry
in Mexico. See Notes 1(b) and 11 to our year-end financial statements. See &#147;Operating and Financial
Review and Prospects &#151; Results of Operations &#151; Equity in Earnings of Affiliates.&#148;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own a 58.7% interest in Innova, our DTH joint venture in Mexico. The balance of Innova&#146;s
equity is indirectly owned by DIRECTV (which is 37% owned by News Corp.) through its subsidiaries
News DTH (Mexico) Investment, LTD, DIRECTV Latin America Holdings, Inc., or DIRECTV Holdings, and
DIRECTV Latin America LLC, or DTVLA. Although we hold a majority of Innova&#146;s equity, DIRECTV has
significant governance rights, including the right to block any transaction between us and Innova.
Accordingly, we do not have complete control over the operations of Innova. The indenture that
governs the terms of the notes issued by Innova in September&nbsp;2003 and the credit agreements entered
into in March and April&nbsp;2006, as well as the credit agreement we entered into in July&nbsp;2005, contain
covenants that restrict the ability of Innova to pay dividends and make investments and other
restricted payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with a letter agreement entered into in October&nbsp;2004, we and DIRECTV Holdings
entered into an agreement in February&nbsp;2005 under which we acquired the right to buy additional
interests in Innova from DIRECTV Holdings, which, was consummated on April&nbsp;27, 2006, resulting in
us indirectly owning 58.7% of Innova and, DIRECTV indirectly owning 41.3% of Innova. We paid
approximately U.S.$59&nbsp;million for the additional equity stake in Innova. See &#147;Information on the
Company &#151; Business Overview &#151; DTH Joint Ventures.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We Have Recognized an Increased Indebtedness, a Cumulative Loss Effect and other Adverse
Accounting Impacts as a Result of the Consolidation of Innova since April&nbsp;1, 2004 in our
Consolidated Financial Statements for the Year Ending December&nbsp;31, 2004 and These Impacts Continued
in 2005 and May Continue in Future Years</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the consolidation of Innova beginning April&nbsp;1, 2004, our financial statements
have been updated as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated total assets increased by approximately Ps.3,133.6&nbsp;million beginning April&nbsp;1,
2004. Our consolidated total liabilities increased by approximately Ps.5,604.7&nbsp;million beginning
April&nbsp;1, 2004, including an approximately Ps.6,188.0&nbsp;million increase in our aggregate consolidated
debt and satellite transponder lease obligation. Our consolidated shareholders&#146; equity decreased by
approximately Ps.2,471.1&nbsp;million beginning April&nbsp;1, 2004, as a result of the outstanding
shareholders&#146; deficit reflected in Innova&#146;s financial statements. Our consolidated net sales, costs
and operating expenses, and operating income before depreciation and amortization increased in the
second, third and fourth quarters of 2004, and for the year ended December&nbsp;31, 2005. The adverse
impacts on our financial statements, including the substantial increase in our consolidated debt,
the decrease in our shareholder&#146;s equity, and the increase in our consolidated costs and expenses,
may have an adverse impact on the price of our securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a further description of the impact that the consolidation of Innova has had on our
financial statements, see &#147;Operating and Financial Review and
Prospects &#151; Results of Operations &#151;
Sky Mexico.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We Have Evaluated the Possibility of Potential Losses in Innova in Case of Business
Interruption Due to the Loss of Transmission and Loss of the Use of Satellite Transponders, Which
Would Adversely Affect Our Net Income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media and telecom companies, including Innova, rely on satellite transmissions to conduct
their day to day business. Any unforeseen and sudden loss of transmission or non-performance of
the satellite for Innova (satellite operator) can cause huge losses to Innova&#146;s business. The
unforeseen loss of transmission may be caused due to the satellite&#146;s loss of the orbital slot or
the reduction in the satellite&#146;s functional life.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The size of the business interruption impact for Innova in the case of a satellite loss
exceeds the capability of the insurance market to adequately cover this risk. In order to reduce
the possibility of unforeseen loss of transmission and the financial impact, Innova is currently
analyzing alternatives, such as switching its transmissions to newer satellites, diversifying the
transponder service and creating a backup transmission system. We cannot predict the extent of
losses to Innova in the case of satellite loss or the effectiveness of any proposed alternative.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Risk Factors Related to Our Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Any Actions Shareholders May Wish to Bring Concerning Our Bylaws or the CPO Trust Must Be
Brought in a Mexican Court</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide that you must bring any legal actions concerning our bylaws in courts
located in Mexico City. The trust agreement governing the CPOs provides that you must bring any
legal actions concerning the trust agreement in courts located in Mexico City. All parties to the
trust agreement governing the CPOs, including the holders of CPOs, have agreed to submit these
disputes only to Mexican courts.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Non-Mexicans May Not Hold A Shares, B Shares or D Shares Directly and Must Have Them Held in a
Trust at All Times</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Mexicans may not directly own A Shares, B Shares or D Shares, but may hold them indirectly
through a CPO trust, which will control the voting of the A Shares and B Shares. Under the terms
of the CPO Trust, beginning in December&nbsp;2008, a non-Mexican holder of CPOs or GDSs may instruct the
CPO Trustee to request that we issue and deliver certificates representing each of the shares
underlying its CPOs so that the CPO Trustee may sell, to a third party entitled to hold the shares,
all of these shares and deliver to the holder any proceeds derived from the sale.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Non-Mexican Holders of Our Securities Forfeit Their Securities if They Invoke the Protection
of Their Government</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Mexican law, our bylaws provide that non-Mexican holders of CPOs and GDSs may not
ask their government to interpose a claim against the Mexican government regarding their rights as
shareholders. If non-Mexican holders of CPOs and GDSs violate this provision of our bylaws, they
will automatically forfeit the A Shares, B Shares, L Shares and D Shares underlying their CPOs and
GDSs to the Mexican government.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Non-Mexican Holders of Our Securities Have Limited Voting Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Mexican holders of GDSs are not entitled to vote the A Shares, B Shares and D Shares
underlying their securities. The L Shares underlying GDSs, the only series of our Shares that can
be voted by non-Mexican holders of GDSs, have limited voting rights. These limited voting rights
include the right to elect two directors and limited rights to vote on extraordinary corporate
actions, including the delisting of the L Shares and other actions which are adverse to the holders
of the L Shares. For a brief description of the circumstances under which holders of L Shares are
entitled to vote, see &#147;Additional Information &#151; Bylaws &#151; Voting Rights and Shareholders&#146; Meetings.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our Antitakeover Protections May Deter Potential Acquirors and May Depress Our Stock Price</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain provisions of our bylaws could make it substantially more difficult for a third party
to acquire control of us. These provisions in our bylaws may discourage certain types of
transactions involving the acquisition of our securities. These provisions may also limit our
shareholders&#146; ability to approve transactions that may be in their best interests and discourage
transactions in which our shareholders might otherwise receive a premium for their Shares over the
then current market price, and could possibly adversely affect the trading volume in our equity
securities. As a result, these provisions may adversely affect the market price of our securities.
Holders of our securities who acquire Shares in violation of these provisions will not be able to
vote, or receive dividends, distributions or other rights in respect of, these securities and would
be obligated to pay us a penalty. For a description of these provisions, see &#147;Additional
Information &#151; Bylaws &#151; Antitakeover Protections.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>GDS Holders May Face Disadvantages When Attempting to Exercise Voting Rights as Compared to
Other Holders of Our Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In situations where we request that JPMorgan Chase Bank, the depositary, ask holders for
voting instructions, holders may instruct the depositary to exercise their voting rights, if any,
pertaining to the deposited securities underlying their GDSs. The depositary will attempt, to the
extent practical, to arrange to deliver voting materials to these holders. We cannot assure
holders of GDSs that they will receive the voting materials in time to ensure that they can
instruct the depositary how to vote the deposited securities underlying their GDSs, or that the
depositary
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will be able to forward those instructions and the appropriate proxy request to the CPO
Trustee in a timely manner. For shareholders&#146; meetings, if the depositary does not receive voting
instructions from holders of GDSs or does not forward such instructions and appropriate proxy
request in a timely manner, if requested in writing from us, it will provide a proxy to a
representative designated by us to exercise these voting rights. If no such written request is
made by us, the depositary will not represent or vote, attempt to represent or vote any right that
attaches to, or instruct the CPO Trustee to represent or vote, the shares underlying the CPOs in
the relevant meeting and, as a result, the underlying shares will be voted in the manner described
under &#147;Additional Information &#151; Bylaws &#151; Voting Rights and Shareholders&#146; Meetings &#151; Holders of
CPOs.&#148; For CPO Holders&#146; meetings, if the depositary does not timely receive instructions from a
Mexican or non-Mexican holder of GDSs as to the exercise of voting rights relating to the
underlying CPOs in the relevant CPO holders&#146; meeting, the depositary and the custodian will take
such actions as are necessary to cause such CPOs to be counted for purposes of satisfying
applicable quorum requirements and, unless we in our sole discretion have given prior written
notice to the depositary and the custodian to the contrary, vote them in the same manner as the
majority of the CPOs are voted at the relevant CPOs holders&#146; meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This means that holders of GDSs may not be able to exercise their right to vote and there may
be nothing they can do if the deposited securities underlying their GDSs are not voted as they
request.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Interests of Our GDS Holders Will Be Diluted if We Issue New Shares and These Holders Are
Unable to Exercise Preemptive Rights for Cash</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican law and our bylaws, our shareholders have preemptive rights. This means that in
the event that we issue new Shares for cash, our shareholders will have a right to subscribe the
number of Shares of the same series necessary to maintain their existing ownership percentage in
that series. U.S. holders of our GDSs cannot exercise their preemptive rights unless we register
any newly issued Shares under the Securities Act of 1933, or the Securities Act, or qualify for an
exemption from registration. If U.S. holders of GDSs cannot exercise their preemptive rights, the
interests of these holders will be diluted in the event that we issue new Shares for cash. We
intend to evaluate at the time of any offering of preemptive rights the costs and potential
liabilities associated with registering any additional Shares. We cannot assure you that we will
register under the Securities Act any new Shares that we issue for cash. In that connection, in
2002 we did not register the 430.3&nbsp;million A Shares authorized, issued and subscribed in connection
with our Long Term Retention Plan. Accordingly, the voting rights of GDS holders were diluted. See
&#147;Directors, Senior Management and Employees &#151; Long-Term Retention Plan&#148; and &#147;Additional Information
&#151; Bylaws &#151; Preemptive Rights.&#148; In addition, although the deposit agreement provides that the
depositary may, after consultation with us, sell preemptive rights in Mexico or elsewhere outside
the U.S. and distribute the proceeds to holders of GDSs, under current Mexican law these sales are
not possible.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Protections Afforded to Minority Shareholders in Mexico Are Different From Those in the
U.S.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the <I>Ley del Mercado de Valores</I>, or the Mexican Securities Market Law, as
amended, we amended our bylaws to increase the protections afforded to our minority shareholders in
an effort to try to ensure that our corporate governance procedures are substantially similar to
international standards. See &#147;Additional Information &#151; Mexican Securities Market Law&#148; and
&#147;Additional Information &#151; Bylaws &#151; Other Provisions &#151; Appraisal Rights and Other Minority
Protections.&#148; Notwithstanding these amendments, under Mexican law, the protections afforded to
minority shareholders are different from those in the U.S. In particular, the law concerning
fiduciary duties of directors is not well developed, there is no procedure for class actions or
shareholder derivative actions and there are different procedural requirements for bringing
shareholder lawsuits. As a result, in practice, it may be more difficult for our minority
shareholders to enforce their rights against us or our directors or major shareholders than it
would be for shareholders of a U.S. company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new Mexican Securities Market Law provides additional protection to minority shareholders,
such as (i)&nbsp;providing shareholders of a public company representing 5% or more of the capital stock
of the public company, an action for liability against the members and secretary of the Board and
relevant management of the public company, and (ii)&nbsp;establishing additional responsibilities on the
audit committee in all issues that have or may have an effect on minority shareholders and their
interests in an issuer or its operations.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>It May Be Difficult to Enforce Civil Liabilities Against Us or Our Directors, Executive
Officers and Controlling Persons</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are organized under the laws of Mexico. Substantially all of our directors, executive
officers and controlling persons reside outside the U.S., all or a significant portion of the
assets of our directors, executive officers and controlling persons, and substantially all of our
assets, are located outside of the U.S., and some of the experts named in this annual report also
reside outside of the U.S. As a result, it may be difficult for you to effect service of process
within the United States upon these persons or to enforce against them or us in U.S. courts
judgments predicated upon the civil liability provisions of the federal securities laws of the U.S.
We have been advised by our Mexican counsel, Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., that there
is doubt as to the enforceability, in original actions in Mexican courts, of liabilities predicated
solely on U.S. federal securities laws and as to the enforceability in Mexican courts of judgments
of U.S. courts obtained in actions predicated upon the civil liability provisions of U.S. federal
securities laws.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="110"></A>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Forward-Looking Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This annual report and the documents incorporated by reference into this annual report contain
forward-looking statements. We may from time to time make forward-looking statements in periodic
reports to the SEC on Form 6-K, in annual report to shareholders, in prospectuses, press releases
and other written materials and in oral statements made by our officers, directors or employees to
analysts, institutional investors, representatives of the media and others. Examples of these
forward-looking statements include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>projections of operating revenues, net income (loss), net income (loss)&nbsp;per share,
capital expenditures, dividends, capital structure or other financial items or ratios;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements of our plans, objectives or goals, including those relating to
anticipated trends, competition, regulation and rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current and future plans regarding our Spanish-language horizontal Internet
portal, <I>EsMas.com</I>;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our current and future plans regarding our investment in the
Spanish television channel &#147;La Sexta&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our current and future plans regarding our gaming business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our transactions with and involving Univision;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our recent series of transactions with The DIRECTV Group,
Inc., or DIRECTV, and News Corporation, or News Corp.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements about our future economic performance or that of Mexico or other
countries in which we operate or have investments; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements of assumptions underlying these statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words such as &#147;believe,&#148; &#147;anticipate,&#148; &#147;plan,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;target,&#148; &#147;estimate,&#148;
&#147;project,&#148; &#147;predict,&#148; &#147;forecast,&#148; &#147;guideline,&#148; &#147;should&#148; and similar expressions are intended to
identify forward-looking statements, but are not the exclusive means of identifying these
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements involve inherent risks and uncertainties. We caution you that a
number of important factors could cause actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in these forward-looking statements.
These factors, some of which are discussed under &#147;&#151; Risk Factors,&#148; include economic and political
conditions and government policies in Mexico or elsewhere, inflation rates, exchange rates,
regulatory developments, customer demand and competition. We caution you that the foregoing list of
factors is not exclusive and that other risks and uncertainties may cause actual results to differ
materially from those in forward-looking statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements speak only as of the date they are made, and we do not undertake
any obligation to update them in light of new information or future developments.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Information on the Company</B>
</DIV>

<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>History and Development of the Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa, S.A. is a <I>sociedad an&#243;nima, </I>or limited liability stock corporation, which was
organized under the laws of Mexico in accordance with the <I>Ley General de Sociedades Mercantiles, </I>or
Mexican Companies Law. Grupo Televisa was incorporated under Public Deed Number 30,200, dated
December&nbsp;19, 1990, granted before Notary Public Number 73 of Mexico City, and registered with the
Public Registry of Commerce in Mexico City on Commercial Page <I>(folio mercantil) </I>Number 142,164.
Pursuant to the terms of our <I>estatutos sociales, </I>or bylaws, our corporate existence continues
through 2089. Our principal executive offices are located at Avenida Vasco de Quiroga, No.&nbsp;2000,
Colonia Santa Fe, 01210 M&#233;xico, D.F., M&#233;xico. Our telephone number at that address is (52) (55)
5261-2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the largest media company in the Spanish-speaking world and a major participant in the
international entertainment industry. We produce the most Spanish-language television programs, and
we believe we own the largest library of Spanish-language television programming, in the world. We
broadcast those programs, as well as programs produced by others, through our own networks, through
our cable system and through our direct-to-home, or DTH, satellite services or through other cable
and satellite providers in Mexico, Latin America, Europe, Asia, Africa, the United States, Canada
and Australia. We also license our programming to other television broadcasters and pay-television
systems throughout the world. We believe we are also the leading publisher in the world, in terms
of circulation, of Spanish-language magazines. We are a major international distributor of
Spanish-language magazines. We engage in other businesses, including radio production and
broadcasting, professional sports and show business promotions, feature film production and
distribution, and an Internet portal. We also own an unconsolidated 11.4% equity interest, on a
fully diluted basis, in Univision, the leading Spanish-language television broadcaster in the
United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The programs shown on our networks are among the most-watched programs in Mexico. In 2004 and
2005, approximately 69% and 68%, respectively, of all Mexicans watching over-the-air television
during prime time hours, 70% and 69%, respectively, of all Mexicans watching over-the-air
television during weekday prime time hours and 71% and 70%, respectively, of all Mexicans watching
over the air television from sign-on to sign-off watched our networks or stations. Our television
broadcasting operations represent our primary source of revenues, and those operations generated
approximately 56.9% and 55.4% of our total revenues in 2004 and 2005, respectively.
</DIV>
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Capital Expenditures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth our actual capital expenditures, investments and acquisitions for
the years ended December&nbsp;31, 2003, 2004 and 2005 and our projected capital expenditures for the
year ended December&nbsp;31, 2006. For a discussion of how we intend to fund our projected capital
expenditures, investments and acquisitions for 2006, as well as a more detailed description of our
capital expenditures, investments and acquisitions in prior years, see &#147;Operating and Financial
Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign Exchange and Capital Resources &#151;
Liquidity&#148; and &#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity,
Foreign Exchange and Capital Resources &#151; Capital Expenditures, Acquisitions and Investments,
Distributions and Other Sources of Liquidity.&#148;
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(Millions of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$94.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$174.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$248.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$300.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in DTH joint ventures<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment in OCEN<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other acquisitions and investments<SUP style="font-size: 85%; vertical-align: text-top">(5)(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total capital expenditures and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$205.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$216.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$317.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$572.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts in respect of some of the capital expenditures, investments and acquisitions we
made in 2003, 2004 and 2005 were paid for in Mexican Pesos. These Mexican Peso amounts
were translated into U.S. Dollars at the Interbank Rate in effect on the dates on which a
given capital expenditure, investment or acquisition was made. As a result, U.S. Dollar
amounts presented in the table immediately above are not comparable to: (i)&nbsp;data regarding
capital expenditures set forth in &#147;Key Information &#151; Selected Financial Data,&#148; which is
presented in constant Pesos of purchasing power as of December&nbsp;31, 2005 and, in the case of
data presented in U.S. Dollars, is translated at a rate of Ps.10.6265 to one U.S. Dollar,
the Interbank Rate as of December&nbsp;31, 2005, and (ii)&nbsp;certain data regarding capital
expenditures set forth under &#147;Operating and Financial Review and Prospects &#151; Results of
Operations &#151; Liquidity, Foreign Exchange and Capital Resources &#151; Capital Expenditures,
Acquisitions and Investments, Distributions and Other Sources of Liquidity.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects capital expenditures for property, plant and equipment, as well as general
capital expenditures, in all periods presented. Also includes U.S.$17.4&nbsp;million in 2003,
U.S.$35.1&nbsp;million in 2004, and U.S.$51.1&nbsp;million in 2005 for the expansion and improvement
of our cable business; and U.S.57.6&nbsp;million in 2004 and U.S.$109.2&nbsp;million in 2005 for the
expansion and improvement of our SKY Mexico segment.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes investments made in the form of capital contributions and loans in all
periods.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2002, we acquired a 40% stake in OCESA Entretenimiento, or OCEN, our live
entertainment venture in Mexico, for U.S.$104.7&nbsp;million, of which U.S.$37.7&nbsp;million was
paid in the first quarter of 2003. Additionally, in the first quarter of 2003, we made a
capital contribution to OCEN of approximately U.S.$4.8&nbsp;million. See &#147;&#151; Business Overview &#151;
Other Businesses &#151; Sports and Show Business Promotions&#148; and Note 2 to our year-end
financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2003, we acquired Telespecialidades, a company which was owned by our controlling
shareholders, for an aggregate amount of U.S.$83.0&nbsp;million. Telespecialidades&#146;s net assets
at the time of acquisition consisted principally of Shares of our capital stock in the form
of CPOs, which Shares were previously indirectly owned by our controlling shareholders, and
tax loss carryforwards. Telespecialidades was merged into Televisa S.A. de C.V. on
December&nbsp;31, 2003. See &#147;Major Shareholders and Related Party Transactions &#151; The Principal
Shareholders and Related Party Transactions &#151; Related Party Transactions &#151; Transactions
and Arrangements With Affiliates and Related Parties of Our Directors, Officers and Major
Shareholders.&#148; Additionally, in 2003 and 2004, we made capital contributions in the
aggregate amount of U.S.$2.5&nbsp;million and U.S.$2.0&nbsp;million, respectively, in our pay
television joint venture with Univision, which operations commenced in the U.S. in the
second quarter of 2003. In November&nbsp;2005, we acquired Comtelvi, S. de R.L. de C.V.
(&#147;Comtelvi&#148;) from a third party for an aggregate amount of U.S.$39.1&nbsp;million. At the time
of acquisition, Comtelvi had structured note investments and other financial instrument
assets and liabilities, as well as tax losses of approximately Ps.3,311.5&nbsp;million that were
used by us in the fourth quarter of 2005. Additionally, in 2005 we made capital
contributions of approximately U.S.$1.4&nbsp;million (1.2&nbsp;million Euros) to Gestora de
Inversiones Audiovisuales La Sexta, S.A.U. (&#147;La Sexta&#148;), representing the 40% interest in
our Spanish Television broadcasting venture, which commenced operations in Spain in March
2006. See &#147;Information on the Company &#151; Business Overview &#151; Univision&#148; and Note 2 to our
year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>In the first quarter of 2006, we completed the acquisition of certain operating assets,
consisting primarily of trademarks, intellectual property rights and other publishing
assets owned by Editora Cinco, a publishing company in Mexico and Latin America, for an
aggregate amount of approximately U.S.$15.0&nbsp;million. In the second quarter of 2006, we
acquired the minority interest in Innova that was formerly owned by
Liberty Media for an
amount of approximately U.S.$58.7&nbsp;million to increase the interest in our Sky Mexico
business to 58.7%. Our projected total investment in La Sexta for 2006 is approximately
84.2&nbsp;million Euros (approximately U.S.$108.0&nbsp;million). In addition, we estimate that we
will invest approximately U.S.$90.7&nbsp;million in connection with other potential investments
and acquisitions of our different business segments for the year ending December&nbsp;31, 2006.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, 2004 and 2005, we relied on a combination of operating revenues, borrowings and
net proceeds from dispositions to fund our capital expenditures, acquisitions and investments. We
expect to fund our capital expenditures in 2006, other than cash needs in connection with any
potential investments and acquisitions, through a combination of cash from operations and cash on
hand. We intend to finance our potential investments or acquisitions in 2006 through available
cash from operations, cash on hand and/or borrowings. The amount of borrowings required to fund
these cash needs in 2006 will depend upon the timing of cash payments from advertisers under our
advertising sales plan.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Business Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the largest media company in the Spanish-speaking world and a major participant in the
international entertainment industry. We produce the most Spanish-language television programs, and
we believe we own the largest library of Spanish-language television programming, in the world. We
broadcast those programs, as well as programs produced by others, through our own networks, through
our cable system and through our DTH satellite services or through other cable and satellite
providers in Mexico, Latin America, Europe, Asia, Africa, the United States, Canada and Australia.
We also license our programming to other television broadcasters and pay-television systems
throughout the world. We believe we are also the leading publisher in the world, in terms of
circulation, of Spanish-language magazines. We are a major international distributor of
Spanish-language magazines. We engage in other businesses, including radio production and
broadcasting, professional sports and show business promotions, feature film production and
distribution, and an Internet portal. We also own an unconsolidated
11.4% equity interest, on a
fully diluted basis, in Univision, the leading Spanish-language television broadcaster in the
United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The programs shown on our networks are among the most-watched programs in Mexico. In 2004 and
2005, approximately 69% and 68%, respectively, of all Mexicans watching television during prime
time hours, 70% and 69%, respectively, of all Mexicans watching television during weekday prime
time hours and 71% and 70%, respectively, of all Mexicans watching from sign-on to sign-off watched
our networks or stations. Our television broadcasting operations represent our primary source of
revenues, and those operations generated approximately 56.9% and 55.4% of our total revenues in
2004 and 2005, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business Strategy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to leverage our position as the largest media company in the Spanish-speaking world
to continue expanding our business while maintaining profitability and financial discipline. We
intend to do so by maintaining our leading position in the Mexican television market, by continuing
to produce high quality programming and by improving our sales and marketing efforts while
improving our operating margins. By leveraging all our business segments and capitalizing on their
synergies to extract maximum value from our content, we also intend to continue building our
pay-television platforms, expanding our publishing business, increasing our international
programming sales and strengthening our position in the growing U.S.-Hispanic market. We intend to
continue to expand our business by developing new business initiatives and/or through business
acquisitions in Mexico and abroad.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Maintaining our leading position in the Mexican television market</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Continuing to produce high quality programming. </I>We aim to continue producing the type of high
quality television programming that has propelled many of our programs to the top of the national
ratings and audience share in Mexico. In 2004 and 2005, our networks aired 88% and 81%,
respectively, of the 200 most-watched television programs in Mexico, according to the Mexican
subsidiary of the Brazilian Institute of Statistics and Public Opinion, or <I>Instituto Brasile&#241;o de
Opini&#243;n P&#250;blica y Estad&#237;stica, </I>or IBOPE. We have launched a number of initiatives in creative
development, program scheduling and on-air promotion. These initiatives include improved production
of our highly rated telenovelas, new comedy and game show formats and the development of reality
shows. We have improved our scheduling to be better aligned with viewer habits by demographic
segment while improving viewer retention through more dynamic on-air graphics and pacing. We have
enhanced tune-in promotion both in terms of creative content and strategic placement. In addition,
we plan to continue expanding and leveraging our exclusive Spanish-language video and international
film library, exclusive rights to soccer games and other events, as well as cultural, musical and
show business productions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Improving our sales and marketing efforts. </I>In 2003, 2004 and 2005, we outperformed Mexican
economic growth by increasing our television broadcasting revenues in real terms by 5.4%, 5.7% and
5.1%, respectively, as compared to increases of only 1.4%, 4.2% and 3.0%, respectively, in Mexican
GDP during the same periods. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Mexico &#151;
Mexico Has Experienced Adverse Economic Conditions.&#148; The increase in our television broadcasting
revenues was primarily due to the marketing and advertising strategies we have implemented over the
course of the last several years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the past few years we have improved our television broadcasting advertising sales
strategy by: (i)&nbsp;introducing two new rate structures for television advertising that more closely
ties individual program pricing to audience ratings, group demographics and advertiser demand; (ii)
implementing differentiated pricing by quarter, by
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">channel and by time of day; (iii)&nbsp;reorganizing our sales force into teams focusing on each of
our divisions; and (iv)&nbsp;emphasizing a compensation policy for salespeople that is
performance-based, with variable commissions tied to year-end results for a larger portion of total
compensation. We offer three different pricing alternatives to our customers: (i)&nbsp;our traditional
fixed price per second plan, (ii)&nbsp;a cost per thousand viewers, or CPM, price plan and (iii)&nbsp;a cost
per rating point plan. We believe that, by offering our customers several different pricing plans
to choose from as well as differentiated pricing by quarter, we have gained the flexibility to
target underserved industries and increase our focus on local sales causing an increase in our
advertising revenue. Advertising revenues from local sales as a percentage of our television
broadcasting revenues have increased over the past four years. During 2005, local sales accounted
for 13.7% of our television broadcasting revenues compared to 13.2% and 13.7% in the years 2003 and
2004, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We plan to continue expanding our advertising customer base by targeting medium-sized and
local companies who were previously underserved. For example, as part of our plan to attract
medium-sized and local advertisers in Mexico City, we targeted the reach of the Channel 4 Network
throughout Mexico and revised its format to create 4TV, which targets viewers in the Mexico City
metropolitan area. See &#147;&#151; Television &#151; Television Broadcasting &#151; Channel 4 Network.&#148; We currently
sell local advertising time on 4TV to medium-sized and local advertisers at rates comparable to
those charged for advertising time on local, non-television media, such as radio, newspapers and
billboards. However, by purchasing local advertising time on 4TV, medium-sized and local
advertisers are able to reach a wider audience than they would reach through local, non-television
media. We are also developing new advertising plans in the Mexican market, such as product tie-ins
on our shows, and encouraging customers to advertise their products jointly through co-marketing
and co-branding arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Improving our operating margins. </I>Our operating margin (operating income before depreciation
of tangible assets and amortization of intangible assets over net sales) increased in 2005, ending
the year at 40.7% compared to 36.3% for 2004. We intend to continue improving our margins by
increasing revenues and controlling costs. We also intend to maintain a disciplined management of
costs and expenses throughout 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Continue building our pay television platforms</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>DTH. </I>We believe that Ku-band DTH satellite services offer the greatest opportunity for rapid
expansion of pay television services into cable households seeking to upgrade and in areas not
currently serviced by operators of cable or multi-channel, multi-point distribution services. Our
joint venture, Innova, is the only participant in the Mexican DTH market with approximately
1,250,600 subscribers, of which 70,100 were commercial subscribers as of December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The key components of our DTH strategy include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>offering high quality and exclusive programming, including rights in Mexico to our
four over-the-air broadcast channels and other channels produced by our partners, as
well as special events, such as reality shows, and games or sports programming we
produce or with respect to which we have exclusive rights;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capitalizing on our relationship with DIRECTV and local operators in terms of
technology, distribution networks, infrastructure and cross-promotional opportunities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capitalizing on the low penetration of pay-television services in Mexico and elsewhere; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing superior digital Ku-band DTH satellite services and emphasizing customer service quality.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cable. </I>With over 355,000 and 422,100 basic subscribers as of December&nbsp;31, 2004 and 2005,
respectively, and approximately 1,441,900 homes passed as of December&nbsp;31, 2005, Cablevisi&#243;n, the
Mexico City cable system in which we own a 51% interest, is one of
the largest cable television
operators in Mexico. Approximately 123,000 and
283,200 of Cablevisi&#243;n&#146;s basic subscribers as of December&nbsp;31, 2004 and 2005, respectively, also
subscribed to one of the Cablevisi&#243;n&#146;s digital service packages. Cablevisi&#243;n&#146;s strategy aims to
increase its subscriber base, average monthly revenues per subscriber and penetration rate by:
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuing to offer high quality programming;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upgrading its existing cable network into a broadband bidirectional network;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>switching its current analog subscribers to digital service in order to stimulate new
subscriptions, substantially reduce piracy and offer new value-added services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increasing the penetration of its high-speed and bidirectional Internet access and
other multimedia services as well as providing a platform to offer internet protocol, or
IP, telephony services; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuing the roll out of digital set-top boxes and the roll out, which began in the
third quarter of 2005, of advanced digital set-top boxes which allow the transmission of
high definition programming and recording capability.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablevisi&#243;n has introduced a variety of new multimedia communications services over the past
few years, such as interactive television and other enhanced program services, including high-speed
Internet access through cable modem. As of December&nbsp;31, 2005, Cablevisi&#243;n had 61,000 cable modem
customers compared to 26,500 at December&nbsp;31, 2004. The growth we have experienced in Cablevisi&#243;n
has been driven primarily by the conversion of our system from analog to digital format.
Accordingly, Cablevisi&#243;n is continuing with its plan to switch its current analog subscriber base
to the digital service. In addition, Cablevisi&#243;n intends to introduce video on demand, or VOD,
services and, subject to the receipt of the requisite governmental approvals, IP telephony
services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Expanding our publishing business</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a total annual circulation of approximately 145&nbsp;million magazines during 2005, we believe
our subsidiary, Editorial Televisa, S.A. de C.V., or Editorial Televisa, produces and distributes
the most magazines in the Spanish-speaking world. Among the 68 titles (excluding the recently
acquired titles in the arts and craft segment formerly published by Editora Cinco) published, 27
are fully owned and produced in-house and the remaining 41 titles are licensed from world-renowned
publishing houses, including the Spanish-language editions of some of the most prestigious brands
in the world. Editorial Televisa distributes its titles to more than 20 countries, including
Mexico, the United States and countries throughout Latin America. During the last three years,
Editorial Televisa implemented an aggressive commercial strategy in order to increase its market
share and advertising revenues market share in Mexico. As a result of this strategy, according to
IBOPE, Editorial Televisa&#146;s market share grew from 45% in 2004 to 48% in 2005. Additionally, a
solid circulation strategy in the United States generated beneficial results. According to the
Audit Bureau of Circulation (an independent audit service for printed publications), three of the
top ten fastest growing magazines (measured in terms of circulation) in the United States are
published and distributed by Editorial Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2005, our publishing division acquired 100% of the publishing assets of Editora
Cinco, the leading publisher in the arts and crafts segment in Colombia with strong brands in the
feminine and general interests segments. Through this acquisition, Editorial Televisa has
strengthened its portfolio of products and its relationship with its strategic partners Hearst
Communications, Inc., or Hearst, by becoming the licensee of the Spanish-language edition of
<I>Seventeen </I>in Mexico and other Spanish-speaking Latin American countries, and GyJ Espa&#241;a Ediciones,
S.L.S. en C., by becoming the licensee of the Spanish-language edition of <I>Muy Interesante </I>in
Colombia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005, we launched ten new titles of which three are fully-owned (namely, <I>Celebrity, </I>a
fashion magazine, <I>Poder</I>, a fortnightly business magazine, and <I>Universo Big Bang</I>, a weekly
children&#146;s magazine); two are custom publishing (namely,
<I>Prestige </I>and <I>Blau</I>, two automotive
magazines for Daimler Chrysler de M&#233;xico, S.A. de C.V. and Volkswagen de M&#233;xico, S.A. de C.V.,
respectively, produced through our joint venture with Motorpress Iberica, S.A.); and five are
licensed from world-renowned publishing houses (namely, the Spanish version of <I>ESPN </I>magazine
pursuant to a license agreement with ESPN Magazine, LLC, <I>Tu Dinero</I>, a personal finance magazine,
pursuant to a license agreement with Julie Stav, Inc., <I>Rebelde</I>, a teen magazine based on the
popular music group, pursuant to a license agreement with Televisa, S.A. de C.V., <I>Sync </I>pursuant to
a license agreement with Ziff-Davis Media, Inc., and <I>Yo Soy Tigre</I>, the official magazine of the
Mexican Premiere League soccer team known as Tigres, pursuant to a license agreement with Sinergia
Deportiva, S.A. de C.V.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Increasing our international programming sales and strengthening our position in the growing
U.S.- Hispanic market</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We license our programs to television broadcasters and pay-television providers in the United
States, Latin America, Asia, Europe and Africa. Excluding the United States, in 2005, we licensed
approximately 52,900 hours of programming in over 50 countries throughout the world. We intend to
continue exploring ways of expanding our international programming sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S.-Hispanic population, estimated to be 41.3&nbsp;million, or approximately 14% of the U.S.
population according to U.S. Census estimates published July&nbsp;1, 2004, is currently one of the
fastest growing segments in the U.S. population, growing at approximately seven times the rate of
the non-Hispanic population. The U.S. Census Bureau projects that the Hispanic population will
double to approximately 20% of the U.S. population by the year 2020. The Hispanic population
accounted for estimated disposable income in 2006 of U.S.$822&nbsp;billion, or 8.6% of the total U.S.
disposable income, an increase of 64% since 2000. Hispanics are expected to account for U.S.$1.0
trillion of U.S. consumer spending, or 9.7% of the U.S. total disposable income, by 2010, outpacing
the expected growth in total U.S. consumer expenditures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to leverage our unique and exclusive content, media assets and long-term
associations with other media conglomerates to benefit from the growing demand for entertainment
among the U.S.-Hispanic population.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We supply television programming for the U.S.-Hispanic market through Univision, the leading
Spanish-language media company in the United States. During 2004 and 2005, Televisa provided 36%
and 39% of Univision Network&#146;s non-repeat broadcast hours, including most of its 7:00 p.m. to 10:00
p.m. weekday prime time programming, 23% of TeleFutura Network&#146;s non-repeat broadcast hours and
substantially all of the programming broadcast on Galavision Network. In exchange for this
programming, during 2003, 2004 and 2005, Univision paid Televisa U.S.$96.1&nbsp;million, U.S.$105.0
million and U.S.$109.8&nbsp;million, respectively, in royalties. In 2003, Univision became bound to pay
an additional 12% in royalties from the net time sales of the TeleFutura Network, subject to
certain adjustments and credits, establishing a minimum annual royalty of U.S.$5.0&nbsp;million in
respect of TeleFutura for 2003, with the minimum annual royalty increasing by U.S.$2.5&nbsp;million for
each year up to U.S.$12.5&nbsp;million. For a description of our arrangements with Univision, see
&#147;&#151; Univision.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2003, we entered into a joint venture, TuTV, with Univision to operate and distribute
a suite of Spanish-language television channels for digital cable and satellite delivery in the
United States. TuTV currently distributes five cable channels, including two movie channels and
three channels featuring music videos, celebrity lifestyle and interviews and entertainment news
programming. In 2005, channels distributed by TuTV reached approximately 1.28&nbsp;million viewers
through EchoStar, DIRECTV, Cox, Charter and other smaller systems. See &#147;&#151; Univision.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own additional media and entertainment businesses in the United States that complement our
television programming exports businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We publish and sell magazines that target Spanish-speaking readers in the United States.
Editorial Televisa&#146;s strategy regarding the U.S.-Hispanic market is to strengthen its portfolio and
increase its market share. In November&nbsp;2004, Editorial Televisa formed a strategic alliance with
Hispanic Publishing Group, or HPG, under which Televisa acquired 51% of Hispanic Publishing
Associates LLC, or HPA. In June&nbsp;2005, Editorial Televisa acquired an additional 26.73% membership
interest in HPA and, in February&nbsp;2006, Editorial Televisa acquired from HPG the remaining 22.27%
membership interest in the HPA. Through HPA, Editorial Televisa added its first two
English-language magazines for Hispanics in the United States to its publications: <I>Hispanic
Magazine</I>, which has a monthly circulation of approximately 280,000 copies, and <I>Hispanic Trends</I>,
which has a circulation per edition of approximately 75,000 copies. <I>Hispanic Trends </I>published
seven editions in 2005 and will publish seven editions in 2006. <I>Hispanic Trends </I>and <I>Hispanic
Magazine </I>complement Televisa&#146;s U.S. strategy by permitting access to new general market advertisers
interested in the U.S.-Hispanic market. In 2005, we launched two new titles for the U.S.-Hispanic
market, <I>ESPN Deportes</I>, the Spanish-language edition of <I>ESPN The Magazine </I>and <I>Tu Dinero</I>, for the
U.S.-Hispanic market.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Developing new businesses and expanding through acquisitions.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We plan to continue leveraging our strengths and capabilities to develop new business
opportunities and expand through acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, we began to leverage our content and brands in the wireless market by enabling
cellular customers in Mexico to download images, text services, ring tones, and other interactive
services related to our programming. In 2005, we made these services available in new territories,
including the United States, Ecuador, Chile, and Bolivia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2005, we obtained a permit from the <I>Secretar&#237;a de Gobernaci&#243;n</I>, or Mexican Ministry of
the Interior, to establish, among other things, up to 65 bingo and sports books halls and number draws throughout
Mexico, referred to as the Gaming Permit. We plan to open ten bingo and sports books halls during 2006.
We plan to open the remaining 55 bingo and sports books halls over the course of eight years. In April&nbsp;2006, the
first bingo and sports book hall was opened in the city of Puebla, Puebla, under the commercial name of
&#147;Play City.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2005, Televisa and EMI, the world&#146;s largest independent music company, entered
into a 50/50 joint venture to create a new record company in Mexico, Televisa EMI Music, which will
develop and market music by stars of Televisa&#146;s popular telenovela programs. Televisa EMI Music
will also produce television-advertised compilation albums, which will be manufactured and
distributed by EMI&#146;s infrastructure. In addition, in a move aimed at capitalizing on the growing
U.S. Latin market, Televisa has become a partner in the existing EMI Music U.S. Latin operations,
EMI Televisa Music, which is based in Miami.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2005, we launched Tarabu &#151; the first legal, online digital music store in Latin
America. Tarabu today offers more than 350,000 songs under leading global labels. We are currently
promoting Tarabu through our internet portal, and we are using all of our business segments to
drive Tarabu&#146;s future sales growth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2005, the government of Spain granted a concession for a free-to-air analogue
television channel and two free-to-air digital television channels to a consortium that includes
Televisa, Grupo Arbol (Globomedia) and The Mediapro group. As a result, Televisa holds a 40%
participation interest in the concessionaire called Gestora de Inversiones Audiovisuales La Sexta,
S.A., or La Sexta, and GAMP Audiovisual, S.A. holds the remaining 60%. With this venture we expect
to capitalize on the size and growth trends in Spain&#146;s advertising market, as well as the potential
synergies between the country&#146;s entertainment market and our current markets and programming. The
new channel, which is commercially known as <I>La Sexta</I>, began airing on March&nbsp;27, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, as part of the framework agreement with our partners to (i)&nbsp;complete funding the
La Sexta business plan, in its entirety, for the next three years, and (ii)&nbsp;to participate in the
capital stock of Imagina Media Audiovisual, S.L. (&#147;Imagina&#148;), a holding company that holds all of
the shares of the Mediapro group holding company and the Grupo Arbol group holding company, we
received:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a call option under which we may subscribe, at a price of 80.0&nbsp;million Euros, a
percentage of the capital stock of Imagina that will be determined as a result of the
application of a formula related to the enterprise value of Imagina at the time of
exrecise of the option by Televisa,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an exclusivity period of up to 120&nbsp;days to acquire up to 20% of the capital stock of
Imagina,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a right to match an offer from a third party to subscribe or acquire stock of
Imagina for a period of 137&nbsp;days after the exclusivity period ends, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a right of first refusal until June&nbsp;30, 2011 to acquire a certain percentage of the
capital stock of Imagina.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, as part of the framework agreement and in exchange for the call option and rights
granted in connection with the Imagina investment, we agreed to grant Inversiones Mediapro Arbol
S.L., an indirect, wholly owned subsidiary of Imagina, a loan for up to 80.0&nbsp;million Euros to be
used exclusively for equity contributions by The Mediapro group and the Grupo Arbol group in La
Sexta, provided, that in the event we exercise the call option, or a third party acquires a portion
of the capital stock of Imagina, Imagina and its shareholders have undertaken that the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amounts outstanding under the loan will be either credited towards the subscription price or
repaid with the proceeds from the acquisition by the third party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March
2006, Corporativo Vasco de Quiroya, S.A. de C.V. acquired 100% of the
shares of Cable TV Internacional, S.A. de C.V. for a purchase price
of approximately U.S.$68.0 million. The transaction is subject to
customary closing conditions.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Television</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Television Industry in Mexico</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General. </I>There are nine television stations operating in Mexico City and approximately 455
other television stations elsewhere in Mexico. Most of the stations outside of Mexico City
re-transmit programming originating from the Mexico City stations. We own and operate four of the
nine television stations in Mexico City, Channels 2, 4, 5 and 9. These stations are affiliated with
220 repeater stations and 33 local stations outside of Mexico City. See &#147;&#151; Television
Broadcasting.&#148; We also own an English-language television station in Mexico on the California
border. Our major competitor, TV Azteca, owns and operates Channels 7 and 13 in Mexico City, which
we believe are affiliated with 87 and 89 stations, respectively, outside of Mexico City. Televisora
del Valle de Mexico, S.A. de C.V., owns the concession for CNI Channel 40, a UHF channel that
broadcasts throughout the Mexico City metropolitan area. The Mexican government currently operates
two stations in Mexico City, Channel 11, which has 7 repeater stations, and Channel 22. There are
also 18 independent stations outside of Mexico City which are unaffiliated with any other stations.
See &#147;&#151; Television Broadcasting.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate that approximately 20.5&nbsp;million Mexican households have television sets,
representing approximately 86.0% of the total households in Mexico as of December&nbsp;31, 2005. We
believe that approximately 96.1% of all households in Mexico City and the surrounding area have
television sets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ratings and Audience Share. </I>All television ratings and audience share information included in
this annual report relate to data supplied by IBOPE Mexico, a privately owned market research firm
based in Mexico City. IBOPE Mexico is one of the 15 global branch offices of IBOPE. IBOPE Mexico
conducts operations in Mexico City, Guadalajara, Monterrey and 25 other Mexican cities with a
population over 500,000, and the survey data provided in this annual report covers data collected
from national surveys. IBOPE Mexico reports that its television surveys have a margin of error of
plus or minus 5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this annual report, &#147;audience share&#148; for a period means the number of television
sets tuned into a particular program as a percentage of the number of households watching
over-the-air television during that period, without regard to the number of viewers. &#147;Rating&#148; for a
period refers to the number of television sets tuned into a particular program as a percentage of
the total number of all television households. &#147;Average audience share&#148; for a period refers to the
average daily audience share during that period, and &#147;average rating&#148; for a period refers to the
average daily rating during that period, with each rating point representing one percent of all
television households. &#147;Prime time&#148; is 4:00 p.m. to 11:00&nbsp;p.m., seven days a week, &#147;weekday prime
time&#148; is 7:00 p.m. to 11:00&nbsp;p.m., Monday through Friday, and &#147;sign-on to sign-off&#148; is 6:00 a.m. to
midnight, seven days a week. The average ratings and average audience share for our television
networks and local affiliates and programs relate to conventional over-the-air television stations
only; cable services, multi-channel, multi-point distribution system and DTH satellite services,
videocassettes and video games are excluded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Programming</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Programming We Produce</I>. We produce the most Spanish-language television programming in the
world. In 2003, 2004 and 2005, we produced approximately 53,000 hours, 54,800 hours and 57,500
hours, respectively, of programming for broadcast on our network stations and through our cable
operations and DTH satellite joint ventures, including programming produced by our local stations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We produce a variety of programs, including telenovelas, newscasts, situation comedies, game
shows, reality shows, children&#146;s programs, comedy and variety programs, musical and cultural
events, movies and educational programming. Our telenovelas are broadcast either dubbed or
subtitled in a variety of languages throughout the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our programming also includes broadcasts of special events and sports events in Mexico
promoted by us and others. Among the sports events that we broadcast are soccer games of our and
other teams and professional wrestling matches. See &#147;&#151; Other Businesses &#151; Sports and Show Business
Promotions.&#148; In 2003, we had extensive
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">coverage of the Mexican mid-term elections. In 2004, we broadcast the Olympic Games, the Copa
Am&#233;rica and the Euro Cup. In 2005, we broadcast certain matches of the CONCACAF Gold Cup, the FIFA
Confederations Cup and the FIFA under 17 World Championship.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our programming is produced primarily at our 26 studios in Mexico City. We also operate 15
fully equipped remote control units. Some of our local television stations also produce their own
programming. These local stations operate 37 studios and 26 fully equipped remote control units.
See &#147;&#151; Television Broadcasting &#151; Local Affiliates.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001, we entered into a joint venture with Endemol, B.V., or Endemol, a leading
international developer and producer of programming and other content for television and online
platforms, to jointly develop, produce, acquire and license Spanish-language programming and the
related formats for the production of such programming, including Endemol programming and formats,
in Mexico and select countries in Central America. Endemol has agreed to license, on a first option
basis, the rights to use its production formats, including the format for &#147;Big Brother,&#148; which was
the first reality show produced and broadcast in Mexico, to the joint venture. As of December&nbsp;31,
2005, we have commitments to acquire from Endemol programming formats through this venture for
approximately U.S.$11.1&nbsp;million through 2006 with an option to extend the date for completion of
the commitment until December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign-Produced Programming</I>. We license and broadcast television programs produced by third
parties outside of Mexico. Most of this foreign programming is from the United States and includes
television series, movies and sports events, including coverage of Major League Baseball games and
National Football League games. Foreign-produced programming represented approximately 36%, 32% and
33% of the programming broadcast on our four television networks in 2003, 2004 and 2005,
respectively. A substantial majority of the foreign-produced programming aired on our networks was
dubbed into Spanish and was aired on Channels 4 and 5, with the remainder aired on Channel 9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Talent Promotion</I>. We operate Centro de Educaci&#243;n Art&#237;stica, a school in Mexico City to develop
and train actors and technicians. We provide instruction free of charge, and a substantial number
of the actors appearing on our programs have attended the school. We also promote writers and
directors through a writers&#146; school as well as various contests and scholarships.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Television Broadcasting</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate four television networks that can be viewed throughout Mexico on our affiliated
television stations through Channels 2, 4, 5 and 9 in Mexico City. The following table indicates
the total number of operating television stations in Mexico affiliated with each of our four
networks, as well as the total number of local affiliates, as of December&nbsp;31, 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Wholly Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Wholly</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Majority</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Minority</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mexico City</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Independent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Anchor Stations</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Stations</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Channel 2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Channel 4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Channel 5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Channel 9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subtotal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Border Stations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Local (Stations) Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The programs shown on our networks are among the most watched television programs in
Mexico. Based on IBOPE Mexico surveys during 2003, 2004 and 2005, our networks aired 175, 176 and
162, respectively, of the 200 most watched television programs throughout Mexico and produced 15,
13 and 17, respectively, of the 25 most watched television programs in Mexico. Most of the
remaining top 25 programs in those periods were soccer games and special feature films that were
aired on our networks.
</DIV>

<P align="center" style="font-size: 10pt">- 27 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following charts compare the average audience share and average ratings during prime time
hours, weekday prime time hours and from sign-on to sign-off hours, of our television networks as
measured by the national audience, from January&nbsp;2003 through December&nbsp;2005, shown on a bi-monthly
basis.
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Average Audience Share</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP><BR>
<B>January&nbsp;2003 &#151; December&nbsp;2005</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y22671y2267101.gif" alt="(LINE GRAPH)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Average Ratings</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP><BR>
<B>January&nbsp;2003 </B>- <B>December&nbsp;2005</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y22671y2267101.gif" alt="(LINE GRAPH)">
</DIV>

 <DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">(1)&nbsp;Source: IBOPE Mexico national surveys.
</DIV>

<P align="center" style="font-size: 10pt">- 29 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Channel 2 Network</I>. Channel 2, which is known as &#147;<I>El Canal de las Estrellas</I>,&#148; or &#147;The
Channel of the Stars,&#148; together with its affiliated stations, is the leading television network in
Mexico and the leading Spanish-language television network in the world, as measured by the size of
the audience capable of receiving its signal. Channel 2&#146;s programming is broadcast 24 hours a day,
seven days a week, on 128 television stations located throughout Mexico. The affiliate stations
generally re-transmit the programming and advertising transmitted to them by Channel 2 without
interruption. Such stations are referred to as &#147;repeater&#148; stations. We estimate that the Channel 2
Network reaches approximately 20.3&nbsp;million households, representing 99% of the households with
television sets in Mexico. The Channel 2 Network accounted for a majority of our national
television advertising sales in each of 2003, 2004 and 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the average audience share of the Channel 2 Network during prime
time hours, weekday prime time hours and sign-on to sign-off hours for the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.3</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: IBOPE Mexico national surveys.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel 2 Network targets the average Spanish-speaking family as its audience. Its
programs include soap operas (telenovelas), news, entertainment, comedy and variety programs,
movies, game shows, reality shows and sports. The telenovelas make up the bulk of the prime time
lineup and consist of romantic dramas that unfold over the course of 120 to 200 half-hour episodes.
Substantially all of Channel 2&#146;s programming is aired on a first-run basis and virtually all of it,
other than Spanish-language movies, is produced by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Channel 5 Network</I>. In addition to its anchor station, Channel 5 is affiliated with 65 repeater
stations located throughout Mexico. We estimate that the Channel 5 Network reaches approximately
18.8&nbsp;million households, representing approximately 92% of households with television sets in
Mexico. We believe that Channel 5 offers the best option to reach the 18-34&nbsp;year old demographic,
and we have extended its reach into this key group by offering new content.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the average audience share of the Channel 5 Network during prime
time hours, weekday prime time hours and sign-on to sign-off hours during the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.1</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: IBOPE Mexico national surveys.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that Channel 5 has positioned itself as the most innovative television channel
in Mexico with a combination of reality shows, sitcoms, dramas, movies, cartoons and other
children&#146;s programming. The majority of Channel 5&#146;s programs are produced outside of Mexico,
primarily in the United States. Most of these programs are produced in English. In 2005, we aired
41 of the 50 top-rated movies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Channel 4 Network</I>. Channel 4 broadcasts in the Mexico City metropolitan area and, according to
our estimates, reaches over 4.7&nbsp;million households, representing approximately 23.1% of television
households in Mexico in 2005. As described above, as part of our plan to attract medium-sized and
local Mexico City advertisers, we targeted the reach of this network throughout Mexico and revised
the format of Channel 4 to create 4TV in an effort to target viewers in the Mexico City
metropolitan area. We currently sell local advertising time on 4TV to medium-sized and local
advertisers at rates comparable to those charged for advertising on local, non-television media,
such as radio, newspapers and billboards. However, by purchasing local advertising time on 4TV,
medium-sized and local advertisers are able to reach a wider audience than they would reach through
local, non-television media.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the average audience share of the Channel 4 Network during prime
time hours, weekday prime time hours and sign-on to sign-off hours during the periods indicated,
including audience share for local stations:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.6</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: IBOPE Mexico national surveys.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4TV targets young adults and stay-at-home parents. Its programs consist primarily of
news, comedy, sports, and entertainment shows produced by us, as well as a late night home shopping
program, foreign-produced series, mini-series and movies, which are dubbed or subtitled in Spanish.
In an attempt to attract a larger share of the Mexico City television audience, in recent years,
4TV also began broadcasting three new local newscasts relating to the Mexico City metropolitan
area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Channel 9 Network. </I>In addition to its anchor station, Channel 9 is affiliated with 28 repeater
stations, approximately one-third of which are located in central Mexico. We estimate that Channel
9 reaches approximately 14.8&nbsp;million households, representing approximately 72.1% of households
with television sets in Mexico. Channel 9 broadcasts in all of the 25 cities other than Mexico City
that are covered by national surveys.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the average audience share of the Channel 9 Network during prime
time hours, weekday prime time hours and sign-on to sign-off hours during the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: IBOPE Mexico national surveys.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Channel 9 Network targets families as its audience. Its programs principally consist
of movies, sports, sitcoms, game shows, news and re-runs of popular programs from Channel 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Local Affiliates. </I>There are currently 33 local television stations affiliated with our
networks, of which 18 stations are wholly owned, one station is minority owned and 14 stations are
independent affiliated stations. These stations receive part of their programming from Channels 4
and 9. See &#147;&#151; Channel 4 Network.&#148; The remaining programs aired consist primarily of programs
licensed from our program library and locally produced programs. The locally produced programs
include news, game shows, musicals and other cultural programs and programs offering professional
advice. In 2003, 2004 and 2005, the local television stations owned by us produced 39,800 hours,
39,800 hours and 38,900 hours, respectively, of programming. Each of the local affiliates maintains
its own sales department and sells advertising time during broadcasts of programs that it produces
and/or licenses. Generally, we pay the affiliate stations that we do not wholly own a fixed
percentage of advertising sales for network affiliation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Border Stations. </I>We currently own a television station on the Mexico/U.S. border that
broadcasts English-language programs, as an affiliate of the Fox Television network under an
affiliation agreement with Fox, and under renewable permits issued by the FCC to the station and to
Fox Television that authorize electronic cross-border programming transmissions. The station, XETV,
is licensed to Tijuana and serves the San Diego television market. XETV is operated on our behalf
by U.S. broadcaster Entravision Communications Corporation, or Entravision, pursuant to a joint
marketing and programming agreement we have with Entravision, the initial term of which expired in
December&nbsp;2004 and was extended to June&nbsp;2006. We are in the process of negotiating an extension to
July&nbsp;2006. XETV&#146;s FCC cross-border permit was renewed in 2003 for a five-year term expiring in June
2008. Fox&#146;s cross-border FCC permit expires in 2006, and the Fox affiliation agreement for XETV
expires in 2008. In March&nbsp;2002, we converted two of the additional border stations that we own and
operate from English-language Fox Television network affiliates to stations broadcasting entirely
in Spanish.
</DIV>


<P align="center" style="font-size: 10pt">- 31 -
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Advertising Sales Plan. </I>Our sales force is organized into separate teams, each of which
focuses on a particular segment of our business. We sell commercial time in different pricing
alternatives to our customers: (i)&nbsp;our traditional fixed price per second plan, (ii)&nbsp;a CPM price
plan and (iii)&nbsp;a cost per rating point plan. For a description of our advertising sales plan, see
&#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Total Segment Results &#151;
Advertising Rates and Sales.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently sell only a portion of our available television advertising time. We use our
remaining available television advertising time to satisfy our legal obligation to the Mexican
government to provide up to 18 minutes per day of our broadcast time between 6:00 a.m. to midnight
for public service announcements and 30 minutes per day for public programming, in each case
distributed in an equitable and proportionate manner, and to promote our products, including
television, DTH satellite services, radio and cable programming, magazines, sports and special
events. We sold approximately 70%, 66% and 66% of total available national advertising time on our
networks during prime time broadcasts in 2003, 2004 and 2005, respectively, and approximately 57%,
55% and 56% of total available national advertising time during all time periods in 2003, 2004 and
2005, respectively. See &#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151;
Total Segment Results &#151; Television Broadcasting,&#148; &#147;Operating and Financial Review and Prospects
&#151;
Results of Operations &#151; Total Segment Results &#151; Pay Television Networks,
&#148; &#147;Operating and Financial
Review and Prospects &#151; Results of Operations &#151; Total Segment Results &#151; Publishing,&#148; &#147;
Operating and Financial Review and
Prospects &#151; Results of Operations &#151; Total Segment Results &#151; Cable Television&#148; and &#147;Operating and Financial Review
and
Prospects &#151; Results of Operations &#151; Total Segment Results &#151; Radio.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Pay Television Networks. </I></B>We produce or license a suite of Spanish- and English-language
television channels for pay-television systems in Mexico, Latin America, the Caribbean, Asia,
Europe, the United States, Canada and Australia. These channels include programming such as general
entertainment, telenovelas, movies and music-related shows, interviews and videos. Some of the
programming included in these channels is produced by us while other programming is acquired or
commissioned from third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, 2004 and 2005, we produced approximately 4,100 hours, 6,400 hours and 7,900 hours,
respectively, of programming and videos, for broadcast on our pay-television channels. The names
and brands of our channels include: <I>Telehit, Ritmoson Latino, Bandamax, De Pel&#237;cula, De Pel&#237;cula
Cl&#225;sico, Unicable, Cinema Golden Choice 1 &#038; 2</I>, <I>Cinema Golden Choice Latinoam&#233;rica</I>, <I>Canal de
Telenovelas, American Network, Canal de las Estrellas Latinoam&#233;rica </I>and <I>Canal de las Estrellas
Europa</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TuTV, which operates and distributes a suite of Spanish-language television channels in the
United States, began operations in the second quarter of 2003 and currently distributes five cable
channels, including two movie channels and three channels featuring music videos, celebrity
lifestyle and interviews and entertainment news programming. See &#147;&#151; Univision.&#148; In May&nbsp;2003, TuTV
entered into a five-year distribution agreement with EchoStar Communications Corporation to
distribute three of TuTV&#146;s five channels. See &#147;&#151; Univision.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Programming Exports. </I></B>We license our programs and our rights to programs produced by other
television broadcasters and pay-television providers in the United States, Canada, Latin America,
Asia, Europe and Africa. We collect licensing fees based on the size of the market for which the
license is granted or on a percentage of the advertising sales generated from the programming. In
addition to the programming licensed to Univision, we licensed approximately 60,000 hours, 54,500
hours and 52,900 hours of programming in 2003, 2004 and 2005, respectively. See &#147;&#151; Univision&#148; and &#147;Operating and
Financial Review and Prospects &#151; Results of Operations &#151; Total Segment Results &#151; Programming
Exports.&#148; As of December&nbsp;31, 2005, we had approximately 191,200 half-hours of television
programming in our library available for licensing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Expansion of Programming Reach. </I></B>Our programs can be seen in the United States, Canada, Latin
America, Asia, Europe and Africa. We intend to continue to expand our sales of Spanish-language
programming internationally through cable and DTH satellite services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Publishing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we are the largest publisher and distributor of magazines in Mexico, and of
Spanish-language magazines in the world, as measured by circulation.
</DIV>

<P align="center" style="font-size: 10pt">- 32 -
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Editorial. </I></B>With a total circulation of approximately 145&nbsp;million copies in 2005, we publish
68 titles that are distributed in 20 countries, including the United States, Mexico, Colombia,
Chile, Venezuela, Puerto Rico, Argentina, Ecuador, Peru and Panama, among others. See &#147;&#151; Publishing Distribution.&#148; Our main
publications in Mexico include a weekly entertainment and telenovelas magazine, <I>TV y Novelas</I>, and a
weekly television guide, <I>Tele Gu&#237;a. </I>We also publish the following popular magazines: <I>Vanidades</I>, a
popular bi-weekly magazine for women; <I>Caras</I>, a monthly leading lifestyle and socialite magazine;
<I>Eres</I>, a bi-weekly magazine for teenagers; <I>Conozca M&#225;s</I>, a monthly science and culture magazine; and
<I>Furia Musical</I>, a bi-weekly musical magazine that promotes principally <I>Banda </I>and <I>Onda Grupera </I>music
performers. Our other main publications in Latin America and the United States include <I>Vanidades</I>
and <I>TV y Novelas USA </I>and <I>Caras.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We publish the Spanish-language edition of several magazines, including <I>Cosmopolitan</I>, <I>Good
Housekeeping</I>, <I>Harper&#146;s Bazaar </I>and <I>Popular Mechanics </I>through a joint venture with Hearst
Communications, Inc.; <I>PC Magazine </I>and <I>EGM Electronic Gaming Monthly</I>, pursuant to a license
agreement with Ziff-Davis Media, Inc.; <I>Maxim</I>, pursuant to a license agreement with Dennis
Publishing, Inc.; <I>Marie Claire</I>, pursuant to a license agreement with Marie Claire Album; <I>Men&#146;s
Health and Prevention</I>, pursuant to a license agreement with Rodale Press, Inc.; <I>Sport Life </I>and
<I>Autom&#243;vil Panamericano</I>, as well as other special editions of popular automotive magazines, through
a joint venture with Motorpress Iberica, S.A.; <I>Muy Interesante</I>, <I>Padres e Hijos </I>and <I>Mia </I>pursuant to
a license agreement with GyJ Espa&#241;a Ediciones, S.L.C. en C.; <I>Golf Digest</I>, pursuant to a License
Agreement with The New York Times Company Magazine Group, Inc.; <I>Ocean Drive</I>, pursuant to a license
agreement with Sobe News, Inc.; <I>Disney Princesas</I>, <I>Disney Winnie Pooh </I>and <I>W.I.T.C.H</I>., pursuant to a
license agreement with Disney Consumer Products Latin America, Inc.; and <I>Travel &#043; Leisure</I>, pursuant
to a license agreement with American Express Publishing Corporation. We also publish a
Spanish-language edition of <I>National Geographic </I>and of <I>National Geographic Kids </I>in Latin America
and in the United States through a licensing agreement with National Geographic Society.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005, we launched ten new titles of which: three are fully-owned (namely, <I>Celebrity</I>, a
fashion magazine, <I>Poder</I>, a fortnightly business magazine, and <I>Universo Big Bang</I>, a weekly
children&#146;s magazine); two are custom publishing for third
parties (namely, <I>Prestige</I> and <I>Blau</I>, two
automotive magazines for Daimler Chrysler de M&#233;xico, S.A. de C.V. and Volkswagen de M&#233;xico, S.A. de
C.V., respectively, produced through our joint venture with Motorpress Iberica, S.A.); and five
are licensed from world-renowned publishing houses (namely, the Spanish version of <I>ESPN </I>magazine
pursuant to a license agreement with ESPN Magazine, LLC, <I>Tu Dinero</I>, a personal finance magazine,
pursuant to a license agreement with Julie Stav, Inc., <I>Rebelde</I>, a teen magazine based on the
popular music group, pursuant to a license agreement with Televisa, S.A. de C.V., <I>Sync </I>pursuant to
a license agreement with Ziff-Davis Media, Inc., and <I>Yo Soy Tigre</I>, the official magazine of the
Mexican Premiere League soccer team known as Tigres, pursuant to a license agreement with Sinergia
Deportiva, S.A. de C.V. In addition, we entered into a license agreement with Marvel Enterprises,
Inc. for the publication of comic books with Marvel characters in the Spanish language. In 2005,
we stopped publishing two of our owned titles, specifically, <I>Yo </I>and <I>Pink</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2005, our publishing division acquired 100% of the publishing assets of Editora
Cinco, the leading publisher in the arts and crafts segment in Colombia with strong brands in the
feminine and general interests segments. Through this acquisition, Editorial Televisa has
strengthened its portfolio of products and its relationship with its strategic partners Hearst, by
becoming the licensee of the Spanish-language edition of <I>Seventeen </I>in Mexico and other
Spanish-speaking Latin American countries, and GyJ Espa&#241;a Ediciones, S.L.S. en C., by becoming the
licensee of the Spanish-language edition of <I>Muy Interesante </I>in Colombia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Publishing Distribution. </I></B>We estimate that we distribute approximately 62%, in terms of
volume, of the magazines circulated in Mexico through our subsidiary, Distribuidora Intermex, S.A.
de C.V., the largest publishing distribution network in Latin America. We believe that our
distribution network reaches over 300&nbsp;million Spanish-speaking people in 20 countries, including
Mexico, Colombia, Chile, Argentina, Ecuador, Peru and Panama. We also estimate that our
distribution network reaches over 25,000 points of sale in Mexico and over 80,000 points of sale
outside of Mexico. We also own publishing distribution operations in six countries. Our
publications are also sold in the United States, the Caribbean and elsewhere through independent
distributors. In 2004 and 2005, approximately 65% and 68%, respectively, of the publications
distributed by this segment were published by our Publishing segment. In addition, our distribution
network sells a number of publications published by joint ventures and independent publishers, as
well as videos, calling cards and other consumer products.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cable Television</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Cable Television Industry in Mexico. </I>Cable television offers multiple channels of
entertainment, news and informational programs to subscribers who pay a monthly fee. These fees are
based on the package of channels they receive. See &#147;&#151; Cable Television Services.&#148; According to
Mexico&#146;s cable television trade organization, <I>C&#225;mara Nacional de la Industria de Televisi&#243;n por
Cable</I>, or CANITEC, there were approximately 571 cable concessions in Mexico as of December&nbsp;31,
2005, serving approximately 3.2&nbsp;million subscribers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mexico
City Cable System. </I>We own a 51% interest in Cablevisi&#243;n, one
of the largest cable
television operators in Mexico, which provides
cable television services to subscribers in Mexico City and surrounding areas. As of December&nbsp;31,
2004 and 2005, Cablevisi&#243;n had over 355,000 and 422,100 basic subscribers, respectively, as
compared to approximately 364,400 as of December&nbsp;31, 2003. As of December&nbsp;31, 2003, 2004 and 2005,
approximately 60,300, 123,000 and 283,200 subscribers, respectively, were digital subscribers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through April&nbsp;2002, we operated Cablevisi&#243;n through a joint venture with Am&#233;rica M&#243;vil, Latin
America&#146;s largest cellular communications provider and an affiliate of Telmex. Am&#233;rica M&#243;vil sold
its 49% equity interest in Cablevisi&#243;n in April&nbsp;2002 in connection with an offering on the Mexican
Stock Exchange. CPOs, each representing two series A shares and one series B share of Cablevisi&#243;n,
began trading on the Mexican Stock Exchange under the ticker symbol &#147;CABLE&#148; in April&nbsp;2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cable Television Services. </I>Cablevisi&#243;n&#146;s basic service package offers up to 67 channels,
including Mexico City&#146;s over-the-air television channels, which as of May&nbsp;19, 2005 were reduced
from nine to eight due to the interruption of transmissions by Channel 40. Other channels in the
basic service package include E! Entertainment, the Latin American MTV channel, ESPN International,
Nickelodeon, the Latin American Discovery Channel, the Sony Channel, the Warner Channel,
sports-related channels, international film channels and 20 audio channels. Cablevisi&#243;n also
currently offers five premium digital service packages ranging in price from Ps.340.00 to
Ps.615.00, in each case, including the Ps.260.00 basic service fee. Cablevisi&#243;n&#146;s five premium
digital service packages offer up to 216 channels, including 50 audio channels, which provide
access to a variety of additional channels, including CNN International, HBO, Cinemax, Cinecanal
and Movie City, and 28 pay-per-view channels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pay-Per-View Channels. </I>Cablevisi&#243;n currently offers 28 pay-per-view cable television channels
in each of its digital service packages. Pay-per-view channels show films and special events
programs, including sports and musical events.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cable Television Revenues. </I>Cablevisi&#243;n&#146;s revenues are generated from subscriptions for its
cable services and from sales of advertising to local and national advertisers. Subscriber revenues
come from monthly service and rental fees, and to a lesser extent, one-time installation fees. Its
current monthly service fees range in price from Ps.260.00 to Ps.615.00. See &#147;&#151; Cable Television
Services.&#148; The Mexican government does not currently regulate the rates Cablevisi&#243;n charges for its
basic and digital premium service packages, although we cannot assure you that the Mexican
government will not regulate Cablevisi&#243;n&#146;s rates in the future. If the SCT were to determine that
the size and nature of Cablevisi&#243;n&#146;s market presence was significant enough so as to have an
anti-competitive effect, then the SCT could regulate the rates Cablevisi&#243;n charges for its various
services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For years 2002 and 2003, revenues from telecommunications and pay television services,
including such services provided by Cablevisi&#243;n, were subject to a 10% excise tax. For those years,
Cablevisi&#243;n filed amparo proceedings challenging the constitutionality of this excise tax. The 2002
and 2003 amparo proceedings were denied with respect to Cablevisi&#243;n.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 10% excise tax imposed on services rendered in connection with restricted television,
which directly affected the services provided by Cablevisi&#243;n in 2002 and 2003, was eliminated as of
January&nbsp;1, 2004. From this date and going forward Cablevisi&#243;n recognizes this positive effect as
part of its revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cable Television Initiatives. </I>In an effort to expand its subscriber base and increase its
average monthly revenues per subscriber and substantially reduce piracy, in 2004, Cablevisi&#243;n began
switching its current analog subscriber base to digital service. Cablevisi&#243;n continues to offer on
a limited basis high-speed Internet access
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">services through cable modems. In addition, subject to the expansion and upgrade of its
existing network, the receipt of the requisite governmental approvals and, in the case of IP
telephony, the availability of certain technology, Cablevisi&#243;n plans to offer the following
multimedia communications services to its subscribers:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enhanced programming services, including VOD services and video games; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IP telephony services.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to provide these multimedia communications services, Cablevisi&#243;n requires a cable
network with bi-directional capability operating at a speed of at least 750 MHz and a digital
set-top box. In order to provide these new services, Cablevisi&#243;n is in the process of upgrading its
existing cable network. Cablevisi&#243;n&#146;s cable network currently consists of more than 10,700
kilometers with over 1.4&nbsp;million homes passed. In 2005, Cablevisi&#243;n expanded its network by over
180 kilometers. As of December&nbsp;31, 2005, 100% of Cablevisi&#243;n&#146;s network runs at least at 450 MHz,
approximately 79% of Cablevisi&#243;n&#146;s network runs at least at 750 MHz, approximately 58% runs at
least at 870 MHz, and approximately 71% of Cablevisi&#243;n&#146;s network has bi-directional capability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005, Cablevisi&#243;n agreed to purchase from Televisa certain rights to the Soccer World Cup.
Cablevisi&#243;n obtained the right to air 30 games of the World Cup on a non-exclusive basis for
standard definition, and on an exclusive basis for high definition television. The cost of the
standard definition broadcast rights was US$7.0&nbsp;million and the cost of the high definition
broadcast rights was 22,500 Euros, however Cablevisi&#243;n will recuperate approximately U.S.$6.1
million from the sublicense of these rights to other cable operators systems in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Radio</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Radio Stations</I>. Our radio business, Sistema Radi&#243;polis, or Radi&#243;polis, is operated under a
joint venture with Grupo Prisa, S.A., a leading Spanish communications group. Under this joint
venture, we hold a controlling 50% full voting stake in this subsidiary and we have the right to
appoint the majority of the members of the joint venture&#146;s board of directors. Except in the case
of matters that require unanimous board and/or shareholder approval, such as extraordinary
corporate transactions, the removal of directors and the amendment of the joint venture&#146;s
organizational documents, among others, we control the outcome of most matters that require board
of directors and/or shareholder approval. We also have the right to appoint Radi&#243;polis&#146; Chief
Financial Officer. The election of Radi&#243;polis Chief Executive Officer requires a unanimity from the
joint venture&#146;s board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radi&#243;polis owns and operates 17 radio stations in Mexico, including three AM and three FM
radio stations in Mexico City, five AM and two FM radio stations in Guadalajara, one FM radio
station in Mexicali and repeater radio stations in each of Monterrey, San Luis Potos&#237; and Veracruz.
Some Radi&#243;polis stations transmit powerful signals which reach beyond the market areas they serve.
For example, XEW-AM and XEWA-AM transmit signals that under certain conditions may reach the
southern part of the United States. XEW-AM and most of southern Mexico. In June&nbsp;2004, Radi&#243;polis
entered into an agreement with Radiorama, S.A. de C.V., or Radiorama, one of Mexico&#146;s leading radio
networks, which added 41 affiliate stations (22 AM and 19 FM) to Radi&#243;polis&#146; existing network,
expanding its total network, including owned and operated and affiliate stations, to 78 stations.
After giving effect to the transaction with Radiorama, we estimate that Radi&#243;polis&#146; radio stations
will reach 38 cities in Mexico. Our programs aired through our radio stations network reach
approximately 70% percent of Mexico&#146;s population. We plan to continue exploring expanding the reach
of our radio programming and advertising through affiliations with third parties and through
acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to Investigadores Internacionales Asociados, S.C., or INRA, in 2003, 2004 and 2005,
XEW-AM ranked, on average, tenth, twelve and ninth, respectively, among the 34 stations in the
Mexico City metropolitan area AM market, XEQ-FM, ranked, on average, tenth, eleventh and tenth,
respectively, among the 29 stations in the Mexico City metropolitan area FM market, and XEBA
ranked, on average, second, second and second, respectively, among 26 stations in the Guadalajara
City metropolitan FM market. INRA conducts daily door-to-door and automobiles interviews in the
Mexico City metropolitan area to determine radio listeners&#146; preferences. Outside Mexico City, INRA
conducts periodic surveys. Arbitron, a U.S.-based company, also carries out surveys in Mexico City
and Guadalajara. We believe that no other independent surveys of this nature are routinely
conducted in Mexico.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our radio stations use various program formats, which target specific audiences and
advertisers, and cross-promote the talent, content and programming of many of our other businesses,
including television, sports and news. We produce some of Mexico&#146;s top-rated radio formats,
including W Radio (News-talk), Estadio W (Sports), Ke Buena (Mexican music), 40 Principales (Pop
music) and Besame Radio (Spanish ballads). W Radio, KE Buena and 40 Principales formats are also
broadcast though the Internet. In addition to alliances with other local radio stations, such as
Radiorama, Radi&#243;polis&#146; geographical coverage has increased through W Radio AM offering their
respective broadcasts nationwide on pay-TV through an exclusive channel offered on Sky Mexico, our
Mexican DTH platform.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, Radi&#243;polis launched several new programs, including a three-edition newscast <I>&#147;Hoy x
Hoy</I>,<I>&#148; </I>featuring three leading Mexican journalists; one of Mexico&#146;s most popular sports radio
programs on one of its most popular stations, <I>&#147;Pasi&#243;n W/Estadio W,&#148; </I>which has exclusive
radio-broadcast rights to certain soccer games; and <I>&#147;Poder y Dinero,&#148; </I>which covers politics and
economic issues. Most of these new programs were rated among the top five in their genre and helped
Radi&#243;polis to increase its audience share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The successful radio broadcasting of the 2004 Olympic games placed Radi&#243;polis among the
highest rating sports-broadcasting radio stations in Mexico. In addition to alliances with other
local radio stations, such as with Radiorama, we also increased Radi&#243;polis&#146; geographical coverage
through the exclusive nationwide broadcast of XEW-AM&#146;s programming over one of Sky&#146;s channels, our
Mexican DTH platform.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, Radi&#243;polis organized four significant musical events with leading artists in each
musical format, gathering a record attendance of approximately 50,000 people at each event.
Radi&#243;polis organized a live performance in November&nbsp;2005 at the Estadio Azteca in Mexico City that
had a record attendance of approximately 90,000 people. The events organized by Radi&#243;polis have
become among the most popular music-related events among the musical radio stations in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Radio Advertising. </I>We sell both national and local advertising on our radio stations. Our
radio advertising sales force sells advertising time primarily on a scatter basis. See &#147;&#151;
Television &#151; Television Broadcasting &#151; Advertising Sales Plan.&#148; In addition, we use some of our
available radio advertising time to satisfy our legal obligation to provide up to 30 minutes per
day of our broadcast time, and an additional 35 minutes per day of our broadcast time between 6:00
a.m. to midnight to the Mexican government for public service announcements and programming, in
each case distributed in an equitable and proportionate manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Businesses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Esmas.com. </I>In May&nbsp;2000, we launched <I>Esmas.com</I>, a Spanish-language horizontal Internet portal
integrating several sites. The portal leverages our unique and extensive Spanish-language content,
including news, sports, business, music and entertainment, editorials, life and style, technology,
culture, shopping, health, kids and an opinion survey channel, and offers a variety of services,
including search engines, chat forums, recruitment services and news bulletins. With a wide range
of content channels, online and mobile services, and with more than 135&nbsp;million page views, and
approximately 6.0&nbsp;million monthly unique users in 2005, we believe that <I>Esmas.com </I>has positioned
itself as one of the leading Internet portals in Mexico. We are currently targeting users in Mexico
and intend to explore targeting users in the rest of the world. Currently, we control 100% of the
venture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the series of agreements we entered into with Univision in December&nbsp;2001,
as described under &#147;&#151; Univision,&#148; we amended our program license agreement such that, for a
five-year period, ending in December&nbsp;2006, we agreed to limit
our rights to transmit in the United States over the Internet. For a description of current litigation we filed against Univision,
and our rights after the five-year period ending in December
2006 regarding the broadcast of programming over the Internet, see &#147;Key Information &#151; Risk Factors
&#151; Risk Factors Related to Our Business &#151; Future Activities Which We May Wish to Undertake in the
United States May Be Affected by Our Arrangements With Univision. These Activities, as Well as a
Current Dispute We Are Having With Univision and Univision&#146;s
Recent Agreement to Sell Univision, May Affect Our Relationship With, and Our Equity Interest in, Univision.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2004, <I>Esmas.com </I>began to offer premium content short messages services, or PSMS, to
mobile phones, in order to take advantage of the growing appetite of the Mexican consumer for
wireless information. <I>Esmas.com </I>has entered into service agreements to provide PSMS content to the
three largest mobile carriers of Mexico. During 2005, <I>Esmas.com </I>sent approximately 250&nbsp;million
messages to approximately 7.7&nbsp;million mobile phone users. The
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">offered service consists of text information of sports, news, events, sweepstakes, contests,
downloading of photos and ring-tones. We believe that due to the Mexican public&#146;s affinity for the
high quality and wide range of Televisa&#146;s programming content, <I>Esmas.com </I>has become the leading
premium PSMS content provider in Mexico and in Latin America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sports and Show Business Promotions. </I>We actively promote a wide variety of sports events and
cultural, musical and other entertainment productions in Mexico. Most of these events and
productions are broadcast on our television stations, cable television system, radio stations and
DTH satellite services. See &#147;&#151; Television &#151; Programming,&#148; &#147;&#151; Cable Television &#151; Cable Television
Services,&#148; &#147;Cable Television &#151; Pay-Per-View Channels,&#148; &#147;&#151; Radio &#151; Radio Stations,&#148; and &#147;&#151; DTH Joint
Ventures &#151; Mexico.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Soccer. </I>We own three of Mexico&#146;s soccer teams. These teams currently play in the Premiere
League and are among the most popular and successful teams in Mexico. In 2005, <I>Am&#233;rica</I>, one of our
teams, won the Premiere League championship played during the first season of 2005. Each team plays
two 17 game regular seasons per year. The best teams of each regular season engage in post-season
championship play. In 2003, 2004 and 2005, we broadcast 112, 87 and 95 hours, respectively, of our
teams&#146; home games.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own the Azteca Stadium which has a seating capacity of approximately 105,000 people. Azteca
Stadium has hosted two World Cup Soccer Championships. In addition, <I>Am&#233;rica, Atlante </I>and the
Mexican National Soccer team generally play their home games at this stadium. We have exclusive
rights to broadcast the home games of the teams (<I>Am&#233;rica</I>
and <I>Necaxa</I>), as well as
those of eight other Premiere League soccer teams.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Promotions. </I>We promote a wide variety of concerts and other shows, including beauty pageants,
song festivals and nightclub shows of popular Mexican and international artists.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Live Entertainment</I>. In 2005 we sold to Clear Channel Entertainment our participation in the
<I>V&#237;velo </I>joint venture, which produced and promoted tours of Spanish-speaking artists, as well as
other live entertainment events, targeting Spanish-speaking audiences in the United States. We may
consider re-entering the live entertainment business in the United States, although no assurances
can be given in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Feature Film Production and Distribution. </I>We produce first-run Spanish-language feature films,
some of which are among Mexico&#146;s top films based on box office receipts. We co-produced three, two
and two feature films in 2003, 2004 and 2005, respectively. We have previously established
co-production arrangements with Mexican film production companies, as well as with major
international companies such as Miravista, Warner Bros. and Plural Entertainment. We will continue
to consider entering into co-production arrangements with third parties in the future, although no
assurances can be given in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We distribute our films to Mexican movie theaters and later release them on video for
broadcast on cable and network television. In 2003, 2004 and 2005, we released five, one and two,
respectively, of our feature films through movie theaters, including <I>La &#218;ltima Noche </I>and <I>Pu&#241;os
Rosas. </I>We also distribute our feature films outside of Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a first option to purchase rights in Mexico to distribute feature films of Corporaci&#243;n
Interamericana de Entretenimiento (&#147;CIE&#148;) in movie theatres and broadcast these films on our cable
and television networks. We purchased the distribution rights in Mexico for 9 of CIE&#146;s feature
films in 2003. We have not purchased any feature films from CIE in 2004 or 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We distribute feature films produced by non-Mexican producers in Mexico. Under an agreement
with Warner Bros. which we recently extended through 2007, we are the exclusive distributor in
Mexico of feature films produced by Warner Bros. In 2003, 2004 and 2005, we distributed 53, 47 and
52 feature films, respectively, including, in 2005, several U.S. box office hits, such as <I>Harry
Potter and the Goblet of Fire, Batman Begins </I>and <I>Constantine</I>. We also distribute independently
produced non-Mexican and Mexican films in Mexico, such as <I>7 Dias </I>and <I>Million Dollar Baby</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, we owned or had rights to approximately 617 Spanish-language films and
144 movies on video titles. Many of these films and titles have been shown on our television
networks, cable system and DTH services. We also licensed the rights to two films produced by third
parties.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nationwide Paging. </I>We exited the nationwide paging business. On November&nbsp;18, 2004, we sold our
51% interest in &#147;Skytel,&#148; which is a nationwide paging service in Mexico and the transaction was
authorized by the SCT on March&nbsp;4, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Gaming Business</I>. In May&nbsp;2005, we obtained the Gaming Permit. We plan to open ten bingo and
sports books halls during 2006. We plan to open the remaining 55 bingo and
sports books halls over the course of eight
years. On April, 2006, the first bingo and sports book hall was opened in the city of Puebla, Puebla,
under the commercial name of &#147;<I>PlayCity.&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>OCEN. </I>In October&nbsp;2002, we acquired a 40% stake in OCEN, a subsidiary of CIE. OCEN owns all of
the assets related to CIE&#146;s live entertainment business unit in Mexico. OCEN&#146;s business includes
the production and promotion of concerts, theatrical, family and cultural events, as well as the
operation of entertainment venues, the sale of entrance tickets, food, beverages and souvenirs, and
the organization of special and corporate events. As part of the agreement, OCEN has access to our
media assets to promote its events throughout Mexico, and we have the right of first refusal to
broadcast on our over-the-air channels and pay-TV ventures movies and events produced and
distributed by CIE. During 2005, OCEN acquired 51% of the Company named As Deporte, which produces
marathons and athletic competitions, among other sporting events, for U.S.$1.6&nbsp;million and sold 60%
of the Company named Audiencias Cautivas, producer in Mexico of corporate events, for U.S.$2
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mutual Fund Venture. </I>In October&nbsp;2002, we entered into a joint venture with a group of
investors, including Manuel Robleda, former president of the Mexican Stock Exchange, to establish
&#147;M&#225;s Fondos,&#148; the first mutual fund distribution company in Mexico. M&#225;s Fondos sells mutual funds
that are owned and managed by third parties to individual and institutional investors. Currently,
M&#225;s Fondos distributes 83 funds managed by eight entities. The company operates under a license
granted by the Comisi&#243;n Nacional Bancaria y de Valores, or CNBV. On June&nbsp;1, 2004, Corporativo Vasco
de Quiroga, S.A. de C.V., one of our subsidiaries and the controlling shareholder of M&#225;s Fondos,
sold a 5% interest of M&#225;s Fondos to Grupo de Servicios Profesionales, S.A. de C.V., or Servicios
Profesionales, a company controlled by Emilio Azc&#225;rraga Jean. The total consideration that
Servicios Profesionales paid in connection with this acquisition was Ps.500,000. As a result of
this sale we have a 46% interest in M&#225;s Fondos. We received authorization for this transaction from
the CNBV on June&nbsp;28, 2004. For a description of the transaction, see &#147;Major Shareholders and
Related Party Transactions &#151; The Principal Shareholders and Related Party Transactions &#151; Transactions and Arrangements With Our Directors and Officers.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Volaris. </I>In October&nbsp;2005, we acquired a 25% interest in Controladora Vuela Compa&#241;&#237;a de
Aviaci&#243;n, S.A. de C.V. and in Concesionaria Vuela Compa&#241;&#237;a de Aviaci&#243;n, S.A. de C.V., or Vuela,
pursuant to which we made a capital contribution in the amount of U.S.$25.0&nbsp;million. We are not
obligated to make any further capital contributions to Vuela. Concesionaria Vuela Compa&#241;&#237;a de
Aviaci&#243;n, S.A. de C.V. has obtained a concession to own, manage and operate a low-cost carrier
airline in Mexico, which is called Volaris. Volaris began operations in March&nbsp;2006. Our partners in
this venture are Sinca Inbursa, S.A. de C.V., The Discovery Americas I, L.P., a private equity fund
managed by Protego Asesores Financieros and Discovery Capital Corporation, and Grupo TACA, one of
the leading airline operators in Latin America. We provide the in-flight entertainment for Volaris.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>La Sexta. </I>In November&nbsp;2005, the government of Spain granted a concession for a free-to-air
analogue television channel and two free-to-air digital television channels to a consortium that
includes Televisa, Grupo Arbol (Globomedia) and The Mediapro group. As a result, Televisa holds a
40% participation interest in the concessionaire, Gestora de Inversiones Audiovisuales La Sexta,
S.A., and GAMP Audiovisual, S.A. holds the remaining 60%. With this venture we expect to
capitalize on the size and growth trends in Spain&#146;s advertising market, as well as the potential
synergies between the country&#146;s entertainment market and our current markets and programming. The
new channel, <I>La Sexta</I>, began airing on March&nbsp;27, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, as part of the framework agreement with our partners to (i)&nbsp;complete funding the
La Sexta business plan, in its entirety, for the next three years, and (ii)&nbsp;to participate in the
capital stock of Imagina Media Audiovisual, S.L. (&#147;Imagina&#148;), a holding company that holds all of
the shares of the Mediapro group holding company and the Grupo Arbol group holding company, we
received:
</DIV>

<P align="center" style="font-size: 10pt">- 38 -
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a call option under which we may subscribe, at a price of 80&nbsp;million Euros, a
percentage of the capital stock of Imagina that will be determined as a result of the
application of a formula related to the enterprise value of Afinia at the time of
exercise of the option by Televisa,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an exclusivity period of up to 120&nbsp;days to acquire up to 20% of the capital stock of
Imagina,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a right to match an offer from a third party to subscribe or acquire stock of
Imagina for a period of 137&nbsp;days after the exclusivity period ends, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a right of first refusal until June&nbsp;30, 2011 to acquire a certain percentage of the
capital stock of Imagina.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, as part of the framework agreement and in exchange for the call option and rights
granted in connection with the Imagina investment, we agreed to grant Inversiones Mediapro Arbol
S.L., an indirect, wholly owned subsidiary of Imagina, a loan for up to 80.0&nbsp;million Euros to be
used exclusively for equity contributions by The Mediapro group and the Grupo Arbol group in La
Sexta, provided, that in the event we exercise the call option, or a third party acquires a portion
of the capital stock of Imagina, Imagina and its shareholders have undertaken that the amounts
outstanding under the loan will be either credited towards the subscription price or repaid with
the proceeds from the acquisition by the third party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>WALMEX. </I>In January&nbsp;2006, we entered into an agreement with Wal-Mart de M&#233;xico, or WALMEX,
pursuant to which we will install and operate WALMEX&#146;s new in-store television advertising system.
Under the agreement, we will install during 2006 an average of 15 to 20 liquid-crystal display
screens in each of WALMEX&#146;s Bodega Aurrer&#225; and Supercenter stores. We will produce a private
television network for WALMEX and will sell advertising to promote the products of WALMEX suppliers
at the point-of-purchase. We view this venture as an opportunity to better serve our advertising
clients by complementing their mass-media advertising campaigns with this new alternative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have investments in several other businesses. See Note 5 to our year-end financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DTH Joint Ventures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Background. </I>In November&nbsp;1995, we, along with Globopar, News Corp. and, at a later date,
Liberty Media, agreed to form a number of joint ventures to develop and operate DTH satellite
services for Latin America and the Caribbean basin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;1997, we and our partners formed MCOP, a U.S. partnership in which we, News Corp.,
and Globopar each indirectly held a 30% interest and in which Liberty Media indirectly held a 10%
interest, to make investments in, and to supply programming and other services to, the Sky
platforms in Latin America outside of Mexico and Brazil. DIRECTV purchased all of our equity
interests in MCOP in November&nbsp;2005. In addition, until October&nbsp;2004, each of Televisa, News Corp.,
Globopar and Liberty Media indirectly held an interest (in the same proportion as their interests
in MCOP were then held) in Sky Latin America Partners, or ServiceCo, a U.S. partnership formed to
provide certain business and management services, and TechCo, a U.S. partnership formed to provide
certain technical services from two uplink facilities located in Florida. DIRECTV purchased all of
our equity interests in TechCo in October&nbsp;2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Ku-band DTH satellite services commenced operations for the first time in Mexico and
Brazil in the fourth quarter of 1996, in Colombia in the fourth quarter of 1997, in Chile in the
fourth quarter of 1998 and in Argentina in the fourth quarter of 2000. We indirectly own interests
in DTH satellite joint ventures in Mexico only. In July&nbsp;2002, we ceased operations in Argentina. We
do not own any equity interest in the venture in Brazil. No assurances can be given that the DTH
joint ventures we currently run or that we may own in the future will be successful. See &#147;Key
Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; We Have Experienced Substantial
Losses, Primarily in Respect of Our Investments in Innova, and Expect to Continue to Experience
Substantial Losses as a Result of Our Participation in Innova, Which Would Adversely
Affect Our Net Income.&#148; For a description of capital contributions and loans we have made to date
to those ventures,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">see &#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign
Exchange and Capital Resources &#151; Capital Expenditures, Acquisitions and Investments, Distributions
and Other Sources of Liquidity&#148; and &#147;Major Shareholders and Related Party Transactions &#151; The
Principal Shareholders and Related Party Transactions &#151; Related Party Transactions &#151; Transactions
and Arrangements With Innova &#151; Capital Contributions and Loans.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also been developing channels exclusively for pay-television broadcast. Through our
relationship with News Corp. and DIRECTV, we expect that our DTH satellite service will continue to
negotiate favorable terms for programming rights with both third parties in Mexico and with
international suppliers from the United States, Europe and Latin America and elsewhere.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2003, News Corp. acquired a 34% equity interest in DIRECTV, and transferred its
ownership interest in DIRECTV to Fox Entertainment Group, Inc., an 82% owned subsidiary of News
Corp. Innova&#146;s Social Part&nbsp;Holders Agreement provides that neither we nor News Corp. may directly
or indirectly operate or acquire an interest in any business that operates a DTH satellite system
in Mexico and other countries in Central America and the Caribbean (subject to limited exceptions).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2004, DIRECTV Mexico announced that it was shutting down its operations and we,
Innova, News Corp., DIRECTV, Liberty Media and Globopar entered into a series of agreements
relating to our DTH joint ventures. With respect to the DTH joint venture in Mexico:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Innova and DIRECTV Mexico entered into a purchase and sale agreement, pursuant to
which Innova agreed to purchase DIRECTV Mexico&#146;s subscriber list for two promissory
notes with an aggregate original principal amount of approximately Ps.621.1&nbsp;million;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Innova and DIRECTV Mexico entered into a letter agreement which provided for cash
payments to be made by Innova or DIRECTV Mexico based on the number of subscribers
successfully migrating to Innova, the applicable sign-up fees for migrating
subscribers, or certain migrated subscribers churning shortly after migration, among
other specified payments under the agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Innova, Innova Holdings and News Corp. entered into an option agreement, pursuant to
which News Corp. was granted options to acquire up to a 15% equity interest in each of
Innova and Innova Holdings, dependent upon the number of subscribers successfully
migrating to Innova; in exchange for the two promissory notes referred above that were
delivered to DIRECTV Mexico;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DIRECTV and News Corp. entered into a purchase agreement pursuant to which DIRECTV
acquired (i)&nbsp;the right (which DIRECTV concurrently assigned to DTVLA) to purchase from
News Corp. the options granted to News Corp. by Innova and Innova Holdings to purchase
up to an additional 15% of the outstanding equity of each of such entities pursuant to
the option agreement described above, and (ii)&nbsp;the right to acquire News Corp.&#146;s 30%
interest in Innova and Innova Holdings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DIRECTV and Liberty Media International, Inc., or Liberty Media, entered into a
purchase agreement pursuant to which DIRECTV agreed to purchase all of Liberty Media&#146;s
10% interest in Innova and Innova Holdings for U.S.$88&nbsp;million in cash. DIRECTV agreed
that we may purchase two-thirds (2/3) of any equity interest in Innova and Innova
Holdings sold by Liberty Media;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to the DTH agreement we entered into with News Corp., Innova, DIRECTV and
DTVLA, with respect to certain DTH platforms owned or operated by News Corp. or DIRECTV
or their affiliates and subject to certain restrictions, we have the right to require
carriage of five of our channels on any such platform serving Latin America (including
Puerto Rico but excluding Mexico, Brazil and countries in Central America), two of our
channels on any such platform serving the United States or Canada, and one of our
channels on any such platform serving areas other than the United States and Latin
America;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we, News Corp., Innova, DIRECTV and DTVLA entered into a DTH agreement that, among
other things, governs the rights of the parties with respect to DTVLA&#146;s announced
shutdown of its Mexican DTH business, planned shutdown of its existing DTH business in
certain countries in Central America,</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the carriage of certain of our programming channels by Innova and other DTH platforms of
DIRECTV, DTVLA, News Corp. and their respective affiliates, and the waiver and potential
release of certain claims between certain of the parties; and</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we and Innova entered into a channel licensing agreement pursuant to which Innova
will pay us a royalty fee to carry our over-the-air channels on its DTH service.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the October&nbsp;2004 reorganization, with respect to the DTH joint ventures
elsewhere in Latin America:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we entered into a purchase and sale agreement with DIRECTV, pursuant to which, among
other things, (i)&nbsp;DIRECTV acquired all of our direct equity interests in ServiceCo,
(ii)&nbsp;DIRECTV agreed to purchase all of our indirect equity interests in MCOP, and (iii)
DIRECTV has agreed to indemnify us for any and all losses arising out of our status as
a partner in MCOP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DIRECTV also agreed to purchase each of News Corp.&#146;s, Liberty Media&#146;s and Globopar&#146;s
equity interests in TechCo (a U.S. partnership formed to provide technical services
from a main uplink facility in Miami Lakes, Florida and a redundancy site in Port St.
Luice, Florida), ServiceCo and MCOP; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PanAmSat Corporation, or PanAmSat, unconditionally released us from any and all
obligations related to the MCOP transponder lease.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2006, DIRECTV notified us that the DTH business operations of DIRECTV Mexico have
ceased and the following transactions were completed:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DIRECTV Holdings exercised its right to acquire News Corp.&#146;s 30% interest in Innova
and DTVLA exercised the right to purchase the options granted to News Corp. by Innova
and Innova Holdings to purchase up to an additional 12% of the outstanding equity of
each of such entities pursuant to the previously disclosed option agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DTVLA exercised an option to purchase 12% of Innova and Innova Holdings which was
based on the number of subscribers successfully migrating to Innova, by delivering to
Innova and Innova Holdings the two promissory notes issued in connection with Innova&#146;s
purchase of DIRECTV Mexico&#146;s subscriber list for cancellation in October&nbsp;2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DIRECTV Mexico made cash payments to Innova totaling approximately $2.7&nbsp;million
pursuant to a letter agreement entered into by both parties in October&nbsp;2004 in
connection with the purchase of the DIRECTV Mexico&#146;s subscriber list. The payments were
made due to certain ineligible subscribers, applicable sign-up costs, and other costs
under the side letter;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DIRECTV Holdings purchased all of Liberty Media&#146;s 10% interest in Innova. As
described below, we exercised the right to acquire two-thirds of this 10% equity
interest acquired from Liberty Media; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we entered into an amended and restated guaranty with PanAmSat, pursuant to which
the proportionate share of Innova&#146;s transponder lease obligation guaranteed by us was
to cover a percentage of the transponder lease obligations equal to our percentage
ownership of Innova. As a result of our acquisition of two-thirds of the equity
interests that DIRECTV acquired from Liberty Media; the guarantee has been readjusted
to cover a percentage of the transponder lease obligations equal to our percentage
ownership of Innova.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;27, 2006 we acquired two-thirds of the equity interests that DIRECTV acquired from
Liberty Media, therefore we and DIRECTV own 58.7% and 41.3%, respectively, of Innova&#146;s equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTV also purchased all of our equity interests in TechCo in October&nbsp;2005 and in MCOP in
November&nbsp;2005. As a result of these transactions, both TechCo and MCOP are wholly owned by DIRECTV.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mexico. </I>We operate &#147;Sky,&#148; our DTH satellite joint venture in Mexico, through Innova. We
indirectly own 58.7% of this joint venture. As of December&nbsp;31, 2003, 2004 and 2005, Innova&#146;s DTH
satellite pay-television service had approximately 856,600, 1,002,500 and 1,250,600 gross active
subscribers, respectively. Innova primarily attributes its successful growth to its superior
programming content, its exclusive transmission of sporting events such as soccer tournaments and
special events such as reality shows, its high quality customer service and its nationwide
distribution network with more than 3,300 points of sale. In addition to the above, Innova also
experienced growth during 2005 due to new subscribers migrating from DIRECTV Mexico. Sky continues
to offer the highest quality and exclusive content in the Mexican pay-television industry. Its
programming packages combine our over-the-air channels with other DTH exclusive channels produced
by News Corp.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2004, Sky continued to enhance its programming content by adding special events on a
pay-TV exclusive basis, including the reality show Big Brother 3-R and several professional
sporting events, including certain matches of the Mexican Closing Soccer Tournament and the Opening
Soccer Tournament, the pay-TV exclusive broadcast of certain soccer matches of the &#147;<I>Copa
Libertadores</I>&#148; soccer tournament, the U.S. Open tennis tournament, boxing matches, certain matches
of the Mexican baseball league, the LPGA, U.S. PGA and U.S. Senior PGA golf tournaments and the NFL
Sunday Ticket, previously an exclusive content of DIRECTV Mexico. Additionally, in May&nbsp;2005, Sky
launched 12 easy-to-find Mosaic-channels (for example, &#147;TV Nacional,&#148; &#147;Ni&#241;os,&#148; &#147;Deportes,&#148;
&#147;M&#250;sica&#148;) to improve its service and give its customers an easier and faster way to navigate
through Sky&#146;s programming by genre.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005, Sky also added several new channels to its line-up, including: Discovery Home and
Health Channel, and FX channel (a men&#146;s lifestyle oriented channel). In addition to new programming
contracts, Sky continues to operate under arrangements with a number of third party programming
providers to provide additional channels to its subscribers, including HBO, MaxPrime, Cinemax,
Movie City, Cinecanal, The Discovery Channel, E! Entertainment, The Disney Channel, National
Geographic, Canal Fox, Fox Sports, Fox News, MTV, VH1, Nickelodeon, TNT, CNN, The Cartoon Network,
ESPN, Playboy and The Bloomberg Channel. Sky also has arrangements with the following studios to
show films on an as-needed basis: DreamWorks, 20th Century Fox, Universal Studios International,
Buenavista International, MGM, Paramount Pictures, Warner Bros., and Independent Studios.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005, Sky agreed to purchase from Televisa certain rights to the 2006 Soccer World Cup. Sky
has the rights to air all 64 games of the World Cup, out of which 34 will be exclusively available
to Sky subscribers. The cost of these rights plus production costs is expected to be U.S.$19.0
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky currently offers 218 digital channels through five programming packages: Basic (70 video
channels, 50 audio channels and 30 pay-per-view); Fun (106 video channels, 50 audio channels and 36
pay-per-view); Movie City (114 video channels, 50 audio channels and 36 pay-per-view); HBO/Max (118
video channels, 50 audio channels and 36 pay-per-view); and Universe (132 video channels, 50 audio
channels and 36 pay-per-view) for a monthly fee of Ps.228.00, Ps.288.00, Ps.410.00, Ps.468.00, and
Ps.608.00, respectively. The subscriber receives a &#147;prompt payment&#148; discount if the monthly
subscription payment is made within 12&nbsp;days after the billing date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming package monthly fees for residential subscribers, net of a prompt payment discount
if the subscriber pays within 12&nbsp;days of the billing date, are the following: Basic Ps.151.00, Fun
Ps.251.00, Movie City Ps.371.00, HBO/Max Ps.421.00 and Universe Ps.561.00. Monthly fees for each
programming package do not reflect a monthly rental fee in the amount of Ps.161.00 for the decoder
necessary to receive the service (or Ps.148.00 if the subscriber pays within 12&nbsp;days of the billing
date) and a one-time installation fee of Ps.1,199.00, which is reduced to Ps.899.00 if the
subscriber pays the monthly programming fees via an automatic charge to a debit card or Ps.199.00
if payment is charged directly to a credit card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky devotes 24 pay-per-view channels to family entertainment and movies and seven channels are
devoted to adult entertainment. In addition, Sky assigns five extra channels exclusively for
special events, known as Sky Events, which include boxing matches, concerts, sports and movies. Sky
provides some Sky Events at no additional cost while it sells others on a pay-per-view basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to more effectively compete against cable operators in the Mexican Pay-TV market, in
September&nbsp;2005, Sky launched the &#147;Multiple Box&#148; concept, which allows its current and new
subscribers to have up to 4 cable boxes in their homes with independent programming on each TV. The
installation fee is based on the number of set
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">up boxes and the method of payment chosen by the subscriber. The monthly cost consists of a
programming fee plus a rental fee for each cable box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2003, Sky successfully implemented a new subscriber management system to support
the growth of its subscriber base by managing client billing services. Currently this system is in
service and fully operational.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Colombia. </I>Prior to November&nbsp;2005, through our interest in MCOP, we owned a 25.8% interest in a
Colombian DTH platform which commenced operations in December&nbsp;1997. Our partners in this venture
were Casa Editorial El Tiempo, S.A., Radio Cadena Nacional, S.A., RTI Comunicaciones de Colombia
Ltda. and Pastrana Arango, who owned 2.80%, 2.72%, 2.76% and 1.32%, respectively. Since the sale of
our interest in MCOP to DIRECTV in November&nbsp;2005, we are no longer obligated to make any capital
contributions or incur any obligations in respect of this venture and we have no further ownership
interest in the Colombian DTH platform.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Chile. </I>Prior to November&nbsp;2005, through our interest in MCOP, we owned a 30% interest in Sky
Chile, the Chilean DTH platform which commenced operations in October&nbsp;1998. Since the sale of our
interest in MCOP to DIRECTV in November&nbsp;2005, we are no longer obligated to make any capital
contributions or incur any obligations in respect of this venture and we have no further ownership
interest in the Chilean DTH platform.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Programming. </I>We and News Corp. are major sources of programming content for our DTH joint
ventures and have granted our DTH joint ventures in Latin America and Mexico exclusive DTH
satellite service broadcast rights to all of our and News Corp.&#146;s existing and future program
services (including pay-per-view services on DTH), subject to some pre-existing third party
agreements in the territories of our DTH joint ventures in Latin America and Mexico. In addition to
sports, news and general entertainment programming, we provide our DTH joint ventures in Mexico
with exclusive DTH satellite service broadcast rights to our four over-the-air broadcast channels,
which are among the most popular television channels in Mexico. Our DTH satellite service in Mexico
is the only pay-television service that offers all the over-the-air broadcast signals from Mexico
City as well as our channels from Guadalajara, Monterrey, Puebla and Veracruz. Our DTH satellite
service also has exclusive DTH broadcast rights in Mexico to Fox News and Canal Fox, one of the
leading pay-television channels in Mexico. Through its relationships with us and News Corp., we
expect that the DTH satellite service in Mexico will be able to continue to negotiate favorable
terms for programming both with third parties in Mexico and with international suppliers from the
United States, Europe and Latin America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Univision</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;1992, A. Jerrold Perenchio, a Los Angeles private investor, Corporaci&#243;n Venezolana
de Televisi&#243;n, C.A., or Venevisi&#243;n, and one of our subsidiaries acquired the businesses of
Univision from Hallmark Cards, Inc. We currently own 39,289,534 shares and warrants representing an
approximate 11.4% equity interest in Univision, on a fully diluted basis. Information regarding
Univision&#146;s business which appears in this annual report has been derived primarily from public
filings made by Univision with the SEC and the FCC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently have a number of programming and financial arrangements with Univision, the
leading Spanish-language media company in the United States which owns and operates the Univision
Network, the most-watched Spanish-language television network in the United States; the TeleFutura
broadcast and Galavision satellite/cable television networks; several dozen full power and low
power television broadcast stations; and 68 radio stations constituting the largest
Spanish-language radio broadcasting company in the United States and the Univision Music Group, the
leading Spanish-language music recording and publishing company in terms of music record sales in
the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and Venevisi&#243;n, a Venezuelan media company, have agreed to supply programming to Univision
under program license agreements that expire in December&nbsp;2017
(unless earlier terminated), under which we and Venevisi&#243;n
granted Univision an exclusive license to broadcast in the United States, solely over the Univision
Network, Galavision Network and TeleFutura Network, substantially all Spanish-language television
programming, including programming with Spanish subtitles, for which we or Venevisi&#243;n own the
United States distribution rights, subject to some exceptions, including some co-productions. See
&#147;Operating and Financial Review and Prospects &#151; Results of
Operations &#151; Total Segment Results &#151; Programming Exports.&#148; We
are entitled, in addition to our 9% programming royalty on net time sales in respect of the
Univision and Galavision Networks, to an incremental 3% programming royalty on net time sales on
these networks to the extent such net time sales exceed net time sales for the year 2001, as well
as a 12% programming
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">royalty on net time sales of the TeleFutura Network, subject to certain adjustments, including
minimum annual royalties of U.S.$5.0&nbsp;million in respect of TeleFutura for 2003, increasing by
U.S.$2.5&nbsp;million each year up to U.S.$12.5&nbsp;million. In exchange for programming royalties based
upon combined net time sales regardless of the amount of our and Venevisi&#243;n&#146;s programming used by
Univision, we have agreed that we will provide Univision with 8,531 hours of programming per year
for the term of the agreement. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our
Business &#151; Future Activities Which We May Wish to Undertake in the United States May Be Affected by
Our Arrangements With Univision. These Activities, as Well as a Current Dispute We Are Having With
Univision and Univision&#146;s Recent Agreement to Sell Univision, May Affect Our Relationship With,
and Our Equity Interest in, Univision&#148; for a description of our current dispute with Univision
relating to royalties under the program license agreement with
Univision and our recent notice that we believe we have the right to
terminate the program license agreement due to uncured and uncurable
material breaches. In 2005, Televisa
programming represented approximately 23% of Univision and 39% of TeleFutura Networks&#146; non-repeat
broadcast hours, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under an agreement we have with Univision, we are required to offer Univision the opportunity
to acquire a 50% economic interest in our interest in certain ventures relating to U.S.
Spanish-language television broadcasting. This agreement and our
obligations thereunder terminate (subject to a limited exception)
when we no longer own a specified number of shares of Class&nbsp;T
common stock of Univision, including as a result of a sale of our
Univision shares pursuant to Univision&#146;s recent agreement to
sell Univision. See &#147;Key Information &#151; Risk Factors &#151;
Risk Factors Related to our Business &#151; Future Activities Which
We May Wish to Undertake in the United States May Be Affected by Our
Arrangements With Univision. These Activities, as Well as a Current
Dispute We Are Having With Univision and Univision&#146;s Recent
Agreement to Sell Univision, May Affect Our Relationship With, and
Our Interest in, Univision.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and Univision entered into definitive agreements in April&nbsp;2003 to commence a joint venture
to introduce our satellite and cable pay-TV programming into the United States. The joint venture
company, TuTV, commenced operations in the second quarter of 2003. It currently distributes five
channels, including two of our existing movie channels and three channels featuring music videos,
celebrity lifestyle and interviews and entertainment news programming, and will create future
channels available in the United States that feature our programming. In May&nbsp;2003, TuTV entered
into a five-year distribution agreement with EchoStar Communications Corporation for three of the
five existing channels. TuTV is jointly controlled by Univision and us, and we have each agreed to
contribute U.S.$20&nbsp;million over the first three years of the
venture. We cannot assure you when or if this venture will be profitable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have an international program rights agreement with Univision that requires Univision to
grant us and Venevisi&#243;n the right to broadcast, outside the United States, programs produced by
Univision for broadcast on the Univision Network or Galavision Network. We have the exclusive right
to broadcast these programs in Mexico, and Venevisi&#243;n has the exclusive right to broadcast these
programs in Venezuela. We and Venevisi&#243;n each have an undivided right to broadcast these programs
in all other territories (other than the United States, but including Puerto Rico), provided those
programs were on the air as of October&nbsp;2, 1996. The rights to these programs granted to us and
Venevisi&#243;n will revert back to Univision when the relevant program license agreement terminates.
For such programs produced after October&nbsp;2, 1996, we and Venevisi&#243;n have the exclusive broadcast
and related merchandising rights for Mexico and Venezuela, but Univision retains all rights for the
rest of the world. For such programs produced after September&nbsp;26, 1996, we and Venevisi&#243;n have
merchandising rights only in those territories. The rights to these programs granted to us and
Venevisi&#243;n will revert back to Univision when we or Venevisi&#243;n, as the case may be, own less than
an aggregate of 13,578,084 shares and warrants of Univision, unless our ownership interest changes
as a result of a merger or other similar transaction involving Univision, in which case these
rights will continue until the termination of the program license agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we entered into arrangements with Univision regarding two Puerto Rico television
stations that Univision had an option to acquire and to which Univision provides programming.
Univision exercised this option in December&nbsp;2004, and, upon its receipt of FCC approval, Univision
was required to offer us the right to acquire a 15% interest in the Puerto Rico stations and to
offer Venevisi&#243;n the right to acquire a 10% interest in the stations. We did not exercise this
option. In addition, we recently entered into a program license agreement with Univision whereby we
have granted Univision an exclusive right to broadcast our television programming in Puerto Rico,
with some exceptions. We are entitled to a 12% programming royalty on the net time sales in respect
to the Puerto Rico Stations. The terms and conditions of this agreement are similar to the program
license agreement that we executed with Univision for the territory of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2001, we made a U.S.$375.0&nbsp;million equity investment in Univision for which we
ultimately received 10,594,500 shares of Univision Class&nbsp;A Common Stock. We have rights to require
Univision to register for public sale the shares of Univision stock that we own.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we are entitled to elect one director and one alternate director to Univision&#146;s
Board of Directors. In 2002, we appointed Emilio Azc&#225;rraga Jean, our Chairman of the Board, Chief
Executive Officer, President and President of our Executive Committee of our Board, as our director
of Univision, and Alfonso de Angoitia Noriega, our Executive Vice President, as our alternate
director of Univision. Univision subsequently appointed Mr.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Azc&#225;rraga Jean as Vice-Chairman of its Board of Directors. Effective as of May&nbsp;9, 2005, Mr.
Azc&#225;rraga Jean and Mr. de Angoitia Noriega resigned as a director and alternate director,
respectively, of Univision. In April&nbsp;2006, we designated Ricardo Maldonado Ya&#241;ez,
Secretary to our Board of Directors, as our director on the Univision board. We have not
determined whether we will seek to elect a replacement alternate director to the Univision Board of
Directors. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; Future
Activities Which We May Wish to Undertake in the United States May Be Affected by Our Arrangements
With Univision. These Activities, as Well as a Current Dispute We Are Having With Univision and
Univision&#146;s Recent Agreement to Sell Univision, May Affect Our Relationship With, and Our Equity
Interest in, Univision.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Competition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We compete with various forms of media and entertainment companies in Mexico, both Mexican and
non-Mexican.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Television Broadcasting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our television stations compete for advertising revenues and for the services of recognized
talent and qualified personnel with other television stations (including the stations owned by TV
Azteca) in their markets, as well as with other advertising media, such as radio, newspapers,
outdoor advertising, cable television and multi-channel, multi-point, multi-channel distribution
system and DTH satellite services. We generally compete with 197 channels throughout Mexico,
including the channels of our major competitor, TV Azteca, which owns and operates Channels 7 and
13 in Mexico City, which we believe are affiliated with 176 stations outside of Mexico City.
Televisora del Valle de Mexico, S.A. de C.V. owns the concession for Channel 40, a UHF channel that
broadcasts in the Mexico City metropolitan area. Based upon IBOPE Mexico surveys, during 2003, 2004
and 2005, the combined average audience share throughout Mexico of both the Channel 7 and 13
networks was 29.9%, 31.1% and 31.5%, respectively, during prime time, and 28.2%, 28.7% and 29.8%,
respectively, during sign-on to sign-off hours. See &#147;&#151; Television &#151; Television Industry in Mexico.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing channels, there are additional operating channels in Mexico with
which we also compete, including Channel 11, which has 7 repeater stations, and Channel 22 in
Mexico City, which are operated by the Mexican government. Our television stations are the leading
television stations in their respective markets. See &#147;&#151; Television &#151; Television Broadcasting.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our English- and Spanish-language border stations compete with English- and Spanish-language
television stations in the United States, and our Spanish-language productions compete with other
English- and Spanish-language programs broadcast in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a major supplier of Spanish-language programming in the United States and throughout
the world. We face competition from other international producers of Spanish-language programming
and other types of programming.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Publishing</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of our magazine publications competes for readership and advertising revenues with other
magazines of a general character and with other forms of print and non-print media. Competition for
advertising is based on circulation levels, reader demographics and advertising rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cable Television</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the most recent information from CANITEC, there were approximately 571 cable
concessions in Mexico as of December&nbsp;31, 2005 serving approximately 3.2&nbsp;million subscribers.
Cablevisi&#243;n is the largest cable system operator in Mexico City and one of seven cable system
operators in the areas surrounding Mexico City. Cablevisi&#243;n also competes with Innova, our DTH
joint venture. See &#147;&#151; Cable Television &#151; Mexico City Cable System&#148; and &#147;&#151; DTH Satellite Services.&#148;
Cablevisi&#243;n also faces competition from MVS Multivisi&#243;n, S.A. de C.V., or Multivisi&#243;n, a
multi-point, multi-channel distribution system, or MMDS, operator, in Mexico City and the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">surrounding areas. MMDS, commonly called wireless cable, is a microwave transmission system
which operates from a headend similar to that of a cable system. Multivisi&#243;n has been in operation
for more than 15&nbsp;years and offers 15 channels to its subscribers. Some of the channels that
Multivisi&#243;n broadcasts compete directly with the Cablevisi&#243;n channels, as well as Cablevisi&#243;n&#146;s 28
pay-per-view channels. Furthermore, since Cablevisi&#243;n operates under non-exclusive franchises,
other companies may obtain permission to build cable television systems and MMDS systems in areas
where Cablevisi&#243;n presently operates. In addition, pursuant to the <I>Ley Federal de
Telecomunicaciones</I>, or the Telecommunications Law, Cablevisi&#243;n is required to provide access to its
cable network to the extent it has available capacity on its network.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in connection with its Internet access services and other new products and
multimedia communications services, Cablevisi&#243;n will face competition from several media and
telecommunications companies throughout Mexico, including Internet service providers, DTH services
and other personal communication and telephone companies, including us and our affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Radio</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The radio broadcast business is highly competitive in Mexico. Our radio stations compete with
other radio stations in their respective markets, as well as with other advertising media, such as
television, newspapers, magazines and outdoor advertising. Among our principal competitors in the
radio broadcast business are Grupo Radio Centro, S.A. de C.V., which owns or operates approximately
100 radio stations throughout Mexico, 11 of which are located in Mexico City, and Grupo Acir, which
owns or operates approximately 160 radio stations in Mexico, seven of which are located in Mexico
City.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition for audience share in the radio broadcasting industry in Mexico occurs primarily
in individual geographic markets. Our radio stations are located in highly competitive areas.
However, the strength of the signals broadcast by a number of our stations enables them to reach a
larger percentage of the radio audience outside the market areas served by their competitors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Feature Film Production and Distribution</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production and distribution of feature films is a highly competitive business in Mexico. The
various producers compete for the services of recognized talent and for film rights to scripts and
other literary property. We compete with other feature film producers, Mexican and non-Mexican, and
distributors in the distribution of films in Mexico. See &#147;&#151; Other Businesses &#151; Feature Film
Production and Distribution.&#148; Our films also compete with other forms of entertainment and leisure
time activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>DTH Satellite Services</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innova presently competes with, or expects to compete with, among others, cable systems
(including Cablevisi&#243;n), MMDS systems, national broadcast networks (including our four networks),
regional and local broadcast stations, unauthorized C-band and Ku-band television signals obtained
by Mexican viewers on the gray market, radio, movie theaters, video rental stores, internet and
other entertainment and leisure activities generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innova&#146;s main DTH competitor in Mexico used to be DTVLA, which operated DIRECTV Mexico. In
October&nbsp;2004, DTVLA announced that it was shutting down DIRECTV Mexico&#146;s operations and agreed to
sell its subscriber list to Innova.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidation in the entertainment and broadcast industries could further intensify
competitive pressures. As the pay-television market in Mexico matures, Innova expects to face
competition from an increasing number of sources, including emerging technologies that provide new
services to pay-television customers and require us to make significant capital expenditures in new
technologies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other entities have obtained licenses to provide DTH satellite services in Mexico but have
never started operations.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Regulation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business, activities and investments are subject to various Mexican and U.S. federal,
state and local statutes, rules, regulations, policies and procedures, which are constantly subject
to change, and are affected by the actions of various Mexican and U.S. federal, state and local
governmental authorities. The material Mexican and U.S. federal, state and local statutes, rules,
regulations, policies and procedures to which our business, activities and investments are subject
are summarized below. These summaries do not purport to be complete and should be read together
with the full texts of the relevant statutes, rules, regulations, policies and procedures described
therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Television</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mexican Television Regulations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Concessions. </I>In order to own and operate a television station in Mexico, a broadcaster must
obtain a concession, which must be published in the Official Gazette of the Federation, from the
SCT to broadcast over a certain channel. Applications are submitted to the SCT and, after a formal
review process of all competing applications and an objection period open to third parties, a
concession is granted. Concessions may be granted for up to 30&nbsp;years. The SCT may void the grant of
any concession or terminate or revoke the concession at any time, upon the occurrence of, among
others, the following events:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to construct broadcasting facilities within a specified time period;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the location of the broadcasting facilities or changes in the
frequency assigned without prior governmental authorization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>direct or indirect transfer of the concession, the rights arising therefrom
or ownership of the broadcasting facilities without prior governmental authorization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transfer or encumbrance, in whole or in part, of the concession, the rights
arising therefrom, the broadcasting equipment or any assets dedicated to the
concessionaire&#146;s activities, to a foreign government, company or individual, or the
admission of any such person as a partner in the concessionaire&#146;s business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to broadcast for more than 60&nbsp;days without reasonable justification;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any amendment to the bylaws of the concessionaire that is in violation of
applicable Mexican law; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any breach to the terms of the concession title.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our concessions has ever been revoked or otherwise terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we have operated our television concessions substantially in compliance with
their terms and applicable Mexican law. If a concession is revoked or terminated, the
concessionaire could be required to forfeit to the Mexican government all of its assets or the
Mexican government could have the right to purchase all the concessionaire&#146;s assets. In our case,
the assets of our licensee subsidiaries generally consist of transmitting facilities and antennas.
See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; The Operation of Our
Business May Be Terminated or Interrupted if the Mexican Government Does Not Renew or Revokes Our
Broadcast or Other Concessions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concessions may be renewed for a term of up to 30&nbsp;years. In July&nbsp;2004, in connection with the
adoption of a release issued by the SCT for the transition to digital television, all of our
television concessions were renewed until 2021. The expiration dates for the concessions for our
radio stations range from 2008 to 2016. Our cable telecommunications concessions expire in 2029.
See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; The Operation of Our
Business May Be Terminated or Interrupted if the Mexican Government Does Not Renew or Revokes Our
Broadcast or Other Concessions.&#148;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supervision of Operations. </I>The SCT regularly inspects the television stations and the
companies to which concessions have been granted must file annual reports with the SCT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television programming is not censored under Mexican law, except that it is subject to various
regulations, including prohibitions on foul language and programming which is offensive or is
against the national security or against public order. Under Mexican regulations, the <I>Secretar&#237;a de
Gobernaci&#243;n</I>, or the Mexican Ministry of the Interior, reviews most television programming and
classifies the age group for which the programming is acceptable for viewing. Programs classified
for adults may be broadcast only after 10:00&nbsp;p.m.; programs classified for adults and teenagers
over 15&nbsp;years old may be broadcast only after 9:00 p.m.; programs classified for adults and
teenagers under 15&nbsp;years old may be broadcast only after 8:00 p.m.; and programs classified for all
age groups may be shown at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television programming is required to promote Mexico&#146;s cultural, social and ideological
identity. Each concessionaire is also required to transmit each day, free of charge, up to 30
minutes of programming regarding cultural, educational, family counseling and other social matters
using programming provided by the Mexican government. Historically, the Mexican government has not
used a significant portion of this time. In addition, during political campaigns all registered
political parties have the right to purchase time to broadcast political messages at commercial
rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Networks. </I>There are no Mexican regulations regarding the ownership and operation of a
television network, such as the Channel 2, 4, 5 and 9 networks, apart from the regulations
applicable to operating a television station as described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictions on Advertising. </I>Mexican law regulates the type and content of advertising
broadcast on television. Concessionaires may not broadcast misleading advertisements. Under current
law, advertisements of alcoholic beverages (other than beer and wine) may be broadcast only after
10:00&nbsp;p.m. As of January&nbsp;20, 2004, advertisements for tobacco products are prohibited by amendment
to the <I>Ley General de Salud, </I>or the Public Health Law. Advertising for alcoholic beverages must not
be excessive and must be combined with general promotions of nutrition and general hygiene. The
advertisements of some products and services, such as medicine and alcohol, require approval of the
Mexican government prior to their broadcast. Moreover, the Mexican government must approve any
advertisement of lotteries and other games.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No more than 18% of broadcast time may be used for advertisements on any day. The SCT approves
the minimum advertising rates. There are no restrictions on maximum rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Broadcast Tax. </I>Since 1969, radio and television stations have been subject to a tax which may
be paid by granting the Mexican government the right to use 12.5% of all daily broadcast time. In
October&nbsp;2002, the 12.5% tax was replaced by the obligation to the Mexican government to provide up
to 18 minutes per day of our television broadcast time and 35 minutes per day of our radio
broadcast time between 6:00 a.m. and midnight, in each case distributed in an equitable and
proportionate manner. Any time not used by the Mexican government on any day is forfeited.
Generally, the Mexican government uses all or substantially all of the broadcast time available
under this tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign Ownership. </I>Non-Mexican ownership of shares of Mexican enterprises is restricted in
some economic sectors, including broadcast television, cable television, radio and DTH satellite
services. Under Mexico&#146;s <I>Ley de Inversi&#243;n Extranjera, </I>or Foreign Investment Law, the <I>Ley Federal de
Radio y Televisi&#243;n</I>, or the Radio and Television Law, and the <I>Reglamento de la Ley de Inversi&#243;n
Extranjera</I>, or the Foreign Investment Law Regulations, foreign investors may not vote the capital
stock of Mexican broadcasting companies (other than through &#147;neutral investment&#148; mechanisms, such
as through the CPOs held by certain of our shareholders). See &#147;&#151; Satellite Communications &#151; Mexican
Regulation of DTH Satellite Services.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulation of U.S. Television Broadcast Networks and Satellite/Cable Networks</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision is subject to U.S. laws and regulations affecting the Univision and TeleFutura
television broadcast networks and the Galavision satellite/cable network.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Television Broadcast Network Restrictions. </I>Under current FCC rules, there are no limits either
on the number of broadcast networks that may be maintained by a television broadcast network
organization, or on the number of television stations that may be affiliated with a network
organization. Mergers among any existing or future U.S. television broadcast networks are permitted
by the FCC except among ABC, CBS, Fox or NBC, and television broadcast networks may acquire, or be
acquired by or commonly controlled with, cable television systems. FCC rules restrict television
broadcast networks&#146; contractual relationships with their affiliated stations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Satellite/Cable Network Restrictions. </I>Chiefly through its jurisdiction over cable system
operators, the FCC regulates satellite and cable networks in a variety of ways, including, but not
limited to, by preventing the ability of certain cable networks to discriminate against
non-affiliated multi-channel video programming distributors in the sale or delivery of programming,
limiting the number of commercial minutes that may be sold within children&#146;s programming, and
imposing closed captioning requirements on programs transmitted to cable subscribers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ownership Restrictions. </I>There are no restrictions on non-U.S. ownership of U.S. broadcast
networks or satellite/cable networks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>U.S. Regulation of Broadcast Stations</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ownership and operation of U.S. broadcast stations, including television and radio
stations owned by and/or affiliated with Univision, are subject to the jurisdiction of the FCC,
which acts under authority granted by the U.S. Communications Act of 1934, or the Communications
Act. The FCC allots particular TV and radio channels to specific communities, approves stations&#146;
technical parameters and operating equipment, issues, modifies, renews and revokes licenses,
approves changes in licensee ownership or control, regulates the ownership and employment practices
of licensees, and in certain limited respects controls the content of broadcast programming,
including by imposing sanctions for the broadcast of obscene, indecent or profane material. The FCC
collects annual regulatory fees and imposes penalties, including monetary fines and license
revocation, for violations of the Communications Act or its rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ownership Matters. </I>FCC rules limit the &#147;attributable&#148; interests that an individual or entity
may hold in broadcast licensees. Generally, the officers, directors, general partners, parties who
own or control a 5% or greater voting stock interest (20% if the holder is a qualified passive
investor), and non-&#147;insulated&#148; limited partners and limited liability company members of a licensee
or its parent hold &#147;attributable&#148; interests in the licensee. Also constituting &#147;attributable&#148;
interests are the brokering of more than 15% of a television station&#146;s weekly program time by
another TV station in the market or of a radio station&#146;s weekly program time by another radio
station in the market, and the holding of equity and debt interests that together exceed 33% of a
licensee&#146;s total asset value, if the interest holder supplies more than 15% of total weekly
programming hours or is an attributable same-market media entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;2, 2003, the FCC adopted substantial changes to its broadcast ownership rules to
restrict the holdings that those with attributable interests in broadcast licensees may possess in
various types of media properties. Before the new rules took effect, however, several parties
appealed the FCC&#146;s order, and on September&nbsp;3, 2003, the United States Court of Appeals for the
Third Circuit, or the Third Circuit, issued a stay of the new rules. On June&nbsp;24, 2004, the Third
Circuit issued a decision remanding some of the rules to the FCC for additional justification or
modification, and affirming others. The FCC declined to appeal this ruling to the U.S. Supreme
Court, and on June&nbsp;13, 2005 the Supreme Court declined to hear appeals filed by several third
parties in the proceeding. In connection with its decision, the Third Circuit stayed the effective
date of all of the FCC&#146;s revised rules, including those it had affirmed. In September&nbsp;2004, in
response to the FCC&#146;s Petition for Rehearing, the court lifted the stay as to several local radio
market regulations and allowed them to take effect. With respect to the remaining rules, the FCC
must now conduct additional proceedings in response to the Third Circuit&#146;s remand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to legislation signed into law on January&nbsp;23, 2004, an entity may hold &#147;attributable&#148;
interests in U.S. television stations with an aggregate national audience reach of 39% of total
U.S. television households. This law was a compromise between those desiring to maintain the
pre-June&nbsp;2003 limit of 35% and those supporting the FCC&#146;s June&nbsp;2003 order, which would have raised
the limit to 45%. For purposes of this national audience reach cap, all potential viewers in each
market in which an entity holds an &#147;attributable&#148; TV station interest are counted regardless of the
station&#146;s actual audience ratings, but UHF television stations are attributed with only 50% of the
television households in their markets. The FCC&#146;s June&nbsp;2003 action temporarily retained this &#147;UHF
Discount,&#148;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which benefits Univision since virtually all of its television stations operate in the UHF
band. In February&nbsp;2004, the FCC sought public comment on whether the new law establishing a 39%
national audience reach limitation restricts the FCC&#146;s authority to alter or eliminate the UHF
Discount. Univision filed comments urging the FCC to conclude that the law mandates retention of
the UHF Discount. In its June&nbsp;24, 2004 decision, the Third Circuit held that the new law mandating
a 39% audience reach cap rendered moot the appeals before it on that issue. The court also found
that it could not entertain challenges to the FCC&#146;s retention of the UHF Discount, but that the FCC
itself could decide the scope of its authority to modify or eliminate the UHF Discount. The FCC
proceeding is currently pending.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FCC also limits television ownership at the local level, that is, within each individual
market (as between different markets, only the national audience reach cap limits the ownership of
television stations). The June&nbsp;2003 FCC action would have liberalized the circumstances under which
a single entity may hold interests in two stations in the same market, and permitted for the first
time common ownership of three same-market television stations in the largest markets, including
some markets where Univision currently owns two stations. In its June&nbsp;24, 2004 decision, the Third
Circuit found that the justification for these changes was inadequate, and directed the FCC either
to provide better support for strictly numerical limits that weight all television stations in each
market as equal, or to modify the regulations to reflect actual market share. The court upheld the
FCC&#146;s decision to maintain its prohibition on common ownership of any two of the top four stations
in a given market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 2002, common ownership of television stations and cable television systems in the same
market has been allowed. The Third Circuit upheld the FCC&#146;s June&nbsp;2003 decision to repeal the ban on
common ownership of broadcast stations and daily newspapers. However, at the same time, the court
remanded for further proceedings the cross-media limits that would have replaced both the
broadcast/newspaper cross-ownership ban and the former rule limiting common ownership of radio and
television stations in the same market. The FCC&#146;s June&nbsp;2003 action would have prohibited
cross-media combinations only in markets with three or fewer television stations. The Third Circuit
determined that the FCC had not provided adequate justification to support the specific
combinations of newspaper, television and radio ownership that it proposed to allow. As a result,
the existing cross-ownership restrictions remain in effect, pursuant to the court&#146;s stay.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no national limit on the number of U.S. radio stations in which a single entity may
hold &#147;attributable&#148; interests. On the local level, &#147;attributable&#148; interests may currently be held
in up to eight radio stations in the largest markets, based on the total number of radio stations
in the market. Although the FCC did not alter the local radio ownership limits in its June&nbsp;2003
decision, it did decide to use a different methodology for defining a radio market for purposes of
determining compliance with these limits. Under the revised rule, the FCC will use markets defined
by Arbitron, the principal market research firm providing radio ratings survey data, instead of the
complex case-by-case determination based on signal overlap that previously applied. This new
methodology means that certain existing commonly owned station groups now exceed the current
numerical limits. The Third Circuit upheld the FCC&#146;s adoption of the new methodology for defining
radio markets, but remanded the FCC&#146;s decision to retain its existing numerical limits, which do
not consider the overall market share of co-owned stations. The FCC had announced in its June&nbsp;2003
decision that combinations exceeding its limits under the new market definition would be
&#147;grandfathered,&#148; but could not be transferred intact, except to a qualified small business entity,
a concept that the Third Circuit upheld. The FCC had said that it would process station sale
applications pending at the time the new rules take effect under the revised market definition
methodology. Following the lifting of the stay as to the local radio market rules, the FCC began to
process applications under the new market definition in October&nbsp;2004. The new rules also provide
that any station subject to a joint sales agreement under which another radio station licensee in
the same market brokers more than 15% of the brokered station&#146;s total weekly advertising time will
be attributed to the licensee selling the advertising time as if that company held the license of
such station(s).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FCC&#146;s action in response to the Third Circuit&#146;s remand notwithstanding, some or all of
these changes could be superseded by Congressional action (such legislation has been introduced).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Alien Ownership. </I>Under the Communications Act, broadcast licenses may not be granted to
non-U.S. citizens (including their representatives), foreign governments or their representatives,
or non-U.S. companies (collectively, &#147;non-U.S. Persons&#148;); to any entity having more than 20% of its
equity owned or voted by non-U.S. Persons; or to any entity whose parent company is more than 25%
owned by non-U.S. Persons. The 25% provision may be waived, but waivers have been rare in the
broadcast context.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>License Renewal. </I>Television and radio broadcasting licenses are subject to renewal, normally
for an eight-year term, upon application to the FCC. A license renewal application will be granted,
and no competing applications for the same frequency will be entertained, if the licensee has
served the public interest, has committed no serious violations of the Communications Act or the
FCC&#146;s rules, and has not committed other violations which together would constitute a pattern of
abuse of such Act or rules. However, interested parties, including members of the public, may file
petitions to deny license renewal applications, and the transferability of an applicant&#146;s license
may be restricted during the pendency of its renewal application.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Programming and Operation. </I>The Communications Act requires broadcasters to serve the public
interest. All licensees must present programming that is responsive to community problems, needs
and interests, and maintain certain records demonstrating such responsiveness. By Act of Congress,
television licensees must also present programming specifically designed to educate and inform
children, must limit the number of commercial minutes and comply with other restrictions on
commercial practices during children&#146;s programming, and must maintain and file records
demonstrating compliance with these requirements. The FCC also prohibits or restricts the broadcast
of obscene, indecent or profane programming.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to observe FCC rules and policies can result in the imposition of various sanctions,
including monetary forfeitures, the grant of renewals for less than the standard eight-year renewal
term or, for particularly egregious violations, the denial of a license renewal application or the
revocation of a license.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Digital Television Transition. </I>The FCC has assigned each U.S. full power television station an
additional 6 MHz of broadcast spectrum for the provision of a free digital video programming
service. Broadcasters may utilize this spectrum to provide multiple video programming streams, and
may also use some of the new spectrum for data transmission and other revenue-generating services,
so long as such services do not detract from the free over-the-air program service. The broadcast
licensee must pay the FCC 5% of any gross subscription and advertising revenues received from all
ancillary or supplementary services. Univision&#146;s television stations have either timely commenced
digital television, or DTV, operations pursuant to their FCC authorizations, or have received or
requested extensions that would authorize their commencement of DTV operations at a future date. In
February&nbsp;2006, the U.S. Congress adopted a firm deadline of February&nbsp;17, 2009 for all broadcasters
to operate exclusively in digital mode and to surrender channels operating in analog mode. This
supersedes the previous December&nbsp;31, 2006 statutory deadline of December&nbsp;31, 2006, which had
assumed that certain penetration levels for the transmission and reception of DTV signals would be
achieved in each market by that date. The new deadline does not provide for any further extension,
but does provide U.S.$1.5&nbsp;billion in subsidies to assist consumers in purchasing converter boxes
that will allow analog television receivers to digital broadcasts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The digital television transition has required licensees such as Univision to incur
substantial costs to build new DTV facilities, but it remains unclear what impact this conversion,
and the cessation of analog broadcasting, will have on its overall viewership. Although the FCC has
attempted to assign DTV channels and power levels that will reasonably replicate each licensee&#146;s
analog coverage area (and thus its audience reach levels), there is no assurance that such
replication will be fully achieved for any or all of the Univision television stations. In
addition, the FCC recently reaffirmed that cable television systems are not obligated to retransmit
both digital and analog television broadcast signals during the remaining period when television
licensees must transmit in both modes, and that in the post-transition period, cable television
systems will not be required to carry more than the primary video signal of each DTV station.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cable Carriage. </I>Most U.S. residents view television broadcast signals by means of cable
television retransmissions of these signals. Cable television systems must devote up to one-third
of their available channels to the carriage of local commercial television stations, and Univision
has stated that its full power television stations rely on these &#147;must-carry&#148; rights to obtain
cable carriage. Must-carry rights are not absolute, however, and the mere election of &#147;must-carry&#148;
status may not secure carriage in every circumstance. As noted above, the FCC recently determined
that cable systems will be required to carry only a single digital program stream per broadcast
station and will not be compelled to carry both digital and analog channels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Direct Broadcast Satellite Carriage. </I>The Satellite Home Viewer Improvement Act of 1999, as
amended by the Satellite Home Viewer Extension and Reauthorization Act of 2004, contemplates
mandatory carriage of all local television stations by a direct broadcast satellite, or DBS,
carrier in any market in which that carrier chooses to provide one or more local signals pursuant
to the statutory copyright license and, by mid-2006, all such local
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">stations must be accessible by subscribers through a single receiving antenna. Currently, two
DBS carriers provide such local service in more than 90 of the largest markets, including most
Univision markets. Univision has stated that it intends to obtain DBS carriage for each of its
eligible stations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Proposed Changes. </I>Proposals for additional or revised regulations and requirements are pending
before Congress and Federal regulatory agencies on an ongoing basis. It cannot be predicted at this
time whether new legislation, court action or FCC regulations, or changes in the interpretation or
enforcement of current laws and regulations, will have an adverse impact on Univision&#146;s operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Radio</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The regulations applicable to the operation of radio stations in Mexico are identical in all
material respects to those applicable to television stations. As of December&nbsp;31, 2005, the
expiration dates of our radio concessions ranged from 2008 to 2016. See &#147;&#151; Television,&#148; &#147;&#151; Radio &#151;
Radio Stations&#148; and &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; The
Operation of Our Business May Be Terminated or Interrupted if the Mexican Government Does Not Renew
or Revokes Our Broadcast or Other Concessions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cable Television</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Concessions. </I>Cable television operators now apply for a public telecommunications network
concession from the SCT in order to operate their networks and provide cable television services
and other multimedia communications services. Applications are submitted to the SCT and, after a
formal review process, a public telecommunications network concession is granted for an initial
term of up to 30&nbsp;years. Cablevisi&#243;n&#146;s previous cable television concession expired in August&nbsp;1999.
On September&nbsp;23, 1999, Cablevisi&#243;n obtained a telecommunications concession from the SCT, which
expires in 2029, and a concession to transmit the over-the-air UHF restricted television channel
46, which expires in 2010. Pursuant to its public telecommunications concession, Cablevisi&#243;n can
provide cable television, limited audio transmission services, specifically music programming,
bidirectional Internet access and unlimited data transmission services in Mexico City and
surrounding areas in the State of Mexico. The scope of Cablevisi&#243;n&#146;s public telecommunications
concession is much broader than the scope of its former cable television concession, which covered
only cable television services and audio programming. A public telecommunications concession may be
renewed upon its expiration, or revoked or terminated prior to its expiration in a variety of
circumstances including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unauthorized interruption or termination of service;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interference by the concessionaire with services provided by other operators;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>noncompliance with the terms and conditions of the public telecommunications concession;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the concessionaire&#146;s refusal to interconnect with other operators;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of the concessionaire&#146;s Mexican nationality;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unauthorized assignment, transfer or encumbrance, in whole or in part, of
the concession or any rights or assets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the liquidation or bankruptcy of the concessionaire; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ownership or control of the capital stock of the concessionaire by a foreign government.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the SCT may establish under any public telecommunications concession further
events which could result in revocation of the concession. Under current Mexican laws and
regulations, upon the expiration or termination of a public telecommunications concession, the
Mexican government has the right to purchase those assets of the concessionaire that are directly
related to the concession, at market value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable television operators, including Cablevisi&#243;n, are subject to the Telecommunications Law
and, since February&nbsp;2000, have been subject to the <I>Reglamento del Servicio de Televisi&#243;n y Audio
Restringidos</I>, or the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Restricted Television and Audio Services Regulations. Under current Mexican law, cable
television operators are classified as public telecommunications networks, and must conduct their
business in accordance with Mexican laws and regulations applicable to public telecommunications
networks which, in addition to the Telecommunications Law and the Restricted Television and Audio
Services Regulations, includes the Federal Television and Radio Law and the <I>Reglamento de la Ley
Federal de Radio y Televisi&#243;n y de la Industria Cinematogr&#225;fica</I>, or the Federal Television, Radio
and Film Industry Regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the applicable Mexican law, the Mexican government, through the SCT, may also
temporarily seize or even expropriate all of a public telecommunications concessionaire&#146;s assets in
the event of a natural disaster, war, significant public disturbance or threats to internal peace
and for other reasons related to preserving public order or for economic reasons. The Mexican
government is obligated by Mexican law to compensate the concessionaire, both for the value of the
assets seized and related profits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supervision of Operations. </I>The SCT regularly inspects the operations of cable systems and
cable television operators must file annual reports with the SCT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican law, programming broadcast on Cablevisi&#243;n networks is not subject to judicial or
administrative censorship. However, this programming is subject to various regulations, including
prohibitions on foul language, programming which is against good manners and customs or programming
which is against the national safety or against public order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican law also requires cable television operators, including Cablevisi&#243;n, to broadcast
programming that promotes Mexican culture, although cable television operators are not required to
broadcast a specified amount of this type of programming.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to broadcasting programming that promotes Mexican culture, cable television
operators must also set aside a specified number of their channels, which number is based on the
total number of channels they transmit, to transmit programming provided by the Mexican government.
Cablevisi&#243;n currently broadcasts programming provided by the Mexican government on three of its
channels, Channel 11, Channel 22 and Channel 5, a channel used by the Mexican Congress.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictions on Advertising. </I>Mexican law restricts the type of advertising which may be
broadcast on cable television. These restrictions are similar to those applicable to advertising
broadcast on over-the-air Channels 2, 4, 5 and 9. See &#147;&#151; Regulation &#151; Television &#151; Mexican
Television Regulations &#151; Restrictions on Advertising.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Government Participation. </I>Pursuant to the terms of cable concessions, cable television
operators, including Cablevisi&#243;n through September&nbsp;23, 1999, were required to pay, on a monthly
basis, absent a waiver from the Mexican government, up to 15% of revenues derived from subscriber
revenues and substantially all other revenues, including advertising revenues, to the Mexican
government in exchange for use of the cable concession. Most cable concessionaires, including
Cablevisi&#243;n, obtained a waiver on an annual basis to pay 9% of their revenues as participation to
the Mexican government, as opposed to 15%. Under the Federal Telecommunications Law and
accompanying regulations, cable television operators with public telecommunications network
concessions, including Cablevisi&#243;n, no longer have to pay the Mexican government any percentage of
their revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Forfeiture of Assets. </I>Under Mexican regulations, at the end of the term of a public
telecommunications concession, assets of concessionaires may be purchased by the Mexican government
at market value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-Mexican Ownership of Public Telecommunications Networks</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under current Mexican law, non-Mexicans may currently own up to 49% of the outstanding voting
stock of Mexican companies with a public telecommunications concession. However, non-Mexicans may
currently own up to all of the outstanding voting stock of Mexican companies with a public
telecommunications concession to provide cellular telephone services, provided, that the requisite
approvals are obtained from the <I>Comisi&#243;n Nacional de Inversiones Extranjeras</I>, or the Foreign
Investment Commission.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Application of Existing Regulatory Framework to Internet Access and IP Telephony Services</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Cablevisi&#243;n begins offering IP telephony services, it may be required, under Mexican law,
to permit other concessionaires to connect their network to its network in a manner that enables
its customers to choose the network by which the services are carried.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a cable television operator has any available capacity on its network, as a
public telecommunications network, Mexican law requires the operator to offer third party providers
access to its network. Cablevisi&#243;n currently does not have any capacity available on its network to
offer to third party providers and does not expect that it will have capacity available in the
future given the broad range of services it plans to provide over its network.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Satellite Communications</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mexican Regulation of DTH Satellite Services. </I>Concessions to broadcast DTH satellite services
are for an initial term of up to 30&nbsp;years, and are renewable for up to 30&nbsp;years. We received a
30-year concession to operate DTH satellite services in Mexico utilizing SatMex satellites on May
24, 1996. On November&nbsp;27, 2000, we received an additional 20-year concession to operate our DTH
satellite service in Mexico using the PAS-9 satellite system, a foreign-owned satellite system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Like a public telecommunications network concession, a DTH concession may be revoked or
terminated by the SCT prior to the end of its term in certain circumstances, which for a DTH
concession include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the failure to use the concession within 180&nbsp;days after it was granted;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a declaration of bankruptcy of the concessionaire;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to comply with the obligations or conditions specified in the concession;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unlawful assignments of, or encumbrances on, the concession; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to pay to the government the required fees.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the termination of a concession, the Mexican government has the preemptive right to acquire
the assets of a DTH satellite service concessionaire. In the event of a natural disaster, war,
significant public disturbance or for reasons of public need or interest, the Mexican government
may temporarily seize and expropriate all assets related to a concession, but must compensate the
concessionaire for such seizure. The Mexican government may collect fees based on DTH satellite
service revenues of a satellite concessionaire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Telecommunications Law, DTH satellite service concessionaires may freely set
customer fees but must notify the SCT of the amount, except that if a concessionaire has
substantial market power, the SCT may determine fees that may be charged by such concessionaire.
The Telecommunications Law specifically prohibits cross-subsidies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Mexican investors may currently own up to 49% of full voting equity of DTH satellite
system concessionaires; provided that Mexican investors maintain control of the operation. Foreign
investors may increase their economic participation in the equity of a concessionaire through
neutral investment mechanisms such as the CPO trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulation of DTH Satellite Services in Other Countries. </I>Our current and proposed DTH joint
ventures in other countries are and will be governed by laws, regulations and other restrictions of
such countries, as well as treaties that such countries have entered into, regulating the delivery
of communications signals to, or the uplink of signals from, such countries. In addition, the laws
of some other countries establish restrictions on our ownership interest in some of these DTH joint
ventures as well as restrictions on programming that may be broadcast by these DTH joint ventures.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Mexican Gaming Regulations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Mexico&#146;s Federal Law of Games and Draws, or <I>Ley Federal de Juegos y Sorteos</I>
(&#147;Gaming Law&#148;), and its accompanying regulations, the <I>Reglamento de la Ley Federal de Juegos y
Sorteos </I>(&#147;Gaming Regulations&#148;), the <I>Secretar&#237;a de Gobernaci&#243;n</I>, or Mexican Ministry of the Interior,
has the authority to permit the operation of all manner of games and lotteries that involve
betting. This administrative authorization is defined as a permit under the Gaming Regulations.
Under the Gaming Regulations, each permit establishes the terms for the operation of the respective
activities authorized under the permit and the specific periods for operation of those activities.
Permits for games and lotteries that involve betting have a maximum term of 25&nbsp;years. The holder
of the relevant permit must comply with all the terms provided in the permit, the Gaming Law and
the Gaming Regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, the Chamber of Deputies of the Mexican Congress filed a complaint before the Supreme
Court of Justice of Mexico, seeking a declaration that the enactment of the Gaming Regulations was
unconstitutional and, therefore, null and void. This complaint is still under review by the
Supreme Court of Justice and has not yet been resolved. We can give no assurances on the outcome
of this complaint and, if the Gaming Regulations are declared null
and void, on how such a resolution
may affect the Gaming Permit granted by the <I>Secretar&#237;a de Gobernaci&#243;n </I>in our favor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mexican Antitrust Law</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico&#146;s federal antitrust law, or <I>Ley Federal de Competencia Econ&#243;mica</I>, which has been
recently amended by the Mexican Federal Congress, and the accompanying regulations, the <I>Reglamento
de la Ley Federal de Competencia Econ&#243;mica</I>, may affect some of our activities, including our
ability to introduce new products and services, enter into new or complementary businesses and
complete acquisitions. In addition, the federal antitrust law and the accompanying regulations may
adversely affect our ability to determine the rates we charge for our services and products. In
addition, approval of the Mexican Antitrust Commission is required for us to acquire and sell
significant businesses or enter into significant transactions, such as joint ventures. See &#147;Key
Information &#151; Risk Factors &#151; Risk Factors Related to Mexico &#151; Mexican Antitrust Laws May Limit Our
Ability to Expand Through Acquisitions or Joint Ventures&#148; and
&#147; &#151; Changes in Existing Mexican Laws and Regulations or the
Imposition of New Ones May Negatively Affect Our Operations and Revenue.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments to the Mexican Antitrust Law have been published in the
Official Gazette of the Federation, and are in full force as of June
29, 2006 and include, among other things, the following newly
regulated activities: predatory pricing, exclusivity discounts, cross subsidization, and any acts
by an agent that result in cost increases or in the creation of obstacles in the production process
of its competitors or the demand of the goods or services offered by such competitor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the amendment, the review process of mergers and acquisitions by the Mexican Antitrust
Commission, is modified by:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Raising the thresholds to make a concentration a reportable transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Empowering the Mexican Antitrust Commission to issue a waiting order before a
reported transaction may be closed, if such order is issued within ten business days
from the date the transaction is reported to the Antitrust Commission.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Requiring the Mexican Antitrust Commission to rule upon a reported transaction that
the filing party deems that it does not notoriously restrain competition (attaching the
necessary evidence), within 15 business days from the filing date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the amendments provide for a significant enhancement of the Mexican Antitrust
Commission authority:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An overreaching authority to determine whether competition, effective competition,
market power and competition conditions in a specific market exist or not, either such
determination is required under the antitrust law or if required under any other
statute that requires a determination of market conditions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To issue binding opinions in competition matters whether required by specific
statutes, if required by other federal authorities. Such opinions shall also be issued
in connection with decrees, regulations,</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>governmental determinations and other governmental acts (such as public bid rules) which
may have an anticompetitive effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It must issue an opinion related to effective competition conditions in a specific
market or to the market power of a given agent in a market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue an opinion related to the granting of concessions, licenses or permits or the
transfer of equity interests in concessionaries or licensees, are to be obtained if so
required by the relevant statues or the bid rules.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The authority to perform visits to economic agents with the purpose of obtaining
evidence of violations to the law, including the ability to obtain evidence of the
incurrence of a vertical or horizontal restraint. In all cases, the Mexican Antitrust
Commission must obtain a judicial subpoena in order to proceed with the visits. Any
agent that is subject to such order is bound to allow such visits and to cooperate
fully with the Mexican Antitrust Commission.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendments also provide for changes in the investigation process of possible illegal
conducts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Significant Subsidiaries, etc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth our significant subsidiaries and Innova, a variable interest
entity, as of December&nbsp;31, 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Significant Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percentage Ownership(1)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporativo Vasco de Quiroga, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(2)(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CVQ Espect&#225;culos, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(2)(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editora Factum, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(3)(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Empresas Cablevisi&#243;n, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(3)(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">51.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Galavision DTH, S. de R.L. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(3)(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editorial Televisa, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(3) (7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Factum Mas, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(3) (8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky DTH, S. de R.L. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Innova, S. de R.L. de C.V. (Innova).<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Distribuidoras Intermex, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(3)(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Campus Am&#233;rica, S.A. de C.V. <SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television Holdings USA, LLC<SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">USA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sistema Radi&#243;polis, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(3)(12)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telesistema Mexicano, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">G-Televisa-D, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(14)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(15)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisi&#243;n Independiente de M&#233;xico, S.A. de C.V.<SUP style="font-size: 85%; vertical-align: text-top">(3)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Percentage of equity owned by us directly or indirectly through subsidiaries or affiliates.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>One of two direct subsidiaries through which we conduct the operations of our Other
Businesses segment, excluding Internet operations.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>While this subsidiary is not a significant subsidiary within the meaning of Rule&nbsp;1-02(w) of
Regulation&nbsp;S-X under the Securities Act, we have included this subsidiary in the table above
to provide a more complete description of our operations.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Subsidiary through which we own equity interests in and conduct our cable television and
Internet businesses.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Direct subsidiary through which we conduct the operating of our Cable Television business.
For a description of Am&#233;rica M&#243;vil&#146;s sale of its 49% equity interest in this business in April
2002, see &#147;Information on the Company &#151; Business Overview &#151; Cable Television &#151; Mexico City
Cable System.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Subsidiary through which we own equity interests in DTH joint ventures, excluding Innova.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Subsidiary through which we conduct the operations of our Publishing segment.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>One of two subsidiaries through which we own our equity interest in Innova.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">- 56 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Variable interest entity through which we conduct the operations of our Sky Mexico segment.
We currently own a 58.7% interest in Innova.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Direct subsidiary through which we conduct the operations of our Publishing Distribution
segment.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>One of two subsidiaries through which we own most of our equity interest in Univision.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Direct subsidiary through which we conduct the operations of our Radio segment. Since we hold
a controlling 50% full voting stake in this subsidiary and have the right to elect a majority
of the members of its Board of Directors, we will continue to consolidate 100% of the results
of operations of this subsidiary in accordance with Mexican GAAP. See &#147;Operating and Financial
Review and Prospects &#151; Results of Operations &#151; Total Segment
Results &#151; Radio&#148; and &#147;Operating and Financial Review and
Prospects &#151; Results of Operations &#151; Minority Interest.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>One of two direct subsidiaries through which we conduct the operations of our Television
Broadcasting, Pay Television Networks and Programming Exports segments.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>Indirect subsidiary through which we conduct certain operations of our Television
Broadcasting segment.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(15)</TD>
    <TD>&nbsp;</TD>
    <TD>Indirect subsidiary through which we conduct the operations of our Television Broadcasting,
Pay Television Networks and Programming Exports segments.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Property, Plant and Equipment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Broadcasting, Office and Production Facilities. </I>Our properties consist primarily of
broadcasting, production facilities, television and reporter stations, technical operations
facilities, workshops, studios and office facilities, most of which are located in Mexico. We own
most of our properties or lease offices and facilities through indirect wholly owned and majority
owned subsidiaries. There are no major encumbrances on any of our properties, and we currently do
not have any significant plans to construct any new properties or expand or improve our existing
properties. Our principal offices, which we own, are located in Santa Fe, a suburb of Mexico City.
Each of our television stations has individual transmission facilities located in Mexico,
substantially all of which we own. Our television production operations are concentrated in two
locations in Mexico City, 16 studios in San Angel and 10 studios located in Chapultepec. We own
substantially all of these studios. The local television stations wholly or majority owned by us
have in the aggregate 35 production studios. We own other properties used in connection with our
operations, including a training center, technical operations facilities, studios, workshops,
television and repeater stations, and office facilities. We beneficially own Azteca Stadium, which
seats approximately 105,000 people, through a trust arrangement which was renewed in 1993 for a
term of 30&nbsp;years and which may be extended for additional periods. In the aggregate, these
properties, excluding Azteca Stadium, currently represent approximately 4.7&nbsp;million square feet of
space, of which over 3.2&nbsp;million square feet are located in Mexico City and the surrounding areas,
and approximately 1.4&nbsp;million square feet are located outside of Mexico City and the surrounding
areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our cable television, radio, publishing and Mexican DTH satellite service businesses are
located in Mexico City. We also own the transmission and production equipment and facilities of our
radio stations located outside Mexico City.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also own or lease over a total of 481,375 square feet in properties in the United States,
Latin America, Spain and Switzerland in connection with our operations there. We own or lease all
of these properties through indirect wholly owned and majority owned subsidiaries. The following
table summarizes our real estate and lease agreements in the United States, Latin America, Spain
and Switzerland.
</DIV>

<P align="center" style="font-size: 10pt">- 57 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Operations</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Properties</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Location</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Television and news activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Owned properties
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Diego, California</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Leased properties
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Madrid, Spain<BR>
San Diego, California<BR>
Miami, Florida<BR>
Zug, Switzerland</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Publishing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Owned properties
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Leased properties
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beverly Hills, California<BR>Miami, Florida<BR>
New York, New York<BR>
Medell&#237;n, Colombia<BR>
Cali, Colombia<BR>
Quito, Ecuador<BR>
Lima, Per&#250;<BR>
Santiago, Chile<BR>
Caracas, Venezuela<BR>
Los Angeles, California<BR>
Austin, Texas<BR>
San Juan, Puerto Rico<BR>
Guaynabo, Puerto Rico<BR>
Bogot&#225;, Columbia
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Publishing distribution and other activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Owned properties
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Bogot&#225;, Colombia<BR>
Cali, Colombia<BR>
Baranquilla, Colombia<BR>
Guayaquil, Ecuador<BR>
Miami, Florida<BR>
Lima, Per&#250;
</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">Leased properties
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quito, Ecuador<BR>
Baranquilla, Colombia<BR>
Bogot&#225;, Colombia<BR>
Medell&#237;n, Colombia<BR>
Lima, Per&#250;<BR>
Buenos Aires,<BR>
Argentina<BR>
Panam&#225;, Panam&#225;<BR>
Santiago, Chile</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Satellites. </I>We currently use transponder capacity on five satellites: Satmex V, which
reaches Mexico, the United States, Latin America, except Brazil, and the Caribbean; PAS-3R, which
reaches North America, Western Europe, Latin America and the Caribbean; Solidaridad II, which
reaches Mexico; and Galaxy IVR, which reaches Mexico, the U.S. and Canada. According to published
reports, Galaxy IVR has experienced irreparable damage and its period of operation is expected to
last until approximately February&nbsp;2007. A new replacement for the Galaxy IVR, Galaxy 16, has been
successfully launched on June&nbsp;17, 2006, and the start of operations is estimated to be in the
fourth quarter of 2006. The PAS-9 satellite is currently functioning and its period of operation is
expected to last 15&nbsp;years. We are evaluating alternatives to replace PAS-9. PAS-9 provides coverage
of Central America, Mexico, the Southern United States and the Caribbean. For a description of
guarantees related to our DTH joint venture transponder obligations, see Note 11 to our year-end
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;20, 1996, PanAmSat, our primary satellite service provider, agreed to provide us
transponder service on three to five PAS-3R Ku-band transponders, at least three of which were
intended to be for the delivery of DTH satellite services to Spain. Under the PAS-3R transponder
contract, as amended, we were required to pay for five transponders at an annual fee for each
transponder of U.S.$3.1&nbsp;million. We currently have available transponder capacity on two 36 MHz
C-band transponders on Galaxy IVR, which reaches Mexico, the United States and Canada, due to an
exchange with three of the five 54 MHz Ku-band transponders on PAS-3R described above. For each of
the 36 MHz C-band transponders we pay an annual fee of approximately U.S.$3.7&nbsp;million.
</DIV>

<P align="center" style="font-size: 10pt">- 58 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;2005, we signed an extension with PanAmSat, for the use
of three transponders on
PAS-3R satellite until 2009 and 2012 and two transponders in Galaxy IVR (to be replaced by Galaxy 16)
satellite until 2016.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PanAmSat and DIRECTV announced the completion of the sale of PanAmSat on August&nbsp;20, 2004, to
affiliates of Kohlberg, Kravis, Roberts &#038; Co. L.P., The Carlyle Group and Providence Equity
Partners, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;19, 2006, the U.S. Federal Comunication Commision (FCC)&nbsp;announced that it has approved
the merger of Intelsat, Ltd., or Intelsat, with PanAmSat Holding Corporation, or PanAmSat. Intelsat
and PanAmSat announced that they are planning to complete the merger transaction on July&nbsp;3, 2006.
Previously, on August&nbsp;29, 2005, Intelsat and PanAmSat announced the merger of both companies by
means of an acquisition of PanAmSat by Intelsat, creating a world-class communications solution
provider. The proposed merger has not has had a material effect on our relationship with PanAmSat,
although we cannot predict our future relationship with the new company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With several new domestic and international satellites having been launched recently, and with
several others scheduled for launch in the next few years, including those scheduled for launch by
the new Intelsat company, we believe that we will be able to secure satellite capacity to meet our
needs in the future, although no assurances can be given in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Insurance. </I>We maintain comprehensive insurance coverage for our offices, equipment and other
property, subject to some limitations, that result from a business interruption due to natural
disasters or other similar events, however, we do not maintain business interruption insurance for
our DTH business in case of loss of satellite transmission.
</DIV>

<P align="center" style="font-size: 10pt">- 59 -
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Operating and Financial Review and Prospects</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You should read the following discussion together with our year-end financial statements and
the accompanying notes, which appear elsewhere in this annual report. This annual report contains
forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could
differ materially from those discussed in these forward-looking statements. Factors that could
cause or contribute to these differences include, but are not limited to, those discussed below and
elsewhere in this annual report, particularly in &#147;Key Information &#151; Risk Factors.&#148; In addition to
the other information in this annual report, investors should consider carefully the following
discussion and the information set forth under &#147;Key Information &#151; Risk Factors&#148; before evaluating
us and our business.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We began to consolidate Innova, our DTH joint venture in Mexico, effective April&nbsp;1, 2004.
Accordingly, our financial results for the year ended December&nbsp;31, 2005 may not be directly
comparable to our financial results for the year ended December&nbsp;31, 2004 and our financial results
for the year ended December&nbsp;31, 2004 may not be directly comparable to our financial results for
the year ended December&nbsp;31, 2003.</I>
</DIV>
<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Preparation of Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our year-end financial statements have been prepared in accordance with Mexican GAAP, which
differ in some significant respects from U.S. GAAP. Note 24 to our year-end financial statements
describes the principal differences between Mexican GAAP and U.S. GAAP as they relate to us through
December&nbsp;31, 2004. Note 24 to our year-end financial statements provides a reconciliation to U.S.
GAAP of net income and total stockholders&#146; equity. Note 24 to our year-end financial statements
also presents all other disclosures required by U.S. GAAP, as well as condensed financial statement
data.
</DIV>
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth our results of operations data for the indicated periods as a
percentage of net sales:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Year Ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>December 31,</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Segment Net Sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">64.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">55.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Segment Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intersegment Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Consolidated Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">97.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">96.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 60 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Year Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Net Sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">54.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income
before depreciation
and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Certain segment data set forth in these tables may vary from certain data set forth in our
year-end consolidated financial statements due to differences in rounding. The segment net
sales and total segment net sales data set forth in this annual report reflect sales from
intersegment operations in all periods presented. See Note 23 to our year-end financial
statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Effective April&nbsp;1, 2004, we began consolidating Sky Mexico, which is applicable under Mexican
GAAP Bulletin A-8, &#147;Supplementary Application of International Accounting Standards.&#148;</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Summary of Business Segment Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth the net sales and operating income (loss)&nbsp;before depreciation
and amortization of each of our business segments and intersegment sales and corporate expenses for
the years ended December&nbsp;31, 2003, 2004 and 2005. In 2003, we adopted the provisions of Bulletin
B-5, &#147;Financial Information by Segments&#148; issued by the MIPA, which contains provisions that are
similar to the standards previously applied by us under International Accounting Standard No.&nbsp;14,
&#147;Segment Reporting.&#148; These standards require us to look to our internal organizational structure
and reporting system to identify our business segments. In accordance with these standards, we
currently classify our operations into nine business segments: Television Broadcasting, Pay
Television Networks, Programming Exports, Publishing, Publishing Distribution, Sky Mexico, Cable
Television, Radio and Other Businesses. In 2004, we changed the names of two of our segments &#151;
&#147;Programming for Pay Television&#148; to &#147;Pay Television Networks&#148; and &#147;Programming Licensing&#148; to
&#147;Programming Exports&#148; &#151; in order to make the descriptions more accurate. See &#147;&#151; New Mexican
Financial Reporting Standards&#148; and Note 1(t) to our year-end financial statements. Our results for
2004 and 2005 include Sky Mexico as a segment. Effective April&nbsp;1, 2004, we adopted the guidelines
of FIN 46 in accordance with Mexican GAAP Bulletin A-8 &#147;Supplementary Application of International
Accounting Standards.&#148; Before adopting FIN 46, we accounted for our investment in Sky Mexico by
applying the equity method and recognized equity in results in excess of our investment up to the
amount of the guarantees made by us in connection with certain capital lease obligations of Sky
Mexico. See Note 1(g) to our year-end financial statements.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Millions of Pesos in purchasing power</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>as of December 31, 2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Segment Net Sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">16,725.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,671.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,570.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">760.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,111.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,771.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,981.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,875.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,943.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,163.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,505.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,626.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,758.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,986.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,072.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,165.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,405.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,479.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,547.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,324.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Segment Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,954.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,046.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,526.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intersegment Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(342.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(755.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,045.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Consolidated Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,612.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,291.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,481.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 61 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Millions of Pesos in purchasing</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>power as of December 31, 2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Segment Operating Income (Loss) Before
Depreciation and Amortization</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,109.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,018.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,852.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">541.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">756.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">668.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,383.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,516.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">489.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(163.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(132.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(180.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Segment OIBDA<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,391.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,148.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,404.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate Expenses<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(162.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(161.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(182.5</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Consolidated OIBDA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,229.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,987.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">13,221.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Certain segment data set forth in these tables may vary from certain data set forth in our
year-end financial statements due to differences in rounding. The segment net sales and total
segment net sales data set forth in this annual report reflect sales from intersegment
operations in all periods presented. See Note 23 to our year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Effective October&nbsp;1, 2004, we changed our accounting treatment of net sales and cost of
sales. We recognized sales as the marginal revenue from the products we distribute.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Effective April&nbsp;1, 2004, we began consolidating Sky Mexico, in accordance with FIN 46, which
is applicable under Mexican GAAP Bulletin A-8, &#147;Supplementary Application of International
Accounting Standards.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The segment operating income (loss)&nbsp;before depreciation and amortization, or OIBDA, and total
segment operating income before depreciation and amortization data set forth in this annual
report do not reflect corporate expenses in any period presented. Total consolidated operating
income before depreciation and amortization reflects corporate expenses in all periods
presented. See Note 23 to our year-end financial statements.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Seasonality</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our results of operations are seasonal. We typically recognize a disproportionately large
percentage of our overall advertising net sales in the fourth quarter in connection with the
holiday shopping season. For example, in 2003, 2004 and 2005, we recognized 29.8%, 28.7% and 29.7%,
respectively, of our net sales in the fourth quarter of the year. Our costs, in contrast to our
revenues, are more evenly incurred throughout the year and generally do not correlate to the amount
of advertising sales.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Results of Operations for the Year Ended December&nbsp;31, 2005<BR>
Compared to the Year Ended December&nbsp;31, 2004</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Total Segment Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;<B><I>Net Sales</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our net sales increased by Ps.2,189.8&nbsp;million, or 7.2%, to Ps.32,481.0&nbsp;million for the year
ended December&nbsp;31, 2005 from Ps.30,291.2&nbsp;million for the year ended December&nbsp;31, 2004. This
increase reflects a revenue growth in our Sky Mexico segment (which we began to consolidate in our
financial statements beginning April&nbsp;2004) and higher revenues in our Television Broadcasting,
Publishing, Pay Television Networks, Cable Television and Radio segments. These increases were
partially offset by (i)&nbsp;a decrease in our Publishing Distribution segment due to a change in the
accounting treatment of sales and cost of goods sold by which, beginning in October&nbsp;2004, we
recognized sales as the marginal revenue from the products we distribute and (ii)&nbsp;lower sales in
our Programming Exports and Other Businesses segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;<B><I>Cost of Sales</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales decreased by Ps.575.7&nbsp;million, or 3.8%, to Ps.14,752.4&nbsp;million for the year
ended December&nbsp;31, 2005 from Ps.15,328.1&nbsp;million for the year ended December&nbsp;31, 2004. This
decrease was due to lower costs in the Publishing Distribution segment as a result of the
accounting change described above, and decreases in Programming Exports and Other Businesses
segments. These decreases were partially offset by higher cost of sales in our Sky Mexico,
Television Broadcasting, Pay Television Networks, Publishing, Cable Television and Radio segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;<B><I>Selling Expenses</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses increased by Ps.391.0&nbsp;million, or 17.2%, to Ps.2,665.4&nbsp;million for the year
ended December&nbsp;31, 2005 from Ps.2,274.4&nbsp;million for the year ended December&nbsp;31, 2004. This increase
was attributable to higher selling expenses in our Sky Mexico, Television Broadcasting, Pay
Television Networks, Publishing, Cable Television and Radio segments resulting from increases in
promotional and advertising expenses and commissions paid. These increases were partially offset by
lower selling expenses in our Programming Exports, Publishing Distribution and Other Businesses
segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;<B><I>Administrative Expenses</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses increased by Ps.139.9&nbsp;million, or 8.2%, to Ps.1,841.4&nbsp;million for the
year ended December&nbsp;31, 2005 from Ps.1,701.5&nbsp;million for the year ended December&nbsp;31, 2004. This
increase reflects the administrative expense increase in our Television Broadcasting, Sky Mexico,
Pay Television Networks, Programming Exports, Publishing and Cable Television segments and was
partially offset by a decrease in the administrative expenses of our Publishing Distribution, Radio
and Other Businesses segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;<B><I>Operating Income before Depreciation and Amortization</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income before depreciation and amortization increased by Ps.2,234.6&nbsp;million, or
20.3%, to Ps.13,221.8&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.10,987.2&nbsp;million for the
year ended December&nbsp;31, 2004. This increase reflects the increase in our total net sales and
decrease in cost of sales, which was partially offset by the increases in operating expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;<B><I>Television Broadcasting</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television Broadcasting net sales are derived primarily from the sale of advertising time on
our national television networks, Channels 2, 4, 5 and 9, and local stations, including our English
language station on the Mexico/U.S. border. The contribution of local stations net sales to
Television Broadcasting net sales was 13.7% in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each of 2005 and 2004 and 13.2% in 2003. No Television Broadcasting advertiser accounted for
more than 10% of Television Broadcasting advertising sales in any of these periods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<B><I>Advertising Rates and Sales</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sell commercial time in two ways: upfront and scatter basis. Advertisers that elect the
upfront option lock in prices for the upcoming year, regardless of future price changes.
Advertisers that choose the upfront option make annual prepayments, with cash or short-term notes,
and are charged the lowest rates for their commercial time, given the highest priority in schedule
placement, and given a first option in advertising during special programs. Scatter advertisers, or
advertisers who choose not to make upfront payments but rather advertise from time to time, risk
both higher prices and lack of access to choice commercial time slots. We offer three different
pricing alternatives to our customers: (i)&nbsp;our traditional fixed price per second plan, (ii)&nbsp;a cost
per thousand viewers, or CPM, price plan and (iii)&nbsp;a cost per rating point plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican government does not restrict our ability to set our advertising rates. In setting
advertising rates and terms, we consider, among other factors, the likely effect of rate increases
on the volume of advertising sales. We have historically been flexible in setting rates and terms
for our television advertising. Nominal rate increases have traditionally varied across the daytime
and have not been the same price increases for all programs, with higher increments in certain
programs as a result of high demand for advertising during these hours.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2003, 2004 and 2005, we increased our nominal advertising rates on a quarterly basis,
and we intend to continue to increase our nominal advertising rates on a quarterly basis throughout
2006. During prime time broadcasts, we sold an aggregate of 1,574 hours of advertising time in
2005, 1,587 hours of advertising time in 2004, and 1,660 hours of advertising time in 2003. During
sign-on to sign-off hours, we sold 3,425 hours of advertising time in 2005, 3,357 hours of
advertising time in 2004, and 3,491 hours of advertising time in 2003. Television Broadcasting
advertising time that is not sold to the public is primarily used to satisfy our legal requirement
to make broadcast time available to the Mexican government and to promote our programs, services
and products and entities in which we have made investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Net Sales</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television Broadcasting net sales increased by Ps.898.9&nbsp;million, or 5.1%, to Ps.18,570.8
million for the year ended December&nbsp;31, 2005 from Ps.17,671.9&nbsp;million for the year ended December
31, 2004. This increase was attributable to higher advertising revenues, driven mainly by our
telenovelas and reality television programs, as well as by higher local sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Operating Income before Depreciation and Amortization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television Broadcasting operating income before depreciation and amortization increased by
Ps.833.8&nbsp;million, or 10.4%, to Ps.8,852.6&nbsp;million for the year ended December&nbsp;31, 2005 from
Ps.8,018.8&nbsp;million for the year ended December&nbsp;31, 2004. This increase was primarily due to the
increase in net sales, partially offset by an increase in operating expenses driven by higher
promotional and advertising expenses and personnel costs and a marginal increase in cost of sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<B><I>Pay Television Networks</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay Television Networks net sales are derived primarily from revenues received in exchange for
providing television channels to pay television providers servicing the United States, Europe, the
Caribbean, Australia, Latin America and Canada, including other cable systems in Mexico and the DTH
satellite joint venture in which we have interests. Pay television networks net sales also include
the revenues from TuTV, our pay-television joint venture in the United States with Univision, in
this segment. Revenues from advertising time sold with respect to programs provided to cable
systems in Mexico and internationally are also reflected in this segment. Pay Television Networks
sell advertising independently from our other media-related segments on a scatter basis.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Net Sales</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay Television Networks net sales increased by Ps.283.7&nbsp;million, or 34.3%, to Ps.1,111.2
million for the year ended December&nbsp;31, 2005 from Ps.827.5&nbsp;million for the year ended December&nbsp;31,
2004. This increase reflects (i)&nbsp;the sales of TuTV, our pay-television joint venture with
Univision, (ii)&nbsp;higher revenues by signals sold in Mexico and Latin America, and (iii)&nbsp;an increase
in advertising sales in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Operating Income before Depreciation and Amortization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay Television Networks operating income before depreciation and amortization increased by
Ps.209.6&nbsp;million, or 67.9%, to Ps.518.1&nbsp;million for the year ended December&nbsp;31, 2005, from Ps.308.5
million for the year ended December&nbsp;31, 2004. This increase was primarily due to higher sales,
which was partially offset by (i)&nbsp;an increase in cost of sales primarily due to costs of programs
produced by us and the consolidation of TuTV and (ii)&nbsp;an increase in operating expenses primarily
due to higher commissions and provision for doubtful trade accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<B><I>Programming Exports</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming Exports net sales consist primarily of revenues from program license agreements
and principally relate to our telenovelas and our variety programs. Approximately 64.7% in 2005,
63.5% in 2004 and 65.6% in 2003 of net sales for this segment were attributable to programming
licensed under our program license agreement with Univision. In 2005, 2004 and 2003, we received
U.S.$109.8&nbsp;million, U.S.$105.0&nbsp;million, and U.S.$96.1&nbsp;million, respectively, in program royalties
from Univision, related to the Univision Network and Galavision Network. In 2003, Univision became
bound to pay an additional 12% in royalties from the net time sales of the TeleFutura Network,
subject to certain adjustments and credits, establishing a minimum annual royalty of U.S.$5&nbsp;million
in respect of TeleFutura for 2003, increasing by U.S.$2.5&nbsp;million for each year up to U.S.$12.5
million. See &#147;Information on the Company &#151; Business Overview &#151; Univision.&#148; We also license
programming to broadcasters in Latin America, the Middle East, Russia and other countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Net Sales</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming Exports net sales decreased by Ps.105.3&nbsp;million, or 5.3%, to Ps.1,875.9&nbsp;million
for the year ended December&nbsp;31, 2005 from Ps.1,981.2&nbsp;million for the year ended December&nbsp;31, 2004.
This decrease was primarily due to a negative translation effect on foreign-currency denominated
sales and lower export sales to Europe. These decreases were partially offset by higher royalties
paid to us under the Program License Agreement with Univision in the amount of U.S.$109.8&nbsp;million
in 2005 as compared to U.S.$105.0&nbsp;million in 2004, as well as an increase in export sales to Asia
and Africa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Operating Income before Depreciation and Amortization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming Exports operating income before depreciation and amortization decreased by Ps.87.4
million, or 11.6%, to Ps.668.7&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.756.1&nbsp;million
for the year ended December&nbsp;31, 2004. This decrease was primarily due to the decrease in net sales,
as well as an increase in operating expenses due to higher personnel costs and promotional and
advertising expenses. This decrease was partially offset by a decrease in cost of sales primarily
due to lower programming costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<B><I>Publishing</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing net sales are primarily derived from the sale of advertising pages in our various
magazines, as well as magazine sales to distributors. Our Publishing segment sells advertising
independently from our other media-related segments. Advertising rates are based on the publication
and the assigned space of the advertisement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Net Sales</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing net sales increased by Ps.342.4&nbsp;million, or 15.8%, to Ps.2,505.5&nbsp;million for the
year ended December&nbsp;31, 2005 from Ps.2,163.1&nbsp;million for the year ended December&nbsp;31, 2004. This
increase was primarily due to an
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">increase in magazine circulation and advertising pages sold in Mexico and abroad, which was
partially offset by the negative translation effect of foreign-currency denominated sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Operating Income before Depreciation and Amortization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing operating income before depreciation and amortization increased by Ps.41.2&nbsp;million,
or 9.4%, to Ps.480.1&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.438.9&nbsp;million for the
year ended December&nbsp;31, 2004. This increase primarily reflects the increase in net sales and was
partially offset by increases in cost of sales due to the increase in costs of supplies and
operating expenses attributable to an increase in promotional and advertising expenses, as well as
higher personnel and distribution services costs resulting from an increase in subscriptions to our
magazines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<B><I>Publishing Distribution</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing Distribution net sales are primarily derived from the distribution of magazines
published by us, our joint ventures or independent publishers and pursuant to licenses and other
arrangements with third parties. Of the total volume of magazines we distributed, approximately
68.0% in 2005, 65.4% in 2004 and 63.7% in 2003 were published by our Publishing segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past, the agreements with our publishers provided that we did not bear any risk on
inventory transferred to our publishers. Due to certain amendments to the terms and conditions
under such agreements affecting the risk of loss provisions, in October&nbsp;2004, we changed the
accounting treatment of our Publishing Distribution segment&#146;s sales and cost of goods sold. As a
result of this change, we now recognize the marginal contribution from the products in the
Publishing Distribution segment as net sales. This accounting change does not have any impact on
operating results before depreciation and amortization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Net Sales</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing Distribution net sales decreased by Ps.1,224.2&nbsp;million, or 75.3%, to Ps.402.2
million for the year ended December&nbsp;31, 2005 from Ps.1,626.4&nbsp;million for the year ended December
31, 2004. This decrease was primarily attributable to the change in the accounting treatment of net
sales described above and the negative translation effect of foreign-currency denominated sales.
These decreases were partially offset by higher distribution sales in Mexico and abroad, of
magazines published by the Company, and higher circulation in Mexico of magazines published by
third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, giving effect to the accounting change described above for 2004,
Publishing Distribution net sales increased by Ps.21.1&nbsp;million, or 5.5%, to Ps.402.2&nbsp;million for
the year ended December&nbsp;31, 2005 from Ps.381.1&nbsp;million for the year ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Operating Result before Depreciation and Amortization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing Distribution operating result before depreciation and amortization increased by
Ps.32.8&nbsp;million, to Ps.6.6&nbsp;million of income for the year ended December&nbsp;31, 2005 from a loss of
Ps.26.2&nbsp;million for the year ended December&nbsp;31, 2004. This increase was attributable to a decrease
in cost of sales driven by the accounting change described above, as well as a decrease in
operating expenses related to lower provision for doubtful trade accounts. This increase was
partially offset by the decrease in net sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<B><I>Sky Mexico</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective April&nbsp;1, 2004, we began consolidating Sky Mexico into our financial statements due
to our adoption of the guidelines of FIN 46 in accordance with Mexican GAAP Bulletin A-8,
&#147;Supplementary Application of International Accounting Standards.&#148;
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Net Sales</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, giving effect to the consolidation of Sky Mexico as if it occurred on
January&nbsp;1, 2004, Sky Mexico net sales increased by Ps.1,058.5&nbsp;million or 21.5% to Ps.5,986.5
million for the year ended December&nbsp;31, 2005 from Ps.4,928.0&nbsp;million for the year ended December
31, 2004. This increase was primarily due to (i)&nbsp;a 24.7% increase in its subscriber base which, as
of December&nbsp;31, 2005, reached 1,250,600 gross active subscribers (including 70,100 commercial
subscribers) compared to 1,002,500 gross active subscribers as of December&nbsp;31, 2004 (including
60,700 commercial subscribers) and (ii)&nbsp;higher revenues from pay-per-view events, primarily
non-recurring sports events broadcasted on an exclusive basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Operating Income before Depreciation and Amortization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky Mexico operating income before depreciation and amortization increased by Ps.719.4
million, or 40.0%, to Ps.2,516.8&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.1,797.4
million for the year ended December&nbsp;31, 2004. This increase was due to the increase in net sales,
which was partially offset by (i)&nbsp;higher programming and activation costs, (ii)&nbsp;higher repair of
equipment costs associated with our larger subscriber base, and (iii)&nbsp;an increase in operating
expenses due to more free special events offered to the subscribers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<B><I>Cable Television</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Television net sales are derived from Cable Television services and advertising sales.
Net sales for Cable Television services generally consist of monthly subscription fees for basic
and premium service packages, fees charged for pay-per-view programming and, to a significantly
lesser extent, monthly rental and one-time installation fees. Net sales for Cable Television
advertising consist of revenues from the sale of advertising on Cablevisi&#243;n. As of July&nbsp;1, 2005, we
appointed Maximedios Alternativos, S.A. de C.V. as Cablevisi&#243;n&#146;s sales agent for advertising time.
See &#147;Major Shareholders and Related Party Transactions &#151; Transactions
and Arrangements With Affiliates and Related Parties of Our Directors, Officers and Major
Shareholders.&#148; Rates are based on the day and time the advertising is aired, as well the type of
programming in which the advertising is aired. Cable subscription and advertising rates are
adjusted periodically in response to inflation and in accordance with market conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Net Sales</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Television net sales increased by Ps.239.6&nbsp;million, or 20.6%, to Ps.1,405.1&nbsp;million for
the year ended December&nbsp;31, 2005 from Ps.1,165.5&nbsp;million for the year ended December&nbsp;31, 2004. This
increase was primarily due to an 18.9% increase in the subscriber base during 2005 to approximately
422,100 (of which 283,200 were digital subscribers at December&nbsp;31, 2005) from a subscriber base of
355,000 (of which 123,000 were digital subscribers at December&nbsp;31, 2004). The increase was also
attributable in part to an 130.4% increase in our broadband subscriber base to approximately 61,000
at December&nbsp;31, 2005 compared with 26,500 at December&nbsp;31, 2004 and a 6% price increase for
Cablevisi&#243;n video service packages that became effective on March&nbsp;1, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Operating Income before Depreciation and Amortization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Television operating income before depreciation and amortization increased by Ps.121.2
million, or 32.9%, to Ps.489.6&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.368.4&nbsp;million
for the year ended December&nbsp;31, 2004. This increase primarily reflects the increase in net sales,
which was partially offset by (i)&nbsp;an increase in cost of sales due to higher signal costs
associated with the subscriber base growth and (ii)&nbsp;an increase in operating expenses primarily in
personnel costs and advertising expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<B><I>Radio</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio net sales consist of advertising sold on our radio stations. Our Radio segment sells
advertising independently from our other media-related segments on a scatter basis. Rates are based
on the day and time the advertising is aired, as well as the type of programming in which the
advertising is aired.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Net Sales</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio net sales increased by Ps.39.1&nbsp;million, or 12.8%, to Ps.344.7&nbsp;million for the year ended
December&nbsp;31, 2005 from Ps.305.6&nbsp;million for the year ended December&nbsp;31, 2004. This increase
primarily reflects an increase in advertising time sold particularly in newscasts and sporting
events programs, as well as an increase in sales generated by our affiliation agreement with
Radiorama, S.A. de C.V., or Radiorama.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Operating Income before Depreciation and Amortization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio operating income before depreciation and amortization increased by Ps.19.4&nbsp;million, or
59.1%, to Ps.52.2&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.32.8&nbsp;million for the year
ended December&nbsp;31, 2004. This increase was primarily due to the increase in net sales, which was
partially offset by an increase in cost of sales related to programming costs and promotional and
advertising expenses and an increase in operating expenses due to higher commissions paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<B><I>Other Businesses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Businesses net sales are primarily derived from the promotion of sports and special
events in Mexico, subscriber fees for nationwide paging services until October&nbsp;2004, the
distribution of feature films, revenues from dubbing services until November&nbsp;2003, and revenues
from our internet businesses, which includes revenues from advertisers for advertising space on
<I>Esmas.com</I>, and revenues related to our PSMS messaging service. In the fourth quarter of 2004 we
reached an agreement to sell our nationwide paging business and we completed sale in the first
quarter of 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Net Sales</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Businesses net sales decreased by Ps.223.1&nbsp;million, or 14.4%, to Ps.1,324.3&nbsp;million for
the year ended December&nbsp;31, 2005 from Ps.1,547.4&nbsp;million for the year ended December&nbsp;31, 2004. This
decrease was primarily due to lower sales related to our soccer business, feature films
distribution and nationwide paging business (which we sold in October&nbsp;2004). These decreases were
partially offset by an increase in our internet business which included an increase in sales
related to our PSMS messaging service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;<I>Operating Loss before Depreciation and Amortization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Businesses operating loss before depreciation and amortization increased by Ps.48.3
million, or 36.6%, to Ps.180.4&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.132.1&nbsp;million
for the year ended December&nbsp;31, 2004. This increase reflects the decrease in net sales mentioned
above. The decrease in net sales was partially offset by a decrease in cost of sales and operating
expenses in our soccer business, feature films distribution and nationwide paging businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Depreciation and Amortization</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense increased by Ps.274.8&nbsp;million, or 12.8%, to Ps.2,419.0
million for the year ended December&nbsp;31, 2005 from Ps.2,144.2&nbsp;million for the year ended December
31, 2004. This change primarily reflects an increase in our Sky Mexico and Cable Television
segments, partially offset by a decrease in the depreciation and amortization expenses related to
our Television Broadcasting and Other Businesses segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Non Operating Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;<I>Integral Cost of Financing, Net</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integral cost of financing significantly impacts our financial statements in periods of high
inflation or currency fluctuations. Under Mexican GAAP, integral cost of financing reflects:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest income;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest expense, including the restatement of our UDI-denominated notes, as described
under &#147;&#151; Liquidity, Foreign Exchange and Capital Resources &#151; Indebtedness&#148; and &#147;&#151;
Liquidity, Foreign Exchange and Capital Resources &#151; Interest Expense&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign exchange gain or loss attributable to monetary assets and liabilities
denominated in foreign currencies (including gains or losses from derivative instruments);
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gain or loss attributable to holding monetary assets and liabilities exposed to
inflation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our foreign exchange position is affected by our assets or liabilities denominated in foreign
currencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We record a foreign exchange gain or loss if the exchange rate of the Peso to the other
currencies in which our monetary assets or liabilities are denominated varies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expenses attributable to integral cost of financing increased by Ps.215.4&nbsp;million, or
13.7%, to Ps.1,782.1&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.1,566.7&nbsp;million for the
year ended December&nbsp;31, 2004. This increase primarily reflected a Ps.632.4&nbsp;million increase in net
foreign exchange loss resulting primarily from the difference between the spot rate and the
foreign-exchange rate of the coupon swaps entered into by us. We entered into the coupon swap to
reduce our exchange rate exposure for up to five years with respect to a portion of our outstanding
U.S. Dollar-denominated indebtedness. However, the Peso appreciated 4.69% against the U.S. Dollar
in 2005 compared with a 0.68% appreciation of the Peso against the U.S. Dollar in 2004. This
increase was partially offset by (i)&nbsp;a Ps.30.7&nbsp;million decrease in interest expense due primarily
to a net decrease in the average amount of our total consolidated debt, (ii)&nbsp;a Ps.253.7&nbsp;million
increase in interest income in connection with a higher average amount of temporary investments and
higher interest rates in 2005 as compared with the prior year, and (iii)&nbsp;a Ps.132.6&nbsp;million
increase in gain from monetary position resulting primarily from a higher net liability position in
2005 as compared with 2004, which was partially offset by lower annual inflation in 2005 (3.3%)
compared with 2004 (5.2%).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restructuring and Non-recurring Charges</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and non-recurring charges decreased by Ps.178.5&nbsp;million, or 43.7%, to Ps.229.9
million for the year ended December&nbsp;31, 2005 compared to Ps.408.4&nbsp;million for the year ended
December&nbsp;31, 2004. This decrease primarily reflects the recognition in 2004 of non-recurring
impairment adjustments to the carrying value of certain goodwill and trademarks, as well as a
decrease in 2005 of restructuring charges in connection with work-force reductions. These favorable
variances were partially offset by certain non-recurring expenses incurred in connection with the
prepayment in March&nbsp;2005 of a portion of our UDI-denominated Notes due 2007 and our Senior Notes
due 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Expense, Net</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense, net decreased by Ps.68.0&nbsp;million, or 12.8%, to Ps.464.2&nbsp;million for the year
ended December&nbsp;31, 2005 as compared with Ps.532.2&nbsp;million for the year ended December&nbsp;31, 2004.
This decrease primarily reflects a decrease in donations and lower advisory and professional
service expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Income Tax, Assets Tax and Employees&#146; Profit Sharing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax decreased by Ps.444.3&nbsp;million, or 36.6%, to Ps.771.2&nbsp;million for the year ended
December&nbsp;31, 2005 from Ps.1,215.5&nbsp;million for the year ended December&nbsp;31, 2004. This decrease
reflects an increase in consolidated deferred income tax, primarily in conjunction with the benefit
from cumulative tax-loss carryforwards recognized by Sky Mexico at December&nbsp;31, 2005, as a result
of the expected taxable income position of Sky Mexico for the next few years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are authorized by the Mexican tax authorities to compute our income tax and assets tax on a
consolidated basis. Mexican controlling companies are allowed to consolidate, for income tax
purposes, income or losses of their
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mexican subsidiaries up to 60% of their share ownership in such subsidiaries for periods ended
on or before December&nbsp;31, 2004. Effective January&nbsp;1, 2005, such percentage increased to 100%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and our subsidiaries are also subject to an assets tax, at a tax rate of 1.8% on the
adjusted book value of some of our assets. In some cases, income tax paid in excess of asset tax
can be individually credited against any assets tax payable by us and our subsidiaries. The assets
tax is computed on a fully consolidated basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican corporate income tax rate in 2003, 2004 and 2005 was 34%, 33% and 30%,
respectively. In accordance with the current Mexican Income Tax Law, the corporate income tax rate
in 2006 will be 29%, and in the subsequent years will be 28%. Consequently, the effect of this
gradual decrease in the income tax rate reduced our deferred income
tax provision in 2003 and 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Equity in Earnings of Affiliates</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This line item reflects our equity participation in the operating results and net assets of
unconsolidated businesses in which we maintain an interest, but over which we have no control. We
recognize equity in results of affiliates up to the amount of our initial investment and subsequent
capital contributions, or beyond that amount when guaranteed commitments have been made by us in
respect of obligations incurred by affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of affiliates decreased by Ps.475.3&nbsp;million, or 74.8%, to equity in income
of affiliates of Ps.160.2&nbsp;million for the year ended December&nbsp;31, 2005 compared to Ps.635.5&nbsp;million
for the year ended December&nbsp;31, 2004. This decrease primarily reflects the absence of the equity
in income recognized in 2004 due to the reversal of previous equity losses recognized in excess of
our investment in Sky Multi-Country Partners, or MCOP, in connection with the release of our
guarantee of satellite transponder payments of MCOP. The decrease was also the result of a
reduction in equity in income of Univision and OCEN, our live-entertainment venture with CIE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cumulative Loss Effect of Accounting Changes, Net</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005, cumulative effect of accounting change, net reflected (i)&nbsp;the cumulative loss effect
of Ps.323.7&nbsp;million in connection with the accrual for share-based compensation expense at December
31, 2005, for benefits granted to executives and employees under the terms of our Stock Purchase
Plan and Long-Term Retention Plan, as a result of the adoption, as of that date, of the
International Financial Reporting Standard 2, &#147;Share-Based Payment,&#148; issued by the International
Accounting Standards Board, and (ii)&nbsp;the cumulative loss effect of Ps.182.4&nbsp;million, net of an
income-tax benefit of Ps.78.2&nbsp;million, at January&nbsp;1, 2005, in connection with the adoption, as of
that date, of the guidelines for recognition of severance payments in revised Bulletin D-3, &#147;Labor
Obligations,&#148; issued by the Mexican Institute of Public Accountants, or MIPA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, cumulative effect of accounting change, net reflected the cumulative loss effect of
Ps.1,055.6&nbsp;million, net of an income-tax benefit of Ps.319.4&nbsp;million, in connection with the
consolidation of Sky Mexico in our financial statements beginning April&nbsp;1, 2004, as a result of the
adoption, as of that date, of FIN 46.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Minority Interest</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interest reflects that portion of operating results attributable to the interests
held by third parties in the businesses which are not wholly-owned by us, including our Sky Mexico
(since April&nbsp;2004), Cable Television, Radio (since 2001) and nationwide paging (until the fourth
quarter 2004) businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interest in consolidated net income increased by Ps.844.5&nbsp;million to Ps.1,084.0
million for the year ended December&nbsp;31, 2005 from Ps.239.5&nbsp;million for the year ended December&nbsp;31,
2004. This increase primarily reflects the portion of net income attributable to the interest held
by minority shareholders in Sky Mexico, which we began consolidating in our financial statements in
April&nbsp;2004.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Net Income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generated net income in the amount of Ps.6,125.5&nbsp;million in 2005, as compared to net income
of Ps.4,460.6&nbsp;million in 2004. The net increase of Ps.1,664.9&nbsp;million reflected:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.1,959.8&nbsp;million increase in operating income;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.178.5&nbsp;million decrease in restructuring and non-recurring charges;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.68.0&nbsp;million decrease in other expense, net;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.444.3&nbsp;million decrease in income taxes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.549.5&nbsp;million decrease in cumulative loss effect of accounting changes, net.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These changes were partially offset by:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.215.4&nbsp;million increase in integral cost of financing, net;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.475.3&nbsp;million decrease in equity in earnings of affiliates, net; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.844.5&nbsp;million increase in minority interest.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capital Expenditures and Investments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the year ended December&nbsp;31, 2005, we:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made aggregate capital expenditures for property, plant and equipment of approximately
U.S.$248.3&nbsp;million, which amount includes capital expenditures in the amount of U.S.$51.1
million and U.S.$109.2&nbsp;million for the expansion and improvement of our Cable Television
and Sky Mexico segments, respectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>invested a capital contribution of U.S.$25.0&nbsp;million in Volaris, a new,
low-cost-carrier airline with a concession to operate in Mexico, and made a capital
contribution of U.S.$1.4&nbsp;million related to our Spanish venture, La Sexta; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contributed Ps.5.0&nbsp;million (nominal)&nbsp;to fund our seniority premium obligations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indebtedness</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2005, our consolidated long-term portion of debt amounted to Ps.18,137.2
million, and our consolidated current portion of debt was Ps.340.5&nbsp;million. Additionally, as of
December&nbsp;31, 2005, Sky Mexico had long-term and current portions of a capital lease obligation
totaling Ps.1,186.9&nbsp;million and Ps.75.6&nbsp;million, respectively. As of December&nbsp;31, 2004, our
consolidated long-term portion of debt amounted to Ps.19,575.1&nbsp;million, and our consolidated
current portion of debt was Ps.3,407.0&nbsp;million.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Results of Operations for the Year Ended December&nbsp;31, 2004<BR>
Compared to the Year Ended December&nbsp;31, 2003</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Total Segment Results</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Net Sales</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our net sales increased by Ps.4,678.8&nbsp;million, or 18.3%, to Ps.30,291.2&nbsp;million for the year
ended December&nbsp;31, 2004 from Ps.25,612.4&nbsp;million for the year ended December&nbsp;31, 2003. This
increase reflects the consolidation of Sky Mexico into our financial statements beginning in April
2004, as well as higher revenues in most of our businesses units. These increases were partially
offset by a decrease in the revenues of the Publishing Distribution segment due to the change in
the accounting treatment. See &#147;&#151; Publishing Distribution&#148; below for a description of this change in
accounting treatment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Cost of Sales</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales increased by Ps.1,318.1&nbsp;million, or 9.4%, to Ps.15,328.1&nbsp;million for the year
ended December&nbsp;31, 2004 from Ps.14,010.0&nbsp;million for the year ended December&nbsp;31, 2003. This
increase principally reflects the consolidation of Sky Mexico beginning in April&nbsp;2004, as well as
increases in costs of sales in our Television Broadcasting, Publishing, Cable Television, Radio and
Other Businesses segments. These increases were partially offset by lower costs in the Publishing
Distribution segment as a result of the change in the accounting treatment and decreases in cost of
sales in Pay Television Networks and Programming Exports segments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Selling Expenses</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling expenses increased by Ps.434.3&nbsp;million, or 23.6%, to Ps.2,274.4&nbsp;million for the year
ended December&nbsp;31, 2004 from Ps.1,840.1&nbsp;million for the year ended December&nbsp;31, 2003. This increase
principally was due to the consolidation of Sky Mexico, as well as higher selling expenses in our
Publishing, Cable Television and Radio segments and increases in promotional and advertising
expenses and personnel costs due to the restructuring of our sales force. These increases were
partially offset by lower selling expenses in our Television Broadcasting, Pay Television Networks,
Programming Exports, Publishing Distribution and Other Businesses segments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Administrative Expenses</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses increased by Ps.168.8&nbsp;million, or 11.0%, to Ps.1,701.5&nbsp;million for the
year ended December&nbsp;31, 2004 from Ps.1,532.7&nbsp;million for the year ended December&nbsp;31, 2003. This
increase reflects the consolidation of Sky Mexico, as well as increases in administrative expenses
in our Television Broadcasting, Programming Exports, Publishing, Publishing Distribution and Cable
Television segments. These increases were partially offset by a decrease in the administrative
expenses in our Pay Television Networks, Radio and Other Businesses segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Operating Income before Depreciation and Amortization</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income before depreciation and amortization increased by Ps.2,757.6&nbsp;million, or
33.5%, to Ps.10,987.2&nbsp;million for the year ended December&nbsp;31, 2004 from Ps.8,229.6&nbsp;million for the
year ended December&nbsp;31, 2003. This increase reflects the increase in our total net sales, partially
offset by the increases in cost of sales and operating expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding the effect of the consolidation of Sky Mexico and the change in accounting treatment
of the Publishing Distribution segment on our operating results for the year ended December&nbsp;31,
2004, our net sales would have increased by approximately 5.8% and our operating income before
depreciation and amortization would have increased by approximately 11.6%.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Television Broadcasting</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Net Sales</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television Broadcasting net sales increased by Ps.946.7&nbsp;million, or 5.7%, to Ps.17,671.9
million for the year ended December&nbsp;31, 2004 from Ps.16,725.2&nbsp;million for the year ended December
31, 2003. This increase is mainly attributable to the broadcast of the Olympic Games and other
major sporting events and an increase of 9.8% in local sales driven mainly by Channel 4TV.
Excluding the non-recurring revenues related to the political advertising campaigns in 2003,
Television Broadcasting net sales would have increased 10.4%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Operating Income before Depreciation and Amortization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television Broadcasting operating income before depreciation and amortization increased by
Ps.909.8&nbsp;million, or 12.8%, to Ps.8,018.8&nbsp;million for the year ended December&nbsp;31, 2004 from
Ps.7,109.0&nbsp;million for the year ended December&nbsp;31, 2003. This increase was primarily due to the
increase in net sales and a marginal decrease in operating expenses. Cost of sales had a marginal
increase in 2004 as compared to 2003 as a result of the incurrence of non-recurring costs related
to sporting events, including charges related to transmission rights for the Olympic Games.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Pay Television Networks</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Net Sales</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay Television Networks net sales increased by Ps.67.0&nbsp;million, or 8.8%, to Ps.827.5&nbsp;million
for the year ended December&nbsp;31, 2004 from Ps.760.5&nbsp;million for the year ended December&nbsp;31, 2003.
This increase was primarily due to higher advertising revenues and revenues from channels sold to
pay television providers in Mexico, as well as higher revenues from channels sold to pay television
providers in Latin America. These increases were partially offset by lower revenues from channels
sold to pay television providers in Spain.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Operating Income before Depreciation and Amortization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay Television Networks operating income before depreciation and amortization increased by
Ps.140.8&nbsp;million, or 83.9%, to Ps.308.5&nbsp;million for the year ended December&nbsp;31, 2004, from Ps.167.7
million for the year ended December&nbsp;31, 2003. This increase was primarily due to higher sales, a
decrease in cost of sales due to lower signal and programming costs and lower operating expenses.
Operating expenses decreased primarily due to a decrease in commissions and the provision for
doubtful trade accounts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Programming Exports</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Net Sales</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming Exports net sales increased by Ps.209.3&nbsp;million, or 11.8%, to Ps.1,981.2&nbsp;million
for the year ended December&nbsp;31, 2004 from Ps.1,771.9&nbsp;million for the year ended December&nbsp;31, 2003.
This increase was primarily due to higher royalties paid to us under our program license agreement
with Univision, as well as an increase in export sales to Latin America. We received U.S.$105.0
million in royalties from Univision for the year ended December&nbsp;31, 2004, as compared to U.S.$96.1
million for the year ended December&nbsp;31, 2003. The increase in Programming Export net sales was
partially offset by lower export sales to Europe, Asia and Africa.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Operating Income before Depreciation and Amortization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming Exports operating income before depreciation and amortization increased by
Ps.214.8&nbsp;million, or 39.7%, to Ps.756.1&nbsp;million for the year ended December&nbsp;31, 2004 from Ps.541.3
million for the year ended December&nbsp;31, 2003. This increase was primarily due to the increase in
net sales, as well as a marginal decrease in cost of sales and operating expenses due to lower
provision for doubtful trade accounts. The impact of these changes was partially offset by an
increase in commissions, personnel costs and costs related to consulting services.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Publishing</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Net Sales</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing net sales increased by Ps.219.9&nbsp;million, or 11.3%, to Ps.2,163.1&nbsp;million for the
year ended December&nbsp;31, 2004 from Ps.1,943.2&nbsp;million for the year ended December&nbsp;31, 2003. This
increase was primarily due to an increase in advertising pages sold in Mexico and abroad and an
increase in magazines sold abroad. These increases in revenue were partially offset by a negative
translation effect on foreign-currency denominated sales.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Operating Result before Depreciation and Amortization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing operating income before depreciation and amortization increased by Ps.62.7&nbsp;million,
or 16.6%, to Ps.438.9&nbsp;million for the year ended December&nbsp;31, 2004 from Ps.376.2&nbsp;million for the
year ended December&nbsp;31, 2003. This increase primarily reflects the increase in net sales and was
partially offset by increases (i)&nbsp;in cost of sales due to the increase in costs of supplies and
(ii)&nbsp;operating expenses attributable to higher personnel and distribution services costs resulting
from an increase in subscriptions to our magazines.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Publishing Distribution</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Net Sales</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing Distribution net sales decreased by Ps.304.3&nbsp;million, or 15.8%, to Ps.1,626.4
million for the year ended December&nbsp;31, 2004 from Ps.1,930.7&nbsp;million for the year ended December
31, 2003. This decrease was primarily attributable to the change in the accounting treatment of
sales described above, which reduced net sales by Ps.527.2&nbsp;million in the fourth quarter of 2004,
as well as a decrease in the distribution of magazines published by third parties and sold in
Mexico and a negative translation effect on foreign-currency denominated sales. These decreases
were partially offset by higher sales of magazines published by our Publishing segment and higher
sales of magazines published by third parties and sold abroad.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, giving effect to the accounting change described above for 2003 and
2004, Publishing Distribution net sales increased by Ps.13.6&nbsp;million, or 3.7%, to Ps.381.1&nbsp;million
for the year ended December&nbsp;31, 2004 from Ps.367.5&nbsp;million for the year ended December&nbsp;31, 2003.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Operating Result before Depreciation and Amortization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing Distribution operating income before depreciation and amortization decreased by
Ps.35.6&nbsp;million, to a loss of Ps.26.2&nbsp;million for the year ended December&nbsp;31, 2004 from income of
Ps.9.4&nbsp;million for the year ended December&nbsp;31, 2003. This decrease primarily reflects the decrease
in net sales and higher operating expenses related to the distribution of magazines. The impact of
these changes was partially offset by a decrease in cost of sales associated with the decrease in
volume of magazines sold.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Sky Mexico</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Net Sales</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, giving effect to the consolidation of Sky Mexico as if it occurred on
January&nbsp;1, 2003, Sky Mexico net sales increased by Ps.775.0&nbsp;million, or 18.7%, to Ps.4,928.0
million for the year ended December&nbsp;31, 2004 from Ps.4,153.0&nbsp;million for the year ended December
31, 2003. This increase was primarily due to a 17.0% increase in its subscriber base, which as of
December&nbsp;31, 2004 reached 1,002,500 gross active subscribers (including 60,700 commercial
subscribers) compared to 856,600 gross active subscribers (including 48,500 commercial subscribers)
as of December&nbsp;31, 2003.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Operating Income before Depreciation and Amortization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky Mexico operating income before depreciation and amortization increased by Ps.502.2
million, or 38.8%, to Ps.1,797.4&nbsp;million for the year ended December&nbsp;31, 2004 from Ps.1,295.2
million for the year ended December&nbsp;31, 2003. This increase was due to the increase in net sales,
partially offset by (i)&nbsp;higher programming and activations costs and (ii)&nbsp;an increase in operating
expenses due to more free special events offered to subscribers, higher commissions and promotion
expenses and higher call center costs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Cable Television</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Net Sales</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Television net sales increased by Ps.93.2&nbsp;million, or 8.7%, to Ps.1,165.5&nbsp;million for
the year ended December&nbsp;31, 2004 from Ps.1,072.3&nbsp;million for the year ended December&nbsp;31, 2003. This
increase is attributable to the elimination of the excise tax on telecommunication services, as
well as higher revenues from advertising, broadband services and subscription fees. The impact of
these changes was partially offset by a 2.6% decrease in the subscriber base during 2004 to
355,000, of which more than 123,000 were digital subscribers at December&nbsp;31, 2004, from a
subscriber base of 364,400, of which approximately 60,300 were digital subscribers, at December&nbsp;31,
2003.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Operating Income before Depreciation and Amortization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Television operating income before depreciation and amortization increased by Ps.40.8
million, or 12.5%, to Ps.368.4&nbsp;million for the year ended December&nbsp;31, 2004 from Ps.327.6&nbsp;million
for the year ended December&nbsp;31, 2003. This increase primarily reflects the increase in net sales,
partially offset by an increase in (i)&nbsp;call center and personnel costs and (ii)&nbsp;advertising
expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Radio</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Net Sales</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio net sales increased by Ps.34.6&nbsp;million, or 12.8%, to Ps.305.6&nbsp;million for the year ended
December&nbsp;31, 2004 from Ps.271.0&nbsp;million for the year ended December&nbsp;31, 2003. This increase
primarily reflects an increase in advertising time sold especially in newscasts and sporting events
programs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Operating Income before Depreciation and Amortization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio operating income before depreciation and amortization increased by Ps.8.4&nbsp;million, or
33.8%, to Ps.32.8&nbsp;million for the year ended December&nbsp;31, 2004 from Ps.24.4&nbsp;million for the year
ended December&nbsp;31, 2003. This increase was primarily due to the increase in net sales, partially
offset by increases in (i)&nbsp;cost of sales related to the transmission of soccer games and
programming costs, (ii)&nbsp;operating expenses due to higher commissions paid and (iii)&nbsp;the provision
for doubtful trade accounts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Other Businesses</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Net Sales</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Businesses net sales increased by Ps.67.7&nbsp;million, or 4.6%, to Ps.1,547.4&nbsp;million for
the year ended December&nbsp;31, 2004 from Ps.1,479.7&nbsp;million for the year ended December&nbsp;31, 2003. This
increase was primarily due to higher revenues from our feature films distribution and internet
businesses. These increases in revenues were partially offset by lower revenues related to our
sport events production, nationwide paging and dubbing businesses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Operating Loss before Depreciation and Amortization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Businesses operating loss before depreciation and amortization decreased by Ps.31.6
million, or 19.5%, to Ps.132.1&nbsp;million for the year ended December&nbsp;31, 2004 from Ps.163.7&nbsp;million
for the year ended December&nbsp;31,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2003. This decrease reflects the increase in net sales and a decrease in operating expenses in
our internet, nationwide paging and dubbing businesses. The impact of these changes was partially
offset by an increase in cost of sales in the feature films distribution and sports events
production businesses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Depreciation and Amortization</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense increased by Ps.486.3&nbsp;million, or 29.3%, to Ps.2,144.2
million for the year ended December&nbsp;31, 2004 from Ps.1,657.9&nbsp;million for the year ended December
31, 2003. This increase primarily reflects the depreciation expense of Sky Mexico and increases in
the depreciation and amortization expenses related to our Television Broadcasting and Cable
Television segments. The impact of these changes was partially offset by a decrease in amortization
of deferred costs of <I>EsMas.com.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Integral Cost of Financing, Net</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expenses attributable to integral cost of financing increased by Ps.898.7&nbsp;million, or
134.5%, to Ps.1,566.7&nbsp;million for the year ended December&nbsp;31, 2004 from Ps.668.0&nbsp;million for the
year ended December&nbsp;31, 2003. This increase reflected:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.669.8&nbsp;million increase in interest expense, primarily as a result of an increase
in the average amount of debt, resulting from the consolidation of Sky Mexico&#146;s debt
beginning in the second quarter of 2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.305.4&nbsp;million loss resulting from a net foreign exchange loss in 2004 compared to
a net foreign exchange gain in 2003, primarily in connection with a negative hedge effect
in 2004 that arose from a 0.68% appreciation of the Peso against the U.S. Dollar during
2004. This compares to a favorable hedge effect in 2003, resulting from a 7.27%
depreciation of the Peso against the U.S. Dollar during the year ended December&nbsp;31, 2003;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.28.0&nbsp;million decrease in interest income, reflecting Sky Mexico&#146;s capitalization
in September&nbsp;2003 of all amounts due to us in connection with certain financing provided
for this joint venture, which was partially offset by an increase in interest income in
connection with a higher average amount of temporary investments during 2004.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These unfavorable variances were offset by a favorable Ps.104.5&nbsp;million change resulting from
a gain from monetary position compared to a loss from monetary position, primarily as a result of a
higher net liability monetary position, as well as a higher inflation rate in 2004 (5.19%) compared
with 2003 (3.98%).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restructuring and Non-recurring Charges</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and non-recurring charges decreased by Ps.306.0&nbsp;million, or 42.8%, to Ps.408.4
million for the year ended December&nbsp;31, 2004 compared to Ps.714.4&nbsp;million for the year ended
December&nbsp;31, 2003. This decrease primarily reflects certain non-recurring charges recognized by us
in 2003 in connection with (i)&nbsp;the payment of salary benefits to union employees, (ii)&nbsp;a loss on
the disposal of long-lived assets and associated costs related to the sale of our nationwide paging
business and (iii)&nbsp;a reduction in restructuring charges in connection with work force reductions.
Additionally, we recognized non-recurring charges in the third quarter of 2004 resulting from
impairment adjustments made to the carrying value in our Publishing Distribution business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Expense, Net</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense, net decreased by Ps.58.3&nbsp;million, or 9.9%, to Ps.532.2&nbsp;million for the year
ended December&nbsp;31, 2004 as compared to Ps.590.5&nbsp;million for the year ended December&nbsp;31, 2003. This
decrease primarily reflects a reduction in the amortization of goodwill as we ceased amortizing
this intangible asset beginning January&nbsp;1, 2004 with the adoption of Mexican GAAP Bulletin B-7
related to business acquisitions, as well as a reduction in the loss on disposition of fixed
assets. These decreases were partially offset by a loss on disposition of our 30% interest in a
television programming production company in Spain in the second quarter of 2004 compared to a gain
on disposition of our remaining minority interest in a DTH venture in Spain during the third
quarter of 2003.
</DIV>

<P align="center" style="font-size: 10pt">- 76 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Income Tax and Assets Tax</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax increased by Ps.433.4&nbsp;million, or 55.4%, to Ps.1,215.5&nbsp;million for the year ended
December&nbsp;31, 2004 from Ps.782.1&nbsp;million for the year ended December&nbsp;31, 2003. This increase
primarily reflects a higher income tax base in 2004. Our effective income tax rate was 19% for the
year ended December&nbsp;31, 2004 as compared to 17% for the year ended December&nbsp;31, 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Equity in Earnings of Affiliates</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of affiliates increased by Ps.604.7&nbsp;million to Ps.635.5&nbsp;million for the
year ended December&nbsp;31, 2004 compared to Ps.30.8&nbsp;million for the year ended December&nbsp;31, 2003. This
increase primarily reflects:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the reversal of previous reserves due to our release from our PAS 6B satellite
transponder guarantee in connection with Sky Multi-Country Partners;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of equity loss of Sky Mexico of approximately Ps.215.4&nbsp;million;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a reduction in our equity loss of DTH TechCo Partners of Ps.119.8&nbsp;million in 2004; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increase in our equity income relating to our investment in Univision.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Minority Interest</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interest increased by Ps.371.1&nbsp;million to a charge of Ps.239.5&nbsp;million for the year
ended December&nbsp;31, 2004 from a benefit of Ps.131.6&nbsp;million for the year ended December&nbsp;31, 2003.
This increase primarily reflects the portion of net income attributable to the interest held by
third parties in the Sky Mexico business beginning the second quarter of 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Net Income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generated net income in the amount of Ps.4,460.6&nbsp;million in 2004, as compared to net income
of Ps.3,909.4&nbsp;million in 2003. The net increase of Ps.551.2&nbsp;million reflected:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.2,271.3&nbsp;million increase in operating income;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.306.0&nbsp;million decrease in restructuring and non-recurring charges;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.58.3&nbsp;million decrease in other expense, net;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.604.7&nbsp;million increase in equity in earnings from affiliates; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.69.7&nbsp;million decrease in loss from discontinued operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These changes were partially offset by a Ps.898.7&nbsp;million increase in integral cost of
financing, net, a Ps.433.4&nbsp;million increase in income taxes, a Ps.1,055.6&nbsp;million increase in
cumulative loss effect of accounting changes, net, and an increase of Ps.371.1&nbsp;million in minority
interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effects of Devaluation and Inflation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, for the periods indicated:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the percentage that the Peso devalued or appreciated against the U.S. Dollar;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Mexican inflation rate;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 77 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the U.S. inflation rate; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the percentage change in Mexican GDP compared to the prior period.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Devaluation (appreciation)&nbsp;of
the Mexican Peso as compared to the
U.S. Dollar<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.7</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4.7</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican inflation rate<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. inflation rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in Mexican GDP<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on changes in the Interbank Rates, as reported by Banamex, at the end of each
period, which were as follows: Ps.10.464 per U.S. Dollar as of December&nbsp;31, 2002; Ps.11.225
per U.S. Dollar as of December&nbsp;31, 2003; Ps.11.149 per U.S. Dollar as of December&nbsp;31, 2004;
and Ps.10.6265 per U.S. Dollar as of December&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on changes in the NCPI from the previous period, as reported by the Mexican
Central Bank, which were as follows: 102.9 in 2002; 107.0 in 2003; 112.5 in 2004; and 116.3
in 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>As reported by the <I>Instituto Nacional de Estad&#237;stica, Geograf&#237;a e Inform&#225;tica</I>, or
INEGI, and, in the case of GDP information for 2003, 2004 and 2005 as estimated by INEGI.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The general condition of the Mexican economy, the devaluation of the Peso as compared to
the U.S. Dollar, inflation and high interest rates have in the past adversely affected, and may in
the future adversely affect, our:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Advertising and other revenues. </I>Inflation in Mexico adversely affects
consumers. As a result, our advertising customers may purchase less advertising, which
would reduce our advertising revenues, and consumers may reduce expenditures for our
other products and services, including pay television services.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>U.S. Dollar-denominated revenues and operating costs and expenses. </I>We have
substantial operating costs and expenses denominated in U.S. Dollars. These costs are
principally due to our activities in the United States, the costs of foreign-produced
programming and publishing supplies and the leasing of satellite transponders. The
following table sets forth our U.S. Dollar-denominated revenues and operating costs and
expenses for 2003, 2004 and 2005:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Millions of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$385</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a consolidated basis, in 2004 and 2005 our U.S. Dollar-denominated costs and expenses
exceeded, and they could continue to exceed in the future, our U.S. Dollar-denominated revenues. As
a result we will continue to remain vulnerable to future devaluation of the Peso, which would
increase the Peso equivalent of our U.S. Dollar-denominated costs and expenses.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Depreciation and amortization expense. </I>We restate our non-monetary Mexican and foreign
assets to give effect to inflation. The restatement of these assets in periods of high
inflation, as well as the devaluation of the Peso as compared to the U.S. Dollar, increases
the carrying value of these assets, which in turn increases the related depreciation
expense.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 78 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Integral cost of financing. </I>The devaluation of the Peso as compared to the U.S. Dollar
generates foreign exchange losses relating to our net U.S. Dollar-denominated liabilities
and increases the Peso equivalent of our interest expense on our U.S. Dollar-denominated
indebtedness. Foreign exchanges losses, derivatives used to hedge foreign exchange risk and
increased interest expense increase our integral cost of financing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second quarter of 2003, we repaid all of the remaining Series&nbsp;A Senior Notes, which
matured in May&nbsp;2003, with the net proceeds from a long-term credit agreement that we entered into
with a Mexican bank for an aggregate principal amount of Ps.800&nbsp;million. As a result of these
refinancings, we reduced our exposure to the effects of the devaluation of the Peso as compared to
the U.S. Dollar, inflation and increases in interest rates. See &#147;&#151; Liquidity, Foreign Exchange and
Capital Resources &#151; Refinancings,&#148; &#147;&#151; Liquidity, Foreign Exchange and Capital Resources &#151;
Indebtedness&#148; and Note 8 to our year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also entered into and will continue to consider entering into additional financial
instruments to hedge against Peso devaluations and reduce our overall exposure to the devaluation
of the Peso as compared to the U.S. Dollar, inflation and high interest rates. We cannot assure you
that we will be able to enter into financial instruments to protect ourselves from the effects of
the devaluation of the Peso as compared to the U.S. Dollar, inflation and increases in interest
rates, or if so, on favorable terms. In the past we have designated, and from time to time in the
future we may designate, certain of our investments or other assets as effective hedges against
Peso devaluations. In that connection, effective March&nbsp;2002, we designated our investment in
Univision as an effective hedge against our U.S. Dollar-denominated semi-annual interest payments
with respect to both our U.S.$300.0&nbsp;million aggregate principal amount of 8% Senior Notes due 2011
and our U.S.$300.0&nbsp;million aggregate principal amount of 8.5% Senior Notes due 2032. See &#147;Key
Information &#151; Risk Factors &#151; Risk Factors Related to Mexico,&#148; &#147;Quantitative and Qualitative
Disclosures About Market Risk &#151; Market Risk Disclosures&#148; and Note 9 to our year-end financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Inflation under Mexican GAAP. </I>Mexican GAAP requires that our financial statements recognize
the effects of inflation. In particular, our financial statements reflect the:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restatement of Mexican non-monetary assets (other than transmission rights, inventories
and equipment of non-Mexican origin), non-monetary liabilities and shareholders&#146; equity
using the NCPI; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restatement of all inventories at net replacement cost.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>U.S. GAAP Reconciliation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a discussion of the principal quantitative and disclosure differences between Mexican GAAP
and U.S. GAAP as they relate to us through December&nbsp;31, 2005, see Note 24 to our year-end financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recently Issued U.S. Accounting Standards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2004, and as amended in April&nbsp;2005, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards No.&nbsp;123R, &#147;Share-Based Payment&#148; (SFAS 123R),
which replaces SFAS 123 and supersedes APB Opinion No.&nbsp;25. SFAS 123R requires all share-based
payments to employees, including grants of employee stock options, to be recognized in the
financial statements based on their fair values. The pro forma disclosures previously permitted
under SFAS 123 no longer will be an alternative to financial statement recognition. SFAS 123R is
effective for fiscal years beginning after June&nbsp;15, 2005. We opted for the early
adoption of SFAS 123 (R)&nbsp;using the modified retrospective application method which resulted in the
restatement of prior years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2004, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards No.&nbsp;153, &#147;Exchanges of Nonmonetary Assets&#148; (An amendment to APB Opinion No.
29) (SFAS 153). This statement addresses the measurement of exchanges of nonmonetary exchanges of
similar productive assets in paragraph 21(b) of APB Opinion No.&nbsp;29, &#147;Accounting for Nonmonetary
Transactions,&#148; and replaces it with an exception for exchanges that do not have commercial
substance. This statement specifies that a monetary exchange has commercial substance if the future
cash flows of the entity are expected to change significantly as a result of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exchange. The provisions of this statement shall be effective for nonmonetary asset exchanges
occurring in fiscal periods beginning after June&nbsp;15, 2005. Earlier application is permitted. We are
currently evaluating the potential impact of this statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2005, the FASB issued Interpretation No.&nbsp;47 (FIN 47), &#147;Accounting for Conditional
Asset Retirement Obligations &#150; an interpretation of FASB Statement No.&nbsp;143.&#148; FIN 47 requires an
entity to recognize a liability for the fair value of a conditional asset retirement obligation if
the fair value can be reasonably estimated. FIN 47 states that a conditional asset retirement
obligation is a legal obligation to perform an asset retirement activity in which the timing or
method of settlement are conditional upon a future event that may or may not be within control of
the entity. FIN 47 is effective no later than the end of fiscal years ending after December&nbsp;15,
2005. The adoption of FIN 47 will not have a material impact on our financial position or results
of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;16, 2006, the FASB issued SFAS No.&nbsp;155, &#147;Accounting for Certain Hybrid
Instruments&#148; (SFAS 155), which permits, but does not require, fair value accounting for any hybrid
financial instrument that contains an embedded derivative that would otherwise require bifurcation
in accordance with SFAS 133. The statement also subjects beneficial interests issued by
securitization vehicles to the requirements of SFAS 133. The statement is effective as of January
1, 2007, with earlier adoption permitted. The adoption of SFAS No.&nbsp;155 will not have a material
impact on our results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;29, 2006, the FASB issued SFAS No.&nbsp;156, &#147;Accounting for Servicing of Financial
Assets, an amendment of FASB Statement No.&nbsp;140&#148; (SFAS 156), which requires an entity to recognize a
servicing asset or servicing liability each time it undertakes an obligation to service a financial
asset by entering into a servicing contract in certain situations. The statement also requires all
separately recognized servicing assets and servicing liabilities to be initially measured at fair
value, if practicable, and permits an entity to choose the fair value method or the amortization
method, as measurement methods for each class of separately recognized servicing assets and
servicing liabilities. The statement is effective for fiscal years that begin after September&nbsp;15,
2006. Earlier adoption is permitted as of the beginning of a Company&#146;s fiscal year, provided the
Company has not yet issued financial statements, including interim financial statements, for any
period of that fiscal year. The adoption of SFAS No.&nbsp;156 will not have a material impact on our
results of operations and financial position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>New Mexican Financial Reporting Standards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning June&nbsp;1, 2004, the Mexican Board for Research and Development of Financial Reporting
Standards (&#147;Consejo Mexicano para la Investigaci&#243;n y Desarrollo de Normas de Informaci&#243;n
Financiera&#148; or &#147;CINIF&#148;), assumed the responsibility for setting accounting and reporting standards
in Mexico. In accordance with this responsibility, and after a due exposure process, in November
2005, the CINIF issued nine Financial Reporting Standards (&#147;Normas de Informaci&#243;n Financiera&#148; or
&#147;NIFs&#148;) that became effective on January&nbsp;1, 2006. The new NIFs are comprised by NIF A-1 through NIF
A-8, and NIF B-1, &#147;Accounting Changes and Error Corrections.&#148; NIF A-1 through NIF A-8 include a
revised conceptual framework to develop Mexican accounting and reporting standards and achieve the
convergence with International Financial Reporting Standards (&#147;IFRS&#148;) issued by the International
Accounting Standards Board (&#147;IASB&#148;). Under this revised conceptual framework, the hierarchy of
Mexican NIFs is set up as follows: (i)&nbsp;NIF and NIF Interpretations (&#147;INIF&#148;) issued by the CINIF;
(ii)&nbsp;Bulletins of Mexican GAAP issued by the Mexican Institute of Public Accountants that have not
been modified, replaced or superseded by new NIFs; and (iii)&nbsp;those IFRS issued by the IASB
recognized on a supplementary basis when no general or specific guidance is provided by Mexican
GAAP Bulletins and/or NIFs. NIF A-1 through NIF A-8 are primarily standards of a general nature,
and they are not expected to have a significant effect on our year-end consolidated financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new NIF B-1 applies to all voluntary changes in accounting principles and changes required
by new accounting pronouncements in the case that the pronouncement does not include specific
transition provisions, requires retrospective application to prior periods&#146; financial statements of
accounting changes, and provides rules to determine the period-specific effects of an accounting
change. NIF B-1 also provides guidance for the revision of previously issued financial statements
to reflect the correction of an error. Through December&nbsp;31, 2005, Mexican GAP Bulletin A-7,
&#147;Comparability,&#148; required that changes in accounting principle be recognized by including in net
income of the period of the change the cumulative effect of changing to the new accounting
principle.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Critical Accounting Policies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have identified certain key accounting policies upon which our consolidated financial
condition and results of operations are dependent. The application of these key accounting policies
often involve complex considerations and assumptions and the making of subjective judgments or
decisions on the part of our management. In the opinion of our management, our most critical
accounting policies under both Mexican GAAP and U.S. GAAP are those related to the accounting for
programming, equity investments and the evaluation of definite lived and indefinite lived
long-lived assets. For a full description of these and other accounting policies, see Note 1 and
Note 24 to our year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting for Programming</I>. We produce a significant portion of programming for initial
broadcast over our television networks in Mexico, our primary market. Following the initial
broadcast of this programming, we then license some of this programming for broadcast in secondary
markets, such as the United States, Latin America (including Mexico), Asia and Europe. Under
Mexican GAAP, in order to properly capitalize and subsequently amortize production costs related to
this programming, we must estimate the expected future benefit period over which a given program
will generate revenues (generally, over a five-year period). We then capitalize the production
costs related to a given program over the expected future benefit period. Under this policy, we
generally expense approximately 70% of the production costs related to a given program in the year
of its initial broadcast and defer and expense the remaining production costs over the remainder of
the expected future benefit period. See Note 1(e) to our year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate expected future benefit periods based on past historical revenue patterns for
similar types of programming and any potential future events, such as new outlets through which we
can exploit or distribute our programming, including our consolidated subsidiaries and equity
investees, among other outlets. To the extent that a given future expected benefit period is
shorter than we estimate, we may have to write-off capitalized production costs sooner than
anticipated. Conversely, to the extent that a given future expected benefit period is longer than
we estimate, we may have to extend the amortization schedule for the remaining capitalized
production costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also purchase programming from, and enter into license arrangements with, various third
party programming producers and providers, pursuant to which we receive the rights to broadcast
programming produced by third parties over our television networks in Mexico and/or our pay
television and other media outlets. In the case of programming acquired from third parties, we
estimate the expected future benefit period based on the anticipated number of showings in Mexico
over our television networks and/or our pay television and other media outlets. In the case of
programming licensed from third parties, we estimate the expected future benefit period based upon
the term of the license. To the extent that a given future expected benefit period is shorter than
we estimate, we may have to write off the purchase price or the license fee sooner than
anticipated. Conversely, to the extent that a given future expected benefit period is longer than
we estimate, we may have to extend the amortization schedule for the remaining portion of the
purchase price or the license fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Investments</I>. Some of our investments are structured as equity investments. See Notes
1(g) and 2 to our year-end financial statements. As a result, under both Mexican and U.S. GAAP, the
results of operations attributable to these investments are not consolidated with the results of
our various segments for financial reporting purposes, but are reported as equity in income
(losses)&nbsp;of affiliates in our consolidated income statement. See Note 5 to our year-end financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past we have made significant capital contributions and loans to our joint ventures,
and we, in the future, may make additional capital contributions and loans to at least some of our
joint ventures. In the past, these ventures have generated, and they may continue to generate
operating losses and negative cash flows as they continue to build and expand their respective
businesses. We also monitor the value of our investment in Univision for indicators of impairment,
including changes in market conditions and quoted market prices which may result in the inability
to recover our carrying value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We periodically evaluate our investments in these joint ventures for impairment, taking into
consideration the performance of these ventures as compared to projections related to net sales,
expenditures and subscriber growth, strategic plans and future required cash contributions, and
quoted market prices in the case of Univision, among
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other factors. In doing so, we evaluate whether any declines in value are other than
temporary. We have taken impairment charges in the past for some of these investments. Given the
dynamic environments in which these businesses operate, as well as changing macroeconomic
conditions, we cannot assure you that our future evaluations would not result in our recognizing
additional impairment charges for these investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once the carrying balance of a given investment is reduced to zero, we evaluate whether we
should suspend the equity method accounting, taking into consideration both quantitative and
qualitative factors, such as guarantees we have provided to these ventures, future funding
commitments and expectations as to the viability of the business. These conditions may change from
year to year, and accordingly, we periodically evaluate whether to continue to account for our
various investments under the equity method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Goodwill and Other Indefinite-lived Intangible Assets</I>. Under Mexican GAAP, goodwill and other
indefinite-lived intangibles, such as television broadcast licenses were amortized on a
straight-line basis over their estimated useful lives through December&nbsp;31, 2004 and 2003,
respectively. We ceased amortizing our goodwill and other indefinite-lived intangible assets,
beginning January&nbsp;1, 2004 and 2003, respectively. We assess our goodwill and other indefinite-lived
intangible assets for impairment using fair value measurement techniques under Mexican GAAP, which
is similar to U.S. GAAP in this regard except that Mexican GAAP does not require a two-step
impairment evaluation process, but rather, a direct comparison of fair value to carrying value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The identification and measurement of impairment to goodwill and intangible assets with
indefinite lives involves the estimation of fair values. These estimates and assumptions could have
a significant impact on whether or not an impairment charge is recognized and also the magnitude of
any such charge. We perform valuation analyses with the assistance of third parties and consider
relevant internal data, as well as other market information, that is publicly available. Estimates
of fair value are primarily determined using discounted cash flows and market comparisons. These
approaches use significant estimates and assumptions including projected future cash flows
(including timing), discount rate reflecting the risk inherent in future cash flows, perpetual
growth rate, determination of appropriate market comparables and the determination of whether a
premium or discount should be applied to comparables. Inherent in these estimates and assumptions
is a certain level of risk, which we believe we have considered in our valuations. Nevertheless, if
future actual results differ from estimates, a possible impairment charge may be recognized in
future periods related to the write-down of the carrying value of goodwill and other intangibles in
addition to the amounts recognized previously.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Long-lived Assets</I>. Under both Mexican and U.S. GAAP, we present certain long-lived assets and
capitalized costs other than goodwill and other indefinite-lived intangible assets in our
consolidated balance sheet. Long-lived assets are tested for impairment whenever events or changes
in circumstances indicate that the carrying value of an asset is no longer recoverable from future
discounted projected cash flows. Estimates of future cash flows involve considerable management
judgment. These estimates are based on historical data, future revenue growth, anticipated market
conditions, management plans, assumptions regarding projected rates of inflation and currency
fluctuations, among other factors. If these assumptions are not correct, we would have to recognize
a write-off or write-down or accelerate the amortization schedule related to the carrying value of
these assets. See Notes 1(j), 7 and 20 to our year-end financial statements. Unlike U.S. GAAP,
Mexican GAAP allows the reversal in subsequent periods of previously taken impairment charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deferred Income Taxes</I>. Under both Mexican and U.S. GAAP, we record a valuation allowance to
reduce our deferred tax assets to the amount that is more likely than not to be realized. While we
have considered future taxable income and ongoing prudent and feasible tax planning strategies in
assessing the need for the valuation allowance, in the event we were to determine that we would be
able to realize our deferred tax assets in the future in excess of the net recorded amount, an
adjustment to the deferred tax asset would increase income in the period such determination was
made. Should we determine that we would not be able to realize all or part of our net deferred tax
asset in the future, an adjustment to the deferred tax asset would be charged to income in the
period such determination was made.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidity, Foreign Exchange and Capital Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liquidity. </I>We generally rely on a combination of operating revenues, borrowings and net
proceeds from dispositions to fund our working capital needs, capital expenditures, acquisitions
and investments. Historically, we have received, and continue to receive, most of our advertising
revenues in the form of upfront advertising deposits in the fourth quarter of a given year, which
we in turn used, and continue to use, to fund our cash requirements during the rest of the quarter
in which the deposits were received and for the first nine months of the following year. As of
December&nbsp;31, 2005, December&nbsp;31, 2004 and December&nbsp;31, 2003, we had received Ps.14,232.7&nbsp;million
(nominal), Ps.13,615.3&nbsp;million (nominal)&nbsp;and Ps.12,354.9&nbsp;million (nominal), respectively, of
advertising deposits for television advertising during 2006, 2005 and 2004, respectively,
representing U.S.$1.3&nbsp;billion, U.S.$1.2&nbsp;billion, and U.S.$1.1&nbsp;billion, respectively, at the
applicable year-end exchange rates. The deposits as of December&nbsp;31, 2005 represented a 4.5%
(nominal)&nbsp;increase, or 2.0% in real terms, as compared to year-end 2004, and deposits as of
December&nbsp;31, 2004 represented a 10.2% (nominal)&nbsp;increase, or 4.3% in real terms, as compared to
year-end 2003. Approximately 57.5%, 60.9% and 62.0% of the advanced payment deposits as of each of
December&nbsp;31, 2005, December&nbsp;31, 2004 and December&nbsp;31, 2003, respectively, were in the form of
short-term, non-interest bearing notes, with the remainder in each of those years consisting of
cash deposits. The weighted average maturity of these notes at December&nbsp;31, 2005, December&nbsp;31, 2004
and December&nbsp;31, 2003 was 3.1&nbsp;months, 3.5&nbsp;months and 3.3&nbsp;months, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect to fund our cash needs during 2006, other than cash needs in connection with any
potential investments and acquisitions, through a combination of cash from operations and cash on
hand. We intend to finance our potential investments or acquisitions in 2006 through available cash
from operations, cash on hand and/or borrowings. The amount of borrowings required to fund these
cash needs in 2006 will depend upon the timing of cash payments from advertisers under our
advertising sales plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash Basis Income. </I>Our cash basis income is defined in our Consolidated Statement of Changes
in Financial Position in our year end financial statements as &#147;net income adjusted for non-cash
items.&#148; Non-cash items represent primarily depreciation and amortization, deferred income taxes and
equity in results of affiliates, exclusive of changes in working capital. The Peso amounts in this
section are expressed in millions of Pesos in purchasing power as of December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005, we generated positive cash basis income of Ps.9,455.5&nbsp;million, as compared to a
positive cash basis income of Ps.8,304.9&nbsp;million during 2004. This change was due primarily to the
following increases in cash basis income:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.2,234.6&nbsp;million increase in operating income; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.112.8&nbsp;million decrease in other expense, net.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increases in our cash basis income were partially offset by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.973.6&nbsp;million increase in income and assets taxes and employees&#146; profit sharing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.200.1&nbsp;million increase in integral cost of financing, which was due primarily to
an increase in foreign exchange loss; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.23.1&nbsp;million increase in restructuring and non-recurring charges.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, we generated positive cash basis income of Ps.8,304.9&nbsp;million, as compared to a
positive cash basis income of Ps.5,441.3&nbsp;million during 2003. This change was due primarily to the
following increases in cash basis income:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.2,757.6&nbsp;million increase in operating income;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.557.6&nbsp;million decrease in income and assets taxes and employees&#146; profit sharing; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 83 -
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.557.1&nbsp;million decrease in restructuring and non-recurring charges.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increases in our cash basis income were partially offset by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.865.9&nbsp;million increase in integral cost of financing, which was due primarily to
an increase in interest expense and foreign exchange loss; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.142.8&nbsp;million increase in other expense, net.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, we generated positive cash basis income of Ps.5,441.3&nbsp;million, as compared to a
positive cash basis income of Ps.3,629.4&nbsp;million during 2002. This change was due primarily to the
following increases in cash basis income:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.1,335.4&nbsp;million increase in operating income;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.337.4&nbsp;million decrease in other expense, net;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.237.1&nbsp;million decrease in restructuring and non-recurring charges; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Ps.24.8&nbsp;million decrease in integral cost of financing, which was due primarily to an
increase in interest income and a decrease in interest expense.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increases in our cash basis income were partially offset by a Ps.122.8&nbsp;million increase in
income and assets taxes and employees&#146; profit sharing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of
Liquidity.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2006, we expect to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make aggregate expenditures for property, plant and equipment of approximately
U.S.$300.0&nbsp;million, which amount includes capital expenditures in amount of U.S.$52.0
million, U.S.$90.0&nbsp;million, U.S.$45.0&nbsp;million and approximately U.S.$19&nbsp;million for the
expansion and improvements of our Cable Television segment, Sky Mexico segment and gaming
business, and in-store television advertising systems for 19 Wal-Mart de M&#233;xico stores,
respectively; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make aggregate investments of approximately U.S.$272.4
million, which amount includes investments of approximately
U.S.$108.0 million, U.S.$58.7 million and U.S.$15.0 million related
to La Sexta, two-thirds of the former Liberty Media's stake in
Innova, and the acquisition of certain operating assets of a
publishing company in Mexico and Latin America, respectively, as well
as U.S.$90.7 million in connection with other potential investments
and acquisitions of our different business segments.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005, we:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made aggregate capital expenditures for property, plant and equipment of approximately
U.S.$248.3&nbsp;million, which amount includes capital expenditures in the amount of U.S.$51.1
million and U.S.$109.2&nbsp;million for the expansion and improvement of our Cable Television
and Sky Mexico segments, respectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>invested a capital contribution of U.S.$25.0&nbsp;million in Volaris, a new,
low-cost-carrier airline with a concession to operate in Mexico, and made a capital
contribution of U.S.$1.4&nbsp;million related to our Spanish venture, La Sexta; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contributed Ps.5.0&nbsp;million (nominal)&nbsp;to fund our seniority premium obligations.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2004, we:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>made aggregate capital expenditures for property, plant and equipment of approximately
U.S.$174.6&nbsp;million, which amount includes capital expenditures in the amount of U.S.$35.1
million and U.S.$57.6&nbsp;million for the expansion and improvement of our Cable Television and
Sky Mexico segments, respectively;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>invested an aggregate of U.S.$12.5&nbsp;million in our Latin America DTH joint ventures in
the form of long-terms loans and/or capital contribution; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contributed Ps.69.9&nbsp;million (nominal)&nbsp;to fund our seniority premium obligations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of commitments we have made in connection with our joint venture with
Endemol, see &#147;Information on the Company &#151; Business Overview &#151; Television &#151; Programming.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Refinancings. </I>During 2000, we completed a refinancing of our indebtedness which included the
repurchase of a majority of the aggregate principal amounts of our Series&nbsp;A Senior Notes due May
2003, Series&nbsp;B Senior Notes due May&nbsp;2006 and Senior Discount Debentures due May&nbsp;2008, and the
amendments to the related indentures. After giving effect to the amendments to the related
indentures, substantially all of the restrictive covenants and certain of the events of default
were eliminated. In May&nbsp;2001, we redeemed all of the remaining Senior Discount Debentures
outstanding and terminated the related indenture. In the second quarter of 2003, we repaid all of
the remaining Series&nbsp;A Senior Notes, which matured in May&nbsp;2003, with the net proceeds from a
long-term credit agreement that we entered into with a Mexican bank for an aggregate principal
amount of Ps.800.0&nbsp;million. In May&nbsp;2006, we repaid all of the remaining Series&nbsp;B Senior Notes with
cash on hand. See &#147;&#151; Indebtedness&#148; below and Note 9 to our year-end financial statements. For a
description of the aggregate principal amount of Series&nbsp;B Senior Notes outstanding as of December
31, 2005, see &#147;&#151; Indebtedness&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September&nbsp;2001, we issued U.S.$300.0&nbsp;million aggregate principal amount of 8% Senior Notes
due 2011, which net proceeds and cash on hand were used to repay approximately U.S.$300.0&nbsp;million
of a U.S.$400.0&nbsp;million term loan facility that we entered into with a group of banks in May&nbsp;2000,
which originally matured in 2004. In December&nbsp;2001, we entered into a U.S.$100.0&nbsp;million long-term
loan facility, the proceeds of which were used to repay the remaining approximately U.S.$100.0
million of indebtedness then outstanding under our U.S.$400.0&nbsp;million term loan facility, which was
subsequently terminated. For a description of our 8% Senior Notes due 2011 and the U.S.$100.0
million long-term loan facility, see &#147;&#151; Indebtedness&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our acquisition of shares of preferred stock of Univision, as described
under &#147;Information on the Company &#151; Business Overview &#151; Univision,&#148; on December&nbsp;21, 2001, we
entered into a U.S.$276.0&nbsp;million bridge loan facility. We borrowed U.S.$276.0&nbsp;million in a single
drawing on December&nbsp;21, 2001. We used all of the net proceeds from this bridge loan facility,
together with approximately U.S.$99.0&nbsp;million of cash on hand, to finance our acquisition of shares
of preferred stock of Univision. See &#147;Information on the Company &#151; Business Overview &#151; Univision.&#148;
We repaid all of the U.S.$276.0&nbsp;million of indebtedness outstanding under this bridge loan facility
with a substantial portion of the net proceeds from the issuance of U.S.$300.0&nbsp;million aggregate
principal amount of 8.5% Senior Notes due 2032 in March&nbsp;2002. For a description of our 8.5% Senior
Notes due 2032, see &#147;&#151; Indebtedness&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2004, we entered into a five-year credit agreement with a Mexican bank for an aggregate
principal amount of Ps.1,162.5&nbsp;million, which net proceeds were used by us to repay any outstanding
amounts under the U.S.$100.0&nbsp;million syndicated term loan. For a description of the terms of the
Ps.1,162.5&nbsp;million long-term credit agreement, see &#147;&#151; Indebtedness&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2004, we entered into a seven-and-a-half-year credit agreement with a Mexican bank
for an aggregate principal amount of Ps.2,000.0&nbsp;million. Net proceeds of this loan were used
principally to prefund a portion of our U.S.$200.0&nbsp;million aggregate principal amount of 8 5/8%
Senior Notes due in August&nbsp;2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2005, we issued U.S.$400.0&nbsp;million aggregate principal amount of 6 5/8% Senior Notes
due 2025. We applied the net proceeds from this issuance, as well as cash on hand, to fund our
tender offers for any or all or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">our U.S.$300.0&nbsp;million aggregate principal amount outstanding of our 8.00% Senior Notes due
2011 and our Ps.3,839.0&nbsp;million (equivalent to approximately U.S.$336.9&nbsp;million) aggregate
principal amount of 8.15% UDI-denominated Notes due 2007. For a description of our 6 5/8% Senior
Notes due 2025, see &#147;&#151; Indebtedness&#148; below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2005, we reopened our 6 5/8% Senior Notes due 2025 for an additional U.S.$200.0&nbsp;million
for an aggregate principal amount of U.S.$600.0&nbsp;million of 6 5/8% Senior Notes due 2025
outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2006, Innova successfully completed a cash tender offer to purchase Innova &#180;s
U.S.$300.0&nbsp;million 9.375% Senior Notes due 2013 tendering 96.25% of the notes. This tender offer
was funded by entering into two bank loans due in 2016 denominated in Pesos for a notional amount
of Ps.3,500 at an average fixed interest rate for the first three years of 8.84%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indebtedness. </I>As of December&nbsp;31, 2005, our consolidated long-term portion of debt amounted to
Ps.18,137.2&nbsp;million, and our consolidated current portion of debt was Ps.340.5&nbsp;million.
Additionally, as of December&nbsp;31, 2005, Sky Mexico had long-term and current portions of a capital
lease obligation totaling Ps.1,186.9&nbsp;million and Ps.75.6&nbsp;million, respectively. As of December&nbsp;31,
2004, our consolidated long-term portion of debt amounted to Ps.19,575.1&nbsp;million, and our
consolidated current portion of debt was Ps.3,407.0&nbsp;million. The following table sets forth a
description of our outstanding indebtedness as of December&nbsp;31, 2005 on a historical, actual basis.
Information in following table is presented in millions of constant Pesos in purchasing power as of
December&nbsp;31, 2005:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Debt Outstanding</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31, 2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Debt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest Rate</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Denomination</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Maturity of Debt</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Long-term debt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series&nbsp;B Senior Notes<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11.875 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8% Senior Notes<SUP style="font-size: 85%; vertical-align: text-top">(4)(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.0 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2011</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.5% Senior Notes<SUP style="font-size: 85%; vertical-align: text-top">(4)(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.5 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2032</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6 5/8% Senior Notes<SUP style="font-size: 85%; vertical-align: text-top">(4)(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.625 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2025</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova&#146;s 9 3/8% Senior Notes<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.375 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2013</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UDI-denominated notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.15 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">UDIs (Peso- Indexed)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2007</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.35 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="center">2010 and 2012</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.925 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">2006-2008</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan<SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.70 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2009</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other debt<SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.61 </TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="right">Various</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">2006-2010</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total debt (including current maturities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" colspan="2">&#151;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">13.80 years<SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: current maturities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="right">Various</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">December 2006</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>U.S. Dollar-denominated debt is translated into Pesos at an exchange rate of Ps.10.6265 per
U.S. Dollar, the Interbank Rate, as reported by Banamex, as of December&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Excludes additional amounts payable in respect of Mexican withholding taxes. See &#147;Additional
Information &#151; Taxation &#151; Mexican Taxes.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Interest on the Series&nbsp;B Senior Notes is payable semi-annually. The Series&nbsp;B Notes bear
interest at an effective rate of 12.49%. The Series&nbsp;B Senior Notes are redeemable by us in the
event of certain changes in the law affecting the Mexican withholding tax treatment of certain
payments we make on the Series&nbsp;B Senior Notes, as well as at our option in certain cases. See
Note 8 to our year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Interest is payable semi-annually on each of the 8.0% Senior Notes due 2011, the 8.5% Senior
Notes due 2032 and the 6 5/8% Senior Notes due 2025. The 8.0% Senior Notes due 2011, the 8.5%
Senior Notes due 2032 and the 6 5/8% Senior Notes due 2025 bear interest at an effective rate
of 9.07%, 8.41%, 8.94% and 6.97%, respectively. The 8.0% Senior Notes due 2011, the 8.5%
Senior Notes</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">- 86 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>due 2032 and the 6 5/8% Senior Notes due 2025 are redeemable by us in the event of certain
changes in the law affecting the Mexican withholding tax treatment of certain payments we
make in respect of these notes, as well as at our option in certain cases. See Note 8 to our
year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects the issuance of U.S.$300.0&nbsp;million aggregate principal amount of 8.0% Senior Notes
due 2011 issued on September&nbsp;13, 2001. We applied the net proceeds from this issuance,
together with cash on hand, to repay approximately U.S.$300.0&nbsp;million of the U.S.$400.0
million of indebtedness then outstanding under our prior U.S.$400.0&nbsp;million term loan
facility. As described below, we registered substantially all of these notes through an
exchange offer in March&nbsp;2002.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects the issuance of U.S.$300.0&nbsp;million aggregate principal amount of 8.5% Senior Notes
due 2032 issued on March&nbsp;1, 2002. We applied a substantial portion of the net proceeds from
this issuance to repay all of the U.S.$276.0&nbsp;million of indebtedness then outstanding under
our bridge loan facility. In July&nbsp;2002, we registered all of our 8.5% Senior Notes due 2032
pursuant to an exchange offer. See Note 9 to our year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects the issuance of U.S.$400.0&nbsp;million and U.S.$200.0&nbsp;million aggregate principal amount
of 6 5/8% Senior Notes due 2025 issued on March&nbsp;18, 2005 and May&nbsp;23, 2005, respectively. We
applied the U.S.$400.0&nbsp;million proceeds, together with cash on hand, to fund our tender offers
for any or all of our U.S.$300.0&nbsp;million aggregate principal amount outstanding of our 8.00%
Senior Notes due 2011 and our Ps.3,839&nbsp;million (equivalent to approximately U.S.$336.9
million) aggregate principal amount of 8.15% UDI-denominated Notes due 2007. The net proceeds
of the U.S.$200.0&nbsp;million issuance were used for general corporate purposes, including the
prepayment of some of our company&#146;s outstanding indebtedness. See Note 8 to our year-end
financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>In September&nbsp;2003, Innova completed the offering of these U.S.$300.0&nbsp;million Senior Notes,
bearing an interest at a coupon rate of 9.375%, payable semi-annually. These securities are
unsecured and unsubordinated indebtedness of Innova and contain certain restrictive covenants
for Innova on additional indebtedness, liens, sales and leasebacks, restricted payments, asset
sales, and certain mergers, consolidations and similar transactions. On April&nbsp;25, 2006 Innova
completed a cash tender offer to purchase any and all of its 9.375% Senior Notes, and 96.25%
of the Notes were tendered at a price of 112.329, which represented a total amount of US$324.3
million that Innova paid in connection with the tender offer on April&nbsp;28, 2006. Innova
entered into two bank loans, both of them in Mexican pesos and guaranteed by us, in order to
pay for the above transaction. Currently there are only US$11.3&nbsp;million outstanding of
Innova&#146;s 9.375% Senior Notes, which Innova may, at its own option, redeem these Senior Notes,
in whole or in part, at any time on or after September&nbsp;19, 2008 at redemption prices from
104.6875% to 101.5625% between September&nbsp;19, 2008 through September&nbsp;18, 2011, or 100%
commencing on September&nbsp;19, 2011, plus accrued and unpaid interest, if any.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>In October&nbsp;2004, we entered into a long-term credit agreement with Banamex in the aggregate
principal amount of Ps.2,000.0&nbsp;million, which matures in 2010 (50%) and 2012 (50%). Interest
on this loan is 10.35% per annum, and is payable on a monthly basis. The proceeds of this loan
are intended to be used principally to prefund a portion of our debt maturing in August&nbsp;2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>In May&nbsp;2003, we entered into a long-term credit agreement with Banamex for an aggregate
principal amount of Ps.800.0&nbsp;million, with two tranches of Ps.400.0&nbsp;million each. The annual
interest rate for the first tranche equals 9.35% plus additional basis points from 0 to 45
based on the maintenance of certain financial coverage ratios related to indebtedness (the
&#147;additional basis points&#148;), and an annual interest rate for the second tranche equal to the
Mexican interbank rate plus 40 basis points plus additional basis points. Interest due in
connection with this credit agreement is payable on a 28-day basis. This indebtedness has two
semi-annual maturities of Ps.40.0&nbsp;million each in 2004, two semi-annual maturities of Ps.120.0
million each in 2006 and two quarterly maturities of Ps.240.0&nbsp;million each in 2008. This
credit agreement was subsequently amended to reflect a fixed annual interest rate of 8.50%
plus additional basis points for the second tranche beginning in the third quarter of 2003.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>In May&nbsp;2004, we entered into a long-term credit agreement with Banamex for an aggregate
principal amount of Ps.1,162.5&nbsp;million, which matures in 2009. The annual interest rate of
this indebtedness equals 9.70% and is payable on a monthly basis.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes outstanding indebtedness in the aggregate amount of Ps.44.0&nbsp;million under the
following bank loans and capital leases:</TD>
</TR>

</TABLE>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ps.1.0&nbsp;million in capital lease obligations. These obligations bear interest at
a variable annual rate between 13% and 17% and have maturities ranging from 2006 to
2009; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ps.43.0&nbsp;million in other bank loans, which are denominated in U.S. Dollars.
These bank loans bear interest at a variable annual rate between 0.11 and 1.25 points
above LIBOR and have maturities ranging from 2006 and 2010.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 12pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Actual weighted average maturity of long-term debt as of December&nbsp;31, 2005.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2000, we issued UDI-denominated notes for an aggregate principal amount of
1,086,007,800 UDIs, pursuant to a medium-term note program in Mexico. Our UDI-denominated notes
mature in 2007 and bear interest at an annual rate of 8.15%. The facility governing the medium-term
note program pursuant to which we issued our
</DIV>

<P align="center" style="font-size: 10pt">- 87 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UDI-denominated notes does not contain any financial or restrictive covenants. In March&nbsp;2005,
as part of a refinancing plan, we launched a tender offer for any or all of our 8.15%
UDI-denominated notes due 2007 through which approximately Ps.2,935.0&nbsp;million (equivalent to
approximately U.S.$262.0&nbsp;million) in aggregate principal amount, representing approximately 76% of
the outstanding principal amount of these notes, were tendered. See Note 8 to our year-end
financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September&nbsp;2001, we issued U.S.$300.0&nbsp;million aggregate principal amount of 8.0% Senior
Notes due 2011. Interest on the 8.0% Senior Notes due 2011 is payable semi-annually in March and
September of each year, commencing in March&nbsp;2002. In March&nbsp;2005, as part of a refinancing plan, we
consummated a tender offer for our Senior Notes due 2011 through which approximately U.S.$222.0
million in aggregate principal amount, representing approximately 74.0% of the outstanding
principal amount of these notes, were tendered. An additional $5.5&nbsp;million of the outstanding
principal amount were repurchased through open market transactions between June&nbsp;2005 and January
2006. In March&nbsp;2002, we issued U.S.$300.0&nbsp;million aggregate principal amount of 8.5% Senior Notes
due 2032. Interest on the 8.5% Senior Notes due 2032 is payable semi-annually in March and
September of each year, commencing in September&nbsp;2002. In March&nbsp;2005, we issued U.S.$400.0&nbsp;million
aggregate principal amount of 6 5/8% Senior Notes due 2025. Interest on the 6 5/8% Senior Notes due
2025 is payable semi-annually in March and September of each year, commencing September&nbsp;2005. In
May&nbsp;2005, we reopened our 6 5/8% Senior Notes due 2025 by issuing an additional U.S.$200.0&nbsp;million
under the same terms and payable semi-annually on the same dates as the 6 5/8% Senior Notes due
2025 issued in March&nbsp;2005. The indenture related to the 8 5/8% Senior Notes due 2005, the 8.0%
Senior Notes due 2011, the 8.5% Senior Notes due 2032 and the 6 5/8% Senior Notes due 2025 requires
us to comply with certain covenants. The 8.0% Senior Notes due 2011, the 8.5% Senior Notes due 2032
and the 6 5/8% Senior Notes due 2025 are unsecured obligations, rank equally in right of payment
with all of our future unsecured and subordinated indebtedness and are junior in right of payment
to all existing and future liabilities of our subsidiaries. The 8.0% Senior Notes due 2011, the
8.5% Senior Notes due 2032 and the 6 5/8% Senior Notes due 2025 are redeemable by us in the event
of certain changes in the law affecting the Mexican withholding tax treatment of certain payments
we make on these notes. The 6 5/8% Senior Notes due 2025 are also redeemable at any time in whole
or in part, at our option, by paying the greater of the principal amount of the notes and a
&#147;make-whole&#148; amount, plus in each case accrued interest. In August&nbsp;2005, we registered all of the
U.S.$600.0&nbsp;million 6 5/8% Senior Notes due 2025 pursuant to an exchange offer. We registered
substantially all of the U.S.$300.0&nbsp;million 8.0% Senior Notes due 2011 pursuant to an exchange
offer in March&nbsp;2002. In July&nbsp;2002, we registered all of the 8.5% Senior Notes due 2032 pursuant to
an exchange offer. See Note 9 to our year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above under &#147;&#151; Refinancings,&#148; in December&nbsp;2001, we entered into a U.S.$100.0
million term loan facility. We borrowed U.S.$100.0&nbsp;million in a single drawing on December&nbsp;21,
2001, the principal of which was payable over five years in semi-annual installments, commencing on
June&nbsp;21, 2005. Borrowings under this facility bore interest at a rate of 0.875% per annum over
LIBOR. Interest in respect of principal amounts borrowed under this facility was payable in
semi-annual installments. In May&nbsp;2004, we prepaid any amounts outstanding under the U.S.$100.0
million term loan facility by using the net proceeds from a Ps.1,162.5&nbsp;million long-term credit
agreement that we entered into with a Mexican bank in May&nbsp;2004, which terms are summarized below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ps.1,162.5&nbsp;million long-term credit agreement contains restrictive covenants that limit
our ability and the ability of our subsidiaries through which we conduct our television
broadcasting, pay television networks and programming exports businesses to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>incur indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make dividend payments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue and sell capital stock of restricted subsidiaries; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consummate mergers and consolidations, liquidations, dissolutions or transfers of assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ps.1,162.5&nbsp;million long-term credit agreement also requires us to maintain:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a total net debt/EBITDA ratio (as defined) not greater than 3.50 to 1.00; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">- 88 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a EBITDA/cash interest ratio (as defined) not less than 1.50 to 1.00.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second quarter of 2003, we repaid all of the remaining Series&nbsp;A Senior Notes, which
matured in May&nbsp;2003, with the net proceeds from a long-term credit agreement that we entered into
with a Mexican bank for an aggregate principal amount of Ps.800.0&nbsp;million. The principal amount is
divided into two tranches of Ps.400.0&nbsp;million each, with an annual interest rate for the first
tranche of 9.35% plus additional basis points from 0 to 45 based on the maintenance of certain
financial coverage ratios related to indebtedness (the &#147;additional basis points&#148;), and an annual
interest rate for the second tranche equal to the Mexican interbank rate plus 40 basis points plus
additional basis points. Interest due in connection with this credit agreement is payable on a
28-day basis. This indebtedness has two semi-annual maturities of Ps.40.0&nbsp;million each in 2004, two
semi-annual maturities of Ps.120.0&nbsp;million each in 2006 and two quarterly maturities of Ps.240.0
million each in 2008. The terms of this credit agreement require us to comply with certain
covenants and maintain certain financial ratios similar to those under the Ps.1,162.5&nbsp;million
long-term credit agreement summarized above. This credit agreement was subsequently amended to
reflect a fixed annual interest rate of 8.50% plus additional basis points for the second tranche
beginning in the third quarter of 2003. In October&nbsp;2004, we entered into a seven-and-a-half-year
credit agreement with a Mexican bank for an aggregate principal amount of Ps.2,000.0&nbsp;million. The
net proceeds of this financing were used principally to prefund a portion of our U.S.$200.0&nbsp;million
aggregate principal amount 8 5/8% Senior Notes due in August&nbsp;2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in April&nbsp;2003 we prepaid a long-term loan for approximately 23.6&nbsp;million Euros,
which originally matured in June&nbsp;2003. This indebtedness was incurred to finance the
recapitalization of V&#237;a Digital in January&nbsp;2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Expense. </I>Interest expense for 2005 was Ps.2,134.5&nbsp;million, Ps.31.8&nbsp;million of which
was attributable to the index restatement of our UDI-denominated notes due 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our interest expense for the years indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Millions of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest payable in U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">70.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">110.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">118.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amounts currently payable under Mexican
withholding taxes<SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total interest payable in U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">73.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">115.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">124.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peso equivalent of interest payable in U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">882.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,379.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,377.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest payable in Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">461.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">725.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restatement of UDI-denominated Notes due 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest expense<SUP style="font-size: 85%; vertical-align: text-top"><B>(4)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,495.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,165.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,134.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>U.S. Dollars are translated into Pesos at the rate prevailing when interest was recognized
as an expense for each period and restated to Pesos in purchasing power as of December&nbsp;31,
2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Interest expense in these periods includes amounts effectively payable in U.S. Dollars as a
result of U.S. Dollar-Peso swaps.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>See &#147;Additional Information &#151; Taxation &#151; Mexican Taxes.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Total interest expense amounts in these periods exclude capitalized and hedged interest
expense.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Guarantees. </I>We guarantee our proportionate share of our DTH joint ventures&#146; minimum
commitments for use on PanAmSat and other transponders for periods of up to 15&nbsp;years. The amount of
these guaranteed commitments is estimated to be an aggregate of approximately U.S.$101.4&nbsp;million as
of December&nbsp;31, 2005, related to Innova. In October&nbsp;2005, in a series of related transactions, our
company disposed of our 30% interest in DTH Techco Partners (Techco), and was released of any
obligation in connection with a guarantee granted by the group in respect of certain of Techco&#146;s
indebtedness. As a result of this disposal, the group recognized a pretax loss of approximately
Ps.160,141 as other expense, which primarily consisted of the aggregate amount of the carrying
value of our
</DIV>

<P align="center" style="font-size: 10pt">- 89 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">company&#146;s net investment in Techco, which included all of the outstanding amounts receivable
in connection with long-term loans made by the group to Techco.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2006, in connection with the transactions with DIRECTV, we entered into an amended
and restated guarantee with PanAmSat, pursuant to which the proportionate share of Innova&#146;s
transponder lease obligation guaranteed by us was adjusted from 51.0% to 52.8%. In April, 2006, we
acquired additional equity interests in Innova from DIRECTV (as described below), and the guarantee
was readjusted from 52.8% to 58.7% to cover a percentage of the transponder lease obligations equal
to our percentage ownership of Innova at that time. See
&#147;Information on the Company &#151; Business
Overview &#151; DTH Joint Ventures,&#148; &#147;Major Shareholders and Related Party Transactions &#151; The Principal
Shareholders and Related Party Transactions &#151; Related Party
Transactions,&#148; &#147;Information on the
Company &#151; Business Overwiew &#151; DTH Joint Ventures&#148; and Note 11 to our year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contractual Obligations and Commercial Commitments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our contractual obligations and commercial commitments consist primarily of long-term debt, as
described above, satellite transponder obligations and transmission rights obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Contractual Obligations on the Balance Sheet</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes our contractual obligations on the balance sheet as of December
31, 2005:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Payments Due by Period</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less Than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-36 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>36-60 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>After 60 Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1, 2006 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1, 2007 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1, 2009 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Subsequent to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Thousands of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series&nbsp;B Senior Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">5,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">5,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8% Senior Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,951</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.5% Senior Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.625% Senior Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova&#146;s 9.375% Senior Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UDI-denominated Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,738,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,366,056</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">1,938,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">93,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">171,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">234,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">1,439,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This liability reflects our transmission rights obligations related to programming
acquired or licensed from third party producers and suppliers, and special events, which are
reflected for in our consolidated balance sheet within trade accounts payable (current
liabilities) and other long-term liabilities.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>&nbsp;&nbsp;&nbsp;Contractual Obligations off the Balance Sheet</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes our contractual obligations off the balance sheet as of
December&nbsp;31, 2005:
</DIV>

<P align="center" style="font-size: 10pt">- 90 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Payments Due by Period</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-36 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>36-60 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>After 60 Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1, 2006 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1, 2007 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1, 2009 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Subsequent to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(Thousands of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures commitments<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">18,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">18,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap>U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Guarantees<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

<TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">41,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">29,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">12,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Our commitments for capital expenditures include U.S.$13,631, which are related to
commitments to Sky Mexico projects.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In connection with the disposal of our investment in PanAmSat in 1997, we granted
collateral to secure certain indemnification obligations. After the expiration of applicable
tax statutes of limitations, the collateral will be reduced to a de minimis amount. The
collateral agreement will terminate in approximately two years.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2001, we entered into a 50/50 programming joint venture with Endemol, an
international content developer and producer for television and online platforms based in the
Netherlands, to produce and develop content for television and the Internet. As of December
31, 2005, we have commitments to acquire from Endemol programming formats through this joint
venture up to in the aggregate U.S.$11.1&nbsp;million through 2006.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">- 91 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Directors, Senior Management and Employees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the names of our current directors and their alternates, their
dates of birth, their principal occupation, their business experience, including other
directorships, and their years of service as directors or alternate directors. Each of the
following directors and alternate directors were elected or ratified for a one-year term by our
shareholders at our April&nbsp;28, 2006 annual shareholders&#146; meeting.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emilio Azc&#225;rraga<BR>
Jean (02/21/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board,
President and Chief
Executive Officer and
President of the
Executive Committee of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Tel&#233;fonos
de M&#233;xico, S.A. de
C.V. and Banco
Nacional de M&#233;xico,
S.A. and former
Vice Chairman of
the Board of
Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;1990</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>In alphabetical order:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alfonso de Angoitia<BR>
Noriega (01/17/62)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President
and Member of the
Executive Office of the
Chairman and Member of
the Executive Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Chief
Financial Officer
of Grupo Televisa
and former
Alternate Member of
the Board of
Univision and
Partner, Mijares,
Angoitia, Cort&#233;s y
Fuentes, S.C.
(1994-1999)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mar&#237;a Asunci&#243;n<BR>
Aramburuzabala Larregui<BR>
(05/02/63)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice Chairwoman of the
Board and Member of the
Executive Committee of
Grupo Modelo, S.A. de
C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer of Tresalia
Capital, S.A. de
C.V. and Member of
the Boards of Grupo
Financiero Banamex,
S.A. de C.V., Banco
Nacional de M&#233;xico,
S.A. and Am&#233;rica
M&#243;vil, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pedro Aspe Armella<BR>
(07/07/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and
Chief Executive Officer
of Protego Asesores, S.A.
de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of The
McGraw-Hill
Companies and
Xignux and former
Member of the Board
of Vector Casa de
Bolsa, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2003</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Julio Barba Hurtado<BR>
(05/20/33)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Advisor to the
President, Prosecretary
to the Board and the
Executive Committee of
Grupo Televisa and
Secretary to the Audit
Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Legal
Advisor to
Televisa, S.A. de
C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;1990</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Antonio Bast&#243;n<BR>
Pati&#241;o (04/13/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Vice President
of Television and Member
of the Executive
Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Operations of Grupo
Televisa, former
General Director of
Programming of
Grupo Televisa and
former Member of
the Board of
Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 92 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alberto Bailleres<BR>
Gonz&#225;lez (08/22/31)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Grupo Bal
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Valores
Mexicanos, Casa de
Bolsa, S.A. de
C.V., Desc., S.A.
de C.V., Fomento
Econ&#243;mico Mexicano,
S.A. de C.V.
(FEMSA), Grupo
Financiero BBVA
Bancomer, S.A. de
C.V., Industrias
Pe&#241;oles, S.A. de
C.V., Grupo
Nacional
Provincial, S.A.,
Grupo Palacio de
Hierro, S.A. de
C.V., Profuturo
GNP, S.A. de C.V.,
Aseguradora
Porvenir GNP, S.A.
de C.V. and
President of the
Board of Governors
of the Instituto
Tecnol&#243;gico
Aut&#243;nomo de M&#233;xico,
A.C. (ITAM)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Manuel Jorge Cutillas<BR>
Covani (03/01/32)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
of Bacardi Limited
and former Chairman
of the Board of
Bacardi Limited
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1994</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Carlos Fern&#225;ndez Gonz&#225;lez<BR>
(09/29/66)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
and Chairman of the Board
of Grupo Modelo, S.A. de
C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Anheuser
Busch Co., Grupo
Financiero
Santander Mexicano,
S.A. de C.V. and
Emerson Electric,
Co.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bernardo G&#243;mez Mart&#237;nez<BR>
(07/24/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President
and Member of the
Executive Office of the
Chairman and Member of
the Executive Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former President of
the Mexican Chamber
of Television and
Radio Broadcasters
and Deputy to the
President of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Claudio X. Gonz&#225;lez
Laporte (05/22/34)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and
Chief Executive Officer
of Kimberly-Clark de
M&#233;xico, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of
Kimberly-Clark
Corporation,
General Electric
Co., Kellogg
Company, Home
Depot, Inc., Alfa,
S.A. de C.V., Grupo
Carso, S.A. de
C.V., Am&#233;rica
M&#243;vil, S.A. de C.V.
and Investment
Company of America,
and former
President of the
Mexican Business
Council
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1997</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Roberto Hern&#225;ndez Ram&#237;rez<BR>
(03/24/42)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of
Banco Nacional de M&#233;xico,
S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Chief
Executive Officer
of Banco Nacional
de M&#233;xico, S.A. and
Member of the
Boards of
Citigroup, Inc.,
Gruma, S.A. de
C.V., Grupo
Financiero Banamex
Accival, S.A. de
C.V., and the
Nature Conservancy
and World Monuments
Fund
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1992</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Enrique Krauze Kleinbort<BR>
(09/17/47)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
of Editorial Cl&#237;o Libros
y Videos, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Director of
Editorial Cl&#237;o
Libros y Videos,
S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1996</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 93 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Germ&#225;n Larrea Mota<BR>
Velasco (10/26/53)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board,
Chief Executive Officer
and President of Grupo
M&#233;xico, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the
Board and Chief
Executive Officer
of Asarco
Incorporated,
Southern Peru
Copper Corporation
and Grupo
Ferroviario
Mexicano, S.A. de
C.V. and former
Member of the
Boards of Banco
Nacional de M&#233;xico,
S.A. and Bolsa
Mexicana de
Valores, S.A. de
C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gilberto P&#233;rezalonso<BR>
Cifuentes (03/06/43)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
of Corporaci&#243;n GEO, S.A.
de C.V. and Member of the
Audit Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Grupo
Gigante, S.A. de
C.V., Southern Peru
Copper Corporation
and Afore Banamex,
S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Carlos Slim Domit<BR>
(02/28/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of
Grupo Carso, S.A. de C.V.
and Tel&#233;fonos de M&#233;xico,
S.A. de C.V. and
President of Grupo
Sanborns, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice Chairman of
America Telecom,
S.A. de C.V. and
Member of the
Boards of Grupo
Condumex, S.A. de
C.V., Phillip
Morris Mexico, S.A.
de C.V. and Sears
Roebuck de Mexico,
S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alejandro Quintero<BR>
I&#241;iguez (02/11/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Vice President
of Sales and Marketing
and Member of the
Executive Committee of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder of
Grupo TV Promo,
S.A. de C.V. and
former Advisor to
former Mexican
President Ernesto
Zedillo
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fernando Senderos Mestre<BR>
(03/03/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and
Chief Executive Officer
of Desc, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Tel&#233;fonos
de M&#233;xico, S.A. de
C.V., Alfa, S.A. de
C.V., Kimberly
Clark de M&#233;xico,
S.A. de C.V. and
Industrias Pe&#241;oles,
S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1992</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Enrique F. Senior
Hern&#225;ndez (08/03/43)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President
and Managing Director of
Allen &#038; Company
Incorporated
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
of Pics Retail
Networks and Member
of the Board of
Coca Cola Femsa and
Member of the Board
of Cinemark
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2001</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lorenzo H. Zambrano
Trevi&#241;o (03/27/44)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and
Chief Executive Officer
of Cemex, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Alfa,
S.A. de C.V.,
Empresas ICA,
Sociedad
Controladora, S.A.
de C.V., Fomento
Econ&#243;mico Mexicano,
S.A. de C.V. and
Vitro, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 94 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alternate Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>In alphabetical order:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Herbert Allen III
(06/08/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President and
Managing Director
of Allen &#038; Company
Incorporated
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Coca Cola
Femsa, S.A. de
C.V.,
Convera-Enterprise
Software and Global
Education Network
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Juan Pablo Andrade Frich<BR>
(06/05/64)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Asset Manager of
Tresalia Capital,
S.A. de C.V. and
Member of the
Executive and Audit
Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Member of
the Board of
Televicentro and
Member of the Board
of Empresas
Cablevisi&#243;n, S.A.
de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lucrecia Aramburuzabala<BR>
Larregui (03/29/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Private Investor
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employee of
Tresalia Capital,
S.A. de C.V. and
Member of the Board
of Grupo Modelo,
S.A. de C.V. and
former Member of
the Board of
Televicentro
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">F&#233;lix Araujo Ram&#237;rez<BR>
(03/20/51)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Telesistema
Mexicano
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Private
Investor in
Promoci&#243;n y
Programaci&#243;n de la
Provincia, S.A. de
C.V., Promoci&#243;n y
Programaci&#243;n del
Valle de Lerma,
S.A. de C.V.,
Promoci&#243;n y
Programaci&#243;n del
Sureste, S.A. de
C.V., Teleimagen
Profesional del
Centro, S.A. de
C.V. and Estrategia
Sat&#233;lite, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maximiliano Arteaga<BR>
Carlebach (12/06/42)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Operations,
Technical Service
and Television
Production of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Operations &#151;
Televisa
Chapultepec, former
Vice President of
Administration &#151;
Televisa San Angel
and Chapultepec and
former Vice
President of
Administration and
Finance of Univisa,
Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joaqu&#237;n Balc&#225;rcel Santa<BR>
Cruz (01/04/69)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#151;
Legal and General
Counsel of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Director,
Legal Department
and Vice President
&#151; Legal General
Counsel Television
Division of Grupo
Televisa and former
associate at
Mart&#237;nez, Algaba,
Estrella, De Haro y
Galv&#225;n-Duque, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Juan Fernando Calvillo<BR>
Armend&#225;riz (12/27/41)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Internal Auditing
and Executive
Secretary of the
Audit Committee of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
of Private Banking
of Vanguardia, S.A.
de C. V. and former
Member of the
Boards of Grupo
Financiero Serfin,
S.A. de C.V. and
Serpaprosa, S.A. de
C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 95 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rafael Carabias Pr&#237;ncipe<BR>
(11/13/44)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial
Officer of Gestora
de Inversiones
Audiovisuales La
Sexta, S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Member of
the Boards of
Promecap, S.C. and
Grupo Financiero
del Sureste, S.A.,
former Director of
Corporate Finance
of Scotiabank
Inverlat, S.A. and
former Vice
President of
Administration of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Francisco Jos&#233; Ch&#233;vez<BR>
Robelo (07/03/29)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired Partner of
Ch&#233;vez, Ruiz,
Zamarripa y C&#237;a,
S.C. and Chairman
of the Audit
Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
of Empresas
Cablevisi&#243;n, S.A.
de C.V. and former
Partner of Ch&#233;vez,
Ruiz, Zamarripa y
C&#237;a, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2003</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Luis Fern&#225;ndez<BR>
Fern&#225;ndez (05/18/59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner of Ch&#233;vez,
Ruiz, Zamarripa y
Cia., S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Member of
the Boards of
Alexander Forbes,
S.A. de C.V. and
Afore Bital, S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Salvi Folch Viadero<BR>
(08/16/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial
Officer of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Financial Planning
of Grupo Televisa,
Chief Executive
Officer and Chief
Financial Officer
of Comercio MAS,
S.A. de C.V. and
former Vice
Chairman of Banking
Supervision of the
National Banking
and Securities
Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Leopoldo G&#243;mez Gonz&#225;lez<BR>
Blanco (04/06/59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Newscasts of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Director of
Information to the
President of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2003</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Heredia Bret&#243;n<BR>
(06/16/61)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of
Sociedad de
Inversi&#243;n de
Capitales of Grupo
Financiero Inbursa,
S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
of Banco Inbursa,
S.A. , Member of
the Board of
Aseguradora
Inbursa, S.A. de
C.V. and former
Director of Retail
Business of Grupo
Financiero Inbursa,
S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Antonio Lara del<BR>
Olmo (09/02/70)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#151;
Tax of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Tax Director
of Grupo Televisa
and former
Associate of
Ch&#233;vez, Ruiz,
Zamarripa y C&#237;a,
S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2003</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jorge Lutteroth Echegoyen<BR>
(01/24/53)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President
Controller of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Senior
Partner of Coopers
&#038; Lybrand Despacho
Roberto Casas
Alatriste, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alberto Montiel<BR>
Castellanos (11/22/45)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Montiel
Font y Asociados,
S.C. and Member of
the Audit Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Tax Director
of Wal-Mart de
M&#233;xico, S.A. de
C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ra&#250;l Morales Medrano<BR>
(05/12/70)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner of Ch&#233;vez,
Ruiz, Zamarripa y
Cia, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Senior
Manager of Ch&#233;vez,
Ruiz, Zamarripa y
Cia, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 96 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Elected</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Guillermo Nava G&#243;mez<BR>
Tagle (08/27/43)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Administration &#151;
Televisa San Angel
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Corporate Finance
of Grupo Televisa,
former Vice
President of
Citibank &#151; Colombia
and former Finance
Director of CIFRA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alexandre Moreira Penna<BR>
Da Silva (12/25/54)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer of Innova
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Corporate Finance
of Grupo Televisa
and former Managing
Director of
JPMorgan Chase
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar&#237;a Asunci&#243;n Aramburuzabala Larregui and Lucrecia Aramburuzabala Larregui are sisters.
Carlos Fern&#225;ndez Gonz&#225;lez is the husband of Lucrecia Aramburuzabala Larregui and the brother-in-law
of Mar&#237;a Asunci&#243;n Aramburuzabala Larregui.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar&#237;a Asunci&#243;n Aramburuzabala Larregui and Carlos Fern&#225;ndez Gonz&#225;lez were beneficiaries of the
Investor Trust, which before August&nbsp;17, 2005 was one of our major shareholders through the
ownership of 5.15% of the total issued and outstanding Shares. These
Shares were then held in the Shareholder Trust. See &#147;Major Shareholders and
Related Party Transactions &#151; The Principal Shareholders and
Related Party Transactions &#151; The Major Shareholders.&#148;
Pursuant to the Shareholder Trust agreement,
the Investor Trust was entitled to nominate one individual to our Board of Directors so long as the
Shares it held through the Shareholder Trust constituted more than 2% of the total issued and
outstanding Shares. See &#147;Major Shareholders and Related Party Transactions &#151; The Principal Shareholders and
Related Party Transactions &#151; The Major
Shareholders&#148; for a further discussion of the rights of the Investor Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General. </I>The management of our business is vested in our Board of Directors. Our bylaws
currently provide for a Board of Directors of 20 members, at least 25% of which must be
&#147;independent directors&#148; under Mexican law (as described below), and the same number of alternate
directors. See &#147;Additional Information &#151; Mexican Securities Market Law.&#148; Under Mexican law, a
person will not qualify as an &#147;independent director&#148; if he or she is, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one of our employees or managers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a controlling shareholder, in our case, the beneficiaries of the Shareholder Trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a partner or employee of a company which provides advisory services to us or any
company which is part of the same economic group as we are, that receives 10% or more of
its income from us;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a significant client, supplier, debtor or creditor, or member of the Board or executive
officer of any such entities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an employee of any association, foundation, or partnership that receives at least 5% of
its total donations from us; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any high level executive officer of a corporation in which one of our high level
executives is a member of the Board of Directors of that corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Election of Directors. </I>A majority of the members of our Board of Directors must be Mexican
nationals and must be elected by Mexican shareholders. At our annual shareholders&#146; meeting on April
28, 2006 and at our annual meetings thereafter, a majority of the holders of the A Shares voting
together elected, or will have the right to elect, eleven of our directors and corresponding
alternates and a majority of the holders of the B Shares voting together elected, or will have the
right to elect, five of our directors and corresponding alternates. At our special shareholders&#146;
meetings, a majority of the holders of the L Shares and D Shares will each continue to have the
right to elect two of our directors and alternate directors, each of which must be an independent
director. Ten percent holders of A Shares, B Shares, L Shares or D Shares will be entitled to
nominate, a director and corresponding alternates. Each alternate director may vote in the absence
of a corresponding director. Directors and alternate directors are elected
</DIV>

<P align="center" style="font-size: 10pt">- 97 -
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for one-year terms by
our shareholders at each annual shareholders&#146; meeting, and each serves until a successor is elected
and takes office. All of the current and alternate members of the Board of Directors were elected
by our shareholders at our 2006 annual shareholders&#146; special and general meetings, which were held
on April&nbsp;28, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Quorum; Voting. </I>In order to have a quorum for a meeting of the Board of Directors, generally
at least 50% of the directors or their corresponding alternates must be present. However, in the
case of a meeting of the Board of Directors to consider certain proposed acquisitions of our
capital stock, at least 75% of the directors or their corresponding alternates must be present. See
&#147;Additional Information &#151; Bylaws &#151; Antitakeover Protections.&#148; In the event of a deadlock of our
Board, our Chairman will have the deciding vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Meetings; Actions Requiring Board Approval. </I>Our bylaws provide that our Board must meet at
least once a quarter, and that our Chairman, 25% of the Board, our Secretary or alternate Secretary
or any statutory auditor may call for a Board meeting. Pursuant to the Mexican Securities Market
Law and our bylaws, our Board of Directors must approve all transactions that deviate from our
ordinary course of business, and involve, among others, (i)&nbsp;a related party transaction, (ii)&nbsp;any
purchase or sale of 10% or more of our assets, (iii)&nbsp;the grant by us of guarantees in an amount or
amounts exceeding 30% of our assets or (iv)&nbsp;other transactions representing more than 1% of our
assets, in addition to any shareholder approval required by our bylaws or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Committees of Our Board of Directors. </I>Our Board of Directors has an Executive Committee. Each
member is appointed for a one-year term at each annual general shareholders&#146; meeting. Our bylaws
provide that the Executive Committee may generally exercise the powers of the Board of Directors,
except those expressly reserved for the Board in our bylaws or by applicable law. The Executive
Committee currently consists of Emilio Azc&#225;rraga Jean, Alfonso de Angoitia Noriega, Bernardo G&#243;mez
Mart&#237;nez, Jos&#233; Antonio Bast&#243;n Pati&#241;o Julio Barba Hurtado,and Alejandro Quintero I&#241;iguez. In
accordance with the Mexican Securities Market Law and our bylaws, we established an Audit Committee
consisting of the following members of our Board: Francisco Jos&#233; Ch&#233;vez Robelo, who is the Chairman
of this Committee, Gilberto P&#233;rezalonso Cifuentes and Alberto Montiel Castellanos. In accordance
with U.S. securities laws, the members of the Audit Committee must be independent directors. Our
statutory auditors must be invited to attend all Audit Committee meetings. Among other duties and
responsibilities, the Audit Committee must:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prepare an annual report regarding its activities for submission to the Board and to
our shareholders at our annual shareholders&#146; meeting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>render an opinion as to transactions and arrangements with related parties, which must
be approved by our Board of Directors; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>propose independent experts to render opinions in connection with transactions that
deviate from our ordinary course of business, and which involve, among other things, (i)&nbsp;a
related party, (ii)&nbsp;any purchase or
sale of 10% or more of our assets, (iii)&nbsp;the grant by us of guarantees in an amount or
amounts exceeding 30% of our assets or (iv)&nbsp;other transactions representing more than 1% of
our assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Executive Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the names of our executive officers, their dates of birth,
their current position, their prior business experience and the year in which they were appointed
to their current positions:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Current Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Appointed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emilio Azc&#225;rraga<BR>
Jean (02/21/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the
Board, President
and Chief Executive
Officer and
President of the
Executive Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Tel&#233;fonos
de M&#233;xico, S.A. de
C.V. and Banco
Nacional de M&#233;xico,
S.A. and former
Vice Chairman of
the Board of
Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;1997</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 98 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Current Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Appointed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>In alphabetical order:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alfonso de Angoitia<BR>
Noriega (01/17/62)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President and
Member of the
Executive Office of
the Chairman and
Member of the
Executive Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Chief
Financial Officer
of Grupo Televisa,
Member of the Board
and of the
Executive Committee
of Grupo Televisa,
former Alternate
Member of the Board
of Univision and
Partner, Mijares,
Angoitia, Cort&#233;s y
Fuentes, S.C.
(1994-1999)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">F&#233;lix Jos&#233; Araujo Ram&#237;rez<BR>
(03/20/51)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Telesistema
Mexicano
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Private
Investor in
Promoci&#243;n y
Programaci&#243;n de la
Provincia, S.A. de
C.V., Promoci&#243;n y
Programaci&#243;n del
Valle de Lerma,
S.A. de C.V.,
Promoci&#243;n y
Programaci&#243;n del
Sureste, S.A. de
C.V., Teleimagen
Profesional del
Centro, S.A. de
C.V. and Estrategia
Sat&#233;lite, S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;1993</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maximiliano Arteaga<BR>
Carlebach (12/06/42)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Operations,
Technical Service
and Television
Production of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Operations &#151;
Televisa
Chapultepec, former
Vice President of
Administration &#151;
Televisa San Angel
and Chapultepec and
former Vice
President of
Administration and
Finance of Univisa,
Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;2002</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Antonio Bast&#243;n<BR>
Pati&#241;o (04/13/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Vice
President of
Television of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
and of the
Executive Committee
of Grupo Televisa,
former Vice
President of
Operations of Grupo
Televisa, former
General Director of
Programming of
Grupo Televisa and
former Member of
the Board of
Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;2001</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jean Paul Broc Haro<BR>
(08/08/62)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer of
Cablevisi&#243;n
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former General
Manager of Pay
Television Networks
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;2003</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Salvi Folch Viadero<BR>
(08/16/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial
Officer of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Financial Planning
of Grupo Televisa,
Chief Executive
Officer and Chief
Financial Officer
of Comercio MAS,
S.A. de C.V. and
former Vice
Chairman of Banking
Supervision of the
National Banking
and Securities
Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2004</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 99 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Date of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Current Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Experience</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>First Appointed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bernardo G&#243;mez Mart&#237;nez<BR>
(07/24/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President and
Member of the
Executive Office of
the Chairman and
Member of the
Executive Committee
of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Deputy to
the President of
Grupo Televisa,
member of the Board
and of the
Executive Committee
of Televisa and
former President of
the Mexican Chamber
of Television and
Radio Broadcasters
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Eduardo Michelsen Delgado<BR>
(03/03/71)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer of
Editorial Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former General
Director &#151; <I>Grupo
Semana </I>and former
Project Director &#151;
McKinsey &#038; Co.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2002</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jorge Eduardo Murgu&#237;a<BR>
Orozco (01/25/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of
Production of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former
Administrative Vice
President and
former Director of
Human Resources of
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;1992</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alejandro Quintero<BR>
I&#241;iguez (02/11/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Vice
President of Sales
and Marketing of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board
and of the
Executive Committee
of Grupo Televisa,
Shareholder and
Member of the Board
of Grupo TV Promo,
S.A. de C.V. and
former advisor to
former Mexican
President Ernesto
Zedillo
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ra&#250;l Rodr&#237;guez Gonz&#225;lez<BR>
(06/20/59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer Sistema
Radi&#243;polis
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Media
Advisor of Grupo
Prisa and former
Chief Executive
Officer of Gerencia
de Medios, S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2002</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alexandre Moreira Penna<BR>
Da Silva (12/25/54)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive
Officer of Innova
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Corporate Finance
of Grupo Televisa
and former Managing
Director of
JPMorgan Chase
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2004</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&nbsp;31, 2005, we paid our directors, alternate directors and executive
officers for services in all capacities aggregate compensation of approximately nominal Ps.361.8
million (U.S.$34.0&nbsp;million using the Interbank Rate, as reported by Banamex, as of December&nbsp;31,
2005).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We made Ps.74.9&nbsp;million in contributions to our pension and seniority premium plans on behalf
of our directors, alternate directors and executive officers in 2005. Projected benefit obligations
as of December&nbsp;31, 2005 were approximately Ps.50.6&nbsp;million.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Use of Certain Assets and Services</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
maintain an overall security program for Mr. Azc&#225;rraga, other
top executives, their families, in some cases, and for other specific
employees and service providers, as permitted under our
&#147;Pol&#237;tica de Seguridad&#148; policy, due to business-related security concerns. We refer to the individuals described above as Key Personnel. Our security program includes the use of our personnel, assets and services to accomplish security objectives.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to this program, we require, under certain circumstances, that
certain authorized Key Personnel use aircrafts, either owned or
leased by us, for non-business,
as well as business travel for our benefit rather than as a personal
benefit. The use of such aircrafts is carried out in
accordance with, among others, our &#147;Pol&#237;tica de
Seguridad&#148; policy, which establishes guidelines under which authorized Key Personnel
may use such aircrafts for personal purposes.
If the use of such aircrafts for personal purposes exceeds
the specified number of hours, the relevant Key Personnel must
reimburse us for the cost of operating the aircrafts during
the excess time of use. The aggregate amount of compensation set
forth in &#147;&#151;Compensation&#148; does include the cost to us of providing this service.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, certain Key Personnel is provided with security systems and
equipment for their residences and/or automobiles and with security
advice and personal protection services at their residences. The use
of these security services is provided in accordance with our
&#147;Pol&#237;tica de Seguridad&#148; policy. The cost of these systems and
services are incurred as a result of business-related concerns and
are not considered for their personal benefit. As a result, the
Company has not included such cost in &#147;&#151;Compensation.&#148;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stock Purchase Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of our stock purchase plan, as amended, we may grant eligible
participants, who consist of key executives and other personnel, rights to purchase CPOs and/or CPO
equivalents or we may conditionally sell CPOs and/or CPO equivalents to these participants. Our
shareholders have authorized the allocation of up to 8% of our capital stock to this and any other
plans we may establish from time to time for the benefit of our employees. See &#147;&#151; Long-Term
Retention Plan.&#148; Pursuant to the stock purchase plan, the exercise or sale prices of the CPOs
and/or CPO equivalents are based on then current market prices at the time the options are granted
or the conditional sale agreement is executed. We have implemented the stock purchase plan by means
of a special purpose trust. The CPOs, CPO equivalents and underlying shares that are part of the
stock purchase plan will be held by the special purpose trust and will be voted with the majority
of the CPOs, CPO equivalents and underlying shares represented at the relevant meeting until these
securities are transferred to plan participants or otherwise sold in the open market. In accordance
with the stock purchase plan, our President and the technical committee of the special purpose
trust have
</DIV>

<P align="center" style="font-size: 10pt">- 100 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">broad discretion to make decisions related to the stock purchase plan, including the
ability to accelerate vesting terms, to release or transfer CPOs and/or CPO equivalents, subject to
conditional sale agreements, to plan participants in connection with sales for purposes of making
the payment of the related purchase price, and to implement amendments to the stock purchase plan,
among others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stock purchase plan has been implemented in several stages since 1999, through a series of
conditional sales to plan participants of CPOs. The conditional sale agreements entered into by
plan participants since the implementation of the stock purchase plan through the fourth quarter of
2001 were terminated for several reasons, including the failure of plan participants to pay the
purchase price and the fact that the average closing price per CPO on the Mexican Stock Exchange
fell below certain thresholds for a 15 trading day period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;11, 2005, allocations and conditional sale agreements have been made or executed
with respect to approximately 118&nbsp;million CPOs, generally at exercise prices ranging from
approximately Ps.11.21 to Ps.19.10 (approximately U.S.$1.04 to U.S.$1.71) per CPO (in certain
cases, adjusted upwards by a specified percentage ranging from 2% to 6%, depending upon whether the
purchase price is paid in Pesos or in U.S. Dollars, generally from the date of the relevant
conditional sale agreement through the date of payment(s)). Pursuant to the related conditional
sale agreements, rights to approximately 30.0&nbsp;million CPOs vested in February&nbsp;2003, approximately
17.5&nbsp;million CPOs vested in March&nbsp;2004, approximately 17.5&nbsp;million CPOs vested in March&nbsp;2005,
approximately 9.5&nbsp;million CPOs vested in July&nbsp;2005, and approximately 18.7&nbsp;million vested in March
2006. Rights to the remaining CPOs currently vest no later than 2008. Rights to purchase these CPOs
currently expire in 2011. Unless the technical committee of the special purpose trust or our
President determines otherwise, these CPOs will be held in the special purpose trust until they are
transferred to plan participants or otherwise sold in the open market, subject to the conditions
set forth in the related conditional sale agreements. Any CPOs not transferred to plan participants
pursuant to the relevant conditional sale agreement may be allocated to other existing or future
plan participants, provided that the rights of the original plan participants to purchase these
CPOs have expired or are terminated. See Notes 12 and 24 to our year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2002, we registered for sale CPOs by the special purpose trust to plan
participants pursuant to a registration statement on Form S-8 under the Securities Act. The
registration of these CPOs permits plan participants who are not affiliates and/or the special
purpose trust on behalf of these plan participants to sell their CPOs that have vested into the
Mexican and/or U.S. markets through ordinary brokerage transactions without any volume or other
limitations or restrictions. Those plan participants who are affiliates may only sell their vested
CPOs either pursuant to an effective registration statement under the Securities Act or in reliance
on an exemption from registration. All or a portion of the net proceeds from any such sales would
be used to satisfy the purchase price obligations of these
plan participants pursuant to their conditional sale agreements. As of December&nbsp;31, 2005,
approximately 40&nbsp;million CPOs transferred to employee plan participants have been sold in open
market transactions. Additional sales took place during the three months ended March&nbsp;31, 2006 will
continue to take place during or after 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Long-Term Retention Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our general extraordinary and ordinary shareholders&#146; meeting held on April&nbsp;30, 2002, our
shareholders authorized the creation and implementation of a Long-Term Retention Plan, which
supplements our existing stock purchase plan. At the meeting, our shareholders also authorized the
issuance of A Shares in an aggregate amount of up to 4.5% of our capital stock at the time the A
Shares are issued, a portion of the 8% of our capital stock previously authorized by our
shareholders for these plans, as well as the creation of one or more special purpose trusts to
implement the Long-Term Retention Plan. One of these special purpose trusts currently owns
approximately 143.5&nbsp;million CPOs or CPO equivalents, of which approximately 53% are in the form of
CPOs and the remaining 47% are in the form of A, B, D and L Shares. We estimate that all of those
CPOs and CPOs equivalents will become granted and/or vested in periods between 2008 and 2023.
Pursuant to our Long-Term Retention Plan, we may grant eligible participants, who consist of
unionized and non-unionized employees, including key personnel, awards as stock options,
conditional sales, restricted stock or other similar arrangements. As approved by our shareholders,
the exercise or sale price, as the case may be, is based (i)&nbsp;on the average trading price of the
CPOs during the first six months of 2003, or (ii)&nbsp;on the price determined by the Board, the
technical committee of the special purpose trust or the President of Televisa, in either case,
adjusted by any applicable discount, including discounts attributable to limitations on the
disposition of the Shares or CPOs that are subject to the Long-Term Retention Plan. The CPOs and
their underlying shares as well as A, B, D and L Shares that are part of the Long-Term Retention
Plan will be held by the special purpose trust and will be voted (y)&nbsp;with the majority of those
securities, as the case may be, represented at the relevant meeting or (z)&nbsp;as determined by the
technical
</DIV>

<P align="center" style="font-size: 10pt">- 101 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">committee of the special purpose trust, until these securities are transferred to plan
participants or otherwise sold in the open market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2005, awards under the Long-Term Retention Plan have been granted or
reserved with respect to approximately 54.4&nbsp;million CPOs or CPO equivalents, either in the form of
CPOs or Shares, of which rights with respect to approximately 46.8&nbsp;million CPOs or CPO equivalents
shall vest between 2008 and 2010 at a price of approximately Ps.13.45 per CPO. The remaining 7.6
million CPOs or CPO equivalents may be exercised at a price of approximately Ps.28.05 per CPO in
periods commencing in 2008 and ending in 2023 (in certain cases, adjusted upwards by a specified
percentage similar to the interest rate generated by Government liquid securities). Pursuant to the
resolutions adopted by our shareholders&#146; meeting, we have not, and do not intend to, register
shares under the Securities Act that are allocated to the Long-Term Retention Plan. See &#147;Key
Information &#151; Risk Factors &#151; Risk Factors Related to Our Securities &#151; The Interests of Our GDS
Holders Will Be Diluted if We Issue New Shares and These Holders Are Unable to Exercise Preemptive
Rights for Cash.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Share Ownership of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share ownership of our directors, alternate directors and executive officers is set forth in
the table under &#147;Major Shareholders and Related Party
Transactions &#151; The Principal Shareholders and Related Party Transactions.&#148; Except as set forth in
this table, none of our directors, alternate directors or executive officers is currently the
beneficial owner of more than 1% of any class of our capital stock or conditional sale agreements
or options representing the right to purchase more than 1% of any class of our capital stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Statutory Auditors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our bylaws, the holders of a majority of the outstanding A Shares and B Shares elect a
statutory auditor <I>(comisario) </I>and a corresponding alternate statutory auditor at the annual
ordinary shareholders&#146; meeting. For such election, the vote of the majority of the outstanding A
Shares is also required. In accordance with the Mexican Securities Market Law, holders of common
stock or non-voting stock representing at least 10% of a company&#146;s capital stock shall have the
right to appoint one statutory auditor. Mexican law requires that the statutory auditors receive
monthly reports from the Board of Directors regarding material aspects of our affairs, including
our financial condition, and that they be invited to attend any meeting of the Board of Directors.
The statutory auditors are also authorized to call ordinary or extraordinary general meetings,
place items on the agenda for meetings of shareholders or the Board of Directors, attend meetings
of shareholders, the Board of Directors or the audit
committee and generally monitor our affairs. In addition, the statutory auditors are also
required to report to the shareholders at the annual shareholders&#146; meeting regarding our financial
statements and related matters, and must be invited to all Board and Audit and Executive Committee
meetings, where they can attend but not vote. At our 2005 Annual Ordinary Shareholders&#146; Meeting,
Mario Salazar Erdmann was elected to serve as our statutory auditor until the acceptance of the
election by his successor at the next annual shareholders&#146; meeting and Jos&#233; Miguel Arrieta M&#233;ndez
was elected as alternate statutory auditor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employees and Labor Relations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the number of employees and a breakdown of employees by main
category of activity and geographic location as of the end of each year in the three-year period
ended December&nbsp;31, 2005:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total number of employees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,076</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Category of activity:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Executives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Geographic location:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Latin America (other than Mexico)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">954</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">435</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Spain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">- 102 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2003, 2004 and 2005, approximately half of our employees were represented
by unions. We believe that our relations with our employees are good. Under Mexican law, the
agreements between us and most of our television, radio and cable television union employees are
subject to renegotiation on an annual basis in January of each year. We also have union contracts
with artists, musicians and other employees, which are also renegotiated on an annual basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, after giving effect to the consolidation of Innova, our total employee
headcount would have been approximately 14,200 at December&nbsp;31, 2003.
</DIV>

<P align="center" style="font-size: 10pt">- 103 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Major Shareholders and Related Party Transactions</B>
</DIV>

<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Principal Shareholders and Related Party Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information about the beneficial ownership of our capital stock
by our directors, alternate directors, executive officers and each person who is known by us to own
more than 5% of the currently outstanding A Shares, B Shares, L Shares or D Shares as of May&nbsp;31,
2006. Except as set forth below, we are not aware of any holder of more than 5% of any class of our
Shares.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="31" style="border-bottom: 1px solid #000000"><B>Share Beneficially Owned(1)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>A Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>B Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>D Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>L Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Identity of Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Azc&#225;rraga Trust(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,991,825,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42.90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,814,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,886,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,886,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.65</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Inbursa Trust(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,657,549,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,458,643,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,320,569,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,320,569,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.13</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Investor Trust(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Morgan Stanley Investment
Management Inc.(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,435,215,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,022,989,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,809,301,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,809,301,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">MFS Investment Management(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,266,224,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,874,277,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,572,714,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,572,714,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Unless otherwise indicated, the information presented in this section is based on the
number of shares authorized, issued and outstanding as of May&nbsp;31, 2006. The number of shares
issued and outstanding for legal purposes as of May&nbsp;31, 2006 was 64,551,410,550 series A
Shares, 56,805,241,284 series B Shares, 90,371,974,770 series D Shares and 90,371,974,770
series L Shares, in the form of CPOs, and an additional 58,926,613,375 series A Shares,
2,357,207,692 series B Shares, 238,595 series D Shares and 238,595 series L Shares not in the
form of CPOs. For financial reporting purposes under Mexican GAAP only, the number of shares
authorized, issued and outstanding as of May&nbsp;31, 2006 was 61,683,238,475 series A Shares,
54,281,249,858 series B Shares, 86,356,533,865 series D Shares and 86,356,533,865 series L
Shares in the form of CPOs, and an additional 52,915,848,965 series A Shares, 186,537 series B
Shares, 238,541 series D Shares and 238,541 series L Shares not in the form of CPOs. The
number of shares authorized, issued and outstanding for financial reporting purposes under
Mexican GAAP as of May&nbsp;31, 2006 does not include: (i)&nbsp;38,558,047 CPOs and an additional
516,887,975 series A Shares, 20,675,534 series B Shares, 25 series D Shares and 25 series L
Shares not in the form of CPOs acquired by one of our subsidiaries, Televisa, S.A. de C.V.,
substantially all of which are currently held by the trust created to implement our stock
purchase plan; and (ii)&nbsp;76,168,836 CPOs and an additional 5,493,876,435 series A Shares,
2,336,345,621 series B Shares, 29 series D Shares and 29 series L Shares not in the form of
CPOs acquired by the trust we created to implement our long-term retention plan. See Notes 2
and 12 to our year-end financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Except indirectly through the Shareholder Trust, none of our directors and executive officers
currently beneficially owns more than 1% of our outstanding A Shares, L Shares or D Shares.
See &#147;Directors, Senior Management and Employees &#151; Share Ownership of Directors and Officers.&#148;
This information is based on information provided by directors and executive officers.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>For a description of the Shareholder Trust, see &#147;&#151; The Major Shareholders&#148; below.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Based solely on information included in the Report on Form&nbsp;13F filed on March&nbsp;31, 2006 by
Morgan Stanley Investment Management, Inc.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Based solely on information included in the Report on Form&nbsp;13F filed on March&nbsp;31, 2006 by MFS
Investment Management.</TD>
</TR>

</TABLE>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Major Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 44.26% of the outstanding A Shares, 2.58% of the outstanding B Shares, 2.69% of
the outstanding D Shares and 2.69% of the outstanding L Shares are held through the Shareholder
Trust, including shares in the form of CPOs. The beneficiaries of the Shareholder Trust are a trust
for the benefit of Emilio Azc&#225;rraga Jean (the &#147;Azc&#225;rraga Trust&#148;), and a trust for the benefit of
Promotora Inbursa, S.A. de C.V. (the &#147;Inbursa Trust&#148;). Promotora Inbursa, S.A. de C.V. is an
indirect subsidiary of Grupo Financiero Inbursa, S.A. de C.V.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;17, 2005, a trust for the benefit of Mar&#237;a Asunci&#243;n Aramburuzabala Larregui,
Lucrecia Aramburuzabala Larregui de Fern&#225;ndez, Maria de las Nieves Fern&#225;ndez Gonz&#225;lez, Antonino
Fern&#225;ndez Rodr&#237;guez and Carlos Fern&#225;ndez Gonz&#225;lez (the &#147;Investor Trust&#148;) released its Shares held
in the Shareholder Trust, which represented 19.84% of the Shares held then through the Shareholder
Trust. On July&nbsp;1, 2005 the Inbursa Trust released 15,514,667,113 Shares from the Shareholders
Trust, which represent two-thirds of the Shares it held through the Shareholders Trust before July
1, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Azc&#225;rraga Trust beneficially owns 87.29% of the Televisa shares held through the
Shareholder Trust and the Inbursa Trust beneficially owns 12.71% of the Televisa shares held
through the Shareholder Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Televisa shares held through the Shareholder Trust are voted by the trustee as instructed
by a Technical Committee comprising five members &#151; three appointed by the Azc&#225;rraga Trust and one
appointed by each of the Inbursa Trust and the Investor Trust. On August&nbsp;17, 2005, the Investor
Trust released all of its shares held in the Shareholder Trust. Accordingly, the Investor Trust is
no longer entitled to appoint a member of the Technical Committee. Therefore, decisions by the
Technical Committee shall be approved by members appointed by the Azc&#225;rraga Trust and the Inbursa
Trust. Accordingly, except as described below, Emilio Azc&#225;rraga Jean will control the voting of the
shares held through the Shareholder Trust. In elections of directors, the Technical Committee will
instruct the trustee to vote the A Shares held through the Shareholder Trust for individuals
designated by Mr.&nbsp;Azc&#225;rraga Jean. The A Shares held through the Shareholder Trust constitute a
majority of the A Shares whose holders are entitled to vote them, because non-Mexican holders of
CPOs and GDSs are not permitted by law to vote the underlying A Shares. Accordingly, so long as
non-Mexicans own more than a minimal number of A Shares, Mr.&nbsp;Azc&#225;rraga Jean will have the ability
to direct the election of eleven out of 20 members of our Board and in addition, since he controls
the majority of A Shares, certain key matters including dividend payments, mergers, spin-offs,
changes in corporate purpose, changes of nationality and amendments to the anti-takeover provisions
of our bylaws require his vote in favor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Televisa&#146;s bylaws, holders of Series&nbsp;B shares are entitled to elect five out of 20
members of the Board of Directors. The Shareholder Trust regulates the manner in which shareholders
participating in such trust are entitled to propose nominees as members of the Board of Directors
to be elected by holders of Series&nbsp;B Shares. In accordance with the Shareholders Trust, the five
nominees for which the trustee will vote the B Shares held by the Shareholders Trust are proposed
by the shareholders participating in the Shareholders Trust, as follows (i)&nbsp;Emilio Azc&#225;rraga Jean
is entitled to propose two nominees to be members of the Board of Directors elected by Series&nbsp;B
Shares; (ii)&nbsp;the Investors Trust was entitled to propose one nominee, so long as the shares it held
through the Shareholder Trust constituted more than 2% of the total issued and outstanding Televisa
shares, however, on August&nbsp;17, 2005, the Investor Trust released all of its shares held through the
Shareholder Trust; and (iii)&nbsp;until the Inbursa Trust is entitled to release all its Televisa shares
from the Shareholder Trust, and so long as the shares it holds through the Shareholder Trust
constitute more than 2% of the total issued and outstanding Televisa shares, the Inbursa Trust will
be entitled to propose two nominees. In the event that one of the nominees proposed by the Inbursa
Trust is not elected to our Board of Directors, then so long as Mr.&nbsp;Azc&#225;rraga Jean has the ability
to direct the election of 11 Board members, the A Shares held through the Shareholder Trust will be
voted for one individual nominated by the Inbursa Trust to serve on our Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the B Shares held through the Shareholder Trust constitute only 2.58% of the total B
Shares outstanding, there can be no assurance that individuals nominated by the Shareholder Trust
beneficiaries will be elected to our Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the arrangements constituting the Shareholder Trust, Emilio Azc&#225;rraga Jean agreed
to consult with the Inbursa Trust and the Investor Trust as to the voting of shares held through
the Shareholder Trust on matters specifically set forth in the Shareholder Trust agreement,
including increases or reductions in the capital stock of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Televisa; merger, split-up, dissolution, liquidation or bankruptcy proceedings of Televisa;
related party transactions, extensions of credit or share repurchases, in each case exceeding
specified thresholds; and selection of the chairman of Televisa&#146;s Board of Directors, if different
from Emilio Azc&#225;rraga Jean. Due to the Investor Trust releasing all the Shares it held through the
Shareholder Trust on August&nbsp;17, 2005, Emilio Azc&#225;rraga Jean is no longer obligated to consult on
these matters with the Investor Trust. If the Inbursa Trust requests that shares be voted in a
particular way on such a matter, and Mr.&nbsp;Azc&#225;rraga Jean declines to do so, the Inbursa Trust may
immediately release its Televisa shares from the Shareholder Trust. These consultation rights will
terminate if the Inbursa Trust ceases to be party to the Shareholder Trust or if it owns less than
2% of the total capital stock of Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The beneficiaries of the Shareholder Trust will have only limited rights to transfer or pledge
their trust interests without the consent of the other trust beneficiaries, but they may transfer
freely to affiliated parties as defined in the Shareholder Trust Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for two million CPOs which were released to the Fern&#225;ndez family immediately upon the
completion of the Recapitalization, the Shareholder Trust beneficiaries were not permitted to
release shares from the trust before July&nbsp;1, 2005. Beginning July&nbsp;1, 2005, the Investor Trust was
permitted to release or sell any or all of its Shares from the Shareholder Trust. On August&nbsp;17,
2005 the Investor Trust released all its Shares held in the Shareholder Trust. On January&nbsp;13, 2006,
a group of shareholders led by Mar&#237;a Asunci&#243;n Aramburuzabala Larregui, sold approximately 60
million of our CPOs which were formerly held by the Investor Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning on July&nbsp;1, 2005, the Inbursa Trust was allowed to release or sell up to two-thirds
of its Shares held in the Shareholder Trust and beginning on July&nbsp;1, 2009 it will be allowed to
release or sell its remaining Shares held in the Shareholder Trust. On July&nbsp;1, 2005 the Inbursa
Trust released 15,514,667,113 Shares from the Shareholders Trust which represented two-thirds of
the Shares it held through the Shareholders Trust before July&nbsp;1, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, as described above, if the Inbursa Trust requests that Shares be voted in a
particular way on any matter specifically set forth in the Shareholder Trust Agreement, and Mr.
Azc&#225;rraga Jean declines to do so, the Inbursa Trust may immediately release its Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Related Party Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transactions and Arrangements With Innova. </I></B>In 2003, 2004 and 2005, we engaged in, and we
expect that we will continue to engage in, transactions with Innova, including, without limitation,
the transactions described below. We hold a 58.7% equity interest in Innova through a consolidated
joint venture with DIRECTV. Beginning April&nbsp;1, 2004, we began including the assets, liabilities and
results of operations of Innova in our consolidated financial statements (see Note 1(b) to our
year-end financial statements). Although we hold a majority of Innova&#146;s equity, DIRECTV, has
significant governance rights, including the right to block any transaction between us and Innova.
See Note 9 to Innova&#146;s year-end financial statements for all of the information that Innova must
make publicly available in Mexico regarding transactions and arrangements with us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital Contributions and Loans. </I>In May&nbsp;2004, we entered into the following transactions with
Innova and the other two equity owners of Innova at the time, News Corp. and Liberty Media, which
had the net effect of increasing Innova&#146;s net worth by U.S.$15&nbsp;million but did not affect the
relative ownership interests of any equity owner:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>News Corp. contributed to Innova an account receivable of U.S.$15&nbsp;million
owed to News Corp. by Sky DTH, S. de R.L. de C.V., or Sky DTH;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We assigned to Sky DTH an account receivable of U.S.$15&nbsp;million owed to us
by Innova; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Innova, Innova Holdings, News Corp., Liberty Media and Sky DTH agreed that
the obligation owed by Innova to Sky DTH and the obligation owed by Sky DTH to Innova
would be set off against each other and cancelled.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this transaction, we and the other equity owners also increased Innova&#146;s
capital by a de minimis amount. See &#147;Information on the Company &#151; Business Overview &#151; DTH Joint
Ventures.&#148;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Programming. </I>Pursuant to an agreement between us and Innova, we have granted Innova exclusive
DTH rights to some program services in Mexico, subject to some preexisting agreements with third
parties. Innova paid us approximately Ps.292.0&nbsp;million, Ps.370.0&nbsp;million and Ps.389.2&nbsp;million for
these rights in 2003, 2004 and 2005, respectively. Innova currently pays the rates paid by third
party providers of cable television, subject to certain exceptions, and MMDS services in Mexico for
our various programming services. In addition, pursuant to the agreement and subject to certain
exceptions, we cannot charge Innova higher rates than the rates that we charge third party
providers of cable television and MMDS services in Mexico for our various programming services. In
October&nbsp;2004, we entered into new channel licensing agreements with Innova pursuant to which Innova
will pay us a royalty fee to carry our over-the-air channel on its DTH service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005 Innova, agreed to purchase from Televisa certain rights to the 2006 Soccer World Cup.
Innova has the rights to air all 64 games of the World Cup, out of which 34 will be exclusively
available to Sky subscribers. The cost of these rights plus production costs is expected to be
U.S.$19.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Advertising Services. </I>Innova purchased magazine advertising space and television and radio
advertising time from us in connection with the promotion of its DTH satellite services in 2003,
2004 and 2005, and we expect that Innova will continue to do so in the future. For television,
radio and magazine advertising, Innova paid and will continue to pay the rates applicable to third
party advertisers. Innova paid Ps.132.9 million, Ps.131.6&nbsp;million and Ps.137.4&nbsp;million for
advertising services in 2003, 2004 and 2005, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Guarantees. </I>We have guaranteed a portion of Innova&#146;s payments to PanAmSat for transponder
services on satellite PAS-9. Our guarantee is currently limited to 58.7% of Innova&#146;s obligations
under the transponder lease. Innova is obligated to pay a monthly service fee of U.S.$1.7&nbsp;million
to PanAmSat for satellite signal reception and retransmission service from transponders on the
PAS-9 satellite through September&nbsp;2015. As of December&nbsp;31, 2004 and 2005, we had guaranteed
payments in the amount of U.S.$111.8&nbsp;million and U.S.$101.4&nbsp;million, respectively, which
represented 51% of Innova&#146;s obligations to PanAmSat at the end of each of 2004 and 2005. See
&#147;Information on the Company &#151; Business Overview &#151; DTH Joint Ventures.&#148; See &#147;Major Shareholders and
Related Party Transactions &#151; The Principal Shareholders and Related Party Transactions &#151; Related
Party Transactions.&#148; See Note 11 to our year-end financial statements. If Innova does not pay these
fees in a timely manner, we will be required to pay our proportionate share of its obligations to
PanAmSat. We have also guaranteed 100% of Innova&#146;s payment obligation under both the Ps.2.1
billion, 10-year bank loan with Banamex, as well as the Ps. 1.4&nbsp;billion, 10-year bank loan with
Banco Santader Serfin, S.A., or Santader.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July&nbsp;2005, we entered into a long-term credit agreement with Innova in the aggregate
principal amount of Ps.1,012,000, with a partial maturity (50%) in 2010 and the remainder in 2011,
and interest of 10.55% per annum payable on a monthly basis. The proceeds from the credit agreement
were used to prepay all of the outstanding amounts under a long-term credit agreement entered into
in December&nbsp;2004 between Innova and a Mexican bank in the same principal amount, and with the same
maturity and interest conditions. In November&nbsp;2005, Innova prepaid Ps.512&nbsp;million of this loan at
par and no penalty was incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Sharing Agreement. </I>We have a tax sharing agreement with Innova, which sets forth certain
of our rights and obligations, as well as those of Innova, with respect to Innova&#146;s liability for
federal income and assets taxes imposed under Mexican tax laws. We received an authorization from
Mexican tax authorities to include Innova&#146;s results in our consolidated tax return for purposes of
determining our income and assets taxes. Tax profits or losses obtained by Innova are consolidated
with our tax profits or losses up to 100% of our percentage ownership of Innova, which is currently
58.7%. Pursuant to the tax sharing agreement, in no event shall Innova be required to remit to us
an amount in respect of its federal income and assets taxes that is in excess of the product of (x)
the amount that Innova would be required to pay on an individual basis, as if Innova had filed a
separate tax return, and (y)&nbsp;with respect to asset and income taxes, our direct or indirect
percentage ownership of Innova&#146;s capital stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For additional information concerning transactions with Innova, as well as amounts paid to us
by Innova pursuant to these transactions in 2005, see Note 16 to our year-end financial statements
and Note 9 to Innova&#146;s year-end financial statements. See also &#147;Key Information &#151; Risk Factors &#151;
Risk Factors Related to Our Business &#151; We Have Experienced Substantial Losses, Primarily in Respect
of Our Investments in Innova, and Expect to Continue to Experience Substantial Losses as a Result
of Our Participation in Innova, Which Would Adversely Affect Our Net Income&#148; and
&#147;Information on the Company &#151; Business Overview &#151; DTH Joint Ventures &#151; Mexico.&#148;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transactions and Arrangements with MCOP. </I></B>In November&nbsp;2005, DIRECTV purchased all of our equity
interest in MCOP, a DTH non-consolidated joint venture in Latin America outside of Mexico and
Brazil. Prior to that sale, in 2003, 2004 and 2005, we engaged in various transactions with MCOP,
including, without limitation, the transactions described below. See
&#147;Information on the Company &#151;
Business Overview &#151; DTH Joint Ventures &#151; Mexico.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital Contributions and Loans. </I>From MCOP&#146;s inception through December&nbsp;2004, we have made
approximately U.S.$139.2&nbsp;million in capital contributions. Additionally, capital contributions of
approximately U.S.$15.0&nbsp;million were made on our behalf by News Corp. in which amount was reflected
as a liability due to News Corp. in our consolidated balance sheets at December&nbsp;31, 2003. During
2003 and 2004, we made loans to MCOP in the aggregate amount of U.S.$13.1&nbsp;million and U.S.$7.2
million respectively, in connection with the transponder service agreement with PanAmSat. We are
not obligated to make any further capital contributions or loans to MCOP and we no longer own an
equity interest in MCOP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Programming. </I>MCOP paid us approximately U.S.$1.5&nbsp;million for rights to carry certain of our
program services in 2003 and U.S.$0.5&nbsp;million in 2004. MCOP currently pays the rates paid by third
party providers of cable television and MMDS services for our various programming services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Guarantees. </I>Until October&nbsp;2004, we had guaranteed MCOP&#146;s payments to PanAmSat for transponder
services on PAS-6B in proportion to our respective ownership interest in MCOP, which was 30%. MCOP
was obligated to pay a monthly service fee of U.S.$3.0&nbsp;million to PanAmSat for satellite signal
reception and retransmission service from transponders on the PAS-6B satellite through 2014. In
October&nbsp;2004, in conjunction with a series of agreements entered into by us with DIRECTV and News
Corp., we were released from our satellite transponder guarantee, which, as of December&nbsp;31, 2004,
amounted to approximately Ps.357.2&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For additional information concerning transactions with MCOP, see Note 2 to our year-end
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transactions and Arrangements with TechCo. </I></B>In October&nbsp;2005, DIRECTV purchased all of our
equity interest in TechCo, our U.S. partnership formed to provide certain technical services from a
main uplink facility in Miami Lakes, Florida and a redundancy site in Port St. Lucie, Florida.
Prior to such sale, in 2003, 2004 and 2005, we engaged in transactions with TechCo, including,
without limitation, the transactions described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital Contributions and Loans. </I>From TechCo&#146;s inception through December&nbsp;2004, we have made
approximately U.S.$12.9&nbsp;million in capital contributions. During 2003 and 2004, we made loans to
TechCo in the aggregate amount of U.S.$7.5&nbsp;million and U.S.$4.5&nbsp;million, respectively, in
connection with TechCo&#146;s operating cash shortfall. We will not continue to fund TechCo&#146;s shortfall
in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Guarantees. </I>We have guaranteed 36% of TechCo&#146;s payments in respect of its capital lease
obligations. TechCo was obligated to make payments under its capital leases with various maturities
between 2005 and 2007 for an aggregate amount of U.S.$27.4&nbsp;million in respect of its capital lease
obligations. As of December&nbsp;31, 2004, we had guaranteed payments by TechCo in the aggregate amount
of U.S.$9.9&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For additional information concerning transactions with TechCo, see Notes 2 and 5 to our
year-end financial statements. See also &#147;Information on the Company &#151; Business Overview &#151; DTH Joint
Ventures &#151; Mexico.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transactions and Arrangements With Univision. </I></B>In 2003, 2004 and 2005, we engaged in, and we
expect that we will continue to engage in, transactions with Univision. We currently own 39,289,534
shares and warrants representing an approximate 11.4% equity stake in Univision, on a fully diluted
basis. For a description of programming and other agreements between us and Univision, as well as
royalties paid to us by Univision pursuant to programming agreements, see &#147;Information on the
Company &#151; Business Overview &#151; Television &#151;Programming Exports,&#148; &#147;Information on the Company &#151;
Business Overview &#151; Univision&#148; and Note 16 to our year end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described under &#147;Information on the Company &#151; Business Overview &#151; Univision,&#148; we currently
have the right to appoint a member of Univision&#146;s Board of Directors. In 2002, we appointed Emilio
Azc&#225;rraga Jean, our Chairman of the Board, Chief Executive Officer, President and President of the
Executive Committee of our Board, as our director, and Alfonso de Angoitia Noriega, our Executive
Vice President, as our alternate director of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Univision. Univision subsequently appointed Mr.&nbsp;Azc&#225;rraga Jean as Vice-Chairman of its Board
of Directors. Effective as of May&nbsp;9, 2005, Mr.&nbsp;Azc&#225;rraga Jean and Mr. de Angoitia Noriega resigned
as a director and alternate director, respectively, of Univision.  In April&nbsp;2006, we
designated Ricardo Maldonado Ya&#241;ez, Secretary to our Board of Directors, as our director on the
Univision Board of Directors. We have not determined whether we will seek to elect a replacement
alternate director to the Univision Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;<B>Transactions and Arrangements With Our Directors and Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;1, 2004, Servicios Profesionales, a company controlled by Emilio Azc&#225;rraga Jean,
purchased a 5% interest of M&#225;s Fondos from Corporativo Vasco de Quiroga, S.A. de C.V., one of our
subsidiaries and the controlling shareholder of M&#225;s Fondos. The total consideration that Servicios
Profesionales paid in connection with this acquisition was Ps.500,000. We received authorization
for this transaction from the CNBV on June&nbsp;28, 2004. For additional information concerning M&#225;s
Fondos see &#147;Information on the Company &#151; Business Overview &#151; Investments &#151; Mutual Fund Venture.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;31, 2000, we made a personal loan in the amount of U.S.$150,000 to Jorge Eduardo
Murgu&#237;a Orozco, one of our executive officers. The aggregate principal amount of this loan,
together with accrued interest, was repaid in full by Mr.&nbsp;Murgu&#237;a in June&nbsp;2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of our executive officers have in the past, and from time to time in the future may,
purchase debt securities issued by us and/or Innova from third parties in negotiated transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;<B>Transactions and Arrangements With Affiliates and Related Parties of Our Directors, Officers and
Major Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Production
Services</I>. FV Productions, LLC., a television production company owned by Ultra
Enterprises, Inc. and Politzer Productions, Corp., provides, from time to time, production
services as required by Televisa, S.A. de C.V. Ultra Enterprises, Inc. is currently
controlled by Grupo Televicentro, S.A. de C.V., or Televicentro, where
Mr. Emilio Azc&#225;rraga
Jean, our Chief Executive Officer, President and Chairman of the Board, acts as a shareholder.
FV Productions, LLC has provided Televisa the following production services: (i) during 2004,
production services for the production of a <I>telenovela</I> entitled
&#147;Inocente de Ti&#148;, which
consisted of 135 episodes and had a cost of U.S.$5,640,482.76; and (ii) during 2004 and ending
in 2005, production services for the production of a <I>telenovela</I>
entitled &#147;El Amor no Tiene
Precio&#148;, which consisted of 279 episodes and had a cost of U.S.$11,280,007.00.  As of today
Televisa is negotiating with FV Productions, LLC the production of a new <I>telenovela</I>. We
 believe that the fees paid by Televisa to FV Productions, LLC for the referred production
services are comparable to those paid to third parties for these types of services.
In addition, in June 2004, Televicentro granted Televisa a call option to require
Televicentro to sell and Televisa granted Televicentro a put option to require Televisa to
purchase, shares representing all of the outstanding equity interest of Ultra Enterprises,
Inc. owned by Televicentro or by its subsidiary TVC Holdings USA, LLC at the time of exercise
of the option. The options may be exercised at any time prior to June 30, 2009 for a price
equal to 3.6 times the average of the operating income before depreciation and amortization
of Ultra Enterprises, Inc. for the two years prior to the exercise of the option.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Acquisition of Telespecialidades. </I>In June&nbsp;2003, we purchased all the outstanding equity of
Telespecialidades, a company which was owned by all of the shareholders of Televicentro in the same
proportion that they owned Televicentro. The total consideration we paid in connection with this
acquisition was approximately U.S.$83.0&nbsp;million, which was financed with cash on hand. At the time
of the acquisition, Telespecialidades&#146;s net assets consisted principally of 1,591,283 CPOs, which
CPOs were previously owned by Televicentro, and tax loss carryforwards of approximately Ps.7,297.5
million. The terms of this acquisition were approved by our Audit Committee. Telespecialidades was
merged into Televisa, S.A. de C.V. on December&nbsp;31, 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Consulting Services. </I>Instituto de Investigaciones Sociales, S.C., a consulting firm which is
controlled by Ariana Azc&#225;rraga De Surmont, the sister of Emilio Azc&#225;rraga Jean, has, from time to
time during 2003, 2004 and 2005 provided consulting services and research in connection with the
effects of our programming, especially telenovelas, on our viewing audience. Instituto de
Investigaciones Sociales, S.C. has provided us with such services in 2005 and we expect to continue
these arrangements through 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Loans from Banamex. </I>From time to time in the past and in 2003, 2004 and 2005, Banamex made
loans to us, Televicentro and several other of our affiliates, and we expect that this will
continue to be the case in the future. These loans were made to us, Televicentro and our affiliates
on terms substantially similar to those offered by Banamex to third parties. Emilio Azc&#225;rraga Jean,
our Chief Executive Officer, President and Chairman of the Board, is a member of the Board of
Banamex. One of our directors, Roberto Hern&#225;ndez Ram&#237;rez, is the Chairman of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Banamex. Mr.&nbsp;Hern&#225;ndez is also a member of the Board of, and the beneficial owner of
less than 1% of the outstanding capital stock of, Citigroup, Inc., the entity that indirectly
controls Banamex. Lorenzo H. Zambrano Trevi&#241;o, one of our directors, is also a member of the Board
of Banamex. For a description of amounts outstanding under, and the terms of, our existing credit
facilities with Banamex, see &#147;Operating and Financial Review and Prospects &#151; Results of Operations
&#151; Liquidity, Foreign Exchange and Capital Resources &#151; Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Advertising Services. </I>Two of our directors, Mar&#237;a Asunci&#243;n Aramburuzabala Larregui and Carlos
Fern&#225;ndez Gonz&#225;lez, and one of our alternate directors, Lucrecia Aramburuzabala Larregui, are
members of the Board and Executive Committee of, as well as shareholders of, Grupo Modelo, S.A. de
C.V., or Grupo Modelo, the leading producer, distributor and exporter of beer in Mexico. Carlos
Fern&#225;ndez Gonz&#225;lez also serves as the Chief Executive Officer of Grupo Modelo. Grupo Modelo
purchased advertising services from us in connection with the promotion of its products from time
to time in 2003, 2004 and 2005, and we expect that this will continue to be the case in the future.
Grupo Modelo paid and will continue to pay rates applicable to third party advertisers for these
advertising services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Several other members of our current Board serve as members of the Boards and/or shareholders
of other companies. See &#147;Directors, Senior Management and Employees.&#148; Some of these companies,
including Banamex, Kimberly-Clark de M&#233;xico, S.A. de C.V., Grupo Financiero Santander, S.A. de C.V.
and Tel&#233;fonos de M&#233;xico, S.A. de C.V., among others, purchased advertising services from us in
connection with the promotion of their respective products and services from time to time in 2003,
2004 and 2005, and we expect that this will continue to be the case in the future. Similarly,
Alejandro Quintero I&#241;iguez, a member of the Board and the Executive Committee of Grupo Televisa,
S.A. and our Corporate Vice President of Sales and Marketing, is a
shareholder and member of the Board of Grupo TV Promo, S.A. de C.V., or Grupo TV Promo and TV
Promo, S.A. de C.V., or TV Promo. Grupo TV Promo and TV Promo are Mexican companies which render
services of publicity, promotion and advertisement to third parties; these entities act as
licensees of the Company for the use and exploitation of certain images and/or trademarks of shows and novelas produced by the Company; and produce promotional campaigns and
events for the Company and for some of the Company&#146;s clients. Grupo TV Promo and TV Promo jointly
with other entities in which Mr.&nbsp;Alejandro Quintero has a direct and/or indirect participation,
such as Producci&#243;n y Creatividad Musical, S.A. de C.V. and TV Promo International, Inc. have
purchased and will continue to purchase advertising services from us, some of which are referred to
the aforementioned promotional campaigns. The companies described above pay rates applicable to third party advertisers that purchase unsold advertising services, which are lower than the rates paid by advertisers that purchase advertising in advance or at regular rates.
Alejandro Quintero does not currently receive any form of compensation from Grupo TV Promo and/or
TV Promo, other than dividends to which he may be entitled to receive as shareholder, as the case
may be. During 2005, TV Promo purchased unsold advertising from Televisa for a total of $144.7 million Pesos.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Agency Services. </I>As of July&nbsp;2005, Maximedios Alternativos, S.A. de C.V., or Maximedios, a
Mexican company, was appointed as sales agent of Televisa for the sale of in-store
television advertising, airplane screen advertising, sponsorship of our soccer teams, as well
as pay-tv advertising sales (which includes Innova, Televisa Networks, and Cablevision). Televisa, Innova, Televisa Networks and Cablevision, respectively pay Maximedios
15% of the revenues from advertising sales made on their behalf and Televisa pays Maximedios 15% of the revenues from airplane screen sales and in-store advertising and 5% of
the revenues from sponsorships. Alejandro Quintero I&#241;iguez, a member of the Board and the Executive
Committee of Grupo Televisa, S.A. and our Corporate Vice President of Sales and Marketing jointly
with other members of his family, are majority shareholders and members of the Board of Grupo TV
Promo, S.A. de C.V. and Producci&#243;n y Creatividad Musical, S.A. de C.V., companies that have a
majority interest in Maximedios. Alejandro Quintero does not currently receive any form of
compensation from Maximedios, other than dividends to which he may be entitled to receive as
indirect shareholder. During 2005, Televisa and the aforementioned affiliates, paid Maximedios the amount of $19 million Pesos, as sales commissions. We believe
that such amount is comparable to those paid to third parties for these types of services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal and Advisory Services. </I>During 2003, 2004 and 2005, Mijares, Angoitia, Cort&#233;s y Fuentes,
S.C., a Mexican law firm, provided us with legal and advisory services, and we expect that this
will continue to be the case in the future. Alfonso de Angoitia Noriega, a partner on leave of
absence from the law firm of Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., is one of our directors, a
member of our Executive Committee, an Executive Vice President
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and was a member of the Related Party Transactions Committee. Alfonso de Angoitia Noriega does
not currently receive any form of compensation from, or participates in any way in the profits of,
Mijares, Angoitia, Cort&#233;s y Fuentes, S.C. Ricardo Maldonado Y&#225;&#241;ez, a partner from the law firm of
Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., serves also as Secretary of our Board of Directors and
Secretary to the Executive Committee of our Board of Directors. We believe that the fees we paid
for these services were comparable to those that we would have paid another law firm for similar
services. See Note 16 to our year-end financial statements.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Financial Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Item&nbsp;18
&#151; Financial Statements&#148; and pages F-1 through F-62, which are incorporated
herein by reference.
</DIV>
<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. The Offer and Listing</B>
</DIV>

<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Trading History of CPOs and GDSs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since December&nbsp;1993, the GDSs have been traded on the NYSE and the CPOs have been traded on
the Mexican Stock Exchange. In July&nbsp;2002, we removed Citibank, N.A. as the depositary for the GDSs
and appointed JPMorgan Chase Bank pursuant to a new deposit agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows, for the periods indicated, the high and low market prices in nominal
Pesos for the CPOs on the Mexican Stock Exchange, giving effect to the March&nbsp;1, 2000 10-for-1 stock
split in all cases.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Nominal Pesos per CPO<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">25.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12.63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">22.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">23.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12.63</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">34.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">22.22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">34.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">32.71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">44.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">29.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006
(through June 27, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">49.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">37.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second
Quarter (through June 27, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June
(through June 27, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.67</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: Mexican Stock Exchange.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">- 112 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows, for the periods indicated, the high and low market prices in U.S.
Dollars for the GDSs on the NYSE, giving effect to the March&nbsp;22, 2006 1:4 GDS ratio change in all
cases.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>U.S.
Dollars per GDS<SUP>(1)</SUP></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">13.375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">6.7075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">12.1625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">6.075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">10.5675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">5.815</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.8625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.9625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.3875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.5675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.7975</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">15.6625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">9.8075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.8075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8975</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.6625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.6625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.3825</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">20.775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">13.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.2375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.5825</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.7025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.935</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006
(through June 27, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">22.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">US$</TD>
    <TD align="right">16.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.3475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.3475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.0275</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.615</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second
Quarter (through June 27, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">June
(through June 27, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.38</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: NYSE.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading prices of the CPOs and the GDSs will be influenced by our results of operations,
financial condition, cash requirements, future prospects and by economic, financial and other
factors and market conditions. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to
Mexico &#151; Economic and Political Developments in Mexico May Adversely Affect Our Business.&#148; There
can be no assurance that prices of the CPOs and the GDSs will, in future, be within the ranges set
forth above. We believe that as of June 27, 2006, approximately
380,531,798 million GDSs were held of record by 113 persons with U.S.
addresses. Before giving effect to the Recapitalization, substantially all of the outstanding A
Shares not held through CPOs were owned by Televicentro and a special purpose trust created for our
Long Term Retention Plan, as described under &#147;Major Shareholders and Related Party Transactions&#148;
and &#147;Directors, Senior Management and Employees &#151; Long-Term Retention Plan.&#148;
</DIV>

<P align="center" style="font-size: 10pt">- 113 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Trading on the Mexican Stock Exchange</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican Stock Exchange, located in Mexico City, is the only stock exchange in Mexico.
Operating continuously since 1907, the Mexican Stock Exchange is organized as a corporation with
variable capital, or <I>sociedad an&#243;nima </I>de <I>capital variable</I>. Securities trading on the Mexican Stock
Exchange occurs from 8:30 a.m. to 3:00 p.m., Mexico City time, each business day. Since January
1999, all trading on the Mexican Stock Exchange has been effected electronically. The Mexican
Stock Exchange may impose a number of measures to promote an orderly and transparent trading price
of securities, including the operation of a system of automatic suspension of trading in shares of
a particular issuer when price fluctuation exceeds certain limits. The Mexican Stock Exchange may
also suspend trading in shares of a particular issuer as a result of the disclosure of a material
event, or when the changes in the volume traded or share price are not consistent with either the
historic performance or information publicly available. The Mexican Stock Exchange may resume
trading in the shares when it deems that the material events have been adequately disclosed to
public investors or when it deems that the issuer has adequately explained the reasons for the
changes in the volume traded or prevailing share price. Under current regulations, in certain
cases when the relevant securities are simultaneously traded on a stock exchange outside of Mexico,
the Mexican Stock Exchange may consider the measures adopted by the other stock exchange in order
to suspend and/or resume trading in the issuer&#146;s shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement is effected two business days after a share transaction on the Mexican Stock
Exchange. Deferred settlement, even by mutual agreement, is not permitted without the approval of
the CNBV. Most securities traded on the Mexican Stock Exchange, including the CPOs, are on deposit
with S.D. Indeval, S.A. de C.V., Instituci&#243;n para el Dep&#243;sito de Valores, or Indeval, a privately
owned securities depositary that acts as a clearinghouse, depositary and custodian, as well as a
settlement, transfer and registration agent for Mexican Stock Exchange transactions, eliminating
the need for physical transfer of securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Mexican Securities Market Law provides for the existence of an over-the-counter
market, no such market for securities in Mexico has been developed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market Regulation and Registration Standards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1946, the <I>Comisi&#243;n Nacional de Valores</I>, or the National Securities Commission, commonly
known as the CNV, was established to regulate stock market activity. In 1995, the CNV and the
<I>Comisi&#243;n Nacional Bancaria</I>, or the National Banking Commission, were merged to form the CNBV. The
Mexican Securities Market Law, which took effect in 1975, introduced important structural changes
to the Mexican financial system, including the organization of brokerage firms as corporations with
variable capital, or <I>sociedades an&#243;nimas de capital variable</I>. The Mexican Securities Market Law
sets standards for authorizing companies to operate as brokerage firms, which authorization is
granted at the discretion of the Ministry of Finance upon the recommendation of the CNBV. In
addition to setting standards for brokerage firms, the Mexican Securities Market Law empowers the
CNBV, among other things, to regulate the public offering and trading of securities and to impose
sanctions for the illegal use of insider information. The CNBV regulates the Mexican securities
market, the Mexican Stock Exchange and brokerage firms through a board of governors composed of
thirteen members, five of which are appointed by the Ministry of Finance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;2, 2001, the Mexican Securities Market Law requires issuers to increase the
protections offered to minority shareholders and to impose corporate governance controls on Mexican
listed companies in line with international standards. The Mexican Securities Market Law expressly
permits Mexican listed companies, with prior authorization from the CNBV, to include in their
bylaws anti-takeover defenses such as shareholder rights plans, or poison pills. We amended our
bylaws to include certain of these protections at our general extraordinary shareholders&#146; meeting,
which was held on April&nbsp;30, 2002. See &#147;Additional Information <FONT style="font-family: Symbol">&#190;</FONT> Bylaws <FONT style="font-family: Symbol">&#190;</FONT> Other
Provisions <FONT style="font-family: Symbol">&#190;</FONT> Appraisal Rights and Other Minority Protections&#148; and &#147;Additional Information
<FONT style="font-family: Symbol">&#190;</FONT> Bylaws <FONT style="font-family: Symbol">&#190;</FONT> Antitakeover Protections.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To offer securities to the public in Mexico, an issuer must meet specific qualitative and
quantitative requirements, and generally only securities for which an application for registration
in the National Registry of Securities maintained by the CNBV has been approved by the CNBV may be
listed on the Mexican Stock
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exchange. This approval does not imply any kind of certification or assurance related to the
merits or the quality of the securities or the solvency of the issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2003, the CNBV issued general rules, or General CNBV Rules, applicable to issuers and
other securities market participants. The General CNBV Rules, which repealed several previously
enacted rules, or <I>circulares</I>, of the CNBV, now provide a single set of rules governing issuers and
issuer activity, among other things.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The General CNBV Rules have mandated that the Mexican Stock Exchange adopt minimum
requirements for issuers to be registered with the CNBV and have their securities listed on the
Mexican Stock Exchange. To be registered, issuers will be required to have, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum number of years of operating history;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum financial condition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum number of shares or CPOs to be publicly offered to public investors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum price for the securities to be offered;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum of 15% of the capital stock placed among public investors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum of 200 holders of shares or of shares represented by CPOs, who
are deemed to be public investors under the General CNBV Rules, upon the completion of
the offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the following distribution of the securities offered pursuant to an
offering in Mexico: (i)&nbsp;at least 50% of the total number of securities offered must be
placed among investors who acquire less than 5% of the total number of securities
offered; and (ii)&nbsp;no investor may acquire more than 40% of the total number of
securities offered; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complied with certain corporate governance requirements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To maintain its registration, an issuer will be required to have, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum financial condition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>minimum operating conditions, including a minimum number of trades;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum trading price of its securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum of 12% of the capital stock held by public investors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a minimum of 100 holders of shares or of shares represented by CPOs who are
deemed to be public investors under the General CNBV Rules; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complied with certain corporate governance requirements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CNBV has the authority to waive some of these requirements in some circumstances. Also,
some of these requirements are applicable for each series of shares of the relevant issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican Stock Exchange will review annually compliance with the foregoing and other
requirements, some of which may be further reviewed on a quarterly or semi-annual basis. The
Mexican Stock Exchange must inform the CNBV of the results of its review and this information must,
in turn, be disclosed to investors. If an issuer fails to comply with any of the foregoing
requirements, the Mexican Stock Exchange will request that the issuer propose a plan to cure the
violation. If the issuer fails to propose such plan, if the plan is not satisfactory to the
Mexican Stock Exchange or if the issuer does not make substantial progress with respect to the
corrective measures, trading of the relevant series of shares on the Mexican Stock Exchange will be
temporarily suspended until the situation is corrected. In addition, if the issuer fails to
propose the plan or ceases to follow such plan once
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">proposed, the CNBV may suspend or cancel the registration of the shares. In such event, the
issuer must evidence the mechanisms to protect the rights of public investors and market in
general.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuers of listed securities are required to file unaudited quarterly financial statements and
audited annual financial statements as well as various periodic reports with the CNBV and the
Mexican Stock Exchange. Pursuant to the General CNBV Rules, the internal regulations of the
Mexican Stock Exchange must be amended to include, among other things, the implementation of the
<I>Sistema Electr&#243;nico de Env&#237;o y Difusi&#243;n de Informaci&#243;n</I>, or the SEDI, an automated system for the
electronic transfer of the information required to be filed with the Mexican Stock Exchange, which
will be similar to, but will replace, the existing <I>Sistema Electr&#243;nico de Comunicaci&#243;n con Emisores
de Valores</I>, or EMISNET. Issuers of listed securities must prepare and disclose their financial
information by a Mexican Stock Exchange-approved system known as the <I>Sistema de Informaci&#243;n
Financiera Computarizada</I>, or Computerized Financial Information System, commonly known as the
SIFIC. Immediately upon its receipt, the Mexican Stock Exchange makes that information available
to the public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The General CNBV Rules and the internal regulations of the Mexican Stock Exchange require
issuers of listed securities to file through the SEDI information on the occurrence of material
events affecting the relevant issuer. Material events include, but are not limited to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the entering into or termination of joint venture agreements or agreements with key suppliers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the creation of new lines of businesses or services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>significant deviations in expected or projected operating performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the restructuring or payment of significant indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>material litigation or labor conflicts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in dividend policy;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the commencement of any insolvency, suspension or bankruptcy proceedings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the directors; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other event that may have a material adverse effect on the results,
financial condition or operations of the relevant issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there is unusual price volatility of the securities listed, the Mexican Stock Exchange must
immediately request that the issuer inform the public as to the causes of such volatility or, if
the issuer is unaware of such causes, make a statement to that effect. In addition, the Mexican
Stock Exchange must immediately request that issuers disclose any information relating to relevant
material events, when it deems the information currently disclosed to be insufficient, as well as
instruct issuers to clarify such information when it deems the information to be confusing. The
Mexican Stock Exchange may request issuers to confirm or deny any material events that have been
disclosed to the public by third parties when it deems that the material event may affect or
influence the securities being traded. The Mexican Stock Exchange must immediately inform the CNBV
of any requests made to issuers. The CNBV may also make any of these requests directly to issuers.
An issuer may delay the disclosure of material events under some circumstances, including where
the information being offered is not related to transactions that have been completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CNBV and the Mexican Stock Exchange may suspend the dealing in securities of an issuer:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the issuer does not adequately disclose a material event; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon price or volume volatility or changes in the offer or demand in
respect of the relevant securities, which are not consistent with the historic
performance of the securities and could not be explained solely by the information made
publicly available under the General CNBV Rules.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican Stock Exchange must immediately inform the CNBV and the general public of any such
suspension. An issuer may request that the CNBV or the Mexican Stock Exchange resume trading,
provided it demonstrates that the causes triggering the suspension have been resolved and that it
is in full compliance with the periodic reporting requirements under the applicable law. If its
request has been granted, the Mexican Stock Exchange will determine the appropriate mechanism to
resume trading in its securities. If trading of an issuer is suspended for more than 20 business
days and the issuer is authorized to resume trading without conducting a public offering, the
issuer must disclose through the SEDI, before trading resumes, a description of the causes that
resulted in the suspension and reasons why it is now authorized to resume trading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Likewise, if the securities of an issuer are traded on both the Mexican Stock Exchange and a
foreign securities market, that issuer must file with the CNBV and the Mexican Stock Exchange on a
simultaneous basis the information that it is required to file pursuant to the laws and regulations
of the relevant other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Mexican Securities Market Law, shareholders of issuers listed on the Mexican
Stock Exchange must notify the CNBV before effecting transactions outside of the Mexican Stock
Exchange that result in a transfer of 10% or more of an issuer&#146;s capital stock. These shareholders
must also inform the CNBV of the results of these transactions within three days of their
completion, or, in the alternative, that these transactions have not been consummated. The CNBV
will notify the Mexican Stock Exchange of these transactions, without specifying the names of the
parties involved. In addition, the Mexican Securities Market Law provides that the CNBV also has
the ability to determine whether purchasers in these types of transactions must effect these
transactions through a tender offer, as well as the minimum and maximum percentages of capital
stock that may be purchased through any such tender offer. See &#147;Additional Information &#151; Mexican
Securities Market Law.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Mexican Securities Market Law requires shareholders holding 10% or more of
the capital stock of companies listed in the registry to notify the CNBV of any ownership changes
in shares of the company that results in a transfer of shares representing a beneficial ownership
interest of 10% or more, within ten business days following the transaction in question.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="125"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;10. Additional Information</B>
</DIV>

<DIV align="left">
<A name="126"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Mexican Securities Market Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican Congress approved amendments to the Mexican Securities Market Law, which became
effective on June&nbsp;2, 2001, and have been implemented by governmental regulations. We amended our
bylaws at our annual shareholders&#146; meeting, which was held on April&nbsp;30, 2002, to reflect some of
these amendments, including amendments that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>established a Board with at least five and not more than 20 members and
alternate members, of which 25% must qualify as &#147;independent directors&#148; under Mexican
law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopted specified corporate governance measures, which require us to
establish, among other things, an audit committee, as well as more stringent procedures
for the approval of transactions and arrangements with related parties and
extraordinary corporate transactions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide additional protections for minority shareholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a further description of amendments we made to our bylaws in accordance with the Mexican
Securities Market Law, see &#147;Directors, Senior Management and Employees &#151; Board of Directors,&#148;
&#147;Directors, Senior Management and Employees &#151; Our Board of Directors &#151; Committees of Our Board of
Directors,&#148; and &#147;&#151; Bylaws &#151; Other Provisions
&#151; Share Repurchases&#148; and &#147;&#151; Bylaws &#151; Other Provisions &#151;
Appraisal Rights and Other Minority Protections.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Mexican Securities Market Law now permits issuers to include anti-takeover
defenses in their bylaws, provided that their bylaws also include specified minority rights and
protections, among other things, and we have included such provisions in our bylaws. See &#147;&#151; Bylaws
&#151; Other Provisions &#151; Appraisal Rights and Other Minority Protections&#148; and &#147;Bylaws &#151; Antitakeover
Protections.&#148; The Mexican Securities Market Law does not permit issuers to implement mechanisms
where common shares and limited or non-voting shares are jointly traded or offered to public
investors, unless the limited or non-voting shares are convertible into common shares within a term
of up to five years, or when as a result of the nationality of a given holder, the shares or the
securities representing the shares limit the right to vote in order to comply with applicable
foreign investment regulations. In addition, the aggregate amount of shares with limited or
non-voting rights may not exceed 25% of the total shares held by public investors. As a result of
applicable grandfathering provisions, our existing CPO structure will not be affected by this
aspect of the Mexican Securities Market Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican Securities Market Law imposes some restrictions on shareholders of issuers listed
on the Mexican Stock Exchange. Shareholders of issuers listed on the Mexican Stock Exchange must
notify the CNBV before effecting transactions outside of the Mexican Stock Exchange that result in
a transfer of 10% or more of an issuer&#146;s capital stock. These shareholders must also inform the
CNBV of the results of these transactions within three days of their completion, or, in the
alternative, that these transactions have not been consummated. The CNBV will notify the Mexican
Stock Exchange of these transactions without specifying the names of the parties involved. The
CNBV also has the ability to determine whether purchasers in these types of transactions must
effect these transactions through a tender offer, as well as the minimum and maximum percentages of
capital stock that may be purchased through any such tender offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;25, 2002, the CNBV issued general rules to regulate public tender offers and the
obligation to disclose share acquisitions above certain thresholds, as well as share acquisitions
of the capital stock of public companies by related parties. Subject to certain exceptions, any
acquisition of shares of a public company which increases the acquiror&#146;s ownership to 10% or more,
but not more than 30%, of the company&#146;s outstanding capital stock must be disclosed to the CNBV and
the Mexican Stock Exchange by no later than the day following the acquisition. Any acquisition of
shares by a related party that increases such party&#146;s ownership interest in a public company by 5%
or more of the company&#146;s outstanding capital stock must also be disclosed to the CNBV and the
Mexican Stock Exchange by no later than the day following the acquisition. In addition, any
intended acquisition of shares of a public company which increases the potential acquiror&#146;s
ownership to 30% or more, but not more than 50%, of the company&#146;s voting shares requires the
potential acquiror to make a tender offer for the greater of (i)&nbsp;the percentage of the capital
stock intended to be acquired or (ii)&nbsp;10% of the outstanding capital stock. Finally, any intended
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">acquisition of shares of a public company which increases the potential acquiror&#146;s ownership
to more than 50% of the company&#146;s voting shares requires the potential acquiror to make a tender
offer for 100% of the outstanding capital stock. Bylaw provisions regarding mandatory tender
offers in the case of these acquisitions may differ from the requirements summarized above,
provided that they are more protective to minority shareholders than those afforded by law. See &#147;&#151;
Bylaws &#151; Antitakeover Protections.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;30, 2005, a new Mexican Securities Market Law was enacted and published in the
Official Gazette. The new Securities Market Law became effective on June&nbsp;28, 2006 and in some
cases will allow an additional period of 180&nbsp;days (late December&nbsp;2006) for issuers to incorporate
in their by-laws the new corporate governance and other requirements derived from the new law. The
new Mexican Securities Market Law changed the Mexican securities laws in various material respects.
In particular the new law (i)&nbsp;clarifies the rules for tender offers, dividing them in voluntary
and mandatory, (ii)&nbsp;clarifies standards for disclosure of holdings applicable to shareholders of
public companies, (iii)&nbsp;expands and strengthens the role of the board of directors of public
companies, (iv)&nbsp;determines with precision the standards applicable to the board of directors and
the duties of the board, each director, its secretary, the general director and executive officers
(introducing concepts such as the duty of care, duty of loyalty and safe harbors), (v)&nbsp;replaces the
statutory auditor (comisario)&nbsp;and its duties with the audit committee, the corporate practices
committee and the external auditors, (vi)&nbsp;clearly defines the role of the general director and
executive officers and their responsibilities, (vii)&nbsp;improves rights of minorities, and (vii)
improves the definition of applicable sanctions for violations to the Mexican Securities Market
Law, including the payment of punitive damages and criminal penalties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new Mexican Securities Market Law does not substantially modify the reporting obligations
of issuers of equity securities listed in the Mexican Stock Exchange. The new Mexican Securities
Market Law reinforces insider trading restrictions and specifically includes, within such
restrictions, trading in options and derivatives the underlying security of which is issued by such
entity. Among other changes, the new Mexican Securities Market Law provides for a course of action
available to anyone who traded (as a counterparty) with someone in possession of privileged
information to seek the appropriate indemnification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to both the current and the new Mexican Securities Market Law:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>members of a listed issuer&#146;s board of directors,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shareholders controlling 10% or more of a listed issuer&#146;s outstanding share capital,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advisors,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>groups controlling 25% or more of a listed issuer&#146;s outstanding share capital and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other insiders</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">must inform the CNBV of any transactions undertaken with securities of a listed issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, under both the current and the new Mexican Securities Market Law insiders must
abstain from purchasing or selling securities of the issuer within 90&nbsp;days from the last sale or
purchase, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new Mexican Securities Market Law has, in some respects, modified the rules governing
tender offers conducted in Mexico. Under the new law, tender offers may be voluntary or mandatory.
All tender offers must be open for at least 20 business days and purchases thereunder are required
to be made pro-rata to all tendering shareholders. Any intended purchase resulting in a 30% or
greater holding requires the tender to be made for the greater of 10% of the company&#146;s capital
stock or the share capital intended to be acquired; if the purchase is aimed at obtaining control,
the tender must be made for 100% of the outstanding shares. In calculating the intended purchase
amount, convertible securities, warrants and derivatives the underlying security of which are such
shares must be considered. The new law also permits the payment of certain amounts to controlling
shareholders over and above the offering price if these amounts are fully disclosed, approved by
the board of directors and paid in connection with non-compete or similar obligations. The new law
also introduces exceptions to the mandatory tender offer requirements and specifically provides for
the consequences, to a purchaser, of not complying with these tender
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">offer rules (lack of voting rights, possible annulment of purchases, etc.) and other rights
available to prior shareholders of the issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new Mexican Securities Market Law ratifies that public companies may insert provisions in
their by-laws pursuant to which the acquisition of control of the company, by the company&#146;s
shareholders or third parties, may be prevented, if such provisions (i)&nbsp;are approved by
shareholders without the negative vote of shareholders representing 5% or more of the outstanding
shares, (ii)&nbsp;do not exclude any shareholder or group of shareholders, and (iii)&nbsp;do not restrict, in
an absolute manner, the change of control.
</DIV>
<DIV align="left">
<A name="127"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Bylaws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a brief summary of some significant provisions of our bylaws and Mexican
law. This description does not purport to be complete, and is qualified by reference in its
entirety to our bylaws, which have been filed as an exhibit to this annual report and Mexican law.
For a description of the provisions of our bylaws relating to our Board of Directors, Executive
Committee and statutory auditors, see &#147;Directors, Senior Management and Employees.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Organization and Register</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa is a <I>sociedad an&#243;nima</I>, or limited liability stock corporation, organized under the
laws of Mexico in accordance with the Mexican Companies Law. Televisa was incorporated under
Public Deed Number 30,200, dated December&nbsp;19, 1990, granted before Notary Public Number 73 of
Mexico City, D.F., and registered with the Public Registry of Commerce of Mexico City, under
Commercial Page (<I>folio mercantil</I>) Number 142,164. We have a general corporate purpose, the
specifics of which can be found in Article&nbsp;Four of our bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain a stock registry, and in accordance with Mexican law, we only recognize those
holders listed in our stock registry as our shareholders. Our shareholders may hold their share in
the form of physical certificates or through book-entries with institutions that have accounts with
Indeval. The CPO Trustee is the holder of record for Shares represented by CPOs. Accounts may be
maintained at Indeval by brokers, banks and other entities approved by the CNBV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting Rights and Shareholders&#146; Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Holders of A Shares</I>. Holders of A Shares have the right to vote on all matters subject to
shareholder approval at any general shareholders&#146; meeting and have the right, voting as a class, to
appoint eleven members of our Board of Directors and the corresponding alternate directors. In
addition to requiring approval by a majority of all Shares entitled to vote together on a
particular corporate matter, certain corporate matters must be approved by a majority of the
holders of A Shares voting separately. These matters include mergers, dividend payments,
spin-offs, changes in corporate purpose, changes of nationality and amendments to the anti-takeover
provisions of our bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Holders of B Shares</I>. Holders of B Shares have the right to vote on all matters subject to
shareholder approval at any general shareholders&#146; meeting and have the right, voting as a class, to
appoint five members of our Board of Directors and the corresponding alternate directors. The five
directors and corresponding alternate directors elected by the holders of the B Shares will be
elected at a shareholders&#146; meeting that must be held within the first four months after the end of
each year beginning in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Holders of D Shares and L Shares</I>. Holders of D Shares, voting as a class, are entitled to
vote at special meetings to elect two of the members of our Board of Directors and the
corresponding alternate directors, each of which must be an independent director. In addition,
holders of D Shares are entitled to vote on the following matters at extraordinary general
meetings:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our transformation from one type of company to another;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any merger (even if we are the surviving entity);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extension of our existence beyond our prescribed duration;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our dissolution before our prescribed duration (which is currently December&nbsp;2089);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in our corporate purpose;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in our nationality; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cancellation from registration of the D Shares or the securities which
represent the D Shares with the securities or special section of the National Registry
of Securities, or NRS, and with any other Mexican or foreign stock exchange in which
such shares or securities are registered.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of L Shares, voting as a class, are entitled to vote at special meetings to elect two
of the members of our Board of Directors and the corresponding alternate directors, each of which
must be an independent director. Holders of L Shares are also entitled to vote at extraordinary
general meetings on the following matters:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our transformation from one type of company to another;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any merger in which we are not the surviving entity; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cancellation from registration of the L Shares or the securities that
represent the L Shares with the special section of the NRS.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two directors and corresponding alternate directors elected by each of the holders of the
D Shares and the L Shares are elected annually at a special meeting of those holders. Special
meetings of holders of D Shares and L Shares must also be held to approve the cancellation from
registration of the D Shares or L Shares or the securities representing any of such shares with the
securities and/or special sections of the NRS, as the case may be, and in the case of D Shares,
with any other Mexican or foreign stock exchange in which such shares or securities are registered.
All other matters on which holders of L Shares or D Shares are entitled to vote must be considered
at an extraordinary general meeting. Holders of L Shares and D Shares are not entitled to attend
or to address meetings of shareholders at which they are not entitled to vote. Under Mexican law,
holders of L Shares and D Shares are entitled to exercise certain minority protections. See &#147;&#151;
Other Provisions &#151; Appraisal Rights and Other Minority Protections.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Rights of Shareholders</I>. Under Mexican law, holders of shares of any series are also
entitled to vote as a class in a special meeting governed by the same rules that apply to
extraordinary general meetings, as described below, on any action that would prejudice the rights
of holders of shares of such series, but not rights of holders of shares of other series, and a
holder of shares of such series would be entitled to judicial relief against any such action taken
without such a vote. Generally, the determination of whether a particular shareholder action
requires a class vote on these grounds could initially be made by the Board of Directors or other
party calling for shareholder action. In some cases, under the Mexican Securities Market Law and
the Mexican Companies Law, the Board of Directors, the statutory auditors or a Mexican court on
behalf of those shareholders representing 10% of our capital stock could call a special meeting. A
negative determination would be subject to judicial challenge by an affected shareholder, and the
necessity for a class vote would ultimately be determined by a court. There are no other
procedures for determining whether a particular proposed shareholder action requires a class vote,
and Mexican law does not provide extensive guidance on the criteria to be applied in making such a
determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General shareholders&#146; meetings may be ordinary general meetings or extraordinary general
meetings. Extraordinary general meetings are those called to consider specific matters specified
in Article&nbsp;182 of the Mexican Companies Law and our bylaws, including, among others, amendments to
our bylaws, our dissolution, liquidation or split-up, our merger and transformation from one form
of company to another, increases and reductions in our capital stock, the approval of certain
acquisitions of shares, including a change of control, as set forth in the antitakeover provisions
in our bylaws and any action for civil liabilities against the members of our Board of Directors,
members of our Audit Committee or our statutory auditors. In addition, our bylaws require an
extraordinary general meeting to consider the cancellation of registration of the D Shares or L
Shares or the securities representing these Shares with the securities and/or special sections of
the NRS, as the case may be, and in the case of D Shares, with any other Mexican or foreign stock
exchange in which such Shares or securities are registered. General meetings called to consider
all other matters are ordinary meetings which are held at least once
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each year within four months following the end of each fiscal year. Shareholders may be
represented at any shareholders&#146; meeting by completing a form of proxy provided by us, which proxy
is available within fifteen days prior to such meeting, and designating a representative to vote on
their behalf. The form of proxy must comply with certain content requirements as set forth in the
Mexican Securities Market Law, as amended, and in our bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Holders of CPOs</I>. Holders of CPOs who are Mexican nationals or Mexican corporations whose
bylaws exclude foreign ownership of their shares are entitled to exercise voting rights with
respect to the A Shares, B Shares, D Shares and L Shares underlying their CPOs. The CPO Trustee
will vote such shares as directed by Mexican holders of CPOs, which must provide evidence of
Mexican nationality. Non-Mexican holders of CPOs may only vote the L Shares held in the CPO Trust
and are not entitled to exercise any voting rights with respect to the A Shares, B Shares and D
Shares held in the CPO Trust. Voting rights in respect of these A Shares, B Shares and D Shares
may only be exercised by the CPO Trustee. A Shares, B Shares and D Shares underlying the CPOs of
non-Mexican holders or holders that do not give timely instructions as to voting of such Shares,
(a)&nbsp;will be voted at special meetings of A Shares, B Shares or D Shares, as the case may be, as
instructed by the CPO Trust&#146;s Technical Committee (which consists of members of the Board of
Directors and/or Executive Committee, who must be Mexican nationals), and (b)&nbsp;will be voted at any
general meeting where such series has the right to vote in the same manner as the majority of the
outstanding A Shares held by Mexican nationals or Mexican corporations (directly, or through the
CPO Trust, as the case may be) are voted at the relevant meeting. L Shares underlying the CPOs of
any holders that do not give timely instructions as to the voting of such Shares will be voted, at
special meetings of L Shares and at general extraordinary meetings where L Shares have voting
rights, as instructed by the Technical Committee of the CPO Trust. The CPO Trustee must receive
voting instructions five business days prior to the shareholders&#146; meeting. Holders of CPOs that
are Mexican nationals or Mexican corporations whose bylaws exclude foreign ownership of their
Shares also must provide evidence of nationality, such as a copy of a valid Mexican passport or
birth certificate, for individuals, or a copy of the bylaws, for corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in &#147;Major Shareholders and Related Party Transactions,&#148; A Shares held through the
Shareholder Trust constitute a majority of the A Shares whose holders are entitled to vote them,
because non-Mexican holders of CPOs and GDSs are not permitted to vote the underlying A Shares.
Accordingly, the vote of A Shares held through the Shareholder Trust generally will determine how
the A Shares underlying our CPOs are voted. B Shares held through the Shareholder Trust constitute
13.28% of the outstanding B Shares but represent a greater percentage of B Shares whose holders are
entitled to vote them, because non-Mexican holders of CPOs and GDSs are not permitted to vote the
underlying B Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Holders of GDRs</I>. Global Depositary Receipts, or GDRs evidencing GDSs are issued by the
Depositary, JPMorgan Chase Bank, pursuant to the Deposit Agreement we entered into with the
Depositary and all holders from time to time of GDSs. Each GDR evidences a specified number of
GDSs. A GDR may represent any number of GDSs. Only persons in whose names GDRs are registered on
the books of the Depositary will be treated by us and the Depositary as owners and holders of GDRs.
Each GDS represents the right to receive 20 CPOs which will be credited to the account of Banco
Inbursa, S.A., the Custodian, maintained with Indeval for such purpose. Each CPO represents
financial interests in, and limited voting rights with respect to, 25 A Shares, 22 B Shares, 35 L
Shares and 35 D Shares held pursuant to the CPO Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Depositary will mail information on shareholders&#146; meetings to all holders of GDRs. At
least six business days prior to the relevant shareholders&#146; meeting, GDR holders may instruct the
Depositary as to the exercise of the voting rights, if any, pertaining to the CPOs represented by
their GDSs, and the underlying Shares. Since the CPO Trustee must also receive voting instructions
five business days prior to the shareholders&#146; meeting, the Depositary may be unable to vote the
CPOs and underlying Shares in accordance with any written instructions. Holders that are Mexican
nationals or Mexican corporations whose bylaws exclude foreign ownership of their Shares are
entitled to exercise voting rights with respect to the A Shares, B Shares, D Shares and L Shares
underlying the CPOs represented by their GDSs. Such Mexican holders also must provide evidence of
nationality, such as a copy of a valid Mexican passport or birth certificate, for individuals, or a
copy of the bylaws, for corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Mexican holders may exercise voting rights only with respect to L Shares underlying the
CPOs represented by their GDSs. They may not direct the CPO Trustee as to how to vote the A
Shares, B Shares or D
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares represented by CPOs or attend shareholders&#146; meetings. Under the terms of the CPO Trust
Agreement, the CPO Trustee will vote the A Shares, B Shares, D Shares and L Shares represented by
CPOs held by non-Mexican holders (including holders of GDRs) as described under &#147;&#151; Holders of
CPOs.&#148; If the Depositary does not timely receive instructions from a Mexican or Non-Mexican
holder of GDRs as to the exercise of voting rights relating to the A Shares, B Shares, D Shares or
L Shares underlying the CPOs, as the case may be, in the relevant shareholders&#146; meeting then, if
requested in writing by us, the Depositary will give a discretionary proxy to a person designated
by us to vote the Shares. If no such written request is made by us, the Depositary will not
represent or vote, attempt to represent or vote any right that attaches to, or instruct the CPO
Trustee to represent or vote, the Shares underlying the CPOs in the relevant shareholders&#146; meeting
and, as a result, the underlying shares will be voted in the manner described under &#147;&#151; Holders of
CPOs&#148; with respect to shares for which timely instructions as to voting are not given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Depositary does not timely receive instructions from a Mexican or non-Mexican holder of
GDRs as to the exercise of voting rights relating to the underlying CPOs in the relevant CPO
holders&#146; meeting, the Depositary and the Custodian will take such actions as are necessary to cause
such CPOs to be counted for purposes of satisfying applicable quorum requirements and, unless we in
our sole discretion have given prior written notice to the Depositary and the Custodian to the
contrary, vote them in the same manner as the majority of the CPOs are voted at the relevant CPOs
holders<B>&#146; </B>meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the CPO Trust, beginning in December&nbsp;2008, a non-Mexican holder of CPOs or
GDSs may instruct the CPO Trustee to request that we issue and deliver certificates representing
each of the Shares underlying its CPOs so that the CPO Trustee may sell, to a third party entitled
to hold the Shares, all of those Shares and deliver to the holder any proceeds derived from the
sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividend Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our annual ordinary general shareholders&#146; meeting, our Board of Directors is required to
submit our financial statements from the previous fiscal year to the holders of our A Shares and B
Shares voting together and a majority of the A Shares voting separately. Once our shareholders
approve these financial statements, they must then allocate our net profits for the previous fiscal
year. Under Mexican law, at least 5% of our net profits must be allocated to a legal reserve,
until the amount of this reserve equals 20% of our paid-in capital stock. Thereafter, our
shareholders may allocate our net profits to any special reserve, including a reserve for share
repurchases. After this allocation, the remainder of our net profits will be available for
distribution as dividends. The vote of the majority of the A Shares and B Shares voting together,
and a majority of the A Shares voting separately, is necessary to approve dividend payments. As
described below, in the event that dividends are declared, holders of D Shares will have
preferential rights to dividends as compared to holders of A Shares, B Shares and L Shares.
Holders of A Shares, B Shares and L Shares have the same financial or economic rights, including
the participation in any of our profits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferential Rights of D Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of D Shares are entitled to receive a cumulative fixed preferred annual dividend in
the amount of Ps. 0.00034177575 per D Share before any dividends are payable in respect of A
Shares, B Shares and L Shares. If we pay any dividends in addition to the D Share fixed preferred
dividend, then such dividends shall be allocated as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>first, to the payment of dividends with respect to the A Shares, the B
Shares and the L Shares, in an equal amount per share, up to the amount of the D Share
fixed preferred dividend; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>second, to the payment of dividends with respect to the A Shares, B Shares,
D Shares and L Shares, such that the dividend per share is equal.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any dissolution or liquidation of our company, holders of D Shares are entitled to a
liquidation preference equal to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accrued but unpaid dividends in respect of their D Shares; plus</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the theoretical value of their D Shares as set forth in our bylaws. See
&#147;Other Provisions &#151; Dissolution or Liquidation.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limitation on Capital Increases</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide that, in the event shares of a given series are issued as a result of a
capital increase (in respect of a cash capital contribution), each holder of shares of that series
will have a preferential right to subscribe to new shares of that series, in proportion to the
number of such holder&#146;s existing Shares of that series. In addition, primary issuances of A
Shares, B Shares, D Shares and L Shares in the form of CPOs may be limited under the Mexican
Securities Market Law, as amended. As a result of grandfathering provisions, our existing CPO
structure will not be affected by the amendments to the law. However, in the case of primary
issuances of additional A Shares, B Shares, L Shares and D Shares in the form of CPOs,
any new L Shares and D Shares may be required to be converted into A Shares or other voting stock
within a term specified by the CNBV, which in no event shall exceed five years. Moreover, under
the Mexican Securities Market Law, as amended, the aggregate amount of shares of an issuer with
limited or non-voting rights may not exceed 25% of the total shares held by public investors. The
vote of the holders of a majority of the A Shares is necessary to approve capital increases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preemptive Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a capital increase, a holder of existing shares of a given series has a
preferential right to subscribe to a sufficient number of shares of the same series in order to
maintain the holder&#146;s existing proportionate holdings of shares of that series. Shareholders must
exercise their preemptive rights within the time period fixed by our shareholders at the meeting
approving the issuance of additional shares. This period must continue for at least fifteen days
following the publication of notice of the issuance in the <I>Diario Oficial de la Federaci&#243;n </I>and in a
newspaper of general circulation in Mexico City. Under Mexican law, shareholders cannot waive
their preemptive rights in advance or be represented by an instrument that is negotiable separately
from the corresponding share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. holders of GDSs may exercise preemptive rights only if we register any newly issued
shares under the Securities Act of 1933, as amended, or qualify for an exemption from registration.
We intend to evaluate at the time of any offering of preemptive rights the costs and potential
liabilities associated with registering additional shares. In addition, if our shareholders&#146;
meeting approves the issuance of shares of a particular series, holders of shares of other series
may be offered shares of that particular series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limitations on Share Ownership</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership by non-Mexicans of shares of Mexican enterprises is regulated by the Foreign
Investment Law and the accompanying Foreign Investment Regulations. The Economics Ministry and the
Foreign Investment Commission are responsible for the administration of the Foreign Investment Law
and the Foreign Investment Regulations. The Foreign Investment Law reserves certain economic
activities exclusively for the Mexican State, certain other activities exclusively for Mexican
individuals or Mexican corporations and limits the participation of non-Mexican investors to
certain percentages in regard to other enterprises engaged in activities specified therein.
Foreign investors may freely participate in up to 100% of the capital stock of Mexican companies or
entities except for those existing companies engaged in specific activities, as described below and
those with assets exceeding specified amounts established annually by the Foreign Investment
Commission, in which case an approval from the Foreign Investment Commission will be necessary in
order for foreign investment to exceed 49% of the capital stock. The Foreign Investment Law
reserves certain economic activities exclusively for the Mexican state and reserves certain other
activities (including television and radio broadcasting) exclusively for Mexican nationals,
consisting of Mexican individuals and Mexican corporations the charters of which contain a
prohibition on ownership by non-Mexicans of the corporation&#146;s capital stock (a &#147;foreign exclusion
clause&#148;). However, the Foreign Investment Law grants broad authority to the Foreign Investment
Commission to allow foreign investors to own specified interests in the capital of certain Mexican
enterprises. In particular, the Foreign Investment Law provides that certain investments are
considered &#147;neutral investments&#148; and are not included in the calculation of the foreign investment
percentage for the relevant Mexican entity.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to comply with these restrictions, we have limited the ownership of our A Shares and
B Shares to Mexican individuals, Mexican companies the charters of which contain a foreign
exclusion clause, credit institutions acting as trustees (such as the CPO Trustee) in accordance
with the Foreign Investment Law and the Foreign Investment Regulations, and trusts or stock
purchase, investment and retirement plans for Mexican employees. The criteria for an investor to
qualify as Mexican under our bylaws are stricter than those generally applicable under the Foreign
Investment Law and Foreign Investment Regulations. A holder that acquires A Shares or B Shares in
violation of the restrictions on non-Mexican ownership will have none of the rights of a
shareholder with respect to those A Shares or B Shares and could also be subject to monetary
sanctions. The D Shares are subject to the same restrictions on ownership as the A Shares and B
Shares. However, the foregoing limitations do not affect the ability of non-Mexican investors to
hold A Shares, B Shares, D Shares and L Shares through CPOs, or L Shares directly, because such
instruments constitute a &#147;neutral investment&#148; and do not affect control of the issuing company,
pursuant to the exceptions contained in the Foreign Investment Law. The sum of the total
outstanding number of A Shares and B Shares is required to exceed at all times the sum of the total
outstanding L Shares and D Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Foreign Investment Law and Foreign Investment Regulations also require that we and the CPO
Trust register with the National Registry of Foreign Investments. In addition to the limitations
established by the Foreign Investment Law, the Mexican Federal Radio and Television Law provides
restrictions on ownership by non-Mexicans of shares of Mexican enterprises holding concessions for
radio and television such as those held indirectly by us. Non-Mexican states and governments are
prohibited under our bylaws and Mexican Federal Radio and Television Law from owning Shares of
Televisa and are, therefore, prohibited from being the beneficial or record owners of the A Shares,
B Shares, D Shares, L Shares, CPOs and GDSs. We have been advised by our Mexican counsel, Mijares,
Angoitia, Cort&#233;s y Fuentes, S.C., that ownership of the A Shares, B Shares, D Shares, L Shares,
CPOs and GDSs by pension or retirement funds organized for the benefit of employees of non-Mexican
state, municipal or other governmental agencies will not be considered as ownership by non-Mexican
states or governments for the purpose of our bylaws or the Radio and Television Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may restrict transfers or, to the extent permitted under applicable law, cause the
mandatory sale or disposition of CPOs and GDRs where such transfer or ownership, as the case may
be, might result in ownership of CPOs or GDRs exceeding the limits under applicable law or our
bylaws, the CPO Trust Agreement or the CPO Deed. Non-Mexican states and governments are prohibited
under our bylaws and Radio and Television Law from owning our Shares and are, therefore, prohibited
from being beneficial or record owners of GDRs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Provisions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Forfeiture of Shares</I>. As required by Mexican law, our bylaws provide that for L Shares and
CPOs, our non-Mexican shareholders formally agree with the Foreign Affairs Ministry:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to be considered as Mexicans with respect to the L Shares and CPOs that
they acquire or hold, as well as to the property, rights, concessions, participations
or interests owned by us or to the rights and obligations derived from any agreements
we have with the Mexican government; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not to invoke the protection of their own governments with respect to their
ownership of L Shares and CPOs.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to comply is subject to a penalty of forfeiture of such a shareholders&#146; capital interests
in favor of Mexico. In the opinion of Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., our Mexican
counsel, under this provision a non-Mexican shareholder is deemed to have agreed not to invoke the
protection of its own government by asking such government to interpose a diplomatic claim against
the Mexican government with respect to the shareholders&#146; rights as a shareholder, but is not deemed
to have waived any other rights it may have, including any rights under the U.S. securities laws,
with respect to its investment in Televisa. If the shareholder should invoke governmental
protection in violation of this agreement, its shares could be forfeited to the Mexican government.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exclusive Jurisdiction</I>. Our bylaws provide that legal action relating to the execution,
interpretation or performance of the bylaws shall be brought only in courts located in Mexico City.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Duration</I>. Our corporate existence under our bylaws continues until 2089.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dissolution or Liquidation</I>. Upon any dissolution or liquidation of our company, our
shareholders will appoint one or more liquidators at an extraordinary general shareholders&#146; meeting
to wind up our affairs. The approval of holders of the majority of the A Shares is necessary to
appoint or remove any liquidator. Upon a dissolution or liquidation, holders of D Shares will be
entitled to both accrued but unpaid dividends in respect of their D Shares, plus the theoretical
value of their D Shares (as set forth in our bylaws). The theoretical value of our D Shares is Ps.
0.00683551495 per share. Thereafter, a payment per share will be made to each of the holders of A
Shares, B Shares and L Shares equivalent to the payment received by each of the holders of D
Shares. The remainder will be distributed equally among all shareholders in proportion to their
number of Shares and amount paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Redemption</I>. Our bylaws provide that we may redeem our Shares with distributable profits
without reducing our capital stock by way of a shareholder resolution at an extraordinary
shareholders&#146; meeting. In accordance with Mexican law and our bylaws:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any redemption shall be made on a pro-rata basis among all of our
shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent that a redemption is effected through a public tender offer
on the Mexican Stock Exchange, the shareholders&#146; resolution approving the redemption
may empower our Board to specify the number of shares to be redeemed and appoint the
related intermediary or purchase agent; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any redeemed shares must be cancelled.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Share Repurchases</I>. As required by Mexican law, our bylaws provide that we may repurchase our
Shares on the Mexican Stock Exchange at then prevailing market prices. The amount of capital stock
allocated to share repurchases and the amount of the corresponding reserve created for this purpose
is determined annually by our shareholders at a ordinary general shareholders&#146; meeting. The
aggregate amount of resources allocated to share repurchases in any given year cannot exceed the
total amount of our net profits in any given year, including retained earnings. Share repurchases
must be charged to either our net worth if the repurchased Shares remain in our possession or our
capital stock if the repurchased Shares are converted into treasury shares, in which case our
capital stock is reduced automatically in an amount equal to the theoretical value of any
repurchased Shares, if any. Any surplus is charged to the reserve for share repurchases. If the
purchase price of the Shares is less than the theoretical value of the repurchased Shares, our
capital stock account will be affected by an amount equal to the theoretical value of the
repurchased Shares. Under Mexican law, we are not required to create a special reserve for the
repurchase of shares, nor do we need the approval of our Board to effect share repurchases. In
addition, any repurchased Shares cannot be represented at any shareholders&#146; meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conflicts of Interest</I>. Under the Mexican Securities Market Law, any shareholder or director
that votes on a transaction in which his, her or its interests conflict with our interests may be
liable for damages, but only if the transaction would not have been approved without his, her or
its vote. In addition, any member of the Board of Directors that votes on a transaction in which
his, her or its interests conflict, with our interests may be liable for damages. Our existing
bylaws do not contain any provisions that govern or limit the ability of our directors or
shareholders to vote on transactions in which their interests conflict with our interests. In
addition, our existing bylaws do not contain any provisions that govern or limit the ability of our
directors, in the absence of an independent quorum, to borrow from us or to vote compensation to
themselves or any other member of our Board of Directors or any committee of our Board of
Directors. In addition, pursuant to the Mexican Securities Market Law our Audit Committee must
review and approve transactions and arrangements with our major shareholders, directors, executive
officers and other related parties and prepare and render statements to the Board as to the
fairness of transactions and arrangements with related parties, and these transactions and
arrangements must be approved by our Board of Directors. Members of our Board, members of our
Audit Committee and our Statutory Auditor could be liable to our shareholders for breach of their
duty of loyalty to the corporation to the extent that these persons approve transactions in which
they have a conflict of interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Appraisal Rights and Other Minority Protections</I>. Whenever our shareholders approve a change
in our corporate purpose or jurisdiction of organization or our transformation from one type of
company to another, any shareholder entitled to vote that did not vote in favor of these matters
has the right to receive payment for its A Shares, B Shares, D Shares or L Shares in an amount
calculated in accordance with Mexican law. However,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholders must exercise their appraisal rights within fifteen days after the shareholders&#146;
meeting at which the matter was approved. Because the holders of L Shares and D Shares may only
vote in limited circumstances, appraisal rights are generally not available to them. See &#147;&#151; Voting
Rights and Shareholders&#146; Meetings.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the CPO Trustee must vote at a general shareholders&#146; meeting, the A Shares, B Shares
and D Shares held by non-Mexicans in the CPO Trust in the same manner as the majority of the A
Shares held by Mexican nationals (directly, or through the CPO Trust, as the case may be), the A
Shares, B Shares and D Shares underlying CPOs held by non-Mexicans will not be voted against any
change that triggers the appraisal rights of the holders of these Shares. Therefore, these
appraisal rights will not be available to holders of CPOs (or GDRs) with respect to A Shares, B
Shares or D Shares. The CPO Trustee will exercise such other corporate rights at special
shareholders&#146; meetings with respect to the underlying A Shares, B Shares and D Shares as may be
directed by the Technical Committee of the CPO trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws include provisions that permit:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holders of at least 10% of our outstanding capital stock to call a
shareholders&#146; meeting in which they are entitled to vote;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the satisfaction of certain requirements under Mexican law,
holders of at least 15% of our outstanding capital stock to bring an action for civil
liabilities against our directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holders of at least 10% of our Shares that are entitled to vote and are
represented at a shareholders&#146; meeting to request postponement of resolutions with
respect to any matter on which they were not sufficiently informed; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the satisfaction of certain requirements under Mexican law,
holders of at least 20% of our outstanding capital stock to contest and suspend any
shareholder resolution.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Securities &#151; The Protections
Afforded to Minority Shareholders in Mexico Are Different From Those in the U.S.&#148; In addition, in
accordance with the Mexican Securities Market Law, we are also subject to certain corporate
governance requirements, including the requirement to maintain an audit committee and to elect
independent directors. The protections afforded to minority shareholders under Mexican law are
generally different from those in the U.S. and many other jurisdictions. Substantive Mexican law
concerning fiduciary duties of directors has not been the subject of extensive judicial
interpretation in Mexico, unlike many states in the U.S. where duties of care and loyalty
elaborated by judicial decisions help to shape the rights of minority shareholders. Mexican civil
procedure does not contemplate class actions or shareholder derivative actions, which permit
shareholders in U.S. courts to bring actions on behalf of other shareholders or to enforce rights
of the corporation itself. Shareholders in Mexico also cannot challenge corporate actions taken at
shareholders&#146; meetings unless they meet stringent procedural requirements. See &#147;&#151; Voting Rights
and Shareholders&#146; Meetings.&#148; As a result of these factors, it is generally more difficult for our
minority shareholders to enforce rights against us or our directors or Major Shareholders than it
is for shareholders of a corporation established under the laws of a state of the U.S. In
addition, under U.S. securities laws, as a foreign private issuer we are exempt from certain rules
that apply to domestic U.S. issuers with equity securities registered under the Security Exchange
Act of 1934, as amended, or the Exchange Act, including the proxy solicitation rules. We are also
exempt from many of the corporate governance requirements of the New York Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Antitakeover Protections</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. Our bylaws provide that, subject to certain exceptions, (i)&nbsp;any person, entity or
group of persons and/or entities that wishes to acquire beneficial ownership of common Shares (as
defined below) which, when coupled with common Shares previously beneficially owned by such persons
or their affiliates, represent 10% or more of our outstanding common Shares, (ii)&nbsp;any competitor or
group of competitors that wishes to acquire beneficial ownership of Shares which, when coupled with
Shares previously beneficially owned by such competitor, group of competitors or their affiliates,
represent 5% or more of our outstanding capital stock, (iii)&nbsp;any person, entity or group of persons
and/or entities that wishes to acquire beneficial ownership of Shares representing 10% or more of
our outstanding Shares, and (iv)&nbsp;any competitor or group of competitors that wishes to acquire
beneficial
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ownership of Shares representing 5% or more of our capital stock, must obtain the prior
approval of our Board of Directors and/or of our shareholders, as the case may be, subject to
certain exceptions summarized below. Holders that acquire Shares in violation of these
requirements will not be considered the beneficial owners of such Shares under our bylaws and will
not be registered in our stock registry. Accordingly, these holders will not be able to vote such
Shares or receive any dividends, distributions or other rights in respect of these Shares. In
addition, pursuant to our bylaws, these holders will be obligated to pay us a penalty in an amount
equal to the market value of the Shares so acquired. Pursuant to our bylaws, &#147;Shares&#148; are defined
as the shares (of any class or series) representing our capital stock, and any instruments or
securities that represent such shares or that grant any right with respect to or are convertible
into those shares, expressly including CPOs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to our bylaws, a &#147;competitor&#148; is generally defined as any person or entity who,
directly or indirectly, is engaged in any of the following businesses or activities: television
production and broadcasting, pay television production, program licensing, direct-to-home satellite
services, publishing (newspaper and/or magazine), publishing distribution, music recording, cable
television, the transmission of programming and/or other content by any other means known or to be
known, radio broadcasting and production, the promotion of professional sports and other
entertainment events, paging services, production, feature film/motion picture production and
distribution, dubbing and/or the operation of an Internet portal. A &#147;competitor&#148; is also defined
to include any person, entity and/or group that is engaged in any type of business or activity in
which we may be engaged from time to time and from which we derive 5% or more of our consolidated
income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Board Notices, Meetings, Quorum Requirements and Approvals</I>. To obtain the prior approval of
our Board, a potential acquiror must properly deliver a written notice that states, among other
things: (i)&nbsp;the number and class/type of our Shares it beneficially owns, (ii)&nbsp;the percentage of
Shares it beneficially owns with respect to both our outstanding capital stock and the respective
class/type of our Shares, (iii)&nbsp;the number and class/type of Shares it intends to acquire, (iv)&nbsp;the
number and class/type of Shares it intends to grant or share a common interest or right, (v)&nbsp;its
identity, or in the case of an acquiror which is a corporation, trust or legal entity, its
shareholders or beneficiaries as well as the identity and nationality of each person effectively
controlling such corporation, trust or legal entity, (vi)&nbsp;its ability to acquire our Shares in
accordance with our bylaws and Mexican law, (vii)&nbsp;its source of financing the intended acquisition,
(viii)&nbsp;if it has obtained any financing from one of its related parties for the payment of the
Shares, (ix)&nbsp;the purpose of the intended acquisition, (x)&nbsp;if it intends to acquire additional
common Shares in the future, which coupled with the current intended acquisition of common Shares
and the common Shares previously beneficially owned by the potential acquiror, would result in
ownership of 20% or more of our common Shares, (xi)&nbsp;if it intends to acquire control of us in the
future, (xii)&nbsp;if the acquiror is our competitor or if it has any direct or indirect economic
interest in or family relationship with one of our competitors, and (xiii)&nbsp;the identity of the
financial institution, if any, that will act as the underwriter or broker in connection with any
tender offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either the Chairman, the Secretary or the Alternate Secretary of our Board of Directors must
call a Board meeting within 10 calendar days following the receipt of the written notice and the
Board meeting must be held within 45 calendar days following the call. Action by written consent
is not permitted. With the exception of acquisitions that must be approved by the general
extraordinary shareholders&#146; meeting as described below in &#147;Shareholder Notices, Meetings, Quorum
Requirements and Approvals,&#148; in order to proceed with any acquisition of Shares that require Board
authorization as set forth in our bylaws, such acquisition must be approved by at least the
majority of the members of our Board present at a meeting at which at least 75% of the members of
our Board are present. Such acquisitions must be acted upon by our Board within 60 calendar days
following the receipt of the written notice described above, unless the Board determines that it
does not have sufficient information upon which to base its decision. In such case, the Board
shall deliver a written request to the potential acquiror for any additional information that it
deems necessary to make its determination. The 60 calendar days referred to above will commence
following the receipt of the additional information from the potential acquiror to render its
decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shareholder Notices, Meetings, Quorum Requirements and Approvals</I>. In the event (i)&nbsp;of a
proposed acquisition of Shares that would result in a &#147;change of control,&#148; (ii)&nbsp;that our Board
cannot hold a Board meeting for any reason, (iii)&nbsp;of a proposed acquisition by a competitor and
having certain characteristics, or (iv)&nbsp;that the Board determines that the proposed acquisition
must be approved by our shareholders at a general extraordinary shareholders&#146; meeting, among
others, then the proposed acquisition must be approved by the holders of at least 75% of our
outstanding common Shares at a general extraordinary shareholders&#146; meeting (both in the case of
first and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">subsequent calls) at which the holders of at least 85% of our outstanding common Shares are
present. In addition, any proposed merger, spin-off, or capital increase or decrease which results
in a change of control must also be approved by the holders of at least 75% of our outstanding
common Shares at a general extraordinary shareholders&#146; meeting (both in the case of first and
subsequent calls) at which the holders of at least 85% of our outstanding common Shares are
present. Pursuant to our bylaws, a &#147;change of control&#148; is defined as the occurrence of any of the
following: (i)&nbsp;the acquisition or transfer of ownership of a majority of our outstanding common
Shares, (ii)&nbsp;the ability of a person, entity or group, other than the person who currently has the
ability to, directly or indirectly, elect a majority of the members of our Board of Directors, to
elect a majority of the members of our Board of Directors or (iii)&nbsp;the ability of a person, entity
or group, other than the person who currently has the ability to, directly or indirectly, determine
our administrative decisions or policies, to determine our administrative decisions or policies.
In the event that the general extraordinary shareholders&#146; meeting must approve the proposed
acquisition, either the Chairman, the Secretary or the Alternate Secretary of our Board of
Directors must publish a call for a general extraordinary shareholders&#146; meeting in the Official
Gazette of the Federation and two other newspapers of general circulation in Mexico City at least
30 calendar days prior to such meeting (both in the case of first and subsequent calls). Once the
call for the general extraordinary shareholders&#146; meeting has been published, all information
related to the agenda for the meeting must be available for review by the holders of common Shares
at the offices of our Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mandatory Tender Offers in the Case of Certain Acquisitions</I>. If either our Board of Directors
or our shareholders at a general extraordinary shareholders&#146; meeting, as the case may be, authorize
an acquisition of common Shares which increases the acquiror&#146;s ownership to 20% or more, but not
more than 50%, of our outstanding common Shares, without such acquisition resulting in a change of
control, then the acquiror must effect its acquisition by way of a cash tender offer for a
specified number of Shares equal to the greater of (x)&nbsp;the percentage of common Shares intended to
be acquired or (y)&nbsp;10% of our outstanding capital stock. In the event that our shareholders
approve an acquisition that would result in a change of control, the acquiror must effect its
acquisition by way of a cash tender offer for 100% of our total outstanding capital stock at a
price which cannot be lower than the highest of the following: (i)&nbsp;the book value of the common
Shares and CPOs as reported on the last quarterly income statement approved by the Board of
Directors, (ii)&nbsp;the highest closing price of the common Shares, on any stock exchange during any of
the three hundred-sixty-five (365)&nbsp;days preceding the date of the shareholders&#146; resolution
approving the acquisition; or (iii)&nbsp;the highest price paid for any Shares, at any time by the
acquiror. All tender offers must be made in Mexico and the U.S. within 60&nbsp;days following the date
on which the acquisition was approved by our Board of Directors or shareholders&#146; meeting, as the
case may be. All holders must be paid the same price for their common Shares. The provisions of
our bylaws summarized above regarding mandatory tender offers in the case of certain acquisitions
are generally more stringent than those provided for under the Mexican Securities Market Law. In
accordance with the Mexican Securities Market Law, bylaw provisions regarding mandatory tender
offers in the case of certain acquisitions may differ from the requirements set forth in such law,
provided that those provisions are more protective to minority shareholders than those afforded by
law. In these cases, the relevant bylaw provisions, and not the relevant provisions of the Mexican
Securities Market Law, will apply to certain acquisitions specified therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exceptions</I>. The provisions of our bylaws summarized above will not apply to (i)&nbsp;transfers of
common Shares and/or CPOs by operation of the laws of inheritance, (ii)&nbsp;acquisitions of common
Shares and/or CPOs by any person who, directly or indirectly, is entitled to appoint the greatest
number of members to our Board of Directors, as well as by (A)&nbsp;entities controlled by such person,
(B)&nbsp;affiliates of such person, (C)&nbsp;the estate of such person, (D)&nbsp;certain family members of such
person, and (E)&nbsp;such person, when such person acquires any common Shares and/or CPOs from any
entity, affiliate, person or family member referred to in (A), (B)&nbsp;and (D)&nbsp;above, and (iii)
acquisitions or transfers of common Shares and/or CPOs by us, our subsidiaries or affiliates, or
any trust created by us or any of our subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendments to the Antitakeover Provisions</I>. Any amendments to these antitakeover provisions
must be authorized by the CNBV and registered before the Public Registry of Commerce at our
corporate domicile.
</DIV>

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<DIV align="left">
<A name="128"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Enforceability of Civil Liabilities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are organized under the laws of Mexico. Substantially all of our directors, executive
officers and controlling persons reside outside of the U.S., all or a significant portion of the
assets of our directors, executive officers and controlling persons, and substantially all of our
assets, are located outside of the U.S. and some of the experts named in this annual report also
reside outside of the U.S. As a result, it may not be possible for you to effect service of
process within the U.S. upon these persons or to enforce against them or us in U.S. courts
judgments predicated upon the civil liability provisions of the federal securities laws of the U.S.
We have been advised by our Mexican counsel, Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., that there
is doubt as to the enforceability, in original actions in Mexican courts, of liabilities predicated
solely on U.S. federal securities laws and as to the enforceability in Mexican courts of judgments
of U.S. courts obtained in actions predicated upon the civil liability provisions of U.S. federal
securities laws. See &#147;Key Information &#151; Risk Factors &#151; Risks Factors Related to Our Securities &#151;
It May Be Difficult to Enforce Civil Liabilities Against Us or Our Directors, Executive Officers
and Controlling Persons.&#148;
</DIV>
<DIV align="left">
<A name="129"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Material Contracts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been granted a number of concessions by the Mexican government that authorize us to
broadcast our programming over our television and radio stations and our cable and DTH systems.
These concessions are described under &#147;Information on the Company &#151; Business Overview &#151;
Regulation.&#148; If we are unable to renew, or if the Mexican government revokes, any of the
concessions for our significant television stations, our business would be materially adversely
affected. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; The
Operation of Our Business May Be Terminated or Interrupted if the Mexican Government Does Not Renew
or Revokes Our Broadcast or Other Concessions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate our DTH satellite service in Mexico, Innova, through our DTH joint venture partners
in Latin America, excluding Mexico and Brazil, through a partnership with DIRECTV. See
&#147;Information on the Company &#151; Business Overview &#151; DTH Joint Ventures.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We completed a refinancing of our indebtedness in 2000, which refinancing involved a tender
offer for our outstanding Series&nbsp;A Senior Notes, Series&nbsp;B Senior Notes and Senior Discount
Debentures and the amendment of the related indentures, as well as the issuance of Ps.3.0&nbsp;billion
(nominal)&nbsp;as of April&nbsp;14, 2000 of UDI-denominated notes. We also amended our working capital
facility with Banamex in July&nbsp;2000. We issued U.S.$200.0&nbsp;million aggregate principal amount of 8
5/8% Senior Notes due 2005 in August&nbsp;2000, U.S.$300.0&nbsp;million aggregate principal amount of 8%
Senior Notes due 2011 in September&nbsp;2001, refinanced approximately U.S.$100.0&nbsp;million of our
indebtedness through a five-year U.S.$100&nbsp;million term loan facility in December&nbsp;2001 and U.S.$300
million in aggregate principal amount of 8.5% Senior Notes due 2032. We redeemed all of our
remaining Senior Discount Debentures and terminated the related indentures in May&nbsp;2001. In
addition, in May&nbsp;2003, we repaid all of the remaining Series&nbsp;A Senior Notes, which matured in May
2003, with the net proceeds from a long-term credit agreement that we entered into with a Mexican
bank for an aggregate principal amount of Ps.800.0&nbsp;million. Also, in March&nbsp;2005, we completed a
refinancing involving a tender offer for each of our outstanding U.S.$300&nbsp;million aggregate
principal amount of 8.00% Senior Notes due 2011 and our outstanding Ps. 3.0&nbsp;billion (nominal)&nbsp;as of
April&nbsp;14, 2000 of our UDI-denominated notes due 2007. As part of this refinancing, we also issued
U.S.$400&nbsp;million aggregate principal amount of 6 5/8% Senior Notes due 2025. In May&nbsp;2005, through a
reopening of the same series of note, we issued an additional U.S.$200&nbsp;million aggregate principal
amount of 6 5/8% Senior Notes due 2025. In addition, we repaid all of the remaining Series&nbsp;B Senior
Notes due 2005. For a description of the material terms of the amended indentures related to the
Series&nbsp;A Senior Notes and Series&nbsp;B Senior Notes, the UDI-denominated notes, our 8% Senior Notes due
2011, our 8.5% Senior Notes due 2032 and our 6 5/8% Senior Notes due 2025, our facilities with a
Mexican bank, our five-year term U.S.$100.0&nbsp;million loan facility and our Ps.800&nbsp;million long-term
credit agreement, see &#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151;
Liquidity, Foreign Exchange and Capital Resources &#151; Refinancings&#148; and &#147;Operating and Financial
Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign Exchange and Capital Resources &#151;
Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;17, 2004, we entered into a long-term credit agreement with a Mexican bank for an
aggregate amount of Ps.1,162.5&nbsp;million, which matures in 2009. The annual interest rate is 9.70%.
See &#147;Operating and Financial
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign Exchange and Capital
Resources &#151; Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;22, 2004, we entered into another long-term credit agreement with a Mexican bank
for an aggregate amount of Ps.2,000.0&nbsp;million which matures in 2012. The interest rate is 10.35%.
For more information regarding this credit agreement, see &#147;Operating and Financial Review and
Prospects &#151; Results of Operations &#151; Liquidity, Foreign Exchange and Capital Resources &#151;
Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our transactions and arrangements with related parties are described under &#147;Major Shareholders
and Related Party Transactions &#151; The Principal Shareholders and
Related Party Transactions &#151; Related Party Transactions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of our material transactions and arrangements with Univision, see
&#147;Information on the Company &#151; Business Overview &#151; Univision.&#148;
</DIV>
<DIV align="left">
<A name="130"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Legal Proceedings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2003, we were notified by the <I>Secretar&#237;a de Hacienda y Cr&#233;dito P&#250;blico</I>, or the Mexican
tax authority, of a federal tax assessment for approximately Ps.302.0&nbsp;million plus approximately
Ps.658.7&nbsp;million of penalties and surcharges. We challenged the assessment before the Mexican
Federal Tax Court. The first instance resolution is currently pending. The assessment, which
relates to an alleged assets tax liability for the year ended December&nbsp;31, 1994, was originally
brought by the Mexican tax authority in 1999, but was dismissed in 2002 on procedural grounds. We
challenged the assessment before the Federal Tax Court. Currently the first instance resolution is
pending. We believe that this claimed assessment is without merit, and we are vigorously defending
against it before the appropriate judicial authority, although no assurances can be given as to the
outcome of this dispute. We have not accounted for any provisions in
connection with this matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;18, 2004, Darlene Investments, LLC, or Darlene, a minority owner of DTVLA, filed an
action in the Circuit Court of the 11th Judicial District in and for Miami-Dade County, Florida
against DTVLA, DIRECTV, DIRECTV International, Inc., DIRECTV Latin America Holdings, Inc.
(together, the &#147;DIRECTV Defendants&#148;); News Corp. Ltd.; Televisa; MCOP; Innova and Globo
Communicacoes e Participacoes, S.A. The complaint seeks an injunction based on allegations that the
DIRECTV Defendants breached fiduciary and contractual duties to Darlene by entering into
transactions with MCOP, Sky Brasil Servicos Ltda. and Innova in respect of their respective
direct-to-home satellite services and that the remaining defendants aided and abetted the DIRECTV
Defendant&#146;s alleged breaches of their contractual and fiduciary duties. The complaint also asserts
claims for monetary damages against the DIRECTV Defendants and News Corp. based on fraud and
tortious interference with contract. The DIRECTV Defendants moved to stay the action pending
arbitration on the grounds that disputes between the DIRECTV Defendants and Darlene are subject to
arbitration under their relevant contracts. On November&nbsp;3, 2005, the motion to stay was granted and
the judge essentially stayed all proceedings pending the arbitration among Darlene, DIRECTV and
DTVLA. We believe Darlene&#146;s claims against us and Innova are without merit and intend to vigorously
defend against these claims. News Corp. has agreed to indemnify us for any losses arising out of
these claims.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2001, a claim for damages was filed in connection with an alleged copyright
infringement on a technical written work titled <I>&#147;La Lupa,&#148; </I>or &#147;Catch the Clue.&#148; In November&nbsp;2002, a
final judgment was entered against us whereby we were declared liable for an amount equal to 40% of
the income generated from such work. In January&nbsp;2005, a motion to enforce the final judgment was
filed and the parties are currently in the process of arguing before the court the amounts that we
will be liable to pay to plaintiffs. Although we currently believe that the ultimate amount of
damages will not be material, no assurances can be given in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been named as a defendant in a first amended complaint dated February&nbsp;23, 2006
purportedly filed by Welk Group Inc. (&#147;Welk&#148;) in California Superior Court. The complaint alleges
that plaintiff owns rights to three sound recordings that we (and others) supposedly used without
permission as background music (i)&nbsp;in certain episodes of three of our television shows (<I>El Chavo
del 8, El Chapulin Colorado </I>and <I>Chespirito</I>) and (ii)&nbsp;possibly in ring tones and video games. The
plaintiff has also named our distributors in the United States (Univision, Galavision and Xenon
Pictures), as well as Roberto Gomez Bola&#241;os, the original producer of the shows, as defendants.
Plaintiff seeks to recover &#147;all gains, direct and indirect profits&#148; from defendants&#146; alleged
wrongful conduct. We believe that
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the claim by Welk is without merit, and intend to vigorously dispute this claim, although we
cannot assure you as to the outcome of the claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May 9, 2005, Televisa filed its original complaint against Univision, asserting three claims
for relief, including breach of the Second Amended and Restated Program Licensing Agreement,
dated December 19, 2001, as amended, declaratory relief and copyright infringement.
The factual averments of the original complaint were focused on and
limited to Univision&#146;s
refusal to pay Televisa royalties relating to advertising revenues on certain programs such
as <I>Premio Lo Nuestro</I> and Univision&#146;s improper editing of Spanish language programming
licensed to it by Televisa under the program license agreement for broadcast in the United
States.   By its First Amended Complaint, filed June 16, 2005, Televisa added factual
averments relating to Univision&#146;s obligation under the program license agreement to provide
Televisa with both free and paid advertising on its networks and
added a claim for Univision&#146;s
violation of a letter agreement between Televisa and its subsidiaries (including Televisa, S.A. de C.V.) and Univision, dated December&nbsp;19, 2001, as
amended, relating to the broadcast of soccer games. In April 2006, Televisa
filed a Second Amended Complaint adding new factual averments, including
Univision&#146;s failure to pay royalties on the value of advertising provided to
its subsidiaries and affiliates, Univision&#146;s announced decision to begin
withholding royalties based on revenues obtained from affiliated stations
(denominated &#147;national advertising sales agency commissions&#148; by Univision),
Univision&#146;s announced decision to exclude from its royalty calculation for
Televisa revenues received by Univision for advertising on programs allegedly
related to shows such as <I>Premio Lo Nuestro</I> (sometimes referred
to as &#147;shoulder
programming&#148;), various other breaches of Univision&#146;s obligation to pay
royalties under the program license agreement, Univision&#146;s failure to provide
audited certifications of its calculation of royalties in violation of the
program license agreement, and Univision&#146;s failure to cooperate with auditors
retained by Televisa to audit the royalty calculations for the years 2003 and
2004 (all of which were also asserted previously in support of Televisa&#146;s
Affirmative Defenses contained in its Answer to Univision&#146;s Counterclaims) and
Univision&#146;s failure to include in its royalty calculations for Televisa amounts
received by its affiliated stations for national and local advertising. We
cannot predict how our overall business relationship with Univision will be
affected by this dispute.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;16, 2006, and based on the complaint, the amendment to
the complaint and other breaches found during an audit performed on
Univision and Galavision for years 2003 and 2004, we served a notice of material
breaches under the program license agreement and the Soccer
Agreement. On June&nbsp;2, 2006, we served notice to Univision of our
right to terminate the program license agreement and the soccer
letter agreement based on the uncured material breaches that are not,
by their nature, susceptible to being cured. We cannot predict how our overall business
relationship with Univision will be affected by this dispute. See &#147;Key Information &#151; Risk Factors &#151;
Risk Factors Related to Our Business &#151; Future Activities Which We May Wish to Undertake in the
United States May Be Affected by Our Arrangements With Univision. These Activities, as Well as a
Current Dispute We Are Having With Univision and Univision&#146;s
Recent Agreement to Sell Univision,
May Affect Our Relationship With, and Our Equity Interest in, Univision.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;25, 2005, the Mexican Antitrust Commission notified us that, in response to a claim by
a third party, it had commenced an investigation into alleged violations of the Mexican Antitrust
law by two of our subsidiaries relating to the unilateral refusal by our subsidiaries to provide
certain pay and free television signals to a cable provider in Piedras Negras. On May&nbsp;9, 2006, the
Mexican Antitrust Commision notified us that it had resolved that two of our subsidiaries have
committed violations to the Mexican Antitrust Laws. On June&nbsp;20, 2006, we filed a request for review
of the Mexican Antitrust Commision ruling at the Mexican Antitrust Commision. We believe that the
ruling issued by the Mexican Antitrust Commision is not justified and intend to vigorously dispute
this ruling, although we cannot assure you as to the outcome of the procedure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are other various legal actions and other claims pending against us that are incidental
to the ordinary course of our business. Our management does not consider these actions or claims to
be material. See Note 11 to our year-end financial statements.
</DIV>

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<DIV align="left">
<A name="131"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>New York Stock Exchange Corporate Governance Standards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a foreign private issuer with shares listed on the NYSE, we are subject to different
corporate governance requirements than a U.S. company under the NYSE listing standards. With
certain exceptions, foreign private issuers are permitted to follow home country practice
standards. Pursuant to Rule&nbsp;303.A11 of the NYSE listed company manual, we are required to provide
a summary of the significant ways in which our corporate governance practices differ from those
required for U.S. companies under the NYSE listing standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a Mexican corporation with shares, in the form of CPOs listed on the <I>Bolsa Mexicana de
Valores</I>, or Mexican Stock Exchange. Our corporate governance practices are governed by our bylaws,
the Mexican Securities Market Law, and the regulations issued by the CNBV and the Mexican Stock
Exchange. Although compliance is not mandatory, we also substantially comply with the Mexican
Code of Best Corporate Practices (<I>C&#243;digo de Mejores Pr&#225;cticas Corporativas</I>), which was created in
January&nbsp;1999 by a group of Mexican business leaders and was endorsed by the Mexican Banking and
Securities Commission. See &#147;&#151; Bylaws&#148; for a more detailed description of our corporate governance
practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth a description of the significant differences between corporate
governance practices required for U.S. companies under the NYSE listing standards and the Mexican
corporate governance standards that govern our practices.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>NYSE rules</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Mexican rules</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies must have a
majority of independent directors
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Mexican Securities Market Law
requires that listed companies have
at least 25% of independent
directors. Our board of directors
is not required to make a
determination as to the independence
of the directors. The definition of
independence under the Mexican
Securities Market Law differs in
some aspects from the one applicable
to U.S. issuers under the NYSE
standard and prohibits, among other
relationships, an independent
director from being an employee or
officer of the company or a
shareholder that may have influence
over our officers, as well as
certain relationships between the
company and the independent
director, entities in which the
independent director is a partner,
director or employee and family
members of the independent director.
In addition, our bylaws broaden the
definition of independent director.
Our bylaws provide for an executive
committee of our board of directors.
The executive committee is currently
composed of eight members, and there
are no Mexican rules applicable that
require any of the members to be
independent. The executive committee
may generally exercise the powers of
our board of directors, subject to
certain exceptions. Our Chief
Executive Officer is a member of our
board of directors and the executive
committee.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies must have a
nominating/corporate governance
committee composed entirely of
independent directors.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Listed companies are not required to
have a nominating/corporate
governance committee.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>NYSE rules</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Mexican rules</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies must have a
compensation committee composed
entirely of independent directors.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Mexican Code of Best Corporate
Practices recommends listed
companies to have a compensation
committee. While these rules are not
legally binding, companies failing
to comply with the Code&#146;s
recommendation must disclose
publicly why their practices differ
from those recommended by the Code.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies must have an audit
committee with a minimum of three
members and must be independent.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Mexican Securities Market Law
requires that listed companies must
have an audit committee. The
Chairman and the majority of the
members must be independent.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-management directors must meet
at executive sessions without
management.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Our non-management directors are not
required to meet at executive
sessions. The Mexican Code of Best
Corporate Practices does not
expressly recommend executive
sessions.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listed companies must adopt and
disclose a code of business conduct
and ethics for directors, officers
and employees, and promptly discuss
any waivers of the code for
directors or executive officers.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Companies listed on the Mexican
Stock Exchange are not required to
adopt a code of ethics. However,
we have recently adopted a code of
ethics which is available free of
charge through our offices. See
Item&nbsp;16B &#147;Code of Ethics&#148; for
directions on how to obtain a copy
of our code of ethics. Waivers
involving any of our executive
officers or directors will be made
only by our Board of Directors or a
designated committee of the Board.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="132"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exchange Controls</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of exchange controls and exchange rate information, see &#147;Key Information &#151;
Exchange Rate Information.&#148;
</DIV>
<DIV align="left">
<A name="133"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Taxation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>U.S. Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General. </I></B>The following is a summary of the anticipated material U.S. federal income tax
consequences of the purchase, ownership and disposition of GDSs, CPOs and the A Shares, B Shares, L
Shares and D Shares underlying the CPOs (referred to herein as the &#147;Underlying Shares&#148;), in each
case, except as otherwise noted, by U.S. Holders (as defined below). This discussion does not
address all aspects of U.S. federal income taxation that may be relevant to a particular beneficial
owner of GDSs, CPOs or Underlying Shares based on the beneficial owner&#146;s particular circumstances.
For example, with respect to U.S. Holders, the following discussion does not address the U.S.
federal income tax consequences to a U.S. Holder:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that owns, directly, indirectly or through attribution, 2% or more of
the total voting power or value of our outstanding Underlying Shares (including
through ownership of GDSs);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that is a dealer in securities, insurance company, financial
institution, tax-exempt organization, U.S. expatriate, broker-dealer or trader in
securities; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whose functional currency is not the U.S. Dollar.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, this discussion does not consider:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the tax consequences to the shareholders, partners or beneficiaries of a U.S. Holder; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>special tax rules that may apply to a U.S. Holder that holds GDSs, CPOs
or Underlying Shares as part of a &#147;straddle,&#148; &#147;hedge,&#148; &#147;conversion transaction,&#148;
&#147;synthetic security&#148; or other integrated investment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the following discussion does not address any aspect of state, local or non-U.S.
tax laws other than Mexican tax laws. Further, this discussion generally applies only to U.S.
Holders that hold the CPOs, GDSs or Underlying Shares as capital assets within the meaning of
Section&nbsp;1221 of the Internal Revenue Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion set forth below is based on the U.S. federal income tax laws as in force on the
date of this annual report, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the U.S. Internal Revenue Code of 1986, as amended, applicable U.S.
Treasury regulations and judicial and administrative interpretations, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the convention between the Government of the United States of America
and the Government of the United Mexican States for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income,
including the applicable protocols, collectively referred to herein as the &#147;tax
treaty,&#148;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>and is subject to changes to those laws and the tax treaty subsequent to the date of this annual
report, which changes could be made on a retroactive basis; and</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is also based, in part, on the representations of the depositary with
respect to the GDSs and on the assumption that each obligation in the deposit
agreement relating to the GDSs and any related agreements will be performed in
accordance with their terms.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this section, the term &#147;U.S. Holder&#148; means a beneficial owner of CPOs, GDSs or
Underlying Shares that is, for U.S. federal income tax purposes:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a citizen or individual resident of the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation (or entity treated as a corporation for such purposes)
created or organized in or under the laws of the United States, or any State
thereof or the District of Columbia;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate the income of which is included in gross income for U.S.
federal income tax purposes regardless of source; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust, if either (x)&nbsp;it is subject to the primary supervision of a
court within the United States and one or more &#147;United States persons&#148; has the
authority to control all substantial decisions of the trust or (y)&nbsp;it has a valid
election in effect under applicable U.S. Treasury regulations to be treated as a
&#147;United States person.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a partnership (or an entity or arrangement classified as a partnership for U.S. federal
income tax purposes) holds CPOs, GDSs or Underlying Shares, the U.S. federal income tax treatment
of a partner in the partnership generally will depend on the status of the partner and the
activities of the partnership, and partnerships holding CPOs, GDSs or Underlying Shares should
consult their own tax advisors regarding the U.S. federal income tax consequences of purchasing,
owning and disposing of CPOs, GDSs or Underlying Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An individual may be treated as a resident of the United States in any calendar year for
United States federal income tax purposes by being present in the U.S. on at least 31&nbsp;days in that
calendar year and for an aggregate of at least 183&nbsp;days during a three-year period ending at the
close of that year. For purposes of this calculation, all of the days present in the current year,
one-third of the days present in the immediately preceding year and one-sixth of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">days present in the second preceding year would be counted. Residents are taxed for U.S.
federal income purposes as if they were U.S. citizens.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The application of the tax treaty to U.S. Holders is conditioned upon, among other things, the
assumptions that the U.S. Holder:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is not a resident of Mexico for purposes of the tax treaty;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is an individual who has a substantial presence in the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is entitled to the benefits of the tax treaty under the limitation on
benefits provision contained in Article&nbsp;17 of the tax treaty; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>does not have a fixed place of business or a permanent establishment in
Mexico with which its ownership of CPOs, GDSs or Underlying Shares is effectively
connected.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For U.S. federal income tax purposes, U.S. Holders of GDSs and CPOs will be treated as the
beneficial owners of the Underlying Shares represented by the GDSs and CPOs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividends. </I></B>Any distribution paid by us, including the amount of any Mexican taxes withheld,
will be included in the gross income of a U.S. Holder as a dividend, treated as ordinary income, to
the extent that the distribution is paid out of our current and/or accumulated earnings and
profits, as determined under U.S. federal income tax principles. U.S. Holders will not be entitled
to claim a dividends received deduction for dividends received from us. Distributions that are
treated as dividends received from us in taxable years beginning before January&nbsp;1, 2011 by a
non-corporate U.S. Holder who meets certain eligibility requirements will qualify for U.S. federal
income taxation at a reduced rate of 15% or lower if we are a &#147;qualified foreign corporation.&#148; We
generally will be a &#147;qualified foreign corporation&#148; if either (i)&nbsp;we are eligible for benefits
under the tax treaty or (ii)&nbsp;the Underlying Shares or GDSs are listed on an established securities
market in the United States. As we are eligible for benefits under the tax treaty and the GDSs are
listed on the New York Stock Exchange, we presently are a &#147;qualified foreign corporation,&#148; and we
generally expect to be a &#147;qualified foreign corporation&#148; during such taxable years, but no
assurance can be given that a change in circumstances will not affect our treatment as a &#147;qualified
foreign corporation&#148; in any of such taxable years. A non-corporate U.S. Holder will not be
eligible for the reduced rate (a)&nbsp;if the U.S. Holder has not held the Underlying Shares, CPOs or
GDSs for at least 61&nbsp;days of the 121-day period beginning on the date which is 60&nbsp;days before the
ex-dividend date, (b)&nbsp;to the extent the U.S. Holder is under an obligation to make related payments
on substantially similar or related property or (c)&nbsp;with respect to any portion of a dividend that
is taken into account as investment income under Section&nbsp;163(d)(4)(B) of the U.S. Internal Revenue
Code of 1986, as amended. Any days during which a U.S. Holder has diminished the U.S. Holder&#146;s
risk of loss with respect to the Underlying Shares, CPOs or GDSs (for example, by holding an option
to sell such Underlying Shares, CPOs or GDSs) is not counted towards meeting the 61-day holding
period. Special rules apply in determining the foreign tax credit limitation with respect to
dividends subject to U.S. federal income taxation at the reduced rate. U.S. Holders should consult
their own tax advisors concerning whether dividends received by them qualify for the reduced rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent, if any, that the amount of a distribution exceeds our current and/or
accumulated earnings and profits, the distribution will first reduce the U.S. Holder&#146;s adjusted tax
basis in its Underlying Shares, CPOs or GDSs and, to the extent the distribution exceeds the U.S.
Holder&#146;s adjusted tax basis, it will be treated as gain from the sale of the U.S. Holder&#146;s
Underlying Shares, CPOs or GDSs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Dollar value of any dividends paid in Pesos, including the amount of any Mexican
taxes withheld, will be calculated by reference to the interbank exchange rate in effect on the
date of receipt by the U.S. Holder or, with respect to the GDSs, JPMorgan Chase Bank, in its
capacity as Depositary, regardless of whether the payment is in fact converted into U.S. Dollars.
U.S. Holders should consult their own tax advisors regarding the treatment of any foreign currency
gain or loss on any dividends paid in Pesos that are not converted into U.S. Dollars on the day the
Pesos are received. For U.S. foreign tax credit purposes, dividends distributed by us on CPOs,
GDSs or Underlying Shares generally will constitute foreign source &#147;passive income&#148; or, in the case
of some U.S. Holders, foreign source &#147;financial services income&#148; for taxable years beginning before
December&nbsp;31, 2006 and foreign source &#147;general category income&#148; for taxable years beginning after
December&nbsp;31, 2006.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, pro rata distributions of additional shares with respect to the Underlying Shares
that are part of a pro rata distribution to all of our shareholders generally (including U.S.
Holders of GDSs) will not be subject to U.S. federal income tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A beneficial owner of CPOs, GDSs or Underlying Shares that is not a U.S. Holder and is not a
partnership (or an entity or arrangement classified as a partnership for U.S. federal income tax
purposes) will not be subject to U.S. federal income or withholding tax on a dividend paid with
respect to the CPOs, GDSs or the Underlying Shares, unless the dividend is effectively connected
with the conduct by the beneficial owner of a trade or business in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Capital Gains. </I></B>Gain or loss recognized by a U.S. Holder on a taxable sale or exchange of
CPOs, GDSs or Underlying Shares will be subject to U.S. federal income taxation as capital gain or
loss in an amount equal to the difference between the amount realized on the sale or exchange and
the U.S. Holder&#146;s adjusted tax basis in the CPOs, GDSs or Underlying Shares. Such capital gain or
loss generally will be long-term capital gain or loss if the CPOs, GDSs or Underlying Shares have
been held for more than one year at the time of disposition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such capital gains generally will be U.S. source income, unless the gains are subject to
Mexican taxation, in which case such gains generally will be treated as arising in Mexico under the
tax treaty. If capital gains are subject to Mexican taxation under the tax treaty, a U.S. Holder
generally may elect to treat such gains as foreign source income for U.S. foreign tax credit
limitation purposes. However, any such Mexican taxes may not be used to offset U.S. federal income
tax on any other item of income, and foreign taxes on any other item of income cannot be used to
offset U.S. federal income tax on such gains. U.S. Holders should consult their tax advisors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital losses recognized on the sale or exchange of CPOs, GDSs or Underlying Shares generally
will offset U.S. source income. Deposits and withdrawals of CPOs for GDSs and of Underlying Shares
for CPOs by U.S. Holders will not be subject to U.S. federal income tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A beneficial owner of CPOs, GDSs or Underlying Shares that is not a U.S. Holder and is not a
partnership (or an entity or arrangement classified as a partnership for U.S. federal income tax
purposes) generally will not be subject to U.S. federal income tax on gain recognized on a sale or
exchange of CPOs, GDSs or Underlying Shares unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the gain is effectively connected with the beneficial owners&#146;s conduct
of a trade or business in the United States; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the beneficial owner is an individual who holds CPOs, GDSs or
Underlying Shares as a capital asset, is present in the United States for 183&nbsp;days
or more in the taxable year of the sale or exchange and meets other requirements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>U.S. Backup Withholding. </I></B>A U.S. Holder may be subject to U.S. information reporting and U.S.
backup withholding on dividends paid on Underlying Shares, and on proceeds from the sale or other
disposition of CPOs, GDSs or Underlying Shares, unless the U.S. Holder:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is a corporation or comes within an exempt category; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provides a taxpayer identification number, certifies as to no loss of
exemption from backup withholding tax and otherwise complies with the applicable
requirements of the backup withholding rules.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of any backup withholding will be allowed as a credit against the U.S. Holder&#146;s
U.S. federal income tax liability and may entitle such holder to a refund; provided, however, that
certain required information is furnished to the U.S. Internal Revenue Service. A beneficial owner
of CPOs, GDSs or Underlying Shares that is not a U.S. Holder may be required to comply with
certification and identification procedures in order to establish its exemption from backup
withholding.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mexican Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General. </I></B>The following is a general summary of the principal tax consequences under the
Mexican Income Tax Law, Fiscal Tax Code and rules as currently in effect (the &#147;Mexican Income Tax
Law&#148;) of the purchase, ownership and disposition of CPOs, GDSs or underlying A Shares, B Shares, L
Shares and D Shares by a person that is not a resident of Mexico for tax purposes, as defined
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Holders should consult with their own tax advisors as to their entitlement to benefits
afforded by the tax treaty between the U.S. and Mexico. Mexico has also entered into and is
negotiating with various countries regarding other tax treaties that may have an effect on the tax
treatment of CPOs, GDSs or shares underlying the CPOs. Holders should consult with their tax
advisors as to their entitlement to the benefits afforded by these treaties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion does not constitute, and shall not be considered as, legal or tax advice to
holders. This discussion is for general information purposes only and is based upon the Mexican
Income Tax Law as in effect on the date of this annual report, which are subject to change,
including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Mexican Income Tax Law, the Mexican Federal Tax Code and their respective regulations,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>rules issued by the Mexican tax authorities, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the tax treaty.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders should consult their own tax advisors as to U.S., Mexican or other tax consequences of
the purchase, ownership and disposition of CPOs, GDSs or underlying A Shares, B Shares, L Shares
and D Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the Mexican Income Tax Law:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual is a Mexican tax resident if the individual has
established his home in Mexico. When an individual, in addition to his home in
Mexico, has a home in another country, the individual will be a Mexican tax
resident if his center of vital interests is located in Mexico. This will be deemed
to occur if, among other circumstances, either (i)&nbsp;more than 50% of the total
income obtained by the individual in the calendar year is Mexican source; or (ii)
when the individual&#146;s center of professional activities is located in Mexico.
Unless otherwise proven, a Mexican national is considered a Mexican tax resident.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a legal entity is considered a Mexico tax resident if it is
incorporated under Mexican law or if it maintains the main administration of its
head office or business or the effective location of its management in Mexico; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a foreign person with a permanent establishment in Mexico will be
required to pay taxes in Mexico in accordance with the Mexican Income Tax Law for
income attributable to such permanent establishment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividends. </I></B>Dividends, either in cash or in any other form, paid with respect to the shares
underlying the CPOs, including those CPOs represented by GDSs, will not be subject to Mexican
withholding tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When dividends are paid from our &#147;previously taxed net earnings account,&#148; or &#147;<I>cuenta de
utilidad fiscal neta</I>,&#148; we will not be required to pay any Mexican corporate income tax on the
dividends. During 2005, if dividends are not paid from our &#147;previously taxed net earnings account,&#148;
we will be required to pay a 30% Mexican corporate income tax (&#147;CIT&#148;) on the dividends multiplied
by 1.4286. If this is the case during 2006, we will be required to pay a 29% CIT on the dividends
multiplied by 1.4085.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Sales or Other Dispositions. </I></B>Deposits and withdrawals of CPOs for GDSs and of underlying A
Shares, B Shares, L Shares and D Shares for CPOs will not give rise to Mexican tax or transfer
duties.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, the sale or other disposition of CPOs, GDSs or underlying A Shares, L Shares and D
Shares will not be subject to any Mexican income tax if the sale is carried out through the Mexican
Stock Exchange (or a recognized securities market located in a country with which Mexico has
entered into a tax treaty) fulfilling the requirements established in the Mexican Income Tax Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales or other dispositions of CPOs, GDSs or underlying A Shares, B Shares, L Shares and D
Shares made in other circumstances would be subject to Mexican income tax. However, under the tax
treaty, any U.S. Holder that is eligible to claim the benefits of the tax treaty may be exempt from
Mexican tax on gains realized on a sale or other disposition of CPOs and shares underlying the CPOs
in a transaction that is not carried out through the Mexican Stock Exchange or such other approved
securities markets. The U.S. Holder will be exempt under the tax treaty if the U.S. Holder did not
own directly or indirectly 25% or more of the our outstanding shares within the 12-month period
preceding such sale or disposition. Gains realized by other Holders that are eligible to receive
benefits pursuant to other income tax treaties to which Mexico is a party may be exempt from
Mexican income tax in whole or in part. Non-U.S. Holders should consult their own tax advisors as
to their possible eligibility under such other income tax treaties. Appropriate tax residence
certifications must be obtained by Holders eligible for tax treaty benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January&nbsp;1, 2005 all income derived from the constitution of an usufruct or usage of
shares and securities or the transfer of the rights concerning the usufruct of stock, as well as
all income derived from other legal acts through which the right to perceive revenues generated by
shares is transferred, should be considered as income as if it were obtained from the sale of
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Mexican Taxes. </I></B>There are no estate, gift, or succession taxes applicable to the
ownership, transfer or disposition of CPOs, GDSs or underlying A Shares, B Shares, L Shares and D
Shares. However, a gratuitous transfer of CPOs, GDSs or underlying A Shares, B Shares, L Shares
and D Shares may, in some circumstances, result in the imposition of a Mexican federal tax upon the
recipient. There are no Mexican stamp, issuer, registration or similar taxes or duties payable by
holders of GDSs, CPOs, or underlying A Shares, B Shares, L Shares and D Shares.
</DIV>
<DIV align="left">
<A name="134"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Documents on Display</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For further information with respect to us and our CPOs and GDSs, we refer you to the filings
we have made with the SEC. Statements contained in this annual report concerning the contents of
any contract or any other document are not necessarily complete. If a contract or document has
been filed as an exhibit to any filing we have made with the SEC, we refer you to the copy of the
contract or document that has been filed. Each statement in this annual report relating to a
contract or document filed as an exhibit to any filing we have made with the SEC is qualified in
its entirety by the filed exhibit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa is subject to the informational requirements of the Exchange Act and in accordance
therewith files reports and other information with the SEC. Reports and other information filed by
Televisa with the SEC can be inspected and copied at the public reference facilities maintained by
the SEC at its Public Reference Room at Room&nbsp;1024, 450 Fifth Street, N.W., Washington, D.C. 20549
and at the SEC&#146;s regional offices located at the Woolworth Building, 233 Broadway, 13th Floor, New
York, New York 10007 and Citicorp Center, Suite&nbsp;1400, 500 West Madison Street, Chicago, Illinois
60661-2511. You may obtain information on the operation of the Public Reference Room by calling the
SEC at 1-800-SEC-0330. Such materials can also be inspected at the offices of the New York Stock
Exchange, Inc., 20 Broad Street, New York, New York 10005. Any filings we make electronically will
be available to the public over the Internet at the SEC&#146;s website at www.sec.gov.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We furnish JPMorgan Chase Bank, the depositary for our GDSs, with annual reports in English.
These reports contain audited consolidated financial statements that have been prepared in
accordance with Mexican GAAP, and include reconciliations of net income and stockholders&#146; equity to
U.S. GAAP. These reports have been examined and reported on, with an opinion expressed by, an
independent auditor. The depositary is required to mail our annual reports to all holders of
record of our GDSs. The deposit agreement for the GDSs also requires us to furnish the depositary
with English translations of all notices of shareholders&#146; meetings and other reports and
communications that we send to holders of our CPOs. The depositary is required to mail these
notices, reports and communications to holders of record of our GDSs.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a foreign private issuer, we are not required to furnish proxy statements to holders of our
CPOs or GDSs in the U.S.
</DIV>
<DIV align="left">
<A name="135"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Market Risk Disclosures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk is the exposure to an adverse change in the value of financial instruments caused
by interest rate changes, foreign currency fluctuations, inflation and changes in the market value
of investments. The following information includes &#147;forward-looking statements&#148; that involve risks
and uncertainties. Actual results could differ from those presented. Unless otherwise indicated,
all information below is presented on a Mexican GAAP basis in constant Pesos in purchasing power as
of December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risk Management</I>. We are exposed to market risks arising from changes in interest rates,
inflation, foreign currency exchange rates and equity prices, in both the Mexican and U.S. markets.
Our risk management activities are monitored by our Risk Management Committee and reported to our
Executive Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We monitor our exposure to interest rate risk by: (i)&nbsp;evaluating differences between interest
rates on our outstanding debt and short-term investments and market interest rates on similar
financial instruments; (ii)&nbsp;reviewing our cash flow needs and financial ratios (interest coverage);
(iii)&nbsp;assessing current and forecasted trends in the relevant markets; and (iv)&nbsp;evaluating peer
group and industry practices. This approach allows us to establish the optimal liability&#146;s interest
rate &#147;mix&#148; between variable and fixed rate debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange risk is monitored by assessing our net monetary liability position in U.S.
Dollars and our forecasted cash flow needs for anticipated U.S. Dollar investments and servicing
our U.S. Dollar-denominated debt. Equity price risk is assessed by evaluating the long-term value
of our investment in both domestic and foreign affiliates, versus comparable investments in the
marketplace. We classify our equity investments, consisting of investments in both domestic and
foreign affiliates, as long-term assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In compliance with the procedures and controls established by our Risk Management Committee,
in 2003, 2004 and 2005 we entered into certain derivative financial transactions with certain
financial institutions in order to manage our exposure to market risks resulting from changes in
foreign exchange rates, interest rates, inflation and the price of our common stock. Our objective
in managing foreign currency and inflation fluctuations is to reduce earnings and cash flow
volatility. See Notes 1(p) and 9 to our year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp; <B><I>Foreign Currency, Exchange Rate Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Senior Notes due 2005, in the third quarter of 2002 we entered into
currency option agreements on a notional amount of U.S.$100.0&nbsp;million. Under these agreements, and
subject to the exercise of the options by us and the financial institution, as well as the payment
of related premiums by us for approximately U.S.$11.8&nbsp;million in April&nbsp;2004, the parties will
exchange U.S. Dollars and Pesos at fixed exchange rates in October&nbsp;2005. In May&nbsp;2004, we terminated
this hedge early by pre-paying a net amount of U.S.$2.7&nbsp;million. In addition, from June through
February&nbsp;2005, we entered into forward exchange contracts on a notional amount of U.S.$185.0
million to exchange U.S. Dollars and Pesos at fixed exchange rates in June and August&nbsp;2005. These
contracts were settled on or before their maturity dates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, from November&nbsp;2005 through January&nbsp;2006, we entered into forward exchange
contracts on a notional amount of U.S.$120.0&nbsp;million to exchange U.S. Dollars and Pesos at a fixed
exchange rate in June&nbsp;2006 in order to cover our U.S. dollars cash flow requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective March&nbsp;1, 2002, we designated our equity investment in Univision as an effective
hedge of the U.S. Dollar principal amount with respect to both our 8% Senior Notes due 2011 and our
8.5% Senior Notes due 2032 (see Notes 1(c) and 8 to our year-end financial statements). As long as
we maintain our net investment in Univision as an effective hedge against these principal amounts,
any foreign exchange gain or loss attributable to our 8% Senior Notes due 2011 and 8.5% Senior
Notes due 2032 will be credited or charged directly to equity (other
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">comprehensive income or loss: foreign currency translation) for Mexican GAAP purposes. In
March&nbsp;2005, in connection with the issuance of the Senior Notes due 2025 and the tender offer of
the Senior Notes due 2011, we re-designated our net investment in Univision as an effective hedge
of the U.S. Dollar principal amount of our Senior Notes due 2025. At December&nbsp;31, 2005, the total
principal amount of our long-term debt being hedged by our investment in Univision was of
approximately U.S.$775.5&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp; <B><I>Interest Rate Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Senior Notes due 2011, in the fourth quarter of 2002 we entered into an
interest rate swap agreement on a notional amount of U.S.$100.0&nbsp;million. These agreements involve
the exchange of amounts based on a fixed interest rate for amounts based on variable interest rates
over the life of the agreement, without an exchange of the notional amount upon which the payments
are based. We terminated these arrangements in early June&nbsp;2003, and recognized a net gain on these
contracts in the amount of U.S.$5.5&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Senior Notes due 2011, 2025 and 2032 and Innova&#146;s Senior Notes due
2013, we entered into cross-currency interest rate swap agreements (&#147;coupon swaps&#148;) that allow us
to hedge against Peso depreciation on the interest payments for a period of five years. As a result
of the tender of the Senior Notes due 2011, we reclassified part of the &#147;coupon swap&#148; agreements to
the recently issued Senior Notes due 2025. During the second quarter of 2005, we entered into an
additional U.S.$242.0&nbsp;million of the principal amount. In November&nbsp;2005, we entered into option
contracts that allow our counterparty to extend the maturity of such coupon swaps for one year on a
principal amount of U.S.$890.0&nbsp;million. During the first quarter of 2006, as a result of the cash
tender offer of Senior Notes due 2013, Innova terminated U.S.$288.75&nbsp;million of the principal
amount of the &#147;cupon swaps&#148; early to match the notional amount of notes tendered. As of May&nbsp;31,
2006, such cross-currency interest rate swap agreements correspond to interest payments on
U.S.$900.98&nbsp;million of the principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During March and April&nbsp;2005, in connection with and ahead of the issuance and reopening of the
Senior Notes due 2025, we entered into agreements that allow us to hedge against increases in the
U.S. Treasury interest rates on the pricing date for a notional amount of U.S.$500.0&nbsp;million. This
hedge resulted in a net loss of U.S.$1.7&nbsp;million dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp; <B><I>Inflation Rate Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into inflation swap agreements to fix the inflation rate on the principal amount of
the UDI-denominated medium-term notes due 2007 for a notional amount of 1,086&nbsp;million UDIs. On
average, we fixed the inflation rate at an annual rate of approximately 4.06%. In March&nbsp;2005, in
connection with the issuance of the Senior Notes due 2025 and as a result of the tender of the
UDI-denominated Medium Term Notes due 2007, we terminated early the inflation swap agreements on
the principal amount and received an amount equal to Ps.107.7&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp; <B><I>Common Stock Price Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the third quarter of 2002, the first quarter of 2003, the fourth quarter of 2004 and
February&nbsp;2005 we entered into agreements to sell share put options on our common stock and received
premiums in cash for approximately U.S.$2.8&nbsp;million. These put options were exercisable in April
and July&nbsp;2003 and January, May, June, July, September and December&nbsp;2005. We have recorded the
related premiums, in other income or expense. All of these agreements expired unexercised by the
financial institutions and we recognized the benefit of unamortized premiums.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have recorded the change in value in each period of all the above mentioned agreements,
together with the amortization of related premiums, from inception through December&nbsp;31, 2005 in the
income statement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp; <B><I>Sensitivity and Fair Value Analyses.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sensitivity analyses that follow are intended to present the hypothetical change in fair
value or loss in earnings due to changes in interest rates, inflation rates, foreign exchange rates
and debt and equity market prices as they affect our financial instruments at December&nbsp;31, 2004 and
2005. These analyses address market risk only and do not present other risks that we face in the
ordinary course of business, including country risk and credit risk. The hypothetical changes
reflect our view of changes that are reasonably possible over a one-year period. For purposes of
the following sensitivity analyses, we have made conservative assumptions of expected near-term
future changes in U.S. interest rates, Mexican interest rates, inflation rates and Peso to U.S.
Dollar exchange rates of 10%, 10%, 10% and 5%, respectively. The results of the analyses do not
purport to represent actual changes in fair value or losses in earnings that we will incur.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Fair Value at December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>(Millions of Pesos in purchasing power as of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>December 31, 2005 or millions of U.S. Dollars)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary investments<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD nowrap align="right">16,792.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">14,233.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD nowrap align="right">1,339.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>U.S. Dollar-denominated debt:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Long-term debt securities<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Senior Notes due 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,375.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Senior Notes due 2011<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,003.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">896.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Senior Notes due 2032<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,983.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,806.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Innova&#146;s Senior Notes due 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,014.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Innova&#146;s Senior Notes due 2013<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,942.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,519.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">331.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Senior Notes due 2025<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,578.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">619.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Peso-denominated debt:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">UDI-denominated long-term loan facility<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,298.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,002.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Long-term notes payable to Mexican Banks<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,199.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,964.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">373.0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Peso amounts have been converted to U.S. Dollars solely for the convenience of the reader
at a nominal exchange rate of Ps.10.6265 per U.S. Dollar, the Interbank Rate as of December
31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2005, our temporary investments consisted of fixed rate short-term deposits
in commercial banks (primarily Peso- and U.S. Dollar-denominated in 2004 and 2005). Given the
short-term nature of these investments, an increase in U.S. and/or Mexican interest rates
would not significantly decrease the fair value of these investments.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2005, fair value exceeded the carrying value of those debt securities by
approximately Ps.1.4&nbsp;million (U.S.$0.1&nbsp;million). The increase in the fair value of a
hypothetical 10% increase in the estimated market price of those debt securities would amount
to Ps.7.2&nbsp;million (U.S.$0.7&nbsp;million) at December&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2005, fair value exceeded the carrying value of these notes by approximately
Ps.93.9&nbsp;million (U.S.$8.8&nbsp;million). The increase in the fair value of these notes of a
hypothetical 10% increase in the quoted market price of these notes would amount to
approximately Ps.183.5&nbsp;million (U.S.$17.3&nbsp;million) at December&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2005, fair value exceeded the carrying value of these notes by approximately
Ps.618.5&nbsp;million (U.S.$58.2&nbsp;million). The increase in the fair value of these notes of a
hypothetical 10% increase in the quoted market price of these notes would amount to
approximately Ps.999.1&nbsp;million (U.S.$94.0&nbsp;million) at December&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2005, fair value exceeded the carrying value of these notes by approximately
Ps.331.5&nbsp;million (U.S.$31.2&nbsp;million). The increase in the fair value of these notes of a
hypothetical 10% increase in the quoted market price of these notes would amount to
approximately Ps.683.5&nbsp;million (U.S.$64.3&nbsp;million) at December&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2005, fair value exceeded the carrying value of these notes by approximately
Ps.81.6&nbsp;million (U.S.$7.7&nbsp;million). At December&nbsp;31, 2005, a hypothetical 10% increase in
Mexican interest rates would increase the fair value of these notes by approximately Ps.478.1
million (U.S.$45.0&nbsp;million) at December&nbsp;31, 2005.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">- 142 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2005, fair value exceeded the carrying value of these notes by approximately
Ps.202.2&nbsp;million (U.S.$19.0&nbsp;million). The increase in the fair value of these notes of a
hypothetical 10% increase in the quoted market price of these notes would amount to
approximately Ps.860.1&nbsp;million (U.S.$80.9&nbsp;million) at December&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2005, fair value exceeded carrying value of amounts outstanding under this
loan by approximately Ps.61.7&nbsp;million (U.S.$5.8&nbsp;million). At December&nbsp;31, 2005, a hypothetical
10% increase in the Mexican inflation rate to 3.6% for the year 2005 would increase principal
amounts outstanding under this UDI-denominated long-term loan facility by approximately
Ps.162.0&nbsp;million (U.S.$15.2&nbsp;million). An inflation rate of less than 4.0% is forecasted by the
Mexican government for 2006. We entered into inflation swap agreements to fix the inflation
rate on this UDI-denominated facility at an annual rate of approximately 4%, however, we
terminated these derivative agreements in March&nbsp;2005.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also subject to the risk of foreign currency exchange rate fluctuations, resulting
from the net monetary position in U.S. Dollars of our Mexican operations, as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(In millions of U.S. Dollars)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. Dollar-denominated short-term investments and long-term notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">582.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">682.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. Dollar-denominated senior debt securities and other notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,482.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,563.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">880.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative instruments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net liability position</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">891.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">872.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, a hypothetical 5.0% depreciation in the U.S. Dollar to Peso exchange
rate would result in a loss in earnings of Ps.51.6&nbsp;million and an increase in other comprehensive
loss of Ps.412.0&nbsp;million. This depreciation rate is based on the December&nbsp;31, 2005 forecast of the
U.S. Dollar to Peso exchange rate for 2006 by the Mexican government for such year.
</DIV>
<DIV align="left">
<A name="136"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;12. Description of Securities Other than Equity Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<DIV align="left">
<A name="137"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part II</B>
</DIV>

<DIV align="left">
<A name="138"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<DIV align="left">
<A name="139"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<DIV align="left">
<A name="140"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;15. Controls and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We carried out an evaluation, under the supervision and with the participation of our
management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of our disclosure controls and procedures as of December&nbsp;31, 2005.
Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that
our disclosure controls and procedures are effective to ensure that information required to be
disclosed in our periodic filings under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the SEC&#146;s rules and forms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no significant changes in our internal controls over financial reporting
identified in connection with the evaluation above during the period covered by this Annual Report
that has materially affected, or is reasonably likely to materially affect, our internal controls
over financial reporting.
</DIV>
<DIV align="left">
<A name="141"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16A. Audit Committee Financial Expert</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has determined that Mr.&nbsp;Francisco Jos&#233; Ch&#233;vez Robelo is our audit
committee financial expert. Mr.&nbsp;Francisco Jos&#233; Ch&#233;vez Robelo is &#147;independent&#148; and meets the
requisite qualifications as defined in Item&nbsp;16A of Form 20-F, who serves on its audit committee.
</DIV>

<P align="center" style="font-size: 10pt">- 143 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="142"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16B. Code of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted a written code of ethics that applies to all of our employees, including our
principal executive officer, principal financial officer and principal accounting officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of our code of ethics, at no cost, by writing to or telephoning us as follows:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Grupo Televisa, S.A.<BR>
Avenida Vasco de Quiroga<BR>
No.&nbsp;2000,<BR>
Colonia Santa Fe, 01210 M&#233;xico, D.F., M&#233;xico.<BR>
Telephone: (52) (55)&nbsp;5261-2000.
</DIV>

<DIV align="left">
<A name="143"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16C. Principal Accountant Fees and Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers acted as our independent auditor for the fiscal years ended December
31, 2004 and 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chart below sets forth the total amount billed by our independent auditors for services
performed in the years 2004 and 2005, and breaks down these amounts by category of service:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(in millions of Pesos in purchasing power</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>as of December 31, 2005)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.8</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
   <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.5</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.5</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right" style="border-top: 3px double #000000">&nbsp;</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Audit Fees&#148; are the aggregate fees billed by our independent auditor for the audit of our
consolidated annual financial statements, services related to regulatory financial filings with the
SEC and attestation services that are provided in connection with statutory and regulatory filings
or engagements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Audit-Related Fees&#148; are fees charged by our independent auditor for assurance and related
services that are reasonably related to the performance of the audit or review of our financial
statements and are not reported under &#147;Audit Fees.&#148; This category comprises fees billed for
independent accountant review of our interim financial statements in connection with the offering
of our debt securities, as well as advisory services associated with our financial reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Tax Fees&#148; are fees for professional services rendered by the Company&#146;s independent auditor
for tax compliance in connection with our subsidiaries and interests in the United States, as well
as tax advice on actual or contemplated transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Other Fees&#148; are fees charged by our independent auditor for performing reviews of royalty
compliance for certain revenue reported in our Programming Exports segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have introduced procedures for the review and pre-approval of any services performed by
PricewaterhouseCoopers. The procedures require that all proposed engagements of
PricewaterhouseCoopers for audit and non-audit services are submitted to the audit committee for
approval prior to the beginning of any such services.
</DIV>

<P align="center" style="font-size: 10pt">- 144 -
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit Committee Pre-approval Policies and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our audit committee is responsible, among other things, for the appointment, compensation and
oversight of our external auditors. To assure the independence of our independent auditors, our
audit committee pre-approves annually a catalog of specific audit and non-audit services in the
categories Audit Services, Audit-Related Services, Tax-Related Services, and Other Services that
may be performed by our auditors, as well as the budgeted fee levels for each of these categories.
All other permitted services must receive a specific approval from our audit committee. Our
external auditor periodically provides a report to our audit committee in order for our audit
committee to review the services that our external auditor is providing, as well as the status and
cost of those services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2004 and 2005, none of the services provided to us by our external auditors were
approved by our audit committee pursuant to the de minimus exception to the pre-approval
requirement provided by paragraph (c)(7)(i)(C) of Rule&nbsp;2-01 of Regulation&nbsp;S-X.
</DIV>
<DIV align="left">
<A name="144"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16D. Exemptions from the Listing Standards for Audit Committees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<DIV align="left">
<A name="145"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, for the periods indicated, information regarding purchases of
any of our equity securities registered pursuant to Section&nbsp;12 of the Exchange Act made by us or on
our behalf or by or on behalf of any affiliated purchaser (as that term is defined in Rule
10b-18(a)(3) under the Exchange Act):
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Purchases of Equity Securities by Televisa</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum Number (or</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Appropriate Mexican Peso</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value) of CPOs</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Purchased as part of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>that May Yet Be</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Publicly Announced</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Purchased Under the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Purchase Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Paid per CPO(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Plans or Programs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Plans or Programs (1)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>January 1 to January 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,592,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32.186468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,685,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">3,021,017,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>February 1 to February 29</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.954558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,776,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,017,857,978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>March 1 to March 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,231,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.701047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,007,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,879,486,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>April 1 to April 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,603,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.552905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,610,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,702,683,249</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>May 1 to May 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,134,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.463152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,745,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,478,196,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>June 1 to June 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,745,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,478,196,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>July 1 to July 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.914656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,566,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,449,528,440</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>August 1 to August 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,018,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.484304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,585,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,173,022,994</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>September 1 to September 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,177,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.298937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,762,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,132,653,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>October 1 to October 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,762,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,132,653,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>November 1 to November 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">868,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.759666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,630,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,097,257,468</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>December 1 to December 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,620,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.356154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,250,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,028,640,510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1pt">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,157,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">33.495540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,250,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">2,028,640,510</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1pt">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The values have not been restated in constant Mexican Pesos and therefore represent
nominal historical figures.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Our share repurchase program was announced in September of 2002 and is set to expire
December&nbsp;31, 2008. Our share repurchase program is limited to a total amount of U.S.$400
million.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Table does not include repurchases or purchases by the special purpose trust formed in
connection with our stock purchase plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">- 145 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Purchases of Equity Securities by Special Purpose Trust<BR>
formed in connection with Stock Purchase Plan</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CPOs</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum Number (or</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Appropriate Mexican Peso</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value) of CPOs</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Number of CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>that May Yet Be</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Purchased as part of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Purchased Under the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Purchase Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Paid per CPO (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>the Stock Purchase Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Stock Purchase Plan(3)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>January 1 to January 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>650,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Ps.</B></TD>
    <TD nowrap align="right"><B>32.945860</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45,728,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>February 1 to February 29</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45,728,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>March 1 to March 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>250,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32.43858</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45,978,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>April 1 to April 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45,978,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>May 1 to May 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,510,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31.65265</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>47,488,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>June 1 to June 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,600,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32.64060</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,088,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>July 1 to July 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>850,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34.86641</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>51,938,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>August 1 to August 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,290,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34.84124</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53,228,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>September 1 to September 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>350,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37.46426</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53,578,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>October 1 to October 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>240,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39.33220</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53,818,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>November 1 to November 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>335,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41.62134</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>54,153,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>December 1 to December 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,200,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>42.41697</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55,353,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1pt">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,275,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Ps.</B></TD>
    <TD nowrap align="right"><B>34.72540</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55,353,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1pt">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 0px double #000000">&nbsp;</TD>
    <TD align="right" style="border-bottom: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>See &#147;Directors, Senior Management and Employees &#150; Stock Purchase Plan&#148; for a description
of the implementation, limits and other terms of our Stock Purchase Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The values have not been restated in constant Mexican Pesos and therefore represent
nominal historical figures.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Since the number of additional shares that may be issued pursuant to our Stock Purchase
Plan is affected by, among other things, the number of shares held by the special equity
trust, periodic grants made to certain executives, the performance of those executives and
the number of shares subject to other employee benefit plans, it would be misleading to
imply that there is a defined maximum number of shares that remain to be purchased pursuant
to our Stock Purchase Plan.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="146"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part III</B>
</DIV>

<DIV align="left">
<A name="147"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;17. Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have responded to Item&nbsp;18 in lieu of Item&nbsp;17.
</DIV>
<DIV align="left">
<A name="148"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;18. Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See pages F-1 through F-62, which are incorporated herein by reference.
</DIV>
<DIV align="left">
<A name="149"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;19. Exhibits</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Documents filed as exhibits to this annual report appear on the following
</DIV>


<P align="center" style="font-size: 10pt">- 146 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(a)&nbsp;Exhibits.
</DIV>

<DIV align="left">
<A name="150"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English translation of Amended and
Restated Bylaws (<I>Estatutos
Sociales</I>) of the Registrant, dated
as of April&nbsp;16, 2004 (previously
filed with the Securities Exchange
Commission as Exhibit&nbsp;1.1 to the
Registrant&#146;s Annual Report Form
20-F for the year ended December
31, 2003 and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture relating to Senior Debt
Securities, dated as of August&nbsp;8,
2000, between the Registrant, as
Issuer, and The Bank of New York,
as Trustee (previously filed with
the Securities and Exchange
Commission as Exhibit&nbsp;4.1 to the
Registrant&#146;s Registration Statement
on Form&nbsp;F-4 (File number
333-12738), as amended (the &#147;2000
Form&nbsp;F-4&#148;), and incorporated herein
by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Supplemental Indenture
relating to the 8% Senior Notes due
2011, dated as of September&nbsp;13,
2001, between the Registrant, as
Issuer, and The Bank of New York
and Banque Internationale &#224;
Luxembourg, S.A. (previously filed
with the Securities and Exchange
Commission as Exhibit&nbsp;4.4 to the
Registrant&#146;s Registration Statement
on Form&nbsp;F-4 (File number 333-14200)
(the &#147;2001 Form&nbsp;F-4&#148;) and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.3&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth Supplemental Indenture
relating to the 8.5% Senior
Exchange Notes due 2032 between the
Registrant, as Issuer, and The Bank
of New York and Dexia Banque
Internationale &#224; Luxembourg
(previously filed with the
Securities Exchange Commission as
Exhibit&nbsp;4.5 to the Registrant&#146;s
Registration Statement on Form&nbsp;F-4
(the &#147;2002 Form&nbsp;F-4&#148;) and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.4&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fifth Supplemental Indenture
relating to the 8% Senior Notes due
2011 between Registrant, as Issuer,
and The Bank of New York and Dexia
Banque Internationale &#224; Luxembourg
(previously filed with the
Securities and Exchange Commission
as Exhibit&nbsp;4.5 to the 2001 Form&nbsp;F-4
and incorporated herein by
reference).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">E-1
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.5&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sixth Supplemental Indenture
relating to the 8.5% Senior Notes
due 2032 between Registrant, as
Issuer, and The Bank of New York
and Dexia Banque Internationale &#224;
Luxembourg (previously filed with
the Securities and Exchange
Commission as Exhibit&nbsp;4.7 to the
2002 Form&nbsp;F-4 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.6&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seventh Supplemental Indenture
relating to the 6 5/8% Senior Notes
due 2025 between Registrant, as
Issuer, and The Bank of New York
and Dexia Banque Internationale &#224;
Luxembourg, dated March&nbsp;18, 2005
(previously filed with the
Securities and Exchange Commission
as Exhibit&nbsp;2.8 to the Registrant&#146;s
Annual Report on Form&nbsp;20-F for the
year ended December&nbsp;31, 2004 (the
&#147;2004&#148; Form&nbsp;20-F&#148;) and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.7&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eighth Supplemental Indenture
relating to the 6 5/8% Senior Notes
due 2025 between Registrant, as
Issuer, and The Bank of New York
and Dexia Banque Internationale &#224;
Luxembourg, dated May&nbsp;26, 2005
(previously filed with the
Securities and Exchange Commission
as Exhibit&nbsp;2.9 to the 2004 Form
20-F and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.8&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ninth Supplemental Indenture
relating to the 6 5/8% Senior Notes
due 2025 between Registrant, as
Issuer, The Bank of New York and
Dexia Banque Internationale &#224;
Luxembourg, dated September&nbsp;6,
2005.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.9&#151;
</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement between
the Registrant, JPMorgan Chase
Bank, as depositary and all holders
and beneficial owners of the Global
Depositary Shares, evidenced by
Global Depositary Receipts
(previously filed with the
Securities and Exchange Commission
as an Exhibit to the Registrant&#146;s
Registration Statement on Form&nbsp;F-6
(File number 333-99195) (the &#147;Form
F-6&#148;) and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Indemnity Agreement between
the Registrant and its directors
and executive officers (previously
filed with the Securities and
Exchange Commission as Exhibit&nbsp;10.1
to the Registrant&#146;s Registration
Statement on Form&nbsp;F-4 (File number
33-69636), as amended, (the &#147;1993
Form&nbsp;F-4&#148;) and incorporated herein
by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Collateral
Trust Agreement, dated as of June
13, 1997, as amended, among
PanAmSat Corporation, Hughes
Communications, Inc., Satellite
Company, LLC, the Registrant and
IBJ Schroder Bank and Trust Company
(previously filed with the
Securities and Exchange Commission
as an Exhibit to the Registrant&#146;s
Annual Report on Form&nbsp;20-F for the
year ended December&nbsp;31, 2001 (the
&#147;2001 Form&nbsp;20-F&#148;) and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Program
License Agreement, dated as of
December&nbsp;19, 2001, by and between
Productora de Teleprogramas, S.A.
de C.V. and Univision
Communications Inc. (&#147;Univision&#148;)
(previously filed with the
Securities and Exchange Commission
as Exhibit&nbsp;10.7 to the 2001 Form
F-4 and incorporated herein by
reference).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">E-2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participation Agreement, dated as
of October&nbsp;2, 1996, by and among
Univision, Perenchio, the
Registrant, Venevision and certain
of their respective affiliates
(previously filed with the
Securities and Exchange Commission
as Exhibit&nbsp;10.8 to Univision&#146;s
Registration Statement on Form&nbsp;S-1
(File number 333-6309) (the
&#147;Univision Form&nbsp;S-1&#148;) and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated International
Program Rights Agreement, dated as
of December&nbsp;19, 2001, by and among
Univision, Venevision and the
Registrant (previously filed with
the Securities and Exchange
Commission as Exhibit&nbsp;10.9 to the
2001 Form&nbsp;F-4 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Production Agreement, dated as
of March&nbsp;27, 1998, between the
Registrant and Univision Network
Limited Partnership (previously
filed with the Securities and
Exchange Commission as an Exhibit
to Univision&#146;s Annual Report on
Form&nbsp;10-K for the year ended
December&nbsp;31, 1997 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Program License Agreement, dated as
of May&nbsp;31, 2005, between Registrant
and Univision.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws
(<I>Estatutos Sociales</I>) of Innova, S.
de R.L. de C.V. (&#147;Innova&#148;) dated as
of December&nbsp;22, 1998 (previously
filed with the Securities and
Exchange Commission as an Exhibit
to Innova&#146;s Annual Report on Form
20-F for the year ended December
31, 2004 and incorporated herein by
reference).</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English translation of investment
agreement, dated as of March 26, 2006, between Registrant
and M/A and Gestora de Inversiones Audiovisuales La Sexta, S.A.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.1,162.5
million credit agreement, dated as
of May&nbsp;17, 2004, between the
Registrant and Banamex (the &#147;May
2004 Credit Agreement&#148;) and the May
2004 Credit Agreement (in Spanish)
(previously filed with the
Securities and Exchange Commission
as Exhibit&nbsp;4.9 to the 2004 Form
20-F and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of amendment to the
May Credit Agreement and the
amendment to the May&nbsp;2004 Credit
Agreement (in Spanish) (previously
filed with the Securities and
Exchange Commission as Exhibit&nbsp;4.10
to the 2004 Form&nbsp;20-F and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.2,000.0
million credit agreement, dated as
of October&nbsp;22, 2004, between the
Registrant and Banamex (the
&#147;October&nbsp;2004 Credit Agreement&#148;)
and the October Credit Agreement
(in Spanish) (previously filed with
the Securities and Exchange
Commission as Exhibit&nbsp;4.11 to the
2004 Form&nbsp;20-F and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.13&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English translation of Ps.2,100.0
million credit agreement, dated as
of March&nbsp;10, 2006, by and among
Innova, the Registrant and Banamex.
</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.14&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.1,400.0
million credit agreement, dated as
of April&nbsp;7, 2006, by and among
Innova, the Registrant and Banco
Santander Serfin, S.A. (the &#147;April</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">E-3
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006 Credit Agreement&#148;) and the
April Credit Agreement (in
Spanish).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.15&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administration Trust Agreement
relating to Trust No.&nbsp;80375, dated
as of March&nbsp;23, 2004, by and among
Nacional Financiera, S.N.C., as
trustee of Trust No.&nbsp;80370, Banco
Inbursa, S.A., as trustee of Trust
No.&nbsp;F/0553, Banco Nacional de
M&#233;xico, S.A., as trustee of Trust
No.&nbsp;14520-1, Nacional Financiera,
S.N.C., as trustee of Trust No.
80375, Emilio Azc&#225;rraga Jean,
Promotora Inbursa, S.A. de C.V.,
Mar&#237;a Asunci&#243;n Aramburuzabala
Larregui, Lucrecia Aramburuzabala
Larregui de Fern&#225;ndez, Mar&#237;a de las
Nieves Fern&#225;ndez Gonz&#225;lez, Antonino
Fern&#225;ndez Rodr&#237;guez, Carlos
Fern&#225;ndez Gonz&#225;lez, Grupo Televisa,
S.A. and Grupo Televicentro, S.A.
de C.V. (as previously filed with
the Securities and Exchange
Commission as an Exhibit to
Schedules 13D or 13D/A in respect
of various parties&#146; to the Trust
Agreement (File number 005-60431)
and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.1&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">List of Subsidiaries of Registrant.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CEO Certification pursuant to
Section&nbsp;302 of the Sarbanes-Oxley
Act of 2002, dated June 30, 2006.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.2&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CFO Certification pursuant to
Section&nbsp;302 of the Sarbanes-Oxley
Act of 2002, dated June 30, 2006.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.1&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CEO Certification pursuant to
Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, dated June 30, 2006.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.2&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CFO Certification pursuant to
Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, dated June 30, 2006.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Financial Statement Schedules
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All financial statement schedules relating to the Registrant are omitted because they are not
required or because the required information, if material, is contained in the audited year-end
financial statements or notes thereto.
</DIV>


<P align="center" style="font-size: 10pt">E-4
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="151"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F
and that it has duly caused and authorized the undersigned to sign this annual report on its
behalf.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Date June 30, 2006</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>GRUPO TELEVISA, S.A.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Folch Viadero</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Salvi Folch Viadero</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#8212; Legal and General Counsel</TD>
</TR>




<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>GRUPO TELEVISA, S.A. AND SUBSIDIARES</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#300">Report of Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#300">Report of Independent Registered Public Accounting Firm of Univision Communications Inc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">Consolidated Balance Sheets as of December&nbsp;31, 2004 and 2005</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#302">Consolidated Statements of Income for the Years Ended December&nbsp;31, 2003, 2004 and 2005</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#303">Consolidated Statements of Changes in Stockholders&#146; Equity for the Years Ended December&nbsp;31,
2003, 2004 and 2005</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#304">Consolidated Statements of Changes in Financial Position for the Years Ended December&nbsp;31,
2003, 2004 and 2005</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#305">Notes to Consolidated Financial Statements for the Years Ended December&nbsp;31, 2003,
2004 and 2005</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-9</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">F-1
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="300"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">M&#233;xico, D.F., June&nbsp;23, 2006

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Stockholders of Grupo Televisa, S.A.:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have audited the accompanying consolidated balance sheets of Grupo Televisa, S.A. (&#147;the
Company&#148;) and its subsidiaries as of December&nbsp;31, 2004 and 2005, and the related consolidated
statements of income, of changes in stockholders&#146; equity and of changes in financial position for
the years ended December&nbsp;31, 2003, 2004 and 2005. These financial statements are the responsibility
of the Company&#146;s management. Our responsibility is to express an opinion on these financial
statements based on our audits. We did not audit the financial statements of Univision
Communications, Inc. (&#147;Univision&#148;), an equity method investee. The Company&#146;s consolidated financial
statements include the investment in Univision of Ps.5,950&nbsp;million and Ps.5,682&nbsp;million as of
December&nbsp;31, 2004 and 2005, respectively, and an equity in earnings of Univision in the
consolidated income statements of the Company of Ps.280&nbsp;million and Ps.192&nbsp;million for the years
ended December&nbsp;31, 2004 and 2005, respectively. The financial statements of Univision were audited
by other auditors, and our opinion expressed herein, insofar as it relates to that investment, is
based solely on the report of the other auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conducted our audits in accordance with auditing standards generally accepted in Mexico and with
the standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement and that they were prepared in accordance
with Mexican generally accepted accounting principles. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our audits and the
reports of other auditors provide a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As discussed in Note 1(i) to the consolidated financial statements, effective January&nbsp;1, 2004, the
Company adopted the guidelines of Bulletin B-7 &#147;Business Acquisitions&#148; issued by the Mexican
Institute of Public Accountants. The adoption of this Bulletin resulted in a decrease in the
amortization of goodwill charged to income of approximately Ps.495&nbsp;million and Ps.451&nbsp;million in
2004 and 2005, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As discussed in Note 1(g) to the consolidated financial statements, effective April&nbsp;1, 2004, the
Company consolidated the financial information of Innova, S. de R.L. de C.V.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, based on our audits and the report of other auditors, the aforementioned
consolidated financial statements present fairly, in all material respects, the financial position
of Grupo Televisa, S.A. and its subsidiaries at December&nbsp;31, 2004 and 2005, and the results of
their operations, changes in their stockholders&#146; equity and changes in their financial position,
for the years ended December&nbsp;31, 2003, 2004 and 2005 in conformity with accounting principles
generally accepted in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accounting principles generally accepted in Mexico vary in certain significant respects from
accounting principles generally accepted in the United States of America. The application of the
latter would have affected the determination of the consolidated net income for each of the three
years ended December&nbsp;31, 2003, 2004 and 2005, and the determination of consolidated stockholders&#146;
equity at December&nbsp;31, 2004 and 2005, to the extent summarized in note 24 to the consolidated
financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">PricewaterhouseCoopers, S.C.</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Jos<FONT style="font-family: times new roman">&#233;</FONT>
Miguel Arrieta
M<FONT style="font-family: times new roman">&#233;</FONT>ndez, C.P.C.</DIV>


<P align="center" style="font-size: 10pt">F-2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FINANCIAL STATEMENT OPINON<BR>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors and Stockholders<BR>
Univision Communications Inc.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have audited the accompanying consolidated balance sheets of Univision Communications Inc.
and subsidiaries (an equity investee of Grupo Televisa, S.A.) as of December&nbsp;31, 2005 and 2004 and the related consolidated statements of
income, stockholders&#146; equity, and cash flows for each of the three years in the period ended
December&nbsp;31, 2005 (not presented separately herein). Our audits also included the financial statement schedule of Univision
Communications Inc. and subsidiaries listed in index at
Item&nbsp;15(b) (not presented separately herein). These financial statements and
the schedule are the responsibility of management. Our responsibility is to express an opinion on
these financial statements and schedule based on our audits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, the financial statements referred to above present fairly, in all material
respects, the consolidated financial position of Univision Communications Inc. and subsidiaries at
December&nbsp;31, 2005 and 2004 and the consolidated results of their operations and their cash flows
for each of the three years in the period ended December&nbsp;31, 2005 in conformity with U.S. generally
accepted accounting principles. Also, in our opinion, the financial statement schedule, when
considered in relation to the basic financial statements taken as a whole, present fairly in all
material respects the information set forth therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also have audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), the effectiveness of Univision Communications Inc.&#146;s internal
control over financial reporting as of December&nbsp;31, 2005, based on criteria established in Internal
Control&#151;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated March&nbsp;10, 2006 expressed an unqualified opinion thereon.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">/s/ Ernst &#038; Young LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York, New York<BR>
March&nbsp;10, 2006

</DIV>

<P align="center" style="font-size: 10pt">F-3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.</B>
</DIV>

<DIV align="left">
<A name="301"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONSOLIDATED BALANCE SHEETS</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>As of December&nbsp;31, 2004 and 2005</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2005)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:60px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">403,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">544,582</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,792,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,233,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,195,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,777,954</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade notes and accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,604,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,896,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accounts and notes receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,210,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">570,610</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note&nbsp;16)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,713,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,120,501</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">684,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">638,280</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">734,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">578,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,222,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,581,713</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming, noncurrent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,641,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,920,967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,982,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,587,509</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,798,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,728,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets and deferred charges, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,461,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,013,273</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">76,384,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">74,851,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt">F-4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONSOLIDATED BALANCE SHEETS<BR>
As of December&nbsp;31, 2004 and 2005<BR>
(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2005)<BR>
(Notes 1 and 2)</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:75px; text-indent:-15px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 8)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,406,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">340,457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of satellite transponder lease obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,206,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,954,723</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,427,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,538,229</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,610,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,055,793</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,313,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,580,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due to affiliated companies, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 16)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,502,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,336,249</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,575,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,137,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder lease obligation, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,368,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,186,933</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances, noncurrent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">385,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,508,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">611,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">461,374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 20)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,417,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,657</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pension plans, seniority premiums and severance indemnities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 10)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,860,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,987,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments and contingencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 11)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:60px; text-indent:-15px"><B>STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital stock issued, no par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 12)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,889,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,889,463</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,212,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,212,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,101,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,101,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 13)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Legal reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,575,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,798,387</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Reserve for repurchase of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,744,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,744,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Unappropriated earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,917,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,834,150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net income for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,460,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,125,542</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,698,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,502,662</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 14)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,647,449</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,546,369</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Shares repurchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">(Note 13)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,504,449</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,045,146</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,546,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,911,147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total majority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,648,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,013,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 15)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(124,562</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">850,872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,523,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,863,924</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">76,384,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">74,851,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt">F-5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.</B>
</DIV>

<DIV align="left">
<A name="302"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONSOLIDATED STATEMENTS OF INCOME</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>For the years ended December&nbsp;31, 2003, 2004 and 2005</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2005,</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>except per CPO amounts)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">(Note 23)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,612,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,291,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,481,041</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of sales (excluding depreciation and
amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,009,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,328,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,752,396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses (excluding depreciation and
amortization):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,840,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,274,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,665,461</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,532,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,701,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,841,428</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,657,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,144,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,418,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 23)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,571,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,843,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,802,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Integral cost of financing, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 17)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">667,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,566,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,782,030</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring and non-recurring charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 18)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">714,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,902</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 19)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">532,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,220</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,598,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,335,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,326,635</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax and asset tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 20)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">776,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,208,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751,243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employees&#146; profit sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 20)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,907</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,215,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income before equity in earnings of affiliates,
loss from discontinued operations and
cumulative loss effect of accounting changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,816,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,120,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,555,485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in earnings of affiliates, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">635,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">(Note 1(s))</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(69,736</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative loss effect of accounting changes, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">(Note 1(b)(n)(r))</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,055,636</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(506,080</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consolidated net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,777,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,700,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,209,563</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 15)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(239,475</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,084,021</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 13)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,909,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,460,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,125,542</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income per CPO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 21)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt">F-6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.</B>
</DIV>

<DIV align="left">
<A name="303"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS&#146; EQUITY</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>For the years ended December&nbsp;31, 2003, 2004 and 2005</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2005)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Additional</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Retained</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Minority</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issued</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paid-In</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Loss) Income</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Repurchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Majority</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stockholders&#146;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 12)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 13)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 14)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 13)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Note 15)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at January&nbsp;1, 2003</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,605,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">244,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">22,069,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(5,691,541</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,414,449</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">22,812,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,287,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">24,100,686</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(621,603</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(621,603</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(621,603</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share cancellation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(89,322</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490,530</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(357,610</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,189,864</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,547,474</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,547,474</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,958</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,933</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,967,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,373,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,373,269</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease in minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,487</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,487</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,909,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,252,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,162,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,162,297</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at December&nbsp;31, 2003</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,921,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,212,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,948,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,438,625</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,895,570</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,747,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,172,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,920,151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,114,065</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,114,065</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,114,065</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">968,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(968,262</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(132,891</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(709,706</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(842,597</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(842,597</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(495,101</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">605,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">605,726</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease in minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,297,010</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,297,010</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,460,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(208,824</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,251,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,251,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at December&nbsp;31, 2004</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,889,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,212,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,698,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,647,449</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,504,449</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,648,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(124,562</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,523,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,305,789</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,305,789</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,305,789</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,194,424</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,194,424</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,194,424</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(339,168</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">653,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,559</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">975,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">975,434</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323,534</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,125,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(898,920</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,226,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,226,622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at December&nbsp;31, 2005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,889,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,212,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,502,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,546,369</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(7,045,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">29,013,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">850,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">29,863,924</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt">F-7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.</B>
</DIV>

<DIV align="left">
<A name="304"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>For the years ended December&nbsp;31, 2003, 2004 and 2005</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2005)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consolidated net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,777,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,700,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,209,563</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile net income to resources provided by
(used for) operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Equity in earnings of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,747</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(635,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(160,158</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,657,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,144,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,418,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Write-off of long-lived assets and other amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(360,946</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(787,777</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">(Gain) loss on disposition of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(484,595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,264</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Loss from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cumulative loss effect of accounting changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,055,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">506,080</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,441,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,304,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,455,485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in operating assets and liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Increase) decrease in:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Trade notes and accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(786,044</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,292,060</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">544,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">976,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,568</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other accounts and notes receivable and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,348</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(381,964</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796,565</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Increase (decrease)&nbsp;in:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">557,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,233,208</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(625,630</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">748,311</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other liabilities, taxes payable and deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(275,580</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(180,471</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(742,530</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Pension plans and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,652</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,561,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(283,363</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,841,501</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Resources provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,002,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,021,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,296,986</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of Senior Notes due 2025</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,375,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepayments of Senior Notes and UDIs denominated Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,679,629</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other increase in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,208,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,323,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other decrease in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,399,910</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,380,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,380,010</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase and sale of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,979,011</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(236,873</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(879,865</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Series &#147;A&#148; Shares of capital stock issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,373,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(621,603</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,114,064</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,305,789</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on issuance of shares of investee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53,136</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(108,587</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Translation effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(334,291</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,339</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,208</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Resources used for financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,736,479</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,399,950</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,865,772</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due from affiliated companies, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(477,670</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,582</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(662,731</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(247,165</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,201,361</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposition of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">583,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,143,728</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,094,532</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,738,095</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposition of property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317,008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposition of discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(102,553</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment in goodwill and other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(568,002</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(219,671</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,658,611</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposition of goodwill and other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">674,928</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(101,732</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,045</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Resources used for investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,867,056</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,239,075</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,849,207</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase (decrease)&nbsp;in cash and temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,399,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,382,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,417,993</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase in cash and temporary investments upon Innova&#146;s
consolidation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and temporary investments at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,930,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,330,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,195,947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and temporary investments at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">13,330,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,195,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">14,777,954</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt">F-8
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.</B>
</DIV>

<DIV align="left">
<A name="305"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>For the Years Ended December&nbsp;31, 2003, 2004 and 2005</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2005,</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>except per CPO, per share and exchange rate amounts)</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Accounting policies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal accounting policies followed by Grupo Televisa, S.A. (the &#147;Company&#148;) and its
consolidated subsidiaries (collectively, the &#147;Group&#148;) and observed in the preparation of these
consolidated financial statements are summarized below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>a) Basis of presentation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements of the Group are presented on a consolidated basis and in accordance
with accounting principles generally accepted in Mexico (&#147;Mexican GAAP&#148;) through December&nbsp;31, 2005
(see Note 1(t)), and accordingly, include the recognition of the effects of inflation on financial
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements include the net assets and results of operations of all
companies in which the Company has a controlling interest (subsidiaries). The consolidated
financial statements also include the accounts of variable interest entities (&#147;VIEs&#148;) in which the
Group is deemed the primary beneficiary (see Note 1(b)). All significant intercompany balances and
transactions have been eliminated from the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in conformity with Mexican GAAP requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the dates of the financial statements and the
reported amounts of revenues and expenses during the reporting periods. Actual results could differ
from those estimates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>b) Members of the Group</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, the Group consisted of the Company and various consolidated entities,
including the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Consolidated
Entity</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ownership</B> <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Segment</B> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Television Broadcasting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">Telesistema
Mexicano, S. A. de C. V. and subsidiaries, including  Televisa, S. A.
de C.&nbsp;V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Pay Television Networks</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Programming Exports</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisi&#243;n Independiente de M&#233;xico, S. A. de C. V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Television Broadcasting</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Campus
Am&#233;rica, S. A. de C. V. and subsidiaries, including TuTv, LLC (&#147;TuTv&#148;) <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Television Broadcasting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Pay Television Networks</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editorial Televisa, S. A. de C. V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Publishing</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Distribuidoras Intermex, S. A. de C. V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Publishing Distribution</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova Holdings, S. de R. L. de C. V. and Innova, S. de R. L. de
C.V. and subsidiaries (collectively, &#147;Sky Mexico&#148;) <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Sky Mexico</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Empresas Cablevisi&#243;n, S. A. de C. V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">51</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Cable Televisi&#243;n</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sistema Radi&#243;polis, S. A. de C. V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Radio</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporativo Vasco de Quiroga, S. A. de C. V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Other Businesses</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CVQ Espect&#225;culos, S. A. de C. V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Other Businesses</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Percentage of equity interest directly or indirectly held by the Company in the holding
entity.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>See Note 23 for a description of each of the Group&#146;s business segments.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Mexican GAAP does not provide specific guidance on the accounting for the consolidation of
VIEs. Effective April&nbsp;1, 2004, the Group adopted the guidelines of the Financial Accounting
Standards Board Interpretation No.&nbsp;46 (&#147;FIN 46&#148;), &#147;Consolidation of Variable Interest
Entities,&#148; as permitted under the scope of Mexican GAAP Bulletin A-8,
&#147;Supplementary Application of International Accounting Standards&#148; (&#147;Bulletin A-8&#148;). FIN 46,
which became effective in</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>2004, requires the primary beneficiary of a variable interest entity to
consolidate that entity. The primary beneficiary of a VIE is the party that absorbs a majority of
the entity&#146;s expected losses, receives a majority of the entity&#146;s expected residual returns, or
both, as a result of ownership, contractual or other financial interest in the entity. In
accordance with the guidelines of FIN 46, the Group identified Sky Mexico and TuTv as VIEs and
the Group as the primary beneficiary of the investment in each of these entities, and began to
include in its consolidated financial statements the assets, liabilities and results of
operations of Sky Mexico and TuTv. As a result of adoption of FIN 46 on April&nbsp;1, 2004, the Group
recognized at that date a consolidated cumulative loss effect of Ps.1,055,637, net of income tax
in the amount of Ps.319,394, in its consolidated statement of income for the year ended December
31, 2004, primarily in connection with Sky Mexico&#146;s accumulated losses not recognized by the
Group in prior periods and the first quarter of 2004. Before April&nbsp;1, 2004, the Group accounted
for its investment in Sky Mexico by applying the equity method, and recognized equity in losses
in excess of its investment up to the amount of the guarantees made by the Group in connection
with certain capital lease obligations of Sky Mexico (see Note 1(g)).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group&#146;s Television Broadcasting, Sky Mexico, Cable Television and Radio businesses require
concessions (licenses)&nbsp;granted by the Mexican Federal Government for a fixed term, subject to
renewal in accordance with Mexican law. At December&nbsp;31, 2005, the expiration dates of the Group&#146;s
concessions were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Expiration Dates</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">In 2021</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">In 2020 and 2026</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">In 2029</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">Various from 2006 to 2015</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>c) Foreign currency translation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monetary assets and liabilities of Mexican companies denominated in foreign currencies are
translated at the prevailing exchange rate at the balance sheet date. Resulting exchange rate
differences are recognized in income for the year, within integral cost of financing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets, liabilities and results of operations of non-Mexican subsidiaries are first converted
to Mexican GAAP, including restating to recognize the effects of inflation based on the inflation
of each foreign country, and then translated to Mexican pesos utilizing the exchange rate as of the
balance sheet date at year-end. Resulting translation differences are recognized in equity as part
of the other comprehensive income or loss. Financial statements of non-Mexican operations that are
integral to Mexican operations are converted to Mexican GAAP and translated to Mexican pesos by
utilizing the exchange rate of the balance sheet date at year-end for monetary assets and
liabilities, with the related adjustment included in net income, and historical exchange rates for
non-monetary items.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group had designated its net investment in Univision as an effective hedge of its Senior
Notes due 2011 and 2032 for an aggregate amount of U.S.$600&nbsp;million. In March&nbsp;2005, in connection
with the issuance of a portion of its Senior Notes due 2025 and the prepayment of a portion of its
Senior Notes due 2011, the Group redesignated its net investment in Univision as an effective hedge
of U.S.$400&nbsp;million of its Senior Notes due 2025 (see Note 8). Consequently, any foreign exchange
gain or loss attributable to this U.S. dollar long-term debt, is credited or charged directly to
equity (other comprehensive income or loss). As of December&nbsp;31, 2004 and 2005, the total principal
amount of the Group&#146;s long-term debt being hedged by the Group&#146;s net investment in Univision was of
U.S.$600&nbsp;million (Ps.6,912,338) and approximately U.S.$775.5&nbsp;million (Ps.8,240,681), respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>d) Temporary investments</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group considers all highly liquid investments with original maturities of one year or
less, to be temporary investments. Temporary investments are valued at market value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2004 and 2005, temporary investments consisted of fixed short-term deposits
in commercial banks (primarily Mexican pesos and U.S. dollars), with an average yield of
approximately 1.42% for U.S. dollar deposits and 6.88% for Mexican peso deposits in 2004, and
approximately 3.30% for U.S. dollar deposits and 9.60% for Mexican peso deposits in 2005.
</DIV>

<P align="center" style="font-size: 10pt">F-10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>e) Transmission rights and programming</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming is comprised of programs, literary works, production talent advances and films.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transmission rights and literary works are valued at the lesser of acquisition cost or net
realizable value. Programs and films are valued at the lesser of production cost, which consists of
direct production costs and production overhead, or net realizable value. Payments for production
talent advances are initially capitalized and subsequently included as direct or indirect costs of
program production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group&#146;s policy is to capitalize the production costs of programs which benefit more than
one period and amortize them over the expected period of program revenues based on the Company&#146;s
historic revenue patterns for similar productions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transmission rights, programs, literary works, production talent advances and films are
restated by using the National Consumer Price Index (&#147;NCPI&#148;) factors, and specific costs for some
of these assets, which are determined by the Group on the basis of last purchase price or
production cost, or replacement cost whichever is more representative. Cost of sales is determined
based on restated costs, and calculated for the month in which such transmission rights, programs,
literary works, production talent advances and films are matched with related revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transmission rights and literary works are amortized over the lives of the contracts.
Transmission rights in perpetuity, are amortized on a straight-line basis over the period of the
expected benefit as determined based upon past experience, but not exceeding 25&nbsp;years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>f) Inventories</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories of paper, magazines, materials and supplies are valued at the lesser of
acquisition cost or net realizable value. Inventories are restated by using the NCPI factors and
specific costs for some of these assets, which are determined by the Group on the basis of last
purchase price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>g) Investments</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in companies in which the Group exercises significant influence or joint control
are accounted for by the equity method. The Group recognizes equity in losses of affiliated
companies up to the amount of its initial investment and subsequent capital contributions, or
beyond that when guaranteed commitments have been made by the Group in respect of obligations
incurred by investees, but not in excess of such guarantees. If an affiliated company for which the
Group had recognized equity losses up to the amount of its guarantees generates net income in the
future, the Group would not recognize its proportionate share of this net income until the Group
first recognizes its proportionate share of previously unrecognized losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments are accounted for at cost, including held-to-maturity securities, which are
those long-term investments that the Group has the ability and intent to hold until maturity (see
Note 5).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>h) Property, plant and equipment</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment are recorded at acquisition cost and thereafter are restated to
constant Mexican pesos using the NCPI, except for equipment of non-Mexican origin, which is
restated using an index which reflects the inflation in the respective country of origin and the
exchange rate of the Mexican Peso against the currency of such country at the balance sheet date
(&#147;Specific Index&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment is based upon the restated carrying value of the
assets in use and is computed using the straight-line method over the estimated useful lives of the
assets ranging principally from 20 to 65&nbsp;years for buildings, 3 to 25&nbsp;years for technical equipment
and 5 to 20&nbsp;years for other equipment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>i) Intangible assets and deferred financing costs</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets and deferred financing costs are recognized at cost and thereafter restated
using the NCPI.
</DIV>

<P align="center" style="font-size: 10pt">F-11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets are composed of goodwill, publishing trademarks, television network
concession, licenses and software, subscriber list and other items. Goodwill, publishing trademarks
and television network concession are intangible assets with indefinite lives and are not
amortized. Indefinite-lived intangibles are assessed annually for impairment or more frequently, if
circumstances indicate a possible impairment exists. Licenses and software, subscriber list and
other items are intangible assets with finite lives and are amortized, on a straight-line basis,
over their estimated useful lives, which range from three to 10&nbsp;years. Financing costs are deferred
and amortized over the period of the related debt (see Note 7).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since January&nbsp;1, 2004, in connection with the Group&#146;s early adoption of Bulletin B-7,
&#147;Business Acquisitions&#148;, issued by the MIPA, the Group&#146;s goodwill ceased being amortized. In
connection with the adoption of Bulletin B-7, the Group&#146;s annual amortization expense related to
goodwill decreased by approximately Ps.495,480 in 2004 and Ps.451,195 in 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>j) Impairment of long-lived assets</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through December&nbsp;31, 2003, the Group evaluated the recoverability of its long-lived assets to
determine whether current events or circumstances warranted adjustment to the carrying value. Such
evaluation was based on current and projected income and cash flows from operations as well as
other economic and market variables (see Notes 7 and 19).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January&nbsp;1, 2004, the Group adopted the provisions of Bulletin C-15, &#147;Impairment in the
Value of Long-Lived Assets and their Disposal,&#148; issued by the MIPA. Bulletin C-15 establishes the
general criteria for the identification and, when applicable, the recording of impairment losses or
decrease in the value of long-lived assets, tangible and intangible, including goodwill (see Note
7). To determine whether an impairment exists, the carrying value of the reporting unit is compared
with its fair value. Fair values estimates are based on quoted market values in active markets, if
available. If quoted market prices are not available, the estimate of fair value is based on
various valuation techniques, including discounted value of estimated future cash flows, market
multiples or third-party appraisal valuations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>k) Customer deposits and advances</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposit and advance agreements for television advertising services provide that
customers receive preferential prices, that are fixed for the contract period, for television
broadcast advertising time based on rates established by the Group. Such rates vary depending on
when the advertisement is aired, including the season, hour, day, rating and type of programming.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits and advances are considered non-monetary items since they are non-refundable
and are applied at rates in effect when they were received. Accordingly, these deposits and
advances are restated to recognize the effects of inflation by using the NCPI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>l) Stockholders&#146; equity</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The capital stock and other stockholders&#146; equity accounts (other than the result from holding
non-monetary assets account and the foreign currency translation adjustments account) include the
effect of restatement, determined by applying the change in the NCPI between the dates capital was
contributed or net results were generated to the most recent period end. The restatement represents
the amount required to maintain the contributions, share repurchases and accumulated results in
Mexican pesos in purchasing power as of December&nbsp;31, 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>m) Revenue recognition</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group derives the majority of its revenues from media and entertainment -related business
activities both domestically and internationally. Revenues are recognized when the service is
provided and collection is probable. A summary of revenue recognition policies by significant
activity is as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Advertising revenues, including deposits and advances from customers for future
advertising, are recognized at the time the advertising services are rendered.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenues from program services for pay television and licensed television programs are
recognized when the programs are sold and become available for broadcast.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">F-12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenues from magazine subscriptions are initially deferred and recognized
proportionately as products are delivered to subscribers. Revenues from the sales of
magazines and books are recognized when the merchandise is delivered, net of a provision
for estimated returns.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The marginal revenue from publishing distribution is recognized upon distribution of
the products.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sky Mexico program service revenues, including advances from customers for future DTH
program services and installation fees, are recognized at the time the DTH service is
provided.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cable television subscription, pay-per-view and installation fees are recognized in the
period in which the services are rendered.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenues from attendance to soccer games, including revenues from advance ticket sales
for soccer games and other promotional events, are recognized on the date of the relevant
event.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Motion picture production and distribution revenues are recognized as the films are
exhibited.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>n) Pension plans, seniority premiums and indemnities</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plans exist for pension and retirement payments for substantially all of the Group&#146;s Mexican
employees, funded through irrevocable trusts. Payments to the trusts are determined in accordance
with actuarial computations of funding requirements. Pension payments are made by the trust
administrators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increases or decreases in the seniority premium liability are based upon actuarial
calculations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through December&nbsp;31, 2004, severance obligations to dismissed personnel were charged to income
in the year in which they were incurred. In January&nbsp;2004, the MIPA issued a revised Bulletin D-3,
&#147;Labor Obligations,&#148; which requires, among other amendments, that severance obligations to
dismissed personnel (severance indemnities), other than those arising from restructurings, are
recognized based upon actuarial calculations. In connection with this amendment to Bulletin D-3,
which became effective on January&nbsp;1, 2005, the Group recognized a severance liability of Ps.260,779
as of that date, and a cumulative loss effect of accounting change in the amount of Ps.182,545, net
of an income tax benefit of Ps.78,234, for the year ended December&nbsp;31, 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>o) Income tax</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recognition of deferred income tax is made by using the comprehensive asset and liability
method. Under this method, deferred income taxes are calculated by applying the respective income
tax rate to the temporary differences between the accounting and tax values of assets and
liabilities at the date of the financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>p) Derivative financial instruments</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group uses derivative financial instruments for the purpose of reducing its exposure to
adverse fluctuations in foreign exchange rates, interest rates and inflation. Through December&nbsp;31,
2004, the Group accounted for derivatives according to Bulletin C-2, &#147;Financial Instruments.&#148; Under
Bulletin C-2, derivative financial instruments that qualified for hedge accounting were recorded in
the balance sheet, on the same basis of the hedged assets or liabilities, and changes in value were
recorded in each period in the income statement. Derivative financial instruments that do not
qualify for hedge accounting were recorded in the balance sheet at their fair value and changes in
the fair value were recorded in each period in the income statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2005, the Group adopted the provisions of Bulletin C-10, &#147;Derivative
Financial Instruments and Hedge Operations,&#148; issued by the MIPA. Bulletin C-10 establishes
accounting and reporting standards requiring that all derivative instruments, including certain
derivative instruments embedded in other contracts, be recorded in the balance sheet as either an
asset or a liability measured at its fair value. Bulletin C-10 also requires that changes in the
derivative&#146;s fair value be recognized in current earnings unless specific hedge accounting criteria
is met, in which case such changes will be recognized in current earnings or stockholders&#146; equity
(as accumulated other comprehensive income or loss) depending on the intended use of the derivative
and the resulting designation. Bulletin C-10 also requires that a company formally document,
designate and assess the effectiveness of transactions that receive hedge accounting. The adoption
of
</DIV>

<P align="center" style="font-size: 10pt">F-13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">these provisions in 2005 did not have a significant impact in the Group&#146;s financial
statements. As of December&nbsp;31, 2005, none of the Group&#146;s derivatives qualified for hedge
accounting.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>q) Comprehensive income</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income includes the net income for the period presented in the income statement
plus other results for the period reflected in the stockholders&#146; equity which are from non-owner
sources (see Note 14).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>r) Stock-based compensation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2005, the Group adopted the guidelines of the International Financial Reporting Standard 2
(&#147;IFRS 2&#148;), &#147;Share-based payment,&#148; issued by the International Accounting Standards Board. IFRS 2
requires accruing in stockholders&#146; equity for share-based compensation expense as measured at fair
value at the date of grant, and applies to those equity benefits granted to officers and employees
(see Note 12). Before adopting IFRS 2, the Group recognized these equity benefits in consolidated
stockholders&#146; equity, when such benefits became vested. In connection with the adoption of IFRS 2,
the Group recognized a non-taxable cumulative loss effect of accounting change at December&nbsp;31,
2005, in the amount of Ps.323,534, which was reflected in its consolidated statement of income for
the year then ended. Adoption of IFRS 2 is required under the scope of Mexican GAAP Bulletin A-8.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>s) Prior years&#146; financial statements</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group&#146;s financial statements for prior years have been restated to Mexican pesos in
purchasing power as of December&nbsp;31, 2005, by using a restatement factor derived from the change in
the NCPI, which for 2003 and 2004 was 1.0870 and 1.0333, respectively. Had the alternative weighted
average factor allowed under Mexican GAAP been applied to restate the Group&#146;s financial statements
for prior years, which included the results of Mexican and non-Mexican subsidiaries, the
restatement factor for 2003 and 2004 would have been 1.0902 and 1.0332, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NCPI at the following dates was:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102.904</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106.996</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112.550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116.301</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain reclassifications have been made in prior years&#146; financial statements to conform to
classifications used in the most recent year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the Group incurred in additional costs and expenses in the amount of Ps.69,736, net
of an income tax benefit of Ps.32,816, in connection with the 2002 disposal of its former music
recording business, which was reported as discontinued operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>t) New Mexican Financial Reporting Standards</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning June&nbsp;1, 2004, the Mexican Board for Research and Development of Financial Reporting
Standards (&#147;Consejo Mexicano para la Investigaci&#243;n y Desarrollo de Normas de Informaci&#243;n
Financiera&#148; or &#147;CINIF&#148;), assumed the responsibility for setting accounting and reporting standards
in Mexico. In accordance with this responsibility, and after a due exposure process, in November
2005 the CINIF issued nine Financial Reporting Standards (&#147;Normas de Informaci&#243;n Financiera&#148; or
&#147;NIFs&#148;) that became effective on January&nbsp;1, 2006. The new NIFs are comprised by NIF A-1 through
NIF A-8, and NIF B-1, &#147;Accounting Changes and Error Corrections.&#148; NIF A-1 through NIF A-8 include
a revised conceptual framework to develop Mexican accounting and reporting standards and achieve
the convergence with International Financial Reporting Standards (&#147;IFRS&#148;) issued by the
International Accounting Standards Board (&#147;IASB&#148;). Under this revised conceptual framework, the
hierarchy of Mexican NIFs is set up as follows: (i)&nbsp;NIF and NIF Interpretations (&#147;INIF&#148;) issued by
the CINIF; (ii)&nbsp;Bulletins of Mexican GAAP issued by the MIPA that have not been modified, replaced
or superseded by new NIF; and (iii)&nbsp;those IFRS issued by the IASB recognized on a supplementary
basis when no general or specific guidance is provided by Mexican GAAP Bulletins and/or NIFs. NIF
A-1 through NIF A-8 are primarily standards of a general nature, and they are not expected to have
a significant effect on the Group&#146;s consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt">F-14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new NIF B-1 applies to all voluntary changes in accounting principles and changes required
by new accounting pronouncements in the case that the pronouncement does not include specific
transition provisions, requires retrospective application to prior periods&#146; financial statements of
accounting changes, and provides rules to determine the period-specific effects of an accounting
change. NIF B-1 also provides guidance for the revision of previously issued financial statements
to reflect the correction of an error. Through December&nbsp;31, 2005, Mexican GAAP Bulletin A-7,
&#147;Comparability,&#148; required that changes in accounting principles to be recognized by including in
net income of the period of the change the cumulative effect of changing to the new accounting
principle.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Acquisitions and dispositions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2002, the Group acquired a 40% interest in Ocesa Entretenimiento, S.A. de C.V.
(&#147;OCEN&#148;), a subsidiary of Corporaci&#243;n Interamericana de Entretenimiento, S.A. de C.V. (&#147;CIE&#148;),
which is engaged in the CIE&#146;s live entertainment business in Mexico, in a gross amount of
approximately U.S.$104.7&nbsp;million, and recognized related goodwill in the amount of Ps.781,534
resulting from the excess of the purchase price over the estimated carrying value of the related
net assets of OCEN. In the first quarter of 2003, the Group made an additional capital contribution
to OCEN in the amount of Ps.58,061 (see Notes 5 and 16). In December&nbsp;2005, CIE paid to the Group
an amount of Ps.49,195 as an adjustment to the purchase price paid by the Group in connection with
certain conditions of this acquisition. Also, under the terms of the acquisition agreement, the
purchase price paid by the Group is subject to be adjusted based on a formula of EBITDA (as
defined) generated by OCEN in the three-year period ended December&nbsp;31, 2005. This adjustment is
expected to be settled by the parties in the first half of 2006 (see Note 7).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2003, the Group disposed of its 10% minority interest in the capital stock of DTS
Distribuidora de Televisi&#243;n Digital, S.A. (&#147;V&#237;a Digital&#148;), a DTH venture in Spain. The disposal was
effected by the Group through the sale of a portion of its interest in V&#237;a Digital for cash
proceeds of approximately 27.5&nbsp;million euros (Ps.431,610) and the exchange of its remaining
investment in this venture for a de minimus interest in Sogecable S.A., a public pay television
company in Spain. As a result of these transactions, the Group recognized a pre-tax gain of
approximately 30.8&nbsp;million euros (Ps.484,595), which represented the excess of the cash and
non-cash proceeds over the carrying value of the Group&#146;s net investment in V&#237;a Digital at the
transaction dates (see Note 19).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2003 and January&nbsp;2004, the Company made initial capital contributions of U.S.$2.5
million (Ps.29,128) and U.S.$1.0&nbsp;million (Ps.11,521) to TuTv, a 50% joint venture with Univision
engaged in the distribution of the Company&#146;s Spanish-speaking programming packages in the United
States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2003, the Company completed the acquisition of all the outstanding equity of
Telespecialidades, S. A. de C. V. (&#147;Telespecialidades&#148;), a company which was owned by the
shareholders of Grupo Televicentro, S.A. de C.V. (&#147;Televicentro&#148;), the Group&#146;s former controlling
company. The total consideration paid in the third quarter of 2003 in connection with this
acquisition was for the equivalent of U.S.$83.0&nbsp;million (Ps.971,418), which was financed with cash
on hand. At the time of acquisition, Telespecialidades net assets consisted principally of
4,773,849 shares of the Company&#146;s capital stock in the form of 1,591,283 CPOs, which securities
were previously owned by Televicentro, and tax loss carryforwards for approximately Ps.7,297,538.
Following this acquisition, the Group recognized the Company&#146;s shares owned by Telespecialidades as
a share repurchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2004, the Company sold its 30% minority interest in Grupo Europroducciones, S. A., a
television programming producer in Spain, in the aggregate amount of approximately 7.5&nbsp;million
euros (Ps.120,120) in cash. As a result of this disposal, the Company recognized a net loss of
approximately 8.0&nbsp;million euros (Ps.126,536) as other expense in its consolidated statement of
income for the year ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2004, in conjunction with a series of agreements entered into by and among the
Group, the DIRECTV Group, Inc. (&#147;DIRECTV&#148;) and News Corp., the Group announced that (a)&nbsp;DIRECTV
Mexico agreed to sell its subscriber list to Sky Mexico; (b)&nbsp;News Corp. received an option to
purchase an equity stake in Sky Mexico; (c)&nbsp;the Group would have the right to acquire two-thirds of
Liberty Media&#146;s 10% equity interest in Sky Mexico; and (d)&nbsp;the Group agreed to sell, subject to
certain conditions, its 30% equity interest in Sky Multi-Country Partners (&#147;SMCP&#148;), and was
released of its satellite transponder guarantee in SMCP. Some of these agreements were amended
subsequently. In November&nbsp;2005, the Group concluded the disposition of its 30% interest in SMCP,
and no gain or loss was recognized by the Group on this disposal since no carrying value was
outstanding for such investment. In February&nbsp;2006, affiliates of DIRECTV completed the acquisition
of equity interests in Sky Mexico, which were formerly held by News Corp. and Liberty Media. This
acquisition included the capitalization of the purchase price of the list of subscribers sold by
DIRECTV M&#233;xico to Sky M&#233;xico in the aggregate amount of Ps.621,112. As a result of these
transactions, the Group&#146;s equity stake in Sky Mexico was reduced
</DIV>

<P align="center" style="font-size: 10pt">F-15
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">from 60% to 52.7%, and DIRECTV became the owner of the remaining 47.3% stake. If the Group
exercises its right to acquire two-thirds of the equity interest that DIRECTV acquired from Liberty
Media, the Group would have to pay an amount of approximately U.S.$58.7&nbsp;million (Ps.623,421), and
the Group and DIRECTV would own 58.7% and 41.3%, respectively, of Sky Mexico &#180;s equity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2004, the Group sold its 51% interest in its nationwide paging service in Mexico.
This transaction was approved by the Mexican regulatory authorities in March&nbsp;2005. As a result of
this disposal, the Group recognized a net loss of approximately Ps.5,275 as other expense in its
consolidated statement of income for the year ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the second half of 2004, the Group acquired certain companies in an aggregate amount of
Ps.338,438 (Ps.238,322 in cash and Ps.100,116 through the capitalization of liabilities), which net
assets at the time of acquisitions consisted principally of tax loss carryforwards in the amount of
approximately Ps.3,238,644, of which Ps.2,603,110 and Ps.425,158 were used by the Group in 2004 and
2005, respectively (see Note 20).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2005, the Group acquired 40% of the outstanding capital stock of Gestora de
Inversiones Audiovisuales La Sexta, S.A.U. (&#147;La Sexta&#148;) for an aggregate amount of approximately
1.2&nbsp;million euros (Ps.15,321). In November&nbsp;2005, the government of Spain granted a concession to La
Sexta for a free-to-air television channel. La Sexta started operations in March&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2005, in a series of related transactions, the Group disposed its 30% interest in
DTH TechCo Partners (&#147;TechCo&#148;), and was released of any obligation in connection with a guarantee
granted by the Group in respect of certain TechCo&#146;s indebtedness. As a result of this disposal, the
Group recognized a pretax loss of approximately Ps.160,141 as other expense, which primarily
consisted of the aggregate amount of the carrying value of the Group&#146;s net investment in TechCo,
which included all of the outstanding amounts receivable in connection with long-term loans made by
the Group to TechCo (see Notes 5 and 19).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2005, the Group agreed to participate with a 25% interest in Concesionaria Vuela
Compa&#241;&#237;a de Aviaci&#243;n, S.A. de C.V. (&#147;Volaris&#148;), a new low-cost carrier airline with a concession to
operate in Mexico. In December&nbsp;2005, the Group made an initial capital contribution in Volaris of
U.S.$25.0&nbsp;million (Ps.270,840), and began to account for this investment by applying the equity
method (see Note 5). Volaris started operations in March&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2005, the Group completed the acquisition of all of the outstanding equity of
Comtelvi, S. de R. L. de C.V. (&#147;Comtelvi&#148;), an entity owned by a third party that at the time of
acquisition had structured note investments and other financial instrument assets and liabilities,
as well as tax losses of approximately Ps.3,311,527 that were used by the Group in the fourth
quarter of 2005 (see Note 20). The total consideration paid in connection with this acquisition
was the equivalent of U.S.$39.1&nbsp;million (Ps.424,419), which was financed with cash on hand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2005, the Group entered into a series of agreements to acquire certain operating
assets, which were owned by Editora Cinco, S.A., a Colombian publisher, comprising primarily a
group of more than 70 magazine publishing trademarks and related rights in Mexico, Colombia, Chile
and the United States, in an aggregate amount of approximately U.S.$14.4&nbsp;million (Ps.153,150). This
acquisition was completed by the Group in February&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Trade notes and accounts receivable</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade notes and accounts receivable as of December&nbsp;31, 2004 and 2005, consisted of:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest bearing notes received as customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,553,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12,299,271</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts receivable, including value-added tax receivables related to
advertising services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,210,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,693,762</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for doubtful accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,159,394</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,096,733</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">11,604,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">13,896,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-16
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. Transmission rights and programming</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2004 and 2005, transmission rights, and programming consisted of:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,321,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,399,876</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,033,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,641,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,355,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,041,468</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current portion of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,225,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,618,079</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,415,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,302,888</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,641,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,920,967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,713,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,120,501</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. Investments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2004 and 2005, the Group had the following investments:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ownership %</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>as of December</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>31, 2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accounted for by the equity method:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Univision <SUP style="font-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,926,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,658,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OCEN (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">516,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DTH TechCo Partners <SUP style="font-size: 85%; vertical-align: text-top">(b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(833</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Volaris (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,601,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,497,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other investments:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Held-to-maturity securities (see Note 1 (g))<SUP style="font-size: 85%; vertical-align: text-top">(c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">893,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits in escrow <SUP style="font-size: 85%; vertical-align: text-top">(d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TechCo <SUP style="font-size: 85%; vertical-align: text-top">(b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Univision <SUP style="font-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,090,355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,982,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,587,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>The Group accounts for this investment under the equity method due to the Group&#146;s continued
ability to exercise significant influence over Univision&#146;s operations. As of December&nbsp;31, 2004
and 2005, the Group owned 16,594,500 shares Class &#147;A&#148; and 13,593,034 shares Class &#147;T&#148; of
common stock of Univision, as well as warrants to acquire 6,374,864 shares Class &#147;A&#148; and
2,727,136 shares Class &#147;T&#148; of common stock of Univision. Substantially all of these warrants
can be exercised at a price of U.S.$38.261 per share, and expire in December&nbsp;2017 (see Note
9). Any shares of Univision&#146;s common stock owned by the Group and those shares of Univision&#146;s
common stock that may be purchased by the Group in connection with related warrants and
warrant purchase agreements are intended to be held as equity securities accounted for under
the equity method. The warrants to purchase 6,274,864 shares of Univision&#146;s Class &#147;A&#148; Common
Stock and 2,725,136 shares of Univision&#146;s Class &#147;T&#148; Common Stock are not accounted for at any
cost since they were acquired by the Group as a consideration for surrendering certain
governance rights previously held by the Group in Univision. The warrants to purchase 100,000
shares of Univision&#146;s Class &#147;A&#148; Common Stock are accounted at acquisition cost and classified
as other investments since the shares that may be purchased through these instruments are
intended to be held by the Group as an equity investment in Univision (see Note 9). In
September&nbsp;2003, Univision and Hispanic Broadcasting Corporation (&#147;HBC&#148;), a leading
Spanish-language radio group in the United States, completed a merger of their businesses. As
a result of this merger, the Group (i)&nbsp;decreased its ownership in Univision from approximately
14.7% to 10.9% on a fully diluted basis; and (ii)&nbsp;increased the carrying value of its
investment in Univision by recognizing a net other comprehensive income of approximately
U.S.$250.6&nbsp;million (Ps.3,057,553) in 2003 (see Note 14). The Group&#146;s ownership stake in
Univision as of December&nbsp;31, 2005, was approximately 11.4% on a fully diluted basis. The
carrying value of the Group&#146;s net investment in Univision at December&nbsp;31, 2005, also included
goodwill in the amount of Ps.5,478,928 (see Note 7). The quoted market price of Univision&#146;s
common stock at December&nbsp;31, 2005, and March&nbsp;16, 2006, was U.S.$29.39 per share and U.S.$33.76
per share, respectively.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-17
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>General partnership engaged in providing technical services to DTH ventures in Latin America
through September&nbsp;2005. During 2004, the Group provided funding to TechCo for approximately
U.S.$4.5&nbsp;million (Ps.51,349) in the form of long-term notes with principal and interest
maturities in 2008, bearing annual interest at LIBOR plus 2.5%. As of December&nbsp;31, 2004,
promissory notes and accrued interest receivable due from TechCo were approximately U.S.$12.6
million (Ps.144,960). Additionally, in the fourth quarter of 2004, the Group made a capital
contribution to TechCo in the amount of U.S.$0.9&nbsp;million (Ps.10,258). In October&nbsp;2005, this
investment was disposed by the Group (see Note 2).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>Held-to-maturity securities represent structured notes and corporate fixed income securities
with maturities in 2008. These investments are stated at cost.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>In connection with the disposal of an investment of the Group in 1997, the Group granted
collateral to secure certain indemnification obligations which consisted, at December&nbsp;31, 2004
and 2005, of short-term securities of approximately U.S.$12.6&nbsp;million (Ps.145,083) and
U.S.$12.5&nbsp;million (Ps.133,194), respectively. After the expiration of applicable tax statutes
of limitations, the collateral will be reduced to a de minimus amount. The collateral
agreement will terminate in approximately two years (see Note 11).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, 2004 and 2005, the Group recognized, in the consolidated statements of income, equity
in earnings of affiliates of (Ps.30,747), (Ps.635,490), and (Ps.160,158), respectively, and in the
consolidated other comprehensive income or loss (see Note 15), equity in the (gain)&nbsp;loss from
holding non-monetary assets of affiliates of (Ps.68), (Ps.12) and Ps.889, respectively, equity in
the translation (gain)&nbsp;loss effect of affiliates of (Ps.168,131), Ps.150,312 and Ps.290,379,
respectively, and in 2004 and 2005, equity in the (gain)&nbsp;loss on issuance of shares of associates
of (Ps.12,126) and Ps.189,400, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. Property, plant and equipment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment as of December&nbsp;31, 2004 and 2005, consists of:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Buildings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,807,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,964,833</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Buildings improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,720,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,582,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Technical equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,810,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,970,490</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,714,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,636,152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Furniture and fixtures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">596,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transportation equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,172,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,105,876</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computer equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,488,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,413,731</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,310,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,173,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,993,039</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,174,543</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,317,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,998,982</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,827,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,820,812</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Construction in progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">652,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">908,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">19,798,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">19,728,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2004 and 2005, the Group&#146;s Mexican subsidiaries had technical, transportation
and computer equipment of non-Mexican origin totaling Ps.4,866,867 and Ps.4,482,419, respectively,
net of accumulated depreciation (see Note 1(h)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Had the NCPI been applied to restate all of the Group&#146;s net equipment, the net balance of
property, plant and equipment as of December&nbsp;31, 2004 and 2005 would have been Ps.20,447,360 and
Ps.20,743,474, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation charged to income in 2003, 2004 and 2005 was Ps.1,392,876, Ps.1,870,125 and
Ps.2,084,345, respectively, of which Ps.151,713 was recognized in 2003 as non-recurring charges in
connection with the disposal of the nationwide paging business (see Note 18).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Satellite transponders are recorded as an asset equal to the net present value of committed
payments under a 15-year service agreement entered into with PanAmSat Corporation (&#147;PanAmSat&#148;) for
12 KU-band transponders on PanAmSat&#146;s satellite PAS-9 (see Note 8). As of December&nbsp;31, 2004 and
2005, satellite transponders, net of accumulated depreciation, amounted to Ps.1,219,304 and
Ps.1,054,409, respectively.
</DIV>

<P align="center" style="font-size: 10pt">F-18
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. Intangible assets and deferred charges, net</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The balances of intangible assets and deferred charges as of December&nbsp;31, were as follows (see
Note 1(i)):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net Carrying</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets with
indefinite lives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,771,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,200,018</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing trademarks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television network concession</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">602,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">602,608</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets with finite
lives and deferred charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Licenses and software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,053,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(764,666</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,134,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(793,578</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subscriber list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">570,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(137,249</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432,798</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,105</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,937</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,854</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred financing costs
(see Note 8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(243,843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,059,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(200,094</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">859,491</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,695,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,121,614</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,461,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,959,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,203,858</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,013,273</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets with finite lives (other than goodwill) and deferred
financing costs charged to income in 2003, 2004 and 2005, was Ps.452,609, Ps.320,197 and
Ps.424,729, respectively, of which Ps.2,744 in 2003, were recorded as other cost and expenses (see
Note 19), Ps.33,146, Ps.32,783 and Ps.48,074 in 2003, 2004 and 2005, respectively, were recorded as
interest expense (see Note 17) and Ps.13,381 and Ps.42,031 in 2004 and 2005, respectively, were
recorded as non-recurring charges in connection with the extinguishment of long-term debt (see Note
18).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The changes in the net carrying amount of goodwill and trademarks for the year ended December
31, 2005, were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Foreign</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance as of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Currency</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Adjusted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance as of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Translation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Goodwill/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Impairment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Acquisitions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Trademarks</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Business Segments:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,279,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,300,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,670</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity-method investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,455,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(258,471</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(357,364</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,839,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,771,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">44,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(258,471</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(357,364</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,200,018</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trademarks (Publishing)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">513,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,979</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(46,937</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(7,439</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">455,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005, the goodwill related to the Group&#146;s 40% investment in OCEN was adjusted in
the amount of Ps.357,364 as a result of post-acquisition adjustments, a portion of which was paid
to the Group in December&nbsp;2005 (Ps.49,195) and the remaining will be settled in the second quarter
of 2006 (see Notes 2 and 16).
</DIV>

<P align="center" style="font-size: 10pt">F-19
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. Long-term debt and satellite transponder lease obligation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and satellite transponder lease obligation outstanding as of December&nbsp;31, were
as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S.$5.3&nbsp;million 11.875% Series &#147;B&#148; Senior Notes due 2006 <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">61,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">56,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S.$200.0&nbsp;million 8.625% Senior Notes due 2005 <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,304,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S.$300.0 in 2004 and U.S.$75.5&nbsp;million in 2005 8% Senior Notes due
2011<SUP style="font-size: 85%; vertical-align: text-top">(2) (3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,456,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">802,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S.$300.0&nbsp;million 8.50% Senior Notes due 2032 <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,456,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,187,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S.$600.0&nbsp;million 6.625% Senior Notes due 2025 <SUP style="font-size: 85%; vertical-align: text-top">(2) (3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,375,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S.$88.0&nbsp;million 12.875% Senior Notes due 2007 <SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,013,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S.$300.0&nbsp;million 9.375% Senior Notes due 2013 <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,456,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,187,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other U.S. dollar debt <SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.15% UDI-denominated Notes due 2007 <SUP style="font-size: 85%; vertical-align: text-top">(3) (7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,966,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">941,071</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mexican peso long-term loans <SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,011,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,882,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Mexico&#146;s long-term loan <SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,045,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Mexican peso bank loans <SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">446</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other currency debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,982,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,477,697</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less: Current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,406,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term debt, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">19,575,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,137,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder lease obligation <SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,441,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,262,537</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder lease obligation, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,368,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,186,933</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>These securities are unsecured, unsubordinated obligations of the Company, rank pari passu in
right of payment with all existing and future unsecured, unsubordinated obligations of the
Company, are senior in right of payment to all future subordinated indebtedness of the
Company, and are effectively subordinated to all existing and future liabilities of the
Company&#146;s subsidiaries. Interest on these securities, including additional amounts payable in
respect of certain Mexican withholding taxes, is 12.49% per annum and is payable
semi-annually.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>These Senior Notes are unsecured obligations of the Company, rank equally in right of payment
with all existing and future unsecured and unsubordinated indebtedness of the Company, and are
junior in right of payment to all of the existing and future liabilities of the Company&#146;s
subsidiaries. Interest on the Senior Notes due 2005, 2011, 2025 and 2032, including additional
amounts payable in respect of certain Mexican withholding taxes, is 9.07%, 8.41%, 6.97% and
8.94% per annum, respectively, and is payable semi-annually. These Senior Notes may not be
redeemed prior to maturity, except in the event of certain changes in law affecting the
Mexican withholding tax treatment of certain payments on the securities, in which case the
securities will be redeemable, as a whole but not in part, at the option of the Company. The
Senior Notes due 2011 and 2032 were priced at 98.793% and 99.431%, respectively, for a yield
to maturity of 8.179% and 8.553%, respectively. The agreement of these Senior Notes contains
covenants that limit the ability of the Company and certain restricted subsidiaries engaged in
Television Broadcasting, Pay Television Networks and Programming Exports, to incur or assume
liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations
and similar transactions. Substantially all of these Senior Notes are registered with the U.S.
Securities and Exchange Commission (the &#147;SEC&#148;).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>In March and May&nbsp;2005, the Company issued these Senior Notes in the aggregate amount of
U.S.$400.0&nbsp;million and U.S.$200.0&nbsp;million, respectively, which were priced at 98.081% and
98.632%, respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The net
proceeds of the U.S.$400.0&nbsp;million issuance, together with cash on hand, were used to fund the
Group&#146;s tender offers made and expired in March&nbsp;2005 for any or all of the Senior Notes due
2011 and the Mexican peso equivalent of UDI-denominated Notes due 2007, and prepaid principal
amount of these securities in the amount of approximately U.S.$222.0&nbsp;million and Ps.2,935,097
(nominal), respectively, representing approximately 74% and 76% of the outstanding principal
amount of these securities, respectively. The net proceeds of the U.S.$200.0&nbsp;million issuance
were used for corporate purposes, including the prepayment of some of the Group&#146;s outstanding
indebtedness.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-20
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>In January&nbsp;2005, Sky Mexico prepaid all of the outstanding amounts of these Senior Notes by
using the net proceeds of a long-term credit agreement entered into in December&nbsp;2004 by Sky
Mexico with a Mexican bank in the aggregate principal amount of Ps.1,045,727 (Ps.1,012,000
nominal), with a partial maturity (50%) in 2010 and the remainder in 2011, and interest of
10.55% per annum payable on a monthly basis. In July&nbsp;2005, Sky Mexico prepaid all of the
outstanding amounts of the Ps.1,045,727 loan with the net proceeds of a long-term credit
agreement entered into by Sky Mexico with the Company in the same principal amount, and with
the same maturity and interest conditions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>In September&nbsp;2003, Innova completed the offering of these unsecured and unsubordinated Senior
Notes, which indentures contain certain restrictive covenants for Innova on additional
indebtedness, liens, sales and leasebacks, restricted payments, asset sales, and certain
mergers, consolidations and similar transactions. Interest on these Senior Notes, including
additional amounts payable in respect of certain Mexican withholding taxes, is 9.8580%, and is
payable semi-annually. Innova may, at its own option, redeem these Senior Notes, in whole or
in part, at any time on or after September&nbsp;19, 2008 at redemption prices from 104.6875% to
101.5625% between September&nbsp;19, 2008 through September&nbsp;18, 2011, or 100% commencing on
September&nbsp;19, 2011, plus accrued and unpaid interest, if any. Additionally, on or before
September&nbsp;19, 2006, Innova may, at its own option and subject to certain requirements, use the
proceeds from one or more qualified equity offerings to redeem up to 35% of the aggregate
principal amount of these Senior Notes at 109.375% of their principal amount, plus accrued and
unpaid interest.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes notes payable to banks, bearing annual interest rates which vary between 0.11 and
1.25 points above LIBOR. The maturities of this debt at December&nbsp;31, 2005, are various from
2006 to 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Notes denominated in Mexican Investment Units (&#147;Unidades de Inversi&#243;n&#148; or &#147;UDIs&#148;),
representing 1,086,007,800 UDIs and 258,711,400 UDIs at December&nbsp;31, 2004 and 2005,
respectively. Interest on these notes is payable semi-annually. The balance as of December&nbsp;31,
2004 and 2005 includes restatement of Ps.866,681 and Ps.226,404, respectively. The UDI value
as of December&nbsp;31, 2005, was of Ps.3.637532 per UDI.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>In May&nbsp;2003, May&nbsp;2004 and October&nbsp;2004, the Company entered into long-term credit agreements
with a Mexican bank in an aggregate amount of Ps.800,000, Ps.1,162,500 and Ps.2,000,000,
respectively, with various maturities from 2004 to 2012. Interest on these loans is, in a
range of 8.925% to 10.35% per annum, and is payable on a monthly basis. The net proceeds of
these loans were primarily used to pay, prepay and refinance amounts outstanding under certain
Company&#146;s debt with original maturities from 2003 to 2006. Under the terms of these credit
agreements, the Company and certain restricted subsidiaries engaged in television
broadcasting, pay television networks and programming exports are required to maintain (a)
certain financial coverage ratios related to indebtedness and interest expense; and (b)
certain restrictive covenants on indebtedness, dividend payments, issuance and sale of capital
stock, and liens.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>The 2004 balance also include a long-term loan of Ps.99,199, granted by a commercial Mexican
bank in 2001 to refinance the redemption of the Company&#146;s Senior Discount Debentures then
outstanding, with principal and interest thereof payable on a quarterly basis through May&nbsp;2006
and annual interest rate equal to the Mexican interbank rate plus 30 basis points. The terms
of this loan include certain financial ratios and covenants. In May&nbsp;2005, the Group prepaid
all of the outstanding amounts of a Ps.80.0&nbsp;million long-term loan, which originally matured
in 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Sky Mexico is committed to pay a monthly fee of U.S.$1.7&nbsp;million under a capital lease
agreement entered into with PanAmSat Corporation in February&nbsp;1999 for satellite signal
reception and retransmission service from 12 KU-band transponders on satellite PAS-9, which
became operational in September&nbsp;2000. The service term for PAS-9 will end at the earlier of
(a)&nbsp;the end of 15&nbsp;years or (b)&nbsp;the date PAS-9 is taken out of service. The present value of
Sky Mexico future obligations from the PAS-9 agreement was determined using the Sky Mexico
incremental borrowing rate at the lease commencement date of 11.5% (see Note 6). Through
September&nbsp;2004, the obligations of Sky Mexico under the PAS-9 agreement were proportionately
guaranteed by the Company and the other Sky Mexico equity owners in relation to their
respective ownership interests. Beginning October&nbsp;2004, this obligation is being guaranteed by
the Company at 51% (see Note 11).</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">F-21
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Maturities of debt and satellite transponder lease obligation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt maturities for the years subsequent to December&nbsp;31, 2005, are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">340,457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">946,024</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484,836</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,163,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,026,822</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,516,387</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,477,697</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future minimum payments under satellite transponder lease obligation for the years subsequent
to December&nbsp;31, 2005, are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">216,781</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,781</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,781</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,781</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,781</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,012,621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,096,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: amount representing interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">833,989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,262,537</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. Financial instruments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group&#146;s financial instruments recorded on the balance sheet include cash, temporary
investments, accounts and notes receivable held-to-maturity securities, accounts payable, debt and
derivative financial instruments. For cash, temporary investments, accounts receivable, accounts
payable, and short-term notes payable due to banks and other financial institutions, the carrying
amounts approximate fair value due to the short maturity of these instruments. The fair value of
the Group&#146;s long-term debt securities are based on quoted market prices. Escrow deposits (see Note
5) bear interest at market rates and the carrying value approximates fair value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value of warrants to purchase shares of Univision was based upon an option pricing
model. The fair value of the long-term loans that the Group borrowed from leading Mexican banks
(see Note 8) was estimated using the borrowing rates currently available to the Group for bank
loans with similar terms and average maturities. The fair value of held-to-maturity securities, and
currency option, interest rate swap and share put option agreements was based on quotes obtained
from financial institutions.
</DIV>

<P align="center" style="font-size: 10pt">F-22
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated fair values of the Group&#146;s financial instruments at December&nbsp;31, 2004 and 2005
were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Carrying Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Carrying Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Univision warrants (see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">23,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,519,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">23,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,318,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Held-to-maturity securities (see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">893,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">884,113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Notes due 2005, 2011, 2025 and 2032</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,216,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,361,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,365,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">11,280,616</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other long-term debt securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,531,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,025,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,244,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,577,637</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UDI-denominated long-term securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,966,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,298,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">941,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,002,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term notes payable to Mexican banks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,057,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,199,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,882,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,964,110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Derivative financial instruments:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UDI forwards <SUP style="font-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">104,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">146,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Mexico&#146;s interest rate swaps <SUP style="font-size: 85%; vertical-align: text-top">(b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">73,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">73,522</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency forwards <SUP style="font-size: 85%; vertical-align: text-top">(c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest rate swaps <SUP style="font-size: 85%; vertical-align: text-top">(d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,481</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>In connection with the notes denominated in Mexican Investment Units (&#147;Unidades de Inversi&#243;n&#148;
or &#147;UDIs&#148;), during April, 2004, the Company entered into forward contracts with three
financial institutions covering the total amount of UDIs payable at the maturity of the notes
in 2007. Through these contracts, the Company fixed the price of the UDI at Ps.3.41067 in
exchange for payments of interest over the notional amount in pesos at an average rate of
4.06% with half-yearly payments. As of December&nbsp;31, 2004, the Company recorded a net benefit
of Ps.104,927 derived from the difference in the price of the UDI published by the Mexican
Central Bank at that date and the price fixed in these contracts. In March&nbsp;2005, in connection
with the issuance of the Senior Notes due 2025 and as a result of the tender offer of the
UDI-denominated Notes due 2007, the Company terminated early these contracts and recorded an
additional net benefit of Ps.6,302, in the year ended December&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>In February&nbsp;2004, Sky Mexico entered into coupon swap agreements to hedge a portion of its
U.S. dollar foreign exchange exposure related to its Senior Notes due 2013. Under these
transactions, Sky Mexico receives semi-annual payments calculated based on the aggregate
notional amount of U.S.$300.0&nbsp;million at an annual rate of 9.375%, and Sky Mexico makes
monthly payments calculated based on an aggregate notional amount of approximately
Ps.3,282,225 at an annual rate of 10.25%. These transactions will terminate in September&nbsp;2008.
As of December&nbsp;31, 2005, Sky Mexico recorded the change in fair value of these transactions in
the integral cost of financing (foreign exchange loss).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2004 and 2005, the Company entered into forward contracts with diverse financial
institutions to buy U.S.$185.0&nbsp;million of the Senior Notes due 2005 for hedge purposes. The
average price fixed in these agreements was Ps.11.73 per U.S. dollar. In the years ended
December&nbsp;31, 2004 and 2005, as a result of the depreciation of the exchange rate of the U.S.
dollar in relation to the Mexican peso, the Company recorded a loss for these transactions of
Ps.24,954 and Ps.148,955, respectively, in the integral cost of financing (foreign exchange
gain or loss). In addition, as of December&nbsp;31, 2005, the Group had entered into forward
exchange contracts to cover cash flow requirements on a notional amount of U.S.$85.0&nbsp;million
to exchange U.S. dollars and Mexican pesos at an average exchange rate of Ps.10.85 per U.S.
dollar in 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>In order to reduce the adverse effects of exchange rates on the Senior Notes due 2011, 2025
and 2032, during 2004 and 2005, the Company entered into interest rate swap agreements with
various financial institutions that allow the Company to hedge against Mexican peso
depreciation on interest payments for a period of five years. Under these transactions, the
Company receives semi-annual payments based on the aggregate notional amount of U.S.$550.0
million and U.S.$890.0&nbsp;million as of December&nbsp;31, 2004 and 2005, respectively, at an average
annual rate of 8.27% and 7.37%, respectively, and the Company makes semi-annual payments based
on an aggregate notional amount of approximately Ps.6,177,191 and Ps.9,897,573 as of December
31, 2004 and 2005, respectively, at an average annual rate of 9.26% and 8.28% respectively,
without an exchange of the notional amount upon which the payments are based. As of December
31, 2004, the Company recorded a loss in the integral cost of financing (foreign exchange
loss) derived of comparing the interest payable calculated at the exchange rate of the balance
sheet date at year-end. In the year ended December&nbsp;31, 2005, the Company recorded a loss of
Ps.368,345 in the integral cost of financing (foreign</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">F-23
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">exchange loss) derived of the change in fair value of these transactions. In
November&nbsp;2005, the Group entered into option contracts that allow the counterparty to extend the
maturity of the swap agreements for one additional year on the notional amount of U.S.$890.0
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. Pension plans, seniority premiums and severance indemnities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain companies in the Group have collective bargaining contracts which include defined
benefit pension plans for substantially all of their employees. Additionally, the Group has a
defined benefit pension plan for executives. All pension benefits are based on salary and years of
service rendered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the provisions of the Mexican labor law, seniority premiums are payable based on salary
and years of service, to employees who resign or are terminated prior to reaching retirement age.
Some companies in the Group have seniority premium benefits which are greater than the legal
requirement. After retirement age employees are no longer eligible for seniority premiums.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and seniority premium amounts are actuarially determined by using real assumptions
(net of inflation) and attributing the present value of all future expected benefits
proportionately over each year from date of hire to age 65. The Group has used a 4% discount rate,
2% salary scale, and 5% return on assets rate for 2003, 2004 and 2005. The Group makes voluntary
contributions from time to time to trusts for the pension and seniority premium plans which are
generally deductible for tax purposes. In the third quarter of 2004 and 2005, the Group made a cash
contribution of approximately Ps. 69,939 (nominal)&nbsp;and Ps. 4,996 (nominal), respectively, to its
seniority premium plans. Plan assets were invested in a portfolio that primarily consisted of
equity and debt securities (including shares of the Company) as of December&nbsp;31, 2004 and 2005.
Pension and seniority premium benefits are paid when they become due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pension plan, seniority premium and severance indemnity liability (see Note 1(n)) as of
December&nbsp;31, 2004 and 2005, was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Seniority premiums:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial present value of benefit obligations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">160,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">153,110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nonvested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,691</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,801</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Benefit attributable to projected salaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,285</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">366,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Projected benefit obligation in excess of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,309</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items to be amortized over a 12-year period:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transition obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,424</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrecognized prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(109,883</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(108,879</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrecognized net loss (gain)&nbsp;from experience differences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,361</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net projected asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,493</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Pension plans:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial present value of benefit obligations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273,862</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nonvested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">295,036</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">568,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Benefit attributable to projected salaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,218</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">648,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">713,116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">788,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">975,350</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Projected benefit obligation in excess of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,234</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items to be amortized over a 19-year period:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transition obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,959</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrecognized prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,628</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,727</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrecognized net loss from experience differences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(340,706</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(473,084</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(221,023</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(363,852</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net projected liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80,606</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(101,618</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">F-24
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Severance indemnities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial present value of benefit obligations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nonvested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">265,862</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">265,862</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Benefit attributable to projected salaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,035</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net projected liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(291,035</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total labor assets (liabilities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">140,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(192,160</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net pension and seniority premium cost for 2003, 2004 and 2005 was Ps. 134,138, Ps. 87,600
and Ps. 89,728, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. Commitments and contingencies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, the Group had commitments in an aggregate amount of Ps. 192,330, of which
Ps. 144,850 were commitments related to Sky Mexico projects, Ps. 35,072 were commitments for the
acquisition of software and related services, and Ps. 12,408 were commitments to acquire television
technical equipment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001, the Company entered into a 50/50 programming joint venture with Endemol, a world
leading content developer and producer for television and online platforms based in the
Netherlands, to produce and develop content for television and the Internet. As of December&nbsp;31,
2005, the Group had commitments to acquire from Endemol programming formats through this venture
for up to U.S.$11.1&nbsp;million (Ps. 117,485) through 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second half of 2005, the Group entered into a series of agreements with EMI Group PLC
(&#147;EMI&#148;), a world leading recording music company, by which (i)&nbsp;a 50/50 joint venture music company
(&#147;Televisa EMI Music&#148;) was created in Mexico in October&nbsp;2005; and (ii)&nbsp;the Group became a 50/50
partner of EMI&#146;s U.S. Latin music operations (&#147;EMI Televisa Music&#148;) beginning September&nbsp;1, 2005. In
accordance with the terms of such agreements, and under certain specific circumstances, (i)&nbsp;in the
case of Televisa EMI Music, either party will have the right to acquire the other party&#146;s interest
in Televisa EMI Music in accordance with an agreed formula, and (ii)&nbsp;in the case of EMI Televisa
Music, the Group may require EMI to purchase or EMI may require the Group to sell its 50% interest
in the U.S. venture operations. These joint ventures did not require any significant capital
funding by the Group during 2005. The Group may fund up to 50% of certain working capital
requirements of EMI Televisa Music during 2006, in the form of long-term loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group has granted collateral in connection with certain indemnification obligations (see
Note 5), which includes a deposit of approximately U.S.$12.5&nbsp;million (Ps. 133,194) of short-term
securities as of December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2003, the Company was notified by the Mexican tax authority of a federal tax claim
made against the Company for approximately Ps. 960,657, including penalties and surcharges, for an
alleged asset tax liability for the year 1994. The Company believes it has meritorious defense
against this claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, the Group had the following aggregate minimum annual commitments for the
use of satellite transponders (other than transponders for DTH television services described
below):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Thousands of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>U.S. dollars</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$14,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$77,653</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2004, in conjunction with a series of agreements entered into by the Company with
DirecTV and News Corp., the Company entered into an amended and restated guarantee related to Sky
Mexico&#146;s minimum commitment for use of transponders over a period ending 2015, pursuant to which
the proportionate share of Sky Mexico&#146;s transponder lease obligation guaranteed by the Company was
reduced from 60% to 51%, and will remain at 51% until the Group&#146;s
</DIV>

<P align="center" style="font-size: 10pt">F-25
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">percentage ownership of Sky Mexico is adjusted. This guarantee is estimated to be an
aggregate of approximately U.S. $101.4&nbsp;million (undiscounted)&nbsp;as of December&nbsp;31, 2005 (see Notes 8
and 9).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the fourth quarter of 2001, a former U.S. subsidiary of the Company received final proposed
adjustments in connection with U.S. Internal Revenue Service audits for fiscal periods ended in
1995, 1996 and 1997. As a result of these audits, the Group made U.S. federal and state income tax
and interest payments in 2001 and 2003 of approximately U.S.$14.0&nbsp;million (Ps. 153,860) and U.S.$1.8
million (Ps. 21,073), respectively. As of December&nbsp;31, 2005, the Group has accrued Ps. 34,777
representing the Group&#146;s estimate of state and other tax liabilities in connection with these
matters. These matters did not have, and the Group does not expect that they will have, a material
adverse effect on its financial condition or results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are other various legal actions and other claims pending against the Group incidental to
its businesses and operations. In the opinion of the Group&#146;s management, none of these proceedings
will have a material adverse effect on the Group&#146;s financial position or results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Capital Stock, Stock Purchase Plan and Long-term Retention Plan</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Capital Stock</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has four classes of capital stock: Series &#147;A&#148; Shares, Series &#147;B&#148; Shares, Series
&#147;D&#148; Shares and Series &#147;L&#148; Shares, with no par value. The Series &#147;A&#148; Shares and Series &#147;B&#148; Shares
are common shares. The Series &#147;D&#148; Shares are limited-voting and preferred dividend shares, with a
preference upon liquidation. The Series &#147;L&#148; Shares are limited-voting shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s shares are publicly traded in Mexico, primarily in the form of Ordinary
Participation Certificates (&#147;CPOs&#148;), each CPO representing 117 shares comprised of 25 Series &#147;A&#148;
Shares, 22 Series &#147;B&#148; Shares, 35 Series &#147;D&#148; Shares and 35 Series &#147;L&#148; Shares; and in the United
States in the form of Global Depositary Shares (&#147;GDS&#148;), each GDS representing 20 CPOs. Non-Mexican
holders of CPOs do not have voting rights with respect to the Series &#147;A&#148;, Series &#147;B&#148; and Series &#147;D&#148;
Shares. In March&nbsp;2006, the Company announced a proposed change from 20 to five CPOs representing
each GDS, which is expected to be effective on March&nbsp;22, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, shares of capital stock and CPOs consisted of (in thousands):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Authorized</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Repurchased</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquired by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquired by a</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>by the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Issued </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Company </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trust </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Subsidiary </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(4)</B></SUP></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Outstanding</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;A&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,736,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,166,260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,406,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,917,483</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,245,853</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;B&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,269,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,026,309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,019,585</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,253,198</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,970,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;D&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,133,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,632,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,677,881</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,960,833</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,862,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;L&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,133,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,632,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,677,881</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,960,833</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,862,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369,273,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,458,097</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,781,995</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,092,347</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,940,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares in the form of CPOs
<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">307,989,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,458,097</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,951,772</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,554,784</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,024,418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CPOs <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,632,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(46,650</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(76,511</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(56,024</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,453,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In April&nbsp;2004, the Company&#146;s stockholders approved a restructuring of the Company&#146;s capital
stock (the &#147;Recapitalization&#148;), which comprised the following: (i)&nbsp;a 25-for-one stock split,
which became effective on July&nbsp;26, 2004 (all the Company&#146;s share and per share data in these
financial statements are presented on a post-split basis); (ii)&nbsp;the creation of the Series &#147;B&#148;
Shares; (iii)&nbsp;a 14-for-25 stock dividend in the amount of Ps. 968,262 (nominal of Ps. 906,114);
and (iv)&nbsp;an increase in the number of shares represented by each outstanding CPO. The
Recapitalization increased the number of the Company&#146;s shares by a factor of 39 on a pre-split
basis but did not affect the Company&#146;s total equity or dilute the equity interest of any
shareholder.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2003, 2004 and 2005 the Company repurchased 2,370,007, 1,813,102 and 3,645,463 shares,
respectively, in the form of 31,600, 15,497 and 31,158 CPOs, respectively, in the amount of
Ps. 579,821, Ps. 403,107 and Ps. 1,065,165, respectively, in connection with a three-year share
repurchase program of up to U.S.$400.0&nbsp;million, exercised at the discretion of management and
subject to legal, market and other conditions. In April and December&nbsp;2003, the Company&#146;s
stockholders approved the cancellation of 2,370,068 shares of capital stock in the form of
31,601 CPOs, which were primarily repurchased under this program. In 2004, the Company resold
468 shares in the form of 4 CPOs, repurchased under this program, in the amount of Ps. 105.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-26
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>In December&nbsp;2003, in connection with the approval of the Company&#146;s shareholders to issue
additional Series &#147;A&#148; Shares for the Long-Term Retention Plan described below, the Company
increased its capital stock in the amount of Ps. 4,373,269 by issuing additional 10,757,689
Series &#147;A&#148; Shares, not in the form of CPOs, of which Ps. 3,967,836 were recognized as
additional paid-in capital. Following this capital stock increase, the 10,757,689 Series &#147;A&#148;
Shares were acquired by a Company&#146;s trust for the purpose of implementing the Company&#146;s
Long-Term Retention Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>In connection with the Company&#146;s Stock Purchase Plan described below.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>In the second half of 2004, the Company issued 392,837 additional CPOs by combining 9,820,921
Series &#147;A&#148; Shares, 8,642,411 Series &#147;B&#148; Shares, 13,749,290 Series &#147;D&#148; Shares and 13,749,290
Series &#147;L&#148; Shares, not in the form of CPOs, which were owned by certain shareholders
(equivalent to 312,880 CPOs), and were acquired by a Company&#146;s trust (equivalent to 76,511
CPOs) and a Company&#146;s subsidiary (equivalent to 3,446 CPOs). Additionally, in April&nbsp;2005, the
Company issued 4 additional CPOs by combining 107 Series &#147;A&#148; Shares, 94 Series &#147;B&#148; Shares, 150
Series &#147;D&#148; Shares and 150 Series &#147;L&#148; Shares, not in the form of CPOs, which were acquired by a
Group&#146;s trust for a pension plan.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Company&#146;s bylaws, the Company&#146;s Board of Directors consists of 20 members, of which
the holders of Series &#147;A&#148; Shares, Series &#147;B&#148; Shares, Series &#147;D&#148; Shares and Series &#147;L&#148; Shares, each
voting as a class, are entitled to elect eleven members, five members, two members and two members,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series &#147;D&#148; Shares are entitled to receive an annual, cumulative and preferred
dividend equivalent to 5% of the nominal capital attributable to those Shares (nominal
Ps. 0.00034177575 per share) before any dividends are payable in respect of Series &#147;A&#148; Shares,
Series &#147;B&#148; Shares or Series &#147;L&#148; Shares. Holders of Series &#147;A&#148; Shares, Series &#147;B&#148; Shares and Series
&#147;L&#148; Shares are entitled to receive the same dividends as holders of Series &#147;D&#148; Shares if
shareholders declare dividends in addition to the preferred dividend that holders of Series &#147;D&#148;
Shares are entitled to. If the Company is liquidated, Series &#147;D&#148; Shares are entitled to a
liquidation preference equal to the nominal capital attributable to those Shares (nominal
Ps. 0.00683551495 per share) before any distribution is made in respect of Series &#147;A&#148;, Series &#147;B&#148;
Shares and Series &#147;L&#148; Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, the restated tax value of the Company&#146;s common stock was Ps. 21,864,415.
In the event of any capital reduction in excess of the tax value of the Company&#146;s common stock,
such excess will be treated as dividends for income tax purposes (see Note 14).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stock Purchase Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company adopted a Stock Purchase Plan (the &#147;Plan&#148;) that provides, in conjunction with the
Long-term Retention Plan described below, for the grant and sale of up to 8% of the Company&#146;s
capital stock to key Group employees. Pursuant to this Plan, as of December&nbsp;31, 2005, the Company
had assigned approximately 118.2&nbsp;million CPOs at market prices, subject to certain conditions,
including vesting periods within five years from the time the awards are granted. The shares sold
pursuant to the Plan, some of which have been registered pursuant to a registration statement on
Form S-8 under the Securities Act of the United States, can only be transferred to the plan
participants when the conditions set forth in the Plan and the related agreements are satisfied.
During 2003, 2004 and 2005, 5.0&nbsp;million CPOs, approximately 42.5&nbsp;million CPOs, and approximately
26.9&nbsp;million CPOs, respectively, were exercised pursuant to this Plan in the amount of Ps. 77,934,
Ps. 605,621 and Ps. 312,879, respectively, and transferred to the Plan participants. In October&nbsp;2004,
those Series &#147;B&#148;, Series &#147;D&#148; and Series &#147;L&#148; Shares, together with certain Series &#147;A&#148; Shares, not in
the form of CPOs and previously held by the trust, were exchanged by 3.4&nbsp;million CPOs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Long-term Retention Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the Company designated a trust to implement a Long-term Retention Plan (the
&#147;Retention Plan&#148;) which supplements the Company&#146;s existing Stock Purchase Plan described above, and
provides for the grant and sale of the Company&#146;s capital stock to key Group employees. In December
2003, the designated trust acquired approximately 10,757.7&nbsp;million Series &#147;A&#148; Shares (not in the
form of CPOs) for the purposes of the Company&#146;s Retention Plan. As a result of the Recapitalization
described above and other related transactions, the trust designated for the implementation of the
Retention Plan received a number of Series &#147;B&#148;, Series &#147;D&#148; and Series &#147;L&#148; Shares against the
delivery of the same number of Series &#147;A&#148; Shares. In October&nbsp;2004, certain Series &#147;A&#148;, Series &#147;B&#148;,
Series &#147;D&#148; and Series &#147;L&#148; Shares, held by the trust, were exchanged for approximately 76.5&nbsp;million
CPOs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2005, the designated trust owned approximately 143.4&nbsp;million CPOs or CPOs
equivalents, including approximately 7.6&nbsp;million CPOs or CPOs equivalents that have been reserved
to a group of employees, and may
</DIV>

<P align="center" style="font-size: 10pt">F-27
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be granted at a price of approximately Ps. 28.05 per CPO, subject to certain conditions, in
vesting periods between 2008 and 2023. As of December&nbsp;31, 2005, the Company had assigned under the
Retention Plan approximately 46.8&nbsp;million CPOs, at an exercise price of Ps. 13.45 per CPO, subject
to certain conditions. Shares assigned to employees under the Retention Plan are estimated to be
vested over a period between 2008 and 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group determined the stock-based compensation expense, as required by IFRS 2 (see Note
1(r)), by using the Black-Scholes pricing model at the date on which the stock was granted to
personnel under the Group&#146;s stock-based compensation plans, on the following weighted-average
assumptions:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>December 31, 2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3.0%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected volatility<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">22.34%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">8.2%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected life of awards (in years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4.1 years</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Volatility was determined by reference to historically observed prices of the Group&#146;s CPO.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of the stock awards for employees as of December&nbsp;31, 2005, is presented below (in
constant pesos and thousands of CPOs):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Stock Purchase Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Long-term Retention Plan</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted-Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted-Average</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(69,988</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,320</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,039</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercisable at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2005, the weighted-average remaining contractual life of the awards under
the Stock Purchase Plan and the Long-term Retention Plan is 0.8 and 3.1&nbsp;years, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Retained earnings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Mexican law, the legal reserve must be increased by 5% of annual net
profits until it reaches 20% of the capital stock amount. In 2003, 2004 and 2005, the Company&#146;s
stockholders approved increases to the legal reserve amounting to Ps. 41,695, Ps. 195,469 and
Ps. 223,030, respectively. This reserve is not available for dividends, but may be used to reduce a
deficit or may be transferred to stated capital. Other appropriations of profits require the vote
of the stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In prior years the Company&#146;s stockholders approved appropriating from retained earnings a
reserve amounting to Ps. 7,191,798 for the repurchase of shares, at the discretion of management.
Through December&nbsp;31, 2005, this reserve has been used in an amount of Ps. 1,447,215, in connection
with the cancellation of shares repurchased by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unappropriated earnings as of December&nbsp;31, 2004 and 2005 are comprised of (i)&nbsp;accumulated
earnings from prior years for an amount of Ps. 14,206,139 and Ps. 14,137,927, respectively; (ii)
cumulative charges in connection with the acquisition of shares of the Company made by subsidiaries
and a subsequently cancelled or sold in an amount of Ps. 2,301,303 and Ps. 2,316,937, respectively;
and (iii)&nbsp;other unappropriated earnings in an amount of Ps. 13,160.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2003, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps. 621,603 (nominal Ps. 550,000), which consisted of Ps. 0.18936540977 (nominal)&nbsp;per CPO
and Ps. 0.05260150265 (nominal)&nbsp;per Series &#147;A&#148; Share (not in the form of a CPO), and was paid in
cash in June&nbsp;2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2004, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps. 4,114,065 (nominal Ps. 3,850,000), which consisted of nominal Ps. 1.21982800845 per CPO
and nominal Ps. 0.40660933615 per former Series &#147;A&#148; Share (not in the form of a CPO), and was paid
in cash in May&nbsp;2004.
</DIV>

<P align="center" style="font-size: 10pt">F-28
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2004, in connection with the Recapitalization of the Company (see Note 12), the
Company&#146;s stockholders approved a stock dividend in the amount of Ps. 968,262 (nominal Ps. 906,114).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2005, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps. 4,305,789 (nominal Ps. 4,214,750), which consisted of nominal Ps. 1.35 per CPO and
nominal Ps. 0.01153846153 per former Series &#147;A&#148;, Series &#147;B&#148;, Series &#147;D&#148; and Series &#147;L&#148; Shares (not
in the form of CPO units), and was paid in cash in May&nbsp;2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends, either in cash or in other forms, paid by the Mexican companies in the Group will
be subject to income tax if the dividends are paid from earnings that have not been subject to
Mexican income taxes computed on an individual company basis under the provisions of the Mexican
Income Tax Law. In this case, dividends will be subject to a 40.85% or 38.89% income tax to be paid
by the companies paying the dividends in 2006 or 2007, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, cumulative earnings that have been subject to income tax and can be
distributed by the Company free of Mexican withholding tax were approximately Ps. 1,783,763. In
addition, the payment of dividends is restricted under certain circumstances by the terms of
certain Mexican peso loan agreements (see Note 8).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. Comprehensive income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income related to the majority interest for the years ended December&nbsp;31, 2003,
2004 and 2005, was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,909,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,460,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,125,542</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive (loss)&nbsp;income, net:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments, net <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(166,141</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(200,651</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(178,171</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Result from holding non-monetary assets, net <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(131,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(531,349</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain (loss)&nbsp;on equity accounts of investees (see Note 5)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,133,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(189,400</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total other comprehensive income (loss), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,252,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(208,824</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(898,920</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,162,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,251,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,226,622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The amounts for 2003, 2004 and 2005 include the foreign exchange (loss)&nbsp;gain of (Ps. 509,774),
Ps. 44,064 and Ps. 416,856, respectively, which were hedged by the Group&#146;s net investment in
Univision (see Notes 1(c) and 17).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the difference between specific costs (net replacement cost or Specific Index) of
non-monetary assets and the restatement of such assets using the NCPI, net of deferred tax
(provision)&nbsp;benefit of (Ps. 162,351), Ps. 56,656 and Ps. 212,665 for the years ended December&nbsp;31,
2003, 2004 and 2005, respectively.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the gains or losses on the dilution of investments in equity investees and the
recognition of the components of other comprehensive income recorded by the equity investees.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The changes in components of accumulated other comprehensive (loss)&nbsp;income for the years ended
December&nbsp;31, 2003, 2004 and 2005, were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cumulative</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cumulative</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gain on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Result from</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Result from</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cumulative</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issuance of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Holding Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Foreign</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Effect of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Monetary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Monetary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Currency</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Deferred</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Result</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Translation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Income Taxes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Loss) Income</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at January&nbsp;1, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">796,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(32,591</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,024,173</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,444,979</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,986,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(5,691,541</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current year change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,133,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(166,141</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,252,916</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,930,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,591</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,739,069</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,611,120</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,986,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,438,625</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current year change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(131,763</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(200,652</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(208,824</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,054,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,591</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,870,832</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,811,772</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,986,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,647,449</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current year change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(189,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(531,349</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(178,171</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(898,920</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,864,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(32,591</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,402,181</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,989,943</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,986,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,546,369</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative result from holding non-monetary assets as of December&nbsp;31, 2003, 2004 and 2005
is net of a deferred income tax benefit of Ps. 63,171, Ps. 119,828 and Ps. 332,493, respectively.
</DIV>

<P align="center" style="font-size: 10pt">F-29
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. Minority interest</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interest at December&nbsp;31, 2004 and 2005, consisted of:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,791,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,790,762</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,849,687</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,662,595</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative result from holding non-monetary assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(248,055</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(305,124</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated monetary result</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,999</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(850</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative effect of deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,514</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,342</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,084,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(124,562</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">850,872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16. Transactions with related parties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal transactions carried out by the Group with affiliated companies, including
equity investees, stockholders and entities in which stockholders have an equity interest, were as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenues:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Royalties (Univision) <SUP style="font-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,163,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,135,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,107,178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Soccer transmission rights (Univision)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,647</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Programming production and transmission rights <SUP style="font-size: 85%; vertical-align: text-top">(b)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administrative services <SUP style="font-size: 85%; vertical-align: text-top">(c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advertising <SUP style="font-size: 85%; vertical-align: text-top">(d)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,981,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,601,408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,399,406</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Costs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Donations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">75,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">95,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">106,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administrative services <SUP style="font-size: 85%; vertical-align: text-top">(c)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,607</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">177,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">178,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">366,082</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>The Group receives royalties from Univision for programming provided pursuant to a program
license agreement that expires in December&nbsp;2017. Royalties are determined based upon a
percentage of combined net sales of Univision, which was 9% plus an incremental percentage of
up to 3% over additional sales in 2003, 2004 and 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>Services rendered to Innova and other affiliates in 2003, Innova for the three months ended
March&nbsp;31, 2004, and Endemol and other affiliates in 2004 and 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>The Group receives revenue from and is charged by affiliates for various services, such as
equipment rental, security and other services, at rates which are negotiated. The Group
provides management services to affiliates, which reimburse the Group for the incurred payroll
and related expenses.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>Advertising services rendered to Innova in 2003 and for the three months ended March&nbsp;31,
2004, and to OCEN and Univision in 2003, 2004 and 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Other transactions with related parties carried out by the Group in the normal course of
business include the following:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>A consulting firm owned by a relative of one of the Group&#146;s directors, which has, from time
to time, provided consulting services and research in connection with the effects of the
Group&#146;s programming on its viewing audience.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>From time to time, a Mexican bank made loans to the Group, on terms substantially similar to
those offered by the bank to third parties. One of the Group&#146;s directors is a member of the
board of this bank and another of the Group&#146;s directors is the Chairman of the board of this
bank. Also, other members of the Group&#146;s Board serve as board members of this bank.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>Two of the Group&#146;s directors and one of the Group&#146;s alternate directors are members of the
board as well as shareholders of a Mexican company, which is a producer, distributor and
exporter of beer in Mexico. Such company purchases advertising services from the Group in
connection with the promotion of its products from time to time, paying rates applicable to
third-party advertisers for these advertising services.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-30
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>Several other members of the Group&#146;s current board serve as members of the boards and/or
shareholders of other companies, some of which purchased advertising services from the Group
in connection with the promotion of their respective products and services.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(e)</TD>
    <TD>&nbsp;</TD>
    <TD>During 2003, 2004 and 2005, a professional services firm in which a current director and two
alternate directors maintain interest provided legal advisory services to the Group in
connection with various corporate matters. Total fees for such services amounted to Ps. 8,774,
Ps. 19,184 and Ps. 17,717, respectively.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The balances of receivables and (payables)&nbsp;between the Group and affiliates as of December&nbsp;31,
2004 and 2005, were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DIRECTV (payable in connection
with the acquisition of a
subscriber list, see Notes 2 and 7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(704,868</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CIE (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,277</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">News Corp. (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59,198</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46,314</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OCEN (see Notes 2 and 7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,527</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Univision (see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,384</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">78,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(455,903</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All significant account balances included in amounts due from affiliates bear interest. In
2003, 2004 and 2005, average interest rates of 7.07%, 6.9% and 9.6% were charged, respectively.
Advances and receivables are short-term in nature; however, these accounts do not have specific due
dates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits and advances as of December&nbsp;31, 2004 and 2005 included deposits and advances
from affiliates in an aggregate amount of Ps. 390,426 and Ps. 127,913, respectively, which were made
by Univision, Editorial Cl&#237;o, Libros y Videos, S.A. de C.V., OCEN and CIE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>17. Integral cost of financing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integral cost of financing for the years ended December&nbsp;31, consisted of:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,495,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,165,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,134,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(706,409</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(678,391</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(932,124</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange (gain)&nbsp;loss, net <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(210,170</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">727,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss (gain)&nbsp;from monetary position <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(147,892</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">667,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,566,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,782,030</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Interest expense in 2003 includes Ps. 151,448, derived from the restatement of the Company&#146;s
UDI-denominated debt securities, and in 2004 and 2005 includes Ps. 209,232 and Ps. 38,077,
respectively, derived from the UDI index restatement of Company&#146;s UDI-denominated debt
securities and a net gain from related derivative contracts of Ps. 31,387 and Ps. 6,302,
respectively (see Notes 8 and 9).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Net foreign exchange gain in 2003 includes a net loss from foreign currency option contracts
of Ps. 19,375 and net foreign exchange loss in 2004 and 2005 includes a net loss from foreign
currency derivative contracts of Ps. 99,468 and Ps. 712,259, respectively. A foreign exchange
loss in 2003 of Ps. 509,774, and a foreign exchange gain in 2004 and 2005 of Ps. 44,064 and
Ps. 416,856, respectively, were hedged by the Group&#146;s net investment in Univision and
recognized in stockholders&#146; equity as other comprehensive loss (see Notes 1(c) and 14).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The gain or loss from monetary position represents the effects of inflation, as measured by
the NCPI in the case of Mexican companies, or the general inflation index of each country in
the case of foreign subsidiaries, on the monetary assets and liabilities at the beginning of
each month. It also includes monetary loss in 2003, 2004 and 2005 of Ps. 147,438, Ps. 187,800
and Ps. 133,220, respectively, arising from temporary differences of non-monetary items in
calculating deferred income tax (see Note 20).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-31
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>18. Restructuring and non-recurring charges</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and non-recurring charges for the years ended December&nbsp;31, are analyzed as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Severance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">205,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">151,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">41,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-recurring charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Payment of vested and non-vested salary benefits <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss on disposal of nationwide paging business (see Notes 2 and 6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment adjustments <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,439</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expenses of debt placement <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">714,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">408,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">229,902</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Benefits paid to certain of the Group&#146;s union employees.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>During 2004, the Group tested for impairment the carrying value of goodwill and other
intangible assets. As a result of such testing, impairment adjustments were made to goodwill
related primarily to the Group&#146;s Publishing Distribution segment and publishing trademarks in
the amount of Ps. 196,225 and Ps. 41,440, respectively. For purposes of the goodwill impairment
test, the fair value of the related reporting unit was estimated using appraised valuations by
experts.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Related with Senior Notes due 2011 and Notes denominated in Mexican Investment Units (UDIs)
due 2007 (see Note 8).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>19. Other expense, net</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (income)&nbsp;expense for the years ended December&nbsp;31, is analyzed as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Gain) loss on disposition of investments, net (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(482,781</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">138,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">172,286</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of goodwill (see Note 1(i))</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for doubtful non-trade accounts and write-off of
other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Write-off of goodwill (see Note 2) <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donations (see Note 16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,048</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial advisory and professional services <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on disposition of fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,090</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other (income)&nbsp;expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,617</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,608</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">590,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">532,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">464,220</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2003, write-offs of unamortized goodwill in the amount of Ps. 123,847, were recognized in
connection with the recoverability evaluation of certain long-lived assets of the Group.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes financial advisory services in connection with contemplated dispositions and
strategic planning projects and professional services in connection with certain litigation
and other matters (see Notes 2, 12 and 16).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>20. Income tax, asset tax and employees&#146; profit sharing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is authorized by the Mexican tax authorities to compute its income tax and asset
tax on a consolidated basis. Mexican controlling companies are allowed to consolidate, for income
tax purposes, income or losses of their Mexican subsidiaries up to a certain percentage of their
share ownership in such subsidiaries, which was 60% through December&nbsp;31, 2004, and 100% beginning
January&nbsp;1, 2005. The asset tax is computed on a fully consolidated basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican corporate income tax rate in 2003, 2004 and 2005 was 34%, 33% and 30%,
respectively. In accordance with the current Mexican Income Tax Law, the corporate income tax rate
in 2006 will be 29%, and in subsequent years will be 28%. Consequently, the effect of this gradual
decrease in the income tax rate reduced the Group&#146;s deferred income tax liability in 2003, 2004 and
2005.
</DIV>

<P align="center" style="font-size: 10pt">F-32
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The income tax provision for the years ended December&nbsp;31, 2003, 2004 and 2005, was comprised
as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax and asset tax, current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,136,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">578,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,539,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax and asset tax, deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(360,946</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(787,777</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">776,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,208,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">751,243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following items represent the principal differences between income taxes computed at the
statutory rate and the Group&#146;s provision for income tax and the asset tax.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax at the statutory rate on income before provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Differences in inflation adjustments for tax and book purposes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-deductible items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Special tax consolidation items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unconsolidated income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Excess in tax provision of prior years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in valuation allowances:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Asset tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax loss carryforwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of change in income tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recoverable income tax from repurchase of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Use of unconsolidated tax losses <SUP style="font-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income tax and the asset tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>In 2003 and 2004, this amount represents the effect of the use of tax loss carryforwards
arising from the acquisition of Telespecialidades in June&nbsp;2003, and certain other subsidiaries
in the second half of 2004. In 2005, this amount represents the effect of the use of tax
losses in connection with the acquisition of Comtelvi (see Note 2).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group has tax loss carryforwards at December&nbsp;31, 2005, as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating tax loss carryforwards:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unconsolidated:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mexican subsidiaries <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,762,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center">From 2006 to 2015</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-Mexican subsidiaries <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">936,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">From 2006 to 2024</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,698,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital tax loss carryforwards:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unconsolidated Mexican subsidiary <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">From 2009 to 2015</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,086,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>During 2003, 2004 and 2005, certain Mexican subsidiaries utilized unconsolidated operating
tax loss carryforwards of Ps. 6,973,809, Ps. 2,186,619 and Ps. 447,651, respectively. In 2005,
that amount includes the operating tax loss carryforwards related to the minority interest of
Sky Mexico.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Approximately the equivalent of U.S.$88.1&nbsp;million for subsidiaries in Spain, South America
and the United States.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>These carryforwards can only be used in connection with capital gains to be generated by such
subsidiary.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The asset tax rate is 1.8%. The asset tax paid in excess of the income tax in the previous ten
years can be credited in future years if the amount of the income tax in subsequent years is in
excess of the assets tax. As of December&nbsp;31, 2005, the Company had Ps. 1,089,203 of asset tax
subject to be credited and expiring between 2007 and 2013.
</DIV>

<P align="center" style="font-size: 10pt">F-33
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deferred taxes as of December&nbsp;31, 2004 and 2005, were principally derived from the
following temporary differences:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">784,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">806,837</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">881,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">801,307</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax loss carryforwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,573,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,245,149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allowance for doubtful accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">412,697</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Customer advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,604,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,378,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">324,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221,434</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(756,675</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(216,332</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,178,787</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(999,494</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,650,498</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,299,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Innova</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,620,793</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,322,182</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes of Mexican companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,029,404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes of foreign subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56,313</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,475,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,384,233</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Valuation allowances <SUP style="font-size: 85%; vertical-align: text-top">(a)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,527,175</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,555,530</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income tax liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,606,689</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(198,206</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of change of income tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,549</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income tax liability, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,417,155</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(165,657</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Reflects valuation allowances of foreign subsidiaries of Ps. 366,171 and Ps. 280,883 at
December&nbsp;31, 2004 and 2005, respectively.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A roll forward of the Group&#146;s valuation allowance for 2005 is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tax Loss</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Carryforwards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Asset Tax</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Goodwill</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,939,753</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(705,970</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(881,452</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,527,175</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,173</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,173</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decreases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">963,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,043,818</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(976,080</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(778,143</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(801,307</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,555,530</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The change in the deferred income tax liability for the year ended December&nbsp;31, 2005,
representing a charge of Ps. 1,251,498, was recorded against the following accounts:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charge to the gain from monetary position <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(87,509</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the result from holding non-monetary assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,665</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the provision for deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">787,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the cumulative effect of accounting changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition of companies (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,251,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Net of Ps. 133,220, representing the effect on restatement of the non-monetary items included
in the deferred tax calculation.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican companies in the Group are required by law to pay employees, in addition to their
agreed compensation and benefits, employee profit sharing at the statutory rate of 10% based on
their respective taxable incomes (calculated without reference to inflation adjustments and tax
loss carryforwards).
</DIV>

<P align="center" style="font-size: 10pt">F-34
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>21. Earnings per CPO/Share</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the years ended December&nbsp;31, 2003, 2004 and 2005, the weighted average of outstanding
total shares, CPOs and Series &#147;A&#148;, Series &#147;B&#148;, Series &#147;D&#148; and Series &#147;L&#148; Shares (not in the form of
CPO units), was as follows (in thousands):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,421,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,205,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,158,189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CPOs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,166,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,293,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,463,608</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares not in the form of CPO units:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;A&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,387,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,524,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,915,759</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;B&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,214,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,305,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;D&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,255,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,645,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series &#147;L&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,255,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,645,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings (loss)&nbsp;per CPO and per each Series &#147;A&#148;, Series &#147;B&#148;, Series &#147;D&#148; and Series &#147;L&#148; Share
(not in the form of a CPO unit) for the years ended December&nbsp;31, 2003, 2004 and 2005, are presented
as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per Each</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Series &#147;A&#148;,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&#147;B&#148;, &#147;D&#148;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per Series</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per Series</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and &#147;L&#148;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Per CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>&#147;A&#148; Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Per CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>&#147;A&#148; Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Per CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.02</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative loss effect of accounting changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.36</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>22. Foreign currency position</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foreign currency position of monetary items of the Group at December&nbsp;31, 2005, was as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Foreign Currency</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year-End</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exchange Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Mexican Pesos</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10.6265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">6,910,562</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Euros</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.5864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,244,232</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chilean pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,230,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other currencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. dollars <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,589,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10.6265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">16,895,115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chilean pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,436,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other currencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,698</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes U.S.$775.5&nbsp;million (Ps. 8,240,681) of long-term securities being hedged by the
Group&#146;s net investment in Univision (see Note 1(c)).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-35
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foreign currency position of non-monetary items as of December&nbsp;31, 2005, was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Foreign Currency</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year-End</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(Thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exchange Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Mexican Pesos </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Property, plant and equipment:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">315,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10.6265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">3,347,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Japanese yen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,970,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361,279</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Euros</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.5864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other currencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,361</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Transmission rights and programming:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10.6265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">4,059,893</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other currencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,638</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts translated at the year-end exchange rates for reference purposes only; does not
indicate the actual amounts accounted for in the financial statements.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions incurred during 2005 in foreign currencies were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U.S. Dollar</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equivalent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>other Foreign</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Currency</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total U.S.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>U.S. Dollar</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Transactions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Dollar</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Mexican Pesos </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">340,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">385,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,092,424</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,002</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">361,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">407,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,331,829</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Purchases, costs and expenses:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchases of inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">215,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">228,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,429,770</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchases of property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">928,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Costs and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,685,047</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,313,924</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">791,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">60,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">852,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,063,565</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Income statement amounts translated at the year-end exchange rate of Ps. 10.6265 for reference
purposes only; does not indicate the actual amounts accounted for in the financial statements
(see Note 1(c)).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2005 the exchange rate was Ps. 10.6265 per U.S. dollar, which represents the
interbank free market exchange rate on that date as reported by Banco Nacional de M&#233;xico, S.A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;16, 2006, the exchange rate was Ps. 10.6460 per U.S. dollar, which represents the
interbank free market exchange rate on that date as reported by Banco Nacional de M&#233;xico, S.A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>23. Segment data</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reportable segments are those that are based on the Group&#146;s method of internal reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group is organized on the basis of services and products. The Group&#146;s segments are
strategic business units that offer different entertainment services and products. The Group&#146;s
reportable segments are as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Television Broadcasting</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The television broadcasting segment includes the production of television programming and
nationwide broadcasting of Channels 2, 4, 5 and 9 (&#147;television networks&#148;), and the production of
television programming and broadcasting for local television stations in Mexico and the United
States. The broadcasting of television networks is performed by television repeater stations in
Mexico which are wholly-owned, majority-owned or minority-owned by the Group or otherwise
affiliated
</DIV>

<P align="center" style="font-size: 10pt">F-36
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with the Group&#146;s networks. Revenues are derived primarily from the sale of advertising
time on the Group&#146;s television network and local television station broadcasts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Pay Television Networks</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pay television networks segment includes programming services for cable and pay-per-view
television companies in Mexico, other countries in Latin America, the United States and Europe. The
programming services consist of both programming produced by the Group and programming produced by
others. Pay television network revenues are derived from domestic and international programming
services provided to the independent cable television systems in Mexico and the Group&#146;s DTH
satellite and cable television businesses, and from the sale of advertising time on programs
provided to pay television companies in Mexico.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Programming Exports</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The programming exports segment consists of the international licensing of television
programming. Programming exports revenues are derived from international program licensing fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Publishing</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The publishing segment primarily consists of publishing Spanish-language magazines in Mexico,
the United States and Latin America. Publishing revenues include subscriptions, sales of
advertising space and magazine sales to distributors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Publishing Distribution</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The publishing distribution segment consists of distribution of Spanish-language magazines,
owned by either the Group or independent publishers, and other consumer products in Mexico and
Latin America. Publishing distribution revenues are derived from magazine and other consumer
products sales to retailers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Sky Mexico</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sky Mexico segment includes direct-to-home (&#147;DTH&#148;) broadcast satellite pay television
services in Mexico. Sky Mexico&#146;s revenues are primarily derived from program services, installation
fees and equipment rental to subscribers, and national advertising sales.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Cable Television</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cable television segment includes the operation of a cable television system in the Mexico
City metropolitan area and derives revenues principally from basic and premium services
subscription and installation fees from cable subscribers, pay-per-view fees, and local and
national advertising sales.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Radio</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The radio segment includes the operation of six radio stations in Mexico City and eleven other
domestic stations owned by the Group. Revenues are derived by advertising and by the distribution
of programs to non-affiliated radio stations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Other Businesses</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The other businesses segment includes the Group&#146;s domestic operations in sports and show
business promotion, soccer, nationwide paging (through October&nbsp;2004), feature film production and
distribution, Internet operations and dubbing services for Mexican and multinational companies
(through October&nbsp;2003).
</DIV>

<P align="center" style="font-size: 10pt">F-37
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below presents information by segment for the years ended December&nbsp;31, 2003, 2004
and 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Operating</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Income (Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Before</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Intersegment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Consolidated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Operating</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Revenues</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Revenues</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Revenues</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amortization</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Expense</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Income (Loss)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2003:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">16,725,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">76,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">16,648,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,108,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,003,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,105,554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">760,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">699,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,678</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,771,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,771,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">541,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">533,290</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,943,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,941,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355,697</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,923,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,632</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,072,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,067,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">196,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,553</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,479,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,339,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(163,870</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(511,556</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eliminations and corporate expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(342,056</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(342,056</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(162,291</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(162,291</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,612,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,612,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,229,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,657,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,571,722</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2004:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,671,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">423,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,248,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,018,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,073,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,945,075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">711,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,981,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,981,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">756,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">748,676</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,163,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,157,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">438,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">414,599</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,626,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,618,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,227</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,952</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,758,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,713,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,383,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">585,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">797,408</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,165,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,161,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,791</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,271</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,547,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,443,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(132,113</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(228,651</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eliminations and corporate expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(755,651</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(755,651</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(161,173</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(161,173</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,291,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,291,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,987,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,144,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,843,043</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2005:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,570,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">548,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,022,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,852,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,017,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,834,869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,111,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">818,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">492,160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,875,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,875,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">668,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">664,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,505,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,466,928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">453,998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,159</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,986,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,954,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,516,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">945,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,571,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,405,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,402,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">489,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,566</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,759</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,324,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(180,371</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(224,884</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eliminations and corporate expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,045,152</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,045,152</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(182,471</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(182,471</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,481,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,481,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">13,221,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,418,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,802,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Accounting policies</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounting policies of the segments are the same as those described in the Group&#146;s summary
of significant accounting policies (see Note 1). The Group evaluates the performance of its
segments and allocates resources to them based on operating income before depreciation and
amortization.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Intersegment revenue</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment revenue consists of revenues derived from each of the segments principal
activities as provided to other segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group accounts for intersegment revenues as if the revenues were from third parties, that
is, at current market prices.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Allocation of general and administrative expenses</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-allocated corporate expenses include payroll for certain executives, related employee
benefits and other general expenses.
</DIV>

<P align="center" style="font-size: 10pt">F-38
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below presents segment information about assets, liabilities, and additions to
property, plant and equipment as of and for the years ended December&nbsp;31, 2003, 2004 and 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Segment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Additions to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Segment Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Liabilities at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Property, Plant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>at Year-End</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Year-End</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>and Equipment</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2003:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">45,846,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,794,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">816,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,020,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,053,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">429,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,299,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">527,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,271</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,611,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,056,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">55,293,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">24,259,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,143,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2004:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">47,875,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">21,314,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">863,261</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,052,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">298,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky M&#233;xico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,676,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,487,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">677,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,091,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">413,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">470,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,426,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">61,630,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,446,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,094,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2005:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">46,279,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">22,193,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">875,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,063,554</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,576</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">916,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky M&#233;xico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,553,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,976,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,187,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,333,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">469,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,656</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,404,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,193</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">60,064,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">29,741,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,738,095</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Segment assets and liabilities information is not maintained by the Group for each of the
Television Broadcasting, Pay Television Networks and Programming Exports segments. In
management&#146;s opinion, there is no reasonable or practical basis to make allocations due to the
interdependence of these segments. Consequently, management has presented such information on
a combined basis as television operations.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment assets reconcile to total assets as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">55,293,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">61,630,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">60,064,210</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments attributable to:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,930,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,884,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,235,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other segments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">850,858</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">DTH ventures <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill &#151; net attributable to:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,279,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,279,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,300,316</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,670</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other segments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">732,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">734,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376,719</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">70,391,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">76,384,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">74,851,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes goodwill attributable to equity investments of Ps. 5,921,053, Ps. 5,757,787 and
Ps. 5,499,313 in 2003, 2004 and 2005, respectively.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes goodwill attributable to investments in DTH ventures of Ps. 110,299 in 2003.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-39
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity method income for the years ended December&nbsp;31, 2003, 2004 and 2005 attributable to
television operations, equity investments approximated Ps. 126,313, Ps. 263,577 and Ps. 179,225,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment liabilities reconcile to total liabilities as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">24,259,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,446,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">29,741,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes payable and long-term debt not attributable to segments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,211,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,413,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,246,289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">40,470,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">47,860,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">44,987,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><B><I>Geographical segment information</I></B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Additions to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Segment Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Property, Plant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total Net Sales</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>at Year-End</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>and Equipment</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2003:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">21,153,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">51,464,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,093,026</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,458,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,828,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,702</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,612,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">55,293,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,143,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2004:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,629,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">53,353,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,035,245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,661,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,276,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,291,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">61,630,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,094,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2005:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">28,717,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">53,664,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,708,402</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,763,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,400,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,693</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,481,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">60,064,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,738,095</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales are attributed to countries based on the location of customers.
</DIV>


<P align="center" style="font-size: 10pt">F-40
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>24. Differences between Mexican and U.S. GAAP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group&#146;s consolidated financial statements are prepared in accordance with Mexican GAAP,
which differs in certain significant respects from accounting principles generally accepted in the
United States (&#147;U.S. GAAP&#148;). The principal differences between Mexican GAAP and U.S. GAAP are
presented below, together with explanations of certain adjustments that affect net income and
shareholders&#146; equity as of and for the years ended December&nbsp;31.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As more fully described in adjustment k) below, effective January&nbsp;1, 2005, the Group adopted
the provisions of SFAS 123 (R). The Group previously applied Accounting Principles Board (APB)
Opinion No.&nbsp;25, &#147;Accounting for Stock Issued to employees&#148;, and related Interpretations, and
provided the required pro-forma disclosures of SFAS No.&nbsp;123, &#147;Accounting for Stock-Based
Compensation&#148; (&#147;SFAS 123&#148;) The Group elected to adopt the modified retrospective application method
as provided by SFAS 123(R), and accordingly, the U.S. GAAP net income and stockholders&#146; equity
amounts for the prior periods presented in this Note, have been restated to reflect the fair value
method of expensing prescribed by SFAS 123(R).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Reconciliation of net (loss)&nbsp;income</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income as reported under Mexican GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,909,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,460,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,125,542</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. GAAP adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a) Capitalization of financing costs, net of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b) Deferred costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,735</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c) Deferred debt refinancing costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(560,043</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d) Equipment restatement, net of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(480,636</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(e) Purchase accounting adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of broadcast license and network
affiliation agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,631</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,631</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,631</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation of fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,224</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,526</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,422</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,663</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(f) Goodwill and other intangible assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reversal of Mexican GAAP goodwill amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reversal of Mexican GAAP impairment of goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(g) Equity method investees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Innova</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(322,713</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,346,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SMCP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(829,441</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(469,725</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,304,636</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Univision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(i) Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,446,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,054,382</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(200,251</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(j) Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(404</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,545</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(k) Employee stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(300,296</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(318,424</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,678</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(l) Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">705,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,289</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(m) Deferred income taxes and employee profit sharing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes<SUP style="font-size: 85%; vertical-align: text-top"> (1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,364,812</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">338,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,048</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred employees&#146; profit sharing <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,719</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(n) Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(o) Minority interest on U.S. GAAP adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(879</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,605</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,410</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(p) Effects of inflation accounting on U.S. GAAP
adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,575</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,989</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(45,565</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,239,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,349,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,824,693</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3" >(1)&nbsp;&nbsp;Net of inflation effects</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-41
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Reconciliation of stockholders&#146; equity</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity under Mexican GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">28,523,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">29,863,924</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. GAAP adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a) Capitalization of financing costs, net of accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(859,266</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(849,875</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b) Deferred costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(119,119</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(122,854</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c) Deferred debt refinancing costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(560,043</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d) Equipment restatement, net of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">441,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,186</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(e) Purchase accounting adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Broadcast license and network affiliation agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,197</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill on acquisition of Bay City</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,023,339</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,023,339</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill on acquisition of minority interest in Editorial Televisa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,258,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,258,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill on acquisition of additional interests in Univision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(609,327</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(609,327</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(f) Goodwill and other intangible assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reversal of Mexican GAAP goodwill amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">745,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">745,766</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reversal of Mexican GAAP amortization of intangible assets with
indefinite lives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(g) Equity method investees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SMCP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,304,636</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Univision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,065</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,265</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,265</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(h) Adjustment to gain on sale of music recording business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(300,112</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(300,112</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(i) Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,540,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,294,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(j) Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,268</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(l) Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,991,458</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,685,705</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(m) Deferred income taxes and employee&#146;s profit sharing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">436,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred employees&#146; profit sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(187,429</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(116,121</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(n) Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(o) Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(894,164</TD>
    <TD nowrap>) </TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total U.S. GAAP adjustments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,506,320</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,530,975</TD>
    <TD nowrap>) </TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">27,017,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">28,332,949</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of the Group&#146;s statement of changes in stockholders&#146; equity with balances determined
under U.S. GAAP is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Changes in U.S. GAAP stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at January&nbsp;1,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">26,917,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">27,017,668</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income for the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,349,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,824,693</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(842,597</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,194,424</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,114,064</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,305,789</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sale of capital stock under long-term retention plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">605,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,559</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Changes in other comprehensive income of equity investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(189,400</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Result from holding non-monetary assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(160,544</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(238,818</TD>
    <TD nowrap>) </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Foreign currency translation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(179,621</TD>
    <TD nowrap>) </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(175,396</TD>
    <TD nowrap>) </TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance at December&nbsp;31,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">27,017,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">28,332,949</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">F-42
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reconciliation to U.S. GAAP includes a reconciling item for the effect of applying the
option provided by the Mexican GAAP Bulletin B-10, &#147;Recognition of the Effects of Inflation on
Financial Information&#148; for the restatement of equipment of non-Mexican origin because, as described
below, this provision of inflation accounting under Mexican GAAP does not meet the consistent
reporting currency requirement of Regulation&nbsp;S-X of the Securities and Exchange Commission (&#147;SEC&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reconciliation to U.S. GAAP does not include the reversal of the other adjustments to the
financial statements for the effects of inflation required under Mexican GAAP Bulletin B-10,
because the application of Bulletin B-10 represents a comprehensive measure of the effects of price
level changes in the inflationary Mexican economy and, as such, is considered a more meaningful
presentation than historical, cost-based financial reporting for both Mexican and U.S. accounting
purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican GAAP Bulletin B-15, &#147;Foreign Currency Transactions and Translation of Financial
Statements of Foreign Operations&#148; requires restating the financial statements for all periods prior
to the most recent period by using a weighted-average factor which considers the inflation in
Mexico and the other countries in which the Group and its subsidiaries operate and the currency
exchange rate for the currency of each country as of the date of the most recent balance sheet. The
consistent reporting currency requirements of the SEC rules require restatement of prior periods
for general price level changes only, utilizing the NCPI, and supplemental condensed financial
statements utilizing the NCPI are required for U.S. GAAP purposes. The Group utilized the NCPI to
restate its financial statements for prior years because the use of the weighted-average factor
prescribed by B-15 would not have produced a materially different result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Capitalization of financing costs, net of depreciation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican GAAP allows, but does not require, capitalization of financing costs as part of the
cost of assets under construction. Financing costs capitalized include interest costs, gains from
monetary position and foreign exchange losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. GAAP requires the capitalization of interest during construction on qualifying assets. In
an inflationary economy, such as Mexico, acceptable practice is to capitalize interest net of the
monetary gain on the related Mexican Peso debt, but not on U.S. dollar or other stable currency
debt. In neither instance does U.S. GAAP allow the capitalization of foreign exchange losses. No
amounts were subject to capitalization under both U.S. GAAP and Mexican GAAP for each of the
periods represented. The U.S. GAAP net income adjustments reflect the difference in depreciation
expense related to amounts capitalized prior to 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Deferred costs, net of amortization</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican GAAP, certain development costs (including those related to web site
development) and other deferred costs are capitalized and subsequently amortized on a straight-line
basis once the related venture commences operations, defined as the period when revenues are
generated. In addition, other expenditures which are expected to generate significant and
identifiable future benefit are also capitalized and amortized over the expected future benefit
period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under U.S. GAAP, development and other deferred costs are generally expensed as incurred given
that the assessment of future economic benefit is uncertain. In the case of web site development
costs, certain costs are capitalized and others expensed in accordance with EITF Issue No.&nbsp;00-2,
&#147;Accounting for Web Site Development Costs&#148;. Consequently, the U.S. GAAP net income reconciliation
reflects the write-off, for U.S. GAAP purposes, of the preoperating and other deferred costs
(including certain web site development costs) capitalized under Mexican GAAP, net of the reversal
of any amortization which is reflected under Mexican GAAP. For the years ended December&nbsp;31, 2003,
2004 and 2005, the U.S. GAAP net income adjustment reflects the net impact of reversing the amounts
capitalized under Mexican GAAP and any related amortization recorded under Mexican GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;Deferred debt refinancing costs, net of amortization</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note 8, in March and May&nbsp;2005, the Group issued Senior Notes due 2025 to fund
the Group&#146;s tender offers made for any or all of the Senior Notes due 2011 and the Mexican peso
equivalent of UDI-denominated Notes due 2007. In conjunction therewith, premiums paid to the old
creditors were capitalized and are being amortized as an adjustment of interest expense over the
remaining term of the new debt instrument using the interest method.
</DIV>

<P align="center" style="font-size: 10pt">F-43
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For U.S. GAAP purposes, premiums paid by the debtor to the creditor are to be associated with
the extinguishment of the old debt instrument and included in determining the debt extinguishment
gain or loss to be recognized. The adjustment to U.S. GAAP net income during 2005 reflects the
reversal of the amounts capitalized under Mexican GAAP, net of the related amortization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;Equipment restatement, net of depreciation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group restates equipment of non-Mexican origin using the Specific Index for determining
the inflation accounting restated balances under Mexican GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Regulation&nbsp;S-X of the SEC, for U.S. GAAP purposes, the restatement of equipment of
non-Mexican origin by the Specific Index method is a deviation from the historical cost concept.
The U.S. GAAP net income and stockholders&#146; equity reconciliations reflect adjustments to reverse
the Specific Index restatement recognized under Mexican GAAP and to restate equipment of
non-Mexican origin by the change in the NCPI and recalculate the depreciation expense on this
basis. In addition, the deficit from restatement adjustment recognized in stockholders&#146; equity
under Mexican GAAP related to fixed assets totaling Ps.19,523 and Ps.406,293 for the years ended
December&nbsp;31, 2004 and 2005, respectively, has been reversed for U.S. GAAP purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the 2005 U.S. GAAP adjustment includes a catch-up adjustment of Ps.367,866 of
depreciation expense of non-Mexican origin equipment, related to prior years. Individually, the
amount related for each of the prior periods presented herein was not significant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e)&nbsp;Purchase accounting adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until December&nbsp;31, 2003 , under Mexican GAAP, the Company recorded the excess of the purchase
price over the adjusted net book value of enterprises acquired as goodwill and amortized it over a
period not to exceed twenty years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under U.S. GAAP, the purchase method of accounting, requires the acquiring Group to record at
fair value the assets acquired and liabilities assumed, including deferred income taxes on existing
temporary differences. The difference between the purchase price and the sum of the fair values of
tangible and identifiable intangible assets less liabilities assumed, whether or not previously
recorded by the acquired enterprise, is recorded as goodwill. The following historical transactions
reflect differences in the application of purchase accounting under Mexican GAAP versus U.S. GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1996, the Group acquired Bay City Television, Inc. (&#147;Bay City&#148;) and Radiotelevisi&#243;n, S.A.
de C.V. and under Mexican GAAP, recognized the difference between the purchase price and net book
value as goodwill. For U.S. GAAP purposes, the purchase price was allocated, based on fair values,
primarily to the broadcast license and network affiliation agreements, programming and advertising
contracts, fixed assets, other assets and residual goodwill. Such purchase price adjustments were
being amortized over the remaining estimated useful lives of the respective assets. Upon the
adoption SFAS 142 (described below) on January&nbsp;1, 2002, the Group ceased amortizing the broadcast
license, as it was considered to have indefinite life, as well as the amount allocated to goodwill.
Therefore, the U.S. GAAP adjustment for each of the periods presented represents the difference in
amortization of goodwill for Mexican GAAP purposes (through 2003) and the amortization of the
various definite lived intangibles mentioned above for U.S. GAAP purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1999, the Group exercised warrants to acquire an additional interest in Univision. Under
Mexican GAAP, the Group recognized the excess of its underlying equity in the net assets of
Univision over the cost of the investment in income. Under U.S. GAAP, the additional investment in
Univision was accounted for as a purchase with the difference between the Group&#146;s cost versus the
underlying equity in the net assets of Univision (the investee) at the date of acquisition being
accounted for in a manner similar to a consolidated subsidiary and amortized over the remaining
estimated useful lives of the underlying assets. Therefore, the 2003 U.S. GAAP adjustment
reflects the reversal of the Mexican GAAP goodwill amortization since for U.S. GAAP purposes, the
goodwill no longer was amortized upon adoption of SFAS 142 in 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001, the Group entered into a series of transactions with Univision by which, among other
things, the Group acquired 375,000 non-voting preferred shares of Univision stock, which converted
in February&nbsp;2002, into 10,594,500 shares of Univision Class &#147;A&#148; Common Stock and 2,725,136 shares
of Univision Class &#147;B&#148; Common Stock, and 6,000,000 shares of Univision Class &#147;A&#148; Common Stock as
partial consideration for the sale of its music recording business. Under Mexican GAAP, the Group
recognized the cost of the additional investments over the excess of its underlying equity in the
net assets of Univision as goodwill. Under U.S. GAAP, the additional investments were each
accounted for as a purchase with the difference between the investors&#146; cost and underlying equity
in the net assets of the investee at the date of acquisition being accounted for in a manner
similar to a consolidated subsidiary. Therefore, the 2003 U.S. GAAP adjustment reflects the
reversal of the Mexican GAAP goodwill amortization since for U.S. GAAP purposes, the goodwill no
longer was amortized upon adoption of SFAS 142 in 2002.
</DIV>

<P align="center" style="font-size: 10pt">F-44
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2000, the Group acquired all of the interest owned by a minority shareholder in Editorial
Televisa, by issuing shares of capital stock. Under Mexican GAAP, this acquisition was accounted
for as a purchase, with the purchase price equal to the carrying value of the Group&#146;s treasury
shares at the acquisition date (which were used to effect the transaction), with a related goodwill
of Ps.84,591 and an additional paid-in capital of Ps.236,140 being recognized. Under U.S. GAAP,
this acquisition was accounted for by the purchase method, with the purchase price being the fair
value of the shares issued by the Group as consideration for the minority interest acquired. The
additional purchase price adjustment under U.S. GAAP was allocated to goodwill and amortized
through December&nbsp;31, 2001but subject to an annual impairment test and the U.S. GAAP 2003 net income
adjustment reflects the reversal of the goodwill amortization recorded under Mexican GAAP in that
year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(f)&nbsp;Goodwill and other intangible assets</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note 1 (i), under Mexican GAAP, effective January&nbsp;1, 2004, with the adoption
of Bulletin B-7 goodwill is no longer amortized but subject to an annual impairment test. As a
result, the U.S. GAAP net income reconciliation for the years ended December&nbsp;31, 2004 and 2005 no
longer include a reconciling item for goodwill amortization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, as described in Note 7, in 2004, the Group recognized for Mexican GAAP purposes
impairment charges totaling Ps.178,534 related to the Publishing Distribution segment. Given that
the Publishing Distribution segment impairment charge had been previously been recognized for U.S.
GAAP purposes upon adoption of SFAS 142 in 2002, this Mexican GAAP impairment adjustment has been
reversed in the U.S. GAAP 2004 net income reconciliation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying amount of goodwill by segment under U.S. GAAP for the years ended December&nbsp;31,
2004 and 2005, are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated subsidiaries:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">311,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">332,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,337,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,361,544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other segments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,344</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity method investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,183,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,568,025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,878,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,307,185</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The U.S. GAAP net carrying value of intangible assets as of December&nbsp;31, 2004 and 2005
amounted to:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trademarks (1) (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">530,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">471,697</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television network concession (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">687,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">687,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Network affiliation agreements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Licenses and software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subscriber list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432,798</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred financing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,448</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Broadcast license</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,807,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,360,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Indefinite-lived</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes translation effect, impairment adjustments and acquisitions (see Note 7)</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate amortization expense for intangible assets subject to amortization under
U.S. GAAP, is estimated at Ps.397,842 for each of the next five fiscal years.
</DIV>

<P align="center" style="font-size: 10pt">F-45
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(g)&nbsp;Equity method investees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effect of applying U.S. GAAP to the Group&#146;s equity investees, as it relates to Innova
(through March&nbsp;31, 2004), SMCP (through October&nbsp;2004), Univision and other minor investees, has
been included in the Group&#146;s U.S. GAAP reconciliation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The schedules below present, under U.S. GAAP, summarized statements of operations for the
years ended December&nbsp;31, 2003, 2004 and 2005, and balance sheet information as of December&nbsp;31, 2004
and 2005 for the significant investments that were accounted for under the equity method. For each
of the periods presented, only investments which exceeded the 10%
threshold test under Rule&nbsp;4-08 of
Regulation S-X were separately disclosed:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Condensed Statement of Operations</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Year ended December 31, 2003</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Innova</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Univision</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,071,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,995,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,870,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">23,937,877</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,048,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,814,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,165,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,027,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Loss) income before income taxes and minority interest.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(976,762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,181,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,294,885</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">910,268</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax benefit (provision)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,285,834</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(82,131</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,240,735</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Loss) income before minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(849,532</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,896,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,377,016</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(330,467</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,613</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,613</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. GAAP net (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(849,532</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,896,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,393,629</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(347,080</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa&#146;s equity in net (losses)&nbsp;income of equity
investees,
under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(509,720</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">177,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(747,048</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,079,106</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year ended December 31, 2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Univision</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,586,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,662,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">26,249,391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,742,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,014,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,757,574</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before income taxes and minority interest.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,843,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(352,085</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,491,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax benefit (provision)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,895,986</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(168,237</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,064,223</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,947,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(520,322</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,427,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,120</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,120</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. GAAP net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,947,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(523,442</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,424,474</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa&#146;s equity in net income (losses)&nbsp;of equity
investees, under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">280,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(143,057</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">137,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year ended December 31, 2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Univision</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,748,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,388,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">24,136,929</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,825,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,573,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,398,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before income taxes and minority interest.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,923,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(185,034</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,738,079</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax benefit (provision)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,934,055</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,029</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,974,084</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,989,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(225,063</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,763,995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. GAAP net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,989,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(225,063</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,763,995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa&#146;s equity in net income (losses)&nbsp;of equity
investees, under U.S. GAAP (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">191,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(31,697</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">160,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">F-46
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Condensed Balance Sheets</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>As of December 31, 2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Univision</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,657,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,558,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,215,610</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,123,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,907,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,031,174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">94,781,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,465,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">98,246,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,358,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,299,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,658,232</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,353,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">964,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,317,888</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; (deficit)&nbsp;equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,069,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,798,718</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,270,664</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">94,781,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,465,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">98,246,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa&#146;s investment in and advances to
equity investees at cost plus equity in
undistributed earnings since acquisition
(net)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,145,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(565,361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,580,404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"  colspan="13" style="border-bottom: 1px solid #000000"><B>As of December 31, 2005</B></TD>


</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Univision</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investments</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,732,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,471,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,204,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,642,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,708,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,351,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">86,375,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,179,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">90,555,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,665,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,302,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,967,907</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,612,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,888,824</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; (deficit)&nbsp;equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,098,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,600,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,698,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">86,375,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,179,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">90,555,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa&#146;s investment in and advances to
equity investees at cost plus equity in
undistributed earnings since acquisition
(net)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,767,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">837,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,605,403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">F-47
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Innova</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary difference between Innova&#146;s Mexican GAAP and U.S. GAAP net earnings is due to
satellite transponder and reorientation cost adjustments, and the adjustment to depreciation
expense for the inflation restatement of fixed assets of non-Mexican origin. Under Mexican GAAP,
Innova established an accrual and recognized non-recurring losses for the redundant use of
transponders as well as antenna reorientation costs. Under U.S. GAAP, the redundant satellite costs
would not be accrued and along with the antenna reorientation costs, would be expensed as incurred.
In addition, under Mexican GAAP, Innova restates its equipment of non-Mexican origin using the
Specific Index while for U.S. GAAP, this equipment is restated to constant currency using the
change in the NCPI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, for Mexican GAAP purposes, prior to 2002, the Group decided to discontinue the
recognition of equity losses with respect to its investment in Innova. Under U.S. GAAP, the Group
continued to equity account Innova&#146;s results of operations since the Group has guaranteed certain
of its obligations and is committed to provide further financial support for Innova. Hence, the
U.S. GAAP net income reconciliation adjustment for 2003 also reflects the difference in the equity
in earnings recognized under Mexican GAAP and U.S. GAAP for Innova. In 2004, Innova was
consolidated under Mexican GAAP and consequently, all previously unrecognized losses were
recognized under Mexican GAAP as a cumulative effect adjustment. The U.S. GAAP net income
adjustment for 2004 reflects the reversal of the Mexican GAAP cumulative effect adjustment since as
explained above, all equity method losses had continued to be recognized on a U.S. GAAP basis.
There is no net income adjustment for 2005 since the results of Innova are consolidated and any
U.S. GAAP adjustments related to Innova are now included in the individual line item adjustments in
the U.S. GAAP reconciliation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SMCP</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As mentioned in Note 5, during 2004 and 2005, under Mexican GAAP, the Group ceased recognizing
additional equity losses in SMCP since its investment balance had already recognized losses up to
the amount of its expected proportional guarantee of SMCP&#146;s satellite transponder obligation. Due
to a series of events which are more fully described in Note 5, during 2004, the Group has reversed
for Mexican GAAP purposes, its estimated liability related to the guarantee. Under U.S. GAAP, the
Group continued to account for SMCP under the equity method of accounting through October&nbsp;2004 when
it announced its intention to dispose of its interest in the investment. Consequently, the 2004
U.S. GAAP adjustment reflects the reversal of the benefit recognized under Mexican GAAP in 2004, in
addition to the continued recognition of the equity method losses through October&nbsp;2004. In
November&nbsp;2005, the Company concluded the disposition of its minority interest in SMCP; no gain or
loss was recognized on the disposal under Mexican GAAP since the carrying value was zero. The 2005
U.S. GAAP net income adjustment reflects a gain on disposal of this investment equal to the full
amount of the carrying value of the investment which was below zero,
and is recorded in the caption &#147;other (expense) income,
net&#148; in the consolidated statement of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Univision</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. GAAP adjustment to net income for 2003 reflects the reversal of the Mexican GAAP
amortization of goodwill. No U.S. GAAP adjustments to net income were necessary for 2004 and 2005
as goodwill and indefinite lived intangibles are no longer amortized
for Mexican GAAP purposes. The carrying value per share of the
Group&#146;s investment in Univision under U.S. GAAP as of December
31, 2004 and 2005, was U.S. $34.73 and U.S. $34.79, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(h)&nbsp;Adjustment to gain on sale of music recording business</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note 5 and in (d)&nbsp;above, the Group disposed of its music recording business to
Univision in exchange for 6,000,000 shares of Univision Class &#147;A&#148; Common Stock and warrants to
purchase, at an exercise price of U.S.$38.261 per share, 100,000 shares of Univision Class &#147;A&#148;
Common Stock. The sale, which was consummated in April&nbsp;2002, was accounted for at fair value under
both Mexican and U.S. GAAP. The fair value of the proceeds exceeded the carrying value of music
recording business and, under Mexican GAAP, the Group recognized a 100% of the gain arising on the
disposal of the business. Under U.S. GAAP however, although the fair value of the proceeds exceeded
the carrying value of the assets by the same amount, the Group only recognized the portion of the
gain equal to the percentage ownership that has effectively been sold to third parties. The U.S.
GAAP equity adjustment therefore eliminates a portion of the gain recognized under Mexican GAAP
attributable to the Group&#146;s interest in Univision, immediately after the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(i)&nbsp;Derivative financial instruments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note 9, the Group entered into certain derivative instruments to hedge its exposure
to a variety of market risks, including risks related to the effects of changes in foreign-currency
exchange rates, inflation and interest rates. During 2003 and 2004, under Mexican GAAP, the Group
recorded these derivative instruments, which qualify for hedge accounting, on the balance sheet, on
the same basis of the hedged assets or liabilities, and changes in value are recorded in each
period in the income statement. However, for U.S. GAAP purposes, these derivative instruments do
not qualify for hedge accounting, and as such, they should be
recorded on the balance sheet at their fair value
</DIV>

<P align="center" style="font-size: 10pt">F-48
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with changes in fair values taken directly to the income
statement. As described in Note 1 (p), effective January&nbsp;1, 2005, the Group adopted the provision
of Bulletin C-10, which requires that all derivative instruments be recorded in the balance sheet
as either an asset or liability measured at fair value. Bulletin C-10 also requires that changes in
the derivative&#146;s fair value be recognized in current earnings or stockholders&#146; equity (as
accumulated other comprehensive income or loss) depending on the intended use of the derivative and
the resulting designation. As of December&nbsp;31, 2005, none of the Group&#146;s derivatives qualify for
hedge accounting. Based on the adoption of Bulletin C-10, there are no differences in accounting
for derivative instruments between U.S. GAAP and Mexican GAAP and therefore no U.S. GAAP equity
adjustment related to the accounting for derivatives as of December&nbsp;31, 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, as described in Note 5, the Group received warrants for 9,000,000 Class&nbsp;A Common
Shares of Univision in 2001 in exchange for the relinquishing of certain governance rights related
to its investment in Univision. Under Mexican GAAP, the warrants have not been assigned a value
since they are related to an equity investee and it is management&#146;s intent not to dispose of such
warrants, but rather to exercise such warrants prior to their expiration. Under U.S. GAAP SFAS 133,
due to the cashless exercise feature of the warrants, the warrants are considered derivative
financial instruments. In accordance with EITF Issue No.&nbsp;00-8, &#147;Accounting by a Grantee for an
Equity Instrument to Be Received in Conjunction with providing Goods or Services&#148;, they must be
recorded at their fair value from the date of performance commitment. The change in the fair value
of the warrants is reflected within the U.S. GAAP net income adjustment for 2003, 2004 and 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, the U.S. GAAP stockholders&#146; equity adjustment reflects the fair value of
the warrants. The U.S. GAAP net income adjustment reflects the change in the fair value of the
warrants and the reversal of the additional expense recorded under Mexican GAAP for the adoption of
Bulletin C-10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(j)&nbsp;Pension plan and seniority premiums</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For U.S. GAAP purposes, pension plan costs and seniority premiums have been determined in
accordance with SFAS No.&nbsp;87, &#147;Employers&#146; Accounting for Pensions&#148; (&#147;SFAS 87&#148;), which became
effective for the Group on January&nbsp;1, 1989, whereas, for Mexican GAAP purposes, the Group adopted
Bulletin D-3 &#147;Labor Obligations,&#148; effective January&nbsp;1, 1993. Therefore, the difference between
Mexican GAAP and U.S. GAAP is due to the difference in implementation dates. The U.S. GAAP
adjustment is determined by separate actuarial computations for each year under both SFAS 87 and
Bulletin D-3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company uses a December&nbsp;31 measurement date for its plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Components of Net Periodic Benefit Cost</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The components of net periodic pension and seniority premium plan cost as of December&nbsp;31,
calculated in accordance with SFAS 87, consist of the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">77,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">66,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">61,959</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,867</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46,039</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,575</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net amortization and deferral</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,604</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cost under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,927</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cost under Mexican GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (reduction)&nbsp;of net
cost that would be recognized
under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(23,723</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(33,545</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December
31</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The assumptions used to determine the pension obligation and seniority premiums as of year-end
and net costs in the ensuing year were:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rate of increase in future compensation levels</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected long-term rates of return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">F-49
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The long-term asset return rate is based on the annual recommendations of the Actuarial
Commission of the Mexican Association of Consulting Actuaries (AMAC), which in turn based its
recommendation on historical average real interest rates of Treasury Bills (CETES)&nbsp;for the last
twenty years. AMAC recommends an asset return between 0 and 400 basis point above discount rate
used to estimate the benefit obligation. According to such recommendation, the Group used 4% as
discount rate and 5% as asset return rate, a 100 basis points higher than the discount rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations and Funded Status At December&nbsp;31</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pension and seniority premium plan liability, and the severance indemnities as of December
31, 2004 and 2005, under SFAS 87, is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">894,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">964,401</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,154,693</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,425,944</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funded status</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(259,914</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(461,543</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(275,316</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(58,807</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">370,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">364,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepaid pension asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(164,482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(156,143</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Severance indemnities &#151; projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,035</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance sheet asset (liability)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(164,482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">134,892</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in benefit obligation:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Projected benefit obligation at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">925,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">894,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,959</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(88,021</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">901</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(45,190</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,385</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Projected benefit obligation at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">894,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">964,401</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in plan assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of plan assets at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">966,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,154,693</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan asset contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(87,728</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,727</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of plan assets at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,154,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,425,944</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Plan Assets</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s weighted average asset allocation by asset category as of December&nbsp;31 was as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">63.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">65.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed rate instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">34.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Included within plan assets at December&nbsp;31, 2004 and 2005 are shares held by the trust in the
Group with a fair value of
Ps.748,272 and Ps.919,739, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan assets are invested according to specific investment guidelines determined by the
technical committees of the pension plan and seniority premiums trusts. These investment guidelines
require to invest a minimum of 30% of the plan assets in fixed rate instruments, or mutual funds
comprised of fixed rate instruments. The plan assets that are invested in mutual funds are all
rated &#147;AA&#148; or better by at least one of the main rating agencies. These mutual funds vary in
liquidity characteristics ranging from one day to one month. The investment goals of the plan
assets are to preserve principal, diversify the portfolio, maintain a
high degree of liquidity and credit quality, and deliver competitive
</DIV>

<P align="center" style="font-size: 10pt">F-50
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">returns subject to prevailing market conditions.
Currently, the plan assets do not engage in the use of financial derivative instruments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group has substantially funded its projected benefit obligation as of December&nbsp;31, 2005,
accordingly, the Group does not expect to make significant contributions to its plan assets
in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(k)&nbsp;Employee stock based compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to January&nbsp;1, 2005, under Mexican GAAP, the Group recognized no compensation expense for
its employee stock plans. In 2005, the Group adopted the guidelines of the International Financial
Reporting Standard 2 (IFRS 2), which requires accruing in stockholders&#146; equity for share-based
compensation expense as measured at fair value at the date of grant, and applies to those equity
benefits granted to officers and employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005, the Group early adopted Statement of Financial Accounting Standards No.&nbsp;123 (R)
(SFAS 123 (R)), utilizing the modified retrospective application method for all periods presented.
Prior to the early adoption of SFAS 123(R), for U.S. GAAP purposes, the Group applied Accounting
Principles Board Opinion No.&nbsp;25 &#147;Accounting for Stock Issued to Employees&#148;, and its related
interpretations (&#147;APB 25&#148;) to account for stock-based compensation. In accordance with APB 25, the
Company recognized compensation expense for its employee stock plans using the intrinsic-value
method of accounting. Under the terms of the intrinsic-value method, compensation cost is the
excess, if any, of the market price of the stock at the grant date, or other measurement date, over
the amount an employee must pay to acquire the stock. Compensation cost is accrued over the
vesting/performance periods and adjusted for subsequent changes in fair market value of the shares
from the measurement date.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below presents the amounts as previously reported and the effect of the adjustments
described above on the U.S. GAAP net income for the years ended December&nbsp;31, 2003 and 2004 and the
U.S. GAAP stockholders&#146; equity as of December&nbsp;31, 2004.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">As previously reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,048,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,588,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><I>Add: </I>Adoption of SFAS 123(R) utilizing the
modified retrospective method</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(300,296</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(318,424</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><I>Deduct</I>: Amount previously recorded pursuant to
APB 25</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">491,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,079,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income as adjusted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,239,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,349,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per CPO under U.S. GAAP
(constant pesos)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic and diluted, as previously reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic and diluted, as adjusted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">As previously reported</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">26,286,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,307,115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Add: </I>Adoption of SFAS 123(R) utilizing the
modified retrospective method</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Deduct</I>: Amount previously recorded pursuant to
APB 25</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,710,553</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity as adjusted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">26,917,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">27,017,668</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">F-51
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2005, the U.S. GAAP adjustment relates to those awards granted between
January&nbsp;1, 1995, and November&nbsp;7, 2002, and unvested at the date of the adoption of FAS 123 (R).
These awards were out-of -scope under IFRS 2, but were considered for purposes of applying FAS 123
(R).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under SFAS 123(R), fair value for stock options is calculated using the Black-Scholes method
at the time the options are granted. That amount is then amortized over the vesting period of the
option. The following assumptions were used in valuing the options:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.95</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.36</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.36</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected life of options (in years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group estimates expected volatility using historical stock values of the Group&#146;s CPO for
the equivalent term.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A summary of the changes of the stock awards for employees for the years ended December&nbsp;31, is
presented below (in constant pesos and thousands of CPOs):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Purchase Plan</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">exercise price</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15.18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41,533</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,455</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canceled/forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,716</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(380</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at the end of the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercisable at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average remaining life</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Long-Term Retention Plan</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">exercise price</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canceled/forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,039</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at the end of the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercisable at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average remaining life</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">F-52
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the CPOs described above, the Long-Term Retention Plan includes approximately 7.6
million CPOs or CPOs equivalents that have been reserved to a group of employees, and may be
granted at a price of approximately Ps.28.05 per CPO, subject to certain conditions, in vesting
periods between 2008 and 2023.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A summary of the status of nonvested awards as of December&nbsp;31, and changes for the period then
ended is presented below (in constant pesos and thousands of CPOs):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Purchase Plan</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">exercise price</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonvested at January 1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,528</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,932</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,716</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(380</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vested at the end of the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Long-Term Retention Plan</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CPOs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">exercise price</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonvested at January 1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,039</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vested at the end of the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(l)&nbsp;Production and film costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican GAAP, the Group capitalizes production costs related to programs, which benefit
more than one period, and amortizes them proportionately over the projected program revenues that
are based on the Group&#146;s historic revenue patterns for similar types of production. For Mexican
GAAP purposes, royalty agreements that are not individual film-specific are considered in
projecting program revenues to capitalize related production costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under U.S. GAAP, the Group follows the provisions of the American Institute of Certified
Public Accountants Statement of Position 00-2, &#147;Accounting by Producers or Distributors of Films&#148;
(&#147;SoP 00-2&#148;). Pursuant to SoP 00-2, production costs related to programs are also capitalized and
amortized over the period in which revenues are expected to be generated (ultimate revenues). In
evaluating ultimate revenues, the Group uses projected program revenue on a program-by-program
basis, taking into consideration secondary market revenue only for those programs where a firm
commitment or licensing arrangement exists related to specific individual programs. For U.S. GAAP
purposes, royalty agreements that are not individual film-specific are not considered in the
ultimate revenues. Exploitation costs are expensed as incurred. In addition, Mexican GAAP allows
the capitalization of artist exclusivity contracts and literary works subject to impairment
assessments, whereas U.S. GAAP is generally more restrictive as to their initial capitalization.
</DIV>

<P align="center" style="font-size: 10pt">F-53
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(m)&nbsp;Deferred income taxes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican GAAP, the Group applies the provisions of Bulletin D-4, &#147;Accounting for Income
Tax, Assets Tax and Employees&#146; Profit Sharing&#148;, which uses the comprehensive asset and liability
method for the recognition of deferred income taxes for existing temporary differences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under U.S. GAAP, SFAS No.&nbsp;109, &#147;Accounting for Income Taxes&#148; (&#147;SFAS 109&#148;), requires
recognition of deferred tax liabilities and assets for the expected future tax consequences of
events that have been included in the financial statements or tax returns. Under this method,
deferred tax liabilities and assets are determined based on the difference between the financial
statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in
which the differences are expected to reverse.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
components of the net deferred tax (liability) asset applying SFAS 109 consist of the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred income tax liability recorded under Mexican
GAAP on Mexican GAAP balances<BR>(see Note 20)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,417,155</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(165,657</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px">Reclassification
of non-current taxes
related to non-wholly owned subsidiaries (Innova)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,620,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,322,182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">

<TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred
income tax amount under SFAS&nbsp;109 applied to Mexican
GAAP balances
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,156,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>






<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impact of U.S. GAAP adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capitalization of financing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">257,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,965</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,399</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equipment restatement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(132,459</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(102,812</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase accounting adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(77,591</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66,890</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustment of gain on sale of music recording business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,117</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,035</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(462,147</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(362,509</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">597,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471,998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred premiums, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,812</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">436,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred income tax asset on U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">505,312</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,593,485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred
income tax amount under SFAS&nbsp;109 applied to Mexican GAAP balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">203,638</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,156,525</TD>
    <TD nowrap></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred income tax adjustment required under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">301,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">436,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the U.S. GAAP, the change in the deferred income tax liability for the year ended
December&nbsp;31, 2005, representing a charge of Ps.1,088,173 was recorded against the following
accounts:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the provision for deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">726,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the result from holding non-monetary assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquired net operating loss carryforward (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,088,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Utilized in the same
year</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">F-54
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The components of net deferred employees&#146; profit sharing (&#147;EPS&#148;) liability applying SFAS 109
consist of the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred EPS liability:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(906</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,047</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noncurrent:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(122,479</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,402</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59,590</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,514</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,376</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,378</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,078</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,630</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total deferred EPS liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(187,429</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(116,121</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions for income tax and assets tax from continuing operations, on a U.S. GAAP basis,
by jurisdiction as of December&nbsp;31 are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mexican</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,359,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">517,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,041,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,364,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">521,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,240,409</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mexican</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,744,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27,886</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(728,415</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,013</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,989</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,743,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">29,213</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(726,426</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,108,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">550,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">513,983</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As disclosed in Note 2, in June&nbsp;2003, the Company completed the acquisition of
Telespecialidades from the shareholders of Televicentro, paying approximately U.S.$83&nbsp;million. At
the time of acquisition, Telespecialidades&#146;s net assets consisted principally of shares of the
Company as well as a deferred tax asset for net operating loss carryforwards and a related full
valuation allowance. Under Mexican GAAP, the difference between the purchase price and the
historical cost basis of the net assets acquired was recognized on the balance sheet as a deferred
tax asset. For U.S. GAAP purposes, since the Company and Telespecialidades were under common
control, the transaction was accounted for on a historical cost basis with the difference between
the purchase price and the historical cost basis of the net assets acquired being accounted for as
an adjustment to shareholders&#146; equity. In addition, the Company accounted for the utilization of
the acquired net operating loss carryforwards as a capital contribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(n)&nbsp;Maintenance reserve</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican GAAP, it is acceptable to accrue for certain expenses which management believes
will be incurred in subsequent periods. Under U.S. GAAP, these costs are expensed as incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(o)&nbsp;Minority interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This adjustment represents the allocation to the minority interest of non-wholly owned
subsidiaries of certain U.S. GAAP adjustments related to such subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, under Mexican GAAP, the minority interest in consolidated subsidiaries is
presented as a separate component within the stockholders&#146; equity section in the consolidated
balance sheet. For U.S. GAAP purposes, the minority interest is not included in stockholders&#146;
equity.
</DIV>

<P align="center" style="font-size: 10pt">F-55
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(p)&nbsp;Effects of inflation accounting on U.S. GAAP adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to determine the net effect on the consolidated financial statements of recognizing
the U.S. GAAP specific adjustments described above, it is necessary to recognize the effects of
applying the Mexican GAAP inflation accounting provisions (described in Note 1) to such
adjustments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, as disclosed in Notes 17 and 20, under Mexican GAAP Bulletin D-4, effective 2000,
the monetary gain or loss generated by the monetary temporary differences are reflected within the
integral cost of financing while those related to the non-monetary items are reflected within the
deferred tax provision. For U.S. GAAP purposes, the Group has historically followed the provisions
of EITF Issue No.&nbsp;93-9 and reflected the entire monetary gain or loss within the provision for
deferred taxes. Consequently for 2003, 2004 and 2005, the Ps.59,442, Ps.125,879 and Ps.45,711,
respectively, of monetary gain reflected within integral result of financing under Mexican GAAP has
been reclassified to the deferred tax provision under U.S. GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Additional disclosure requirements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Presentation in the financial statements &#150; Operating income</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican GAAP, the Group recognizes various costs as non-operating expenses, which would
be considered operating expenses under U.S. GAAP. Such costs include primarily amortization of
goodwill, the write-off of certain receivables, the write-off of program inventories, write-off of
exclusive rights letters for soccer players, disputed or contractual letters of credit, certain
financial advisory and professional fees, restructuring charges and employees&#146; profit sharing
expense (see Notes 18 and 19). The differences relate primary to the Television Broadcasting and
Publishing segments. Operating income of the Television Broadcasting segment would have been
Ps.7,770,248, Ps.7,238,685 and Ps.8,221,541 and operating income of the Publishing segment would
have been Ps.340,830, Ps.395,678 and Ps.431,703 for the years ended December&nbsp;31, 2003, 2004 and
2005, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To provide a better understanding of the differences in accounting standards, the table below
presents the Group&#146;s condensed consolidated statements of operations for the three years ended
December&nbsp;31, 2003, 2004 and 2005 under U.S. GAAP in a format consistent with the presentation of
U.S. GAAP consolidated statements of operations, as if the music recording business were presented
as continuing operations, and after reflecting the adjustments described in (a)&nbsp;to (n)&nbsp;above:
</DIV>

<P align="center" style="font-size: 10pt">F-56
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,612,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,291,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,481,041</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of providing services (exclusive of
depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,304,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,372,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,408,148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,196,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,740,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,057,637</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,544,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,076,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,006,572</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,566,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,100,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,008,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Integral result of financing, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">756,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,634,224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,636,947</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other
(expense) income net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,732</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(377,712</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">901,212</TD>
    <TD nowrap></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes, minority
interest and equity in earnings or
losses of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,296,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,089,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,272,949</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax and assets tax &#150; current and
deferred </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,108,043</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(550,730</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(513,983</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before minority interest and
equity in earnings or losses of
affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,187,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,538,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,758,966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(266,080</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,094,431</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in (losses)&nbsp;earnings of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,079,106</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,239,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,409,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,824,693</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares
outstanding (in millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Presentation in the financial statements &#150; Earnings per CPO and per share</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As disclosed in Note 12, the Group has four classes of capital stock, Series &#147;A&#148;, Series &#147;B&#148;,
Series &#147;L&#148; and Series &#147;D&#148;. Holders of the Series &#147;D&#148; shares, and therefore holders of the CPOs,
are entitled to an annual, cumulative and preferred dividend of approximately nominal
Ps.0.00034177575 per Series &#147;D&#148; share before any dividends are payable on the Series &#147;A&#148; , Series
&#147;B&#148; or Series &#147;L&#148; shares. For purposes of U.S. GAAP, the &#147;two-class&#148; method, which first reduces
net income by the amount of the dividend preference to the Series &#147;D&#148; shares, has been applied to
calculate earnings per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings per CPO and per share under U.S. GAAP is presented in constant pesos for the years
ended December&nbsp;31, 2003, 2004 and 2005, as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Series &#147;A&#148;,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Series &#147;A&#148;,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&#147;B&#148;, &#147;D&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&#147;B&#148;, &#147;D&#148;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Series &#147;A&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and &#147;L&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and &#147;L&#148;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative effect of
change in accounting
principles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income per CPO/share.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">F-57
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Presentation in the financial statements &#150; Consolidated balance sheets</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To provide a better understanding of the differences in accounting standards, the table below
presents the condensed consolidated balance sheets as of December&nbsp;31, 2004 and 2005, in a format
consistent with the presentation of condensed consolidated balance sheets under U.S. GAAP, and
after reflecting the adjustments described in (a)&nbsp;and (n)&nbsp;above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">16,436,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">14,665,377</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">759,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,577</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade notes and accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,604,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,896,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accounts and notes receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,210,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">570,610</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">295,279</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,713,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,120,501</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">684,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">638,280</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,251,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,894,445</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">734,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">578,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,541,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,771,437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,649,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,235,262</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,885,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,605,403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,453,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,307,585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,878,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,307,185</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,807,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,360,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,821,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,175,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivate financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,564,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,214,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201,886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">85,098,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">82,178,663</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,406,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">340,457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of satellite transporder lease obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,206,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,954,723</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,427,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,538,229</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,610,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,055,793</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,650,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,299,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,295,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,558,001</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751,182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,201,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,907,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,575,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,137,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder lease obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,368,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,186,933</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">385,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,508,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,232,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,783,556</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,104,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,293,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DTH joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,304,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pension plans and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,892</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,172,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,951,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments and contingencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(91,680</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">894,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,017,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,332,949</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">85,098,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">82,178,663</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">F-58
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash flow information</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican GAAP Bulletin B-12 issued by the MIPA specifies the appropriate presentation of the
statements of changes in financial position. Under Bulletin B-12, the sources and uses of resources
are determined based upon the differences between beginning and ending financial statement balances
in Mexican Pesos of constant purchasing power. In addition, the inflation-adjusted statement of
changes in financial position includes certain non-cash items such as monetary gains and losses,
unrealized foreign currency translation gains or losses and net effect of foreign investment
hedges. Under U.S. GAAP, Statement of Financial Accounting Standard No.&nbsp;95, &#147;Statement of Cash
Flows&#148; (&#147;SFAS 95&#148;), a statement of cash flows is required, which presents only cash movements and
excludes non-cash items.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group considers all highly liquid temporary cash investments with original maturities of
three months or less, consisting primarily of short-term promissory notes (Mexican pesos and U.S.
dollars in 2003, 2004 and 2005) of Mexican financial institutions, to be cash equivalents.
</DIV>

<P align="center" style="font-size: 10pt">F-59
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a cash flow statement on a U.S. GAAP basis in constant Mexican Pesos with the
effects of inflation on cash and cash equivalents stated separately in a manner similar to the
concept of presenting the effects of exchange rate changes on cash and cash equivalents as
prescribed by SFAS 95.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->

<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,239,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,349,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,824,693</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to reconcile net income to cash provided by operating
activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity in
losses (income) of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,079,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(137,345</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(160,158</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(130,697</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,094,431</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,544,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,076,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,006,572</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment
adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,439</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred debt refinancing costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">560,043</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pension plans and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316,962</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(726,426</TD>
    <TD nowrap>)</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Gain) loss on disposal of investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(484,595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(1,133,372</TD>
    <TD>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized foreign exchange loss, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(73,788</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(609,050</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employee stock option plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,857</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,497</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,950</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Gain) loss from monetary position</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(238,633</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(178,302</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,880,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,300,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,277,739</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in operating assets and liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease (increase)&nbsp;in:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade notes and accounts receivable and customer
deposits and advances, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">697,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(438,775</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,937</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,568</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transmission rights, programs and films and production talent advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(179,122</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">394,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662,668</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other accounts and notes receivable and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,823</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(419,822</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">696,400</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Decrease) increase in:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(421,961</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827,734</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other liabilities and taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(807,310</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">955,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(223,977</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">987,285</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,835,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,076,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,265,024</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of Senior Notes due 2025</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,655,800</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepayments
of Senior Notes and UDI-denominated Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,440,227</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other changes in notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(223,086</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,734,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,502,536</TD>
    <TD nowrap>)</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivative
financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(1,446,031</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,054,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(696,612</TD>
    <TD>)</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Shares issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,373,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase and sale of capital stock issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,979,011</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(236,871</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(879,865</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on issuance of shares of investee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(621,603</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,114,065</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,305,789</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(89,588</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(108,588</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,880,371</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(539,751</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,277,817</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,260,677</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,764,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">622,308</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due from affiliated companies, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(299,640</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,506</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">535,044</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity investments and other advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,156,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(295,304</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">517,407</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(719,953</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,937,324</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,432,331</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(238,554</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(211,763</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,458,068</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used for investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,361,894</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(735,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,215,640</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase (decrease)&nbsp;in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,593,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,801,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,228,433</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Translation effect on cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,589</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,646</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of inflation on cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(399,350</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(661,139</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(530,113</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase
in cash and temporary investments of Innova&#146;s consolidation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,667,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,806,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,436,569</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,806,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">16,436,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">14,665,377</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">F-60
</DIV>

150
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) operating activities reflects cash payments for interest
and income taxes as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,138,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,691,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,997,036</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income taxes and/or assets tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">535,638</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supplemental disclosures about non-cash activities:</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Note receivable related to customer deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,742,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,553,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12,299,271</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Recently issued accounting standards</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2004, and as amended in April&nbsp;2005, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards No.&nbsp;123R, &#147;Share-Based Payment&#148; (SFAS 123R),
which replaces SFAS 123 and supersedes APB Opinion No.&nbsp;25. SFAS 123R requires all share-based
payments to employees, including grants of employee stock options, to be recognized in the
financial statements based on their fair values. The pro forma disclosures previously permitted
under SFAS 123 no longer will be an alternative to financial statement recognition. SFAS 123R is
effective for fiscal years beginning after June&nbsp;15, 2005. The Group has opted for the early
adoption of SFAS 123 (R)&nbsp;using the modified retrospective application method which resulted in the
restatement of prior years. The modified retrospective method requires that compensation cost be
recognized beginning with the effective date (a)&nbsp;based on the requirements of FAS 123(R) for all
share-based payments granted after the effective date and (b)&nbsp;based on the requirements of FAS 123
for all awards granted to employees prior to the effective date of FAS 123(R) that remain unvested
on the effective date. The modified retrospective method also allowed companies to restate based on
the amounts previously recognized under FAS 123 for purposes of pro forma disclosures for all prior
years for which FAS 123 was effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2004, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards No.&nbsp;153, &#147;Exchanges of Nonmonetary Assets&#148; (An amendment to APB Opinion No.
29) (SFAS 153). This statement addresses the measurement of exchanges of nonmonetary exchanges of
similar productive assets in paragraph 21(b) of APB Opinion No.&nbsp;29, &#147;Accounting for Nonmonetary
Transactions&#148;, and replaces it with an exception for exchanges that do not have commercial
substance. This statement specifies that a monetary exchange has commercial substance if the
future cash flows of the entity are expected to change significantly as a result of the exchange.
The provisions of this statement shall be effective for nonmonetary asset exchanges occurring in
fiscal periods beginning after June&nbsp;15, 2005. Earlier application is permitted. We are currently
evaluating the potential impact of this statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2005, the FASB issued Interpretation No.&nbsp;47 (FIN 47), &#147;Accounting for Conditional
Asset Retirement Obligations &#150; an interpretation of FASB Statement No.&nbsp;143&#148;. FIN 47 requires an
entity to recognize a liability for the fair value of a conditional asset retirement obligation if
the fair value can be reasonably estimated. FIN 47 states that a conditional asset retirement
obligation is a legal obligation to perform an asset retirement activity in which the timing or
method of settlement are conditional upon a future event that may or may not be within control of
the entity. FIN 47 is effective no later than the end of fiscal years ending after December&nbsp;15,
2005. The adoption of FIN 47 did not have a material impact on our financial position or results
of operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;16, 2006, the FASB issued SFAS No.&nbsp;155, &#147;Accounting for Certain Hybrid
Instruments&#148; (SFAS 155), which permits, but does not require, fair value accounting for any hybrid
financial instrument that contains an embedded derivative that would otherwise require bifurcation
in accordance with SFAS 133. The statement also subjects beneficial interests issued by
securitization vehicles to the requirements of SFAS 133. The statement is effective as of January
1, 2007, with earlier adoption permitted. The adoption of SFAS No.&nbsp;155 will not have a material
impact on our results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;29, 2006, the FASB issued SFAS No.&nbsp;156, &#147;Accounting for Servicing of Financial
Assets, an amendment of FASB Statement No.&nbsp;140&#148; (SFAS 156), which requires an entity to recognize a
servicing asset or servicing liability each time it undertakes an obligation to service a financial
asset by entering into a servicing contract in certain situations. The statement also requires all
separately recognized servicing assets and servicing liabilities to be initially measured at fair
value, if practicable, and permits an entity to choose the fair value method or the amortization
method, as measurement methods for each class of separately recognized servicing assets and
servicing liabilities. The statement is effective for fiscal years that begin after September&nbsp;15,
2006. Earlier adoption is permitted as of the beginning of a Company&#146;s fiscal year, provided the
Company has not yet issued financial statements, including interim financial statements, for any
</DIV>
<P align="center" style="font-size: 10pt">F-61
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">period of that fiscal year. The adoption of SFAS No.&nbsp;156
will not have a material impact on our results of operations and financial position.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Consolidated valuation and qualifying accounts</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beginning of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>End</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Additions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Deductions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Period</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Continuing operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reserve for damage, obsolescence or
deterioration of inventory:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Year ended December&nbsp;31, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(60</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12,363</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Year ended December&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,427</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Year ended December&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allowances for doubtful accounts (1):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Year ended December&nbsp;31, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,036,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">387,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(460,055</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">963,746</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Year ended December&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">963,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(261,875</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,241,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Year ended December&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,241,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(343,912</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,208,068</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD valign="top">(1)</TD>
<TD align="left" colspan="2">Include allowances for trade and non-trade doubtful
accounts.</TD>
</TR>

</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>25. Subsequent events</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the first quarter of 2006, the Group approved additional investments to be made in La
Sexta (see Note 2) during 2006, in the aggregate amount of 84.2 million Euros
(approximately U.S.$108 million).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the second quarter of 2006, the Group exercised its option to acquire two-thirds of the
equity interest in Sky Mexico that DirecTV acquired from Liberty Media (see Note 2). This
acquisition amounted to approximately U.S.$58.7 million, and was financed with cash on
hand. After this acquisition, the Group&#146;s interest in Sky Mexico is 58.7%, and the
remaining interest of 41.3% is owned by DirecTV.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April 2006, Sky Mexico offered to purchase up to 100% of its U.S.$300 million 9.375%
Senior Notes due 2013 (see Note 8). The offer ended in April 2006 with the tender of
96.25% of such Senior Notes in the aggregate amount of approximately U.S.$324.3
million. This transaction and the related fees and expenses, were financed primarily with
two 10-year bank loans entered into by Sky Mexico and guaranteed by the Company in the
aggregate principal amount of Ps.3,500,000.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April
2006, the Company&#146;s stockholders approved (i) the payment of a dividend in the
aggregate nominal amount of Ps.1,087,049, which consisted of nominal Ps.0.35 per CPO
and nominal Ps.0.00299145 per share, not in the form of a CPO, which was paid in cash in
May 2006; and (ii) the cancellation of approximately 5,888.5 million shares of capital
stock in the form of approximately 50.3 million CPOs, which were repurchased by the
Company in 2004, 2005 and 2006.
</DIV>







<P align="center" style="font-size: 10pt">F-62
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.8
<SEQUENCE>2
<FILENAME>y22671exv2w8.txt
<DESCRIPTION>EX-2.8: NINTH SUPPLEMENTAL INDENTURE
<TEXT>
<PAGE>

                                                                     EXHIBIT 2.8

                              GRUPO TELEVISA, S.A.,

                                   as Issuer,

                              THE BANK OF NEW YORK,

                       as Trustee, Registrar, Paying Agent

                               and Transfer Agent

                                       and

                          DEXIA BANQUE INTERNATIONALE A

                           LUXEMBOURG, SOCIETE ANONYME

                           as Luxembourg Paying Agent

                               and Transfer Agent

                              --------------------

                          NINTH SUPPLEMENTAL INDENTURE

                          Dated as of September 6, 2005

                              --------------------

                        Supplementing the Trust Indenture

                           Dated as of August 8, 2000

                              --------------------

               $600,000,000 6.625% Senior Exchange Notes due 2025.

<PAGE>

      NINTH SUPPLEMENTAL INDENTURE, dated as of the 6th day of September, 2005,
between GRUPO TELEVISA, S.A., a limited liability company (sociedad anonima)
organized under the laws of the United Mexican States (the "Issuer" or the
"Company"), THE BANK OF NEW YORK, a New York banking corporation, having its
Corporate Trust Office located at 101 Barclay Street, New York, New York 10286,
as trustee (the "Trustee"), registrar ("Registrar"), paying agent ("Paying
Agent") and transfer agent ("Transfer Agent"), and DEXIA BANQUE INTERNATIONALE A
LUXEMBOURG, SOCIETE ANONYME a bank duly incorporated and existing under the laws
of Luxembourg, as paying agent and transfer agent (a "Paying Agent" and a
"Transfer Agent," as the case may be);

      WHEREAS, the Company has heretofore executed and delivered to the Trustee
an Indenture dated as of August 8, 2000 (the "Original Indenture" and, together
with the First Supplemental Indenture, dated August 8, 2000, the Second
Supplemental Indenture, dated January 19, 2001, the Third Supplemental
Indenture, dated September 13, 2001, the Fourth Supplemental Indenture, dated
March 11, 2002, the Fifth Supplemental Indenture, dated March 8, 2002, the Sixth
Supplemental Indenture, dated July 31, 2002, the Seventh Supplemental Indenture,
dated March 18, 2005 and the Eighth Supplemental Indenture, dated May 26, 2005
between the Company, The Bank of New York, as Trustee, Registrar, Paying Agent
and Transfer Agent and Dexia Banque Internationale a Luxembourg, Societe Anonyme
as Luxembourg Paying Agent and Transfer Agent, and this Ninth Supplemental
Indenture, the "Indenture") providing for the issuance by the Company from time
to time of its senior debt securities to be issued in one or more series (in the
Original Indenture and herein called the "Securities");

      WHEREAS, the Company, in the exercise of the power and authority conferred
upon and reserved to it under the provisions of the Original Indenture and
pursuant to appropriate resolutions of the Board of Directors, has duly
determined to make, execute and deliver to the Trustee, on September 6, 2005,
this Ninth Supplemental Indenture to the Original Indenture in order to
establish the form and terms of, and to provide for the creation and issue of,
one series of Securities to be designated as the "6.625% Senior Exchange Notes
due 2025" under the Original Indenture in the aggregate principal amount of
$600,000,000 subject to Section 202 hereof;

      WHEREAS, Section 901 of the Original Indenture provides, among other
things, that the Company, when authorized by a Board Resolution, and the
Trustee, at any time and from time to time, without the consent of any Holders,
may enter into an indenture supplemental to the Original Indenture to establish
the terms of Securities of any series as permitted by Sections 201 and 301 of
the Original Indenture; and

      WHEREAS, all things necessary to make the Securities, when executed by the
Company and authenticated and delivered by the Trustee or any Authenticating
Agent and issued upon the terms and subject to the conditions set forth
hereinafter and in the Indenture against payment therefor, the valid, binding
and legal obligations of the Company and to make this Ninth Supplemental
Indenture a valid, binding and legal agreement of the Company, have been done;

                                       1
<PAGE>

      NOW, THEREFORE, This NINTH SUPPLEMENTAL INDENTURE WITNESSETH that, in
order to establish the terms of the series of Securities designated as the
"6.625% Senior Exchange Notes due 2025" and for and in consideration of the
premises and of the covenants contained in the Original Indenture and in this
Ninth Supplemental Indenture and for other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, it is mutually
covenanted and agreed as follows:

                                    ARTICLE I

                              DEFINITIONS AND OTHER
                        PROVISIONS OF GENERAL APPLICATION

                  Section 101. Definitions.

      Each capitalized term that is used herein and is defined in the Original
Indenture shall have the meaning specified in the Original Indenture unless such
term is otherwise defined herein.

      "Applicable Procedures" means, with respect to any transfer or exchange of
or for beneficial interests in any Global Note, the rules and procedures of DTC,
Euroclear or Clearstream Banking, as the case may be, that apply to such
transfer or exchange.

      "Clearstream Banking" shall mean Clearstream Banking, societe anonyme
(formerly Cedelbank) or any successor.

      "Depositary" shall mean DTC or its nominee, or any other depositary
appointed by the Company; provided, however, that such depositary shall have an
address in the Borough of Manhattan, in the City of New York.

      "DTC" shall mean The Depository Trust Company.

      "Euroclear" shall mean the Euroclear System or any successor.

      "Global Securities" or "Global Security" shall have the meaning assigned
to it in Section 203 hereof.

      "Initial Purchasers" shall mean Credit Suisse First Boston LLC ("CSFB")
and Citigroup Global Markets Inc. ("Citigroup").

      "Interest Payment Date" shall have the meaning assigned to it in Section
206 hereof.

      "Notes" shall mean the Company's 6.625% Senior Exchange Notes due 2025.

      "Remaining Scheduled Payments" shall mean, with respect to the Notes, the
remaining scheduled payments of principal thereof and interest thereon that
would be due after the related Redemption Date but for such redemption.

                                       2
<PAGE>

      "Securities" shall mean the Notes.

      "Securities Act" shall mean the United States Securities Act of 1933, as
amended.

                  Section 102. Section References.

      Each reference to a particular Section set forth in this Ninth
Supplemental Indenture shall, unless the context otherwise requires, refer to
this Ninth Supplemental Indenture.

                                   ARTICLE II

                        TITLE AND TERMS OF THE SECURITIES

                  Section 201. Title of the Securities.

      The title of the Securities of the series established hereby is the
"6.625% Senior Exchange Notes due 2025".

                  Section 202. Amount and Denominations.

      The aggregate principal amount of the Notes which may be authenticated and
delivered under this Ninth Supplemental Indenture is limited to $600,000,000,
except for Securities of such series authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities
of the same series pursuant to Section 305, 306, 904 or 1107 of the Original
Indenture; provided, however, that the Notes may be reopened, without the
consent of the Holders thereof, for issuance of additional Securities of the
same series.

                  Section 203. Registered Securities.

      The certificates for the Notes shall be Registered Securities in global
form and shall be in substantially the form attached hereto as Exhibits A
(collectively, the "Global Securities," each a "Global Security").

                  Section 204. Issuance and Pricing.

      The Notes shall be issued under the Indenture.

                  Section 205. Stated Maturity.

      The Stated Maturity of the Notes on which the principal thereof is due and
payable shall be March 18, 2025.

                  Section 206. Interest.

      The principal of the Notes shall bear interest from the later of March 18,
2005 or from the most recent Interest Payment Date to which interest has been
paid or provided for, payable semiannually on March 18 and September 18 of each
year, commencing

                                       3
<PAGE>

September 18, 2005 to the Persons in whose names the Notes (or one or more
Predecessor Securities) are registered at the close of business on the fifteenth
calendar day preceding such Interest Payment Date. Interest payable at maturity
will be payable to the person to whom principal is payable on that date.
Interest on the Notes shall be computed on the basis of a 360-day year of twelve
30-day months. If any Interest Payment Date or Maturity would otherwise be a day
that is not a Business Day, the related payment of principal, interest, premium
and Additional Amounts will be made on the next succeeding Business Day as if it
were made on the date the payment was due, and no interest will accrue on the
amounts so payable for the period from and after the Interest Payment Date or
the Maturity, as the case may be, to the next succeeding Business Day.

      Interest on the Notes will accrue at the rate of 6.625% per annum, until
the principal thereof is paid or made available for payment.

                  Section 207. Registration, Transfer and Exchange.

      The principal of, interest, premium and Additional Amounts on the Notes
shall be payable and the Notes may be surrendered or presented for payment, the
Notes may be surrendered for registration of transfer or exchange, and notices
and demands to or upon the Company in respect of the Notes and the Indenture may
be served, at the office or agency of the Company maintained for such purposes
in The City of New York, State of New York, and so long as any Notes are listed
on the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange
so require, a Paying Agent and a Transfer Agent with a specified office in
Luxembourg, from time to time; provided, however, that at the option of the
Company payment of interest on either series may be made by check mailed to the
address of the Persons entitled thereto, as such addresses shall appear in the
Security Register.

      The Company hereby initially appoints the Trustee at its office in the
City of New York as the Registrar, a Paying Agent and a Transfer Agent under the
Indenture and the Trustee, by its execution hereof, accepts such appointment;
provided, however, that (subject to Section 1002 of the Indenture) the Company
may at any time remove the Trustee at its office or agency in The City of New
York designated for the foregoing purposes and may from time to time designate
one or more other offices or agencies for the foregoing purposes and may from
time to time rescind such designations. The Company hereby initially appoints
Dexia Banque Internationale a Luxembourg, Societe Anonyme at its office at 69
route d'Esch, L-2953 Luxembourg, to act as a Paying Agent and Transfer Agent
under the Indenture and Dexia Banque Internationale a Luxembourg, Societe
Anonyme by its execution hereof, hereby accepts such appointment. The Trustee,
the Registrar, each Paying Agent and Transfer Agent shall keep copies of the
Indenture available for inspection and copying by holders of the Notes during
normal business hours at their respective offices.

      Notwithstanding the foregoing, a Holder of $10 million or more in
aggregate principal amount of certificated Notes on a Regular Record Date shall
be entitled to receive interest payments, if any, on any Interest Payment Date,
other than an Interest

                                       4
<PAGE>

Payment Date that is also the date of Maturity, by wire transfer of immediately
available funds if appropriate wire transfer instructions have been received in
writing by the Trustee not less than 15 calendar days prior to the applicable
Interest Payment Date. Any wire transfer instructions received by the Trustee
will remain in effect until revoked by the Holder. Any interest not punctually
paid or duly provided for on a certificated note on any interest payment date
other than the maturity date will cease to be payable to the Holder of the Note
as of the close of business on the related record date and may either be paid
(1) to the person in whose name the certificated note is registered at the close
of business on a special record date for the payment of the defaulted interest
that is fixed by the Company, written notice of which will be given to the
holders of the notes not less than 30 calendar days prior to the special record
date, or (2) at any time in any other lawful manner.

                  Section 208. Redemption of the Securities.

      The Notes are redeemable by the Company pursuant to Sections 1008 and 1009
of the Original Indenture in accordance with Article Eleven thereof.

                  Section 209. Denominations.

      Interests in the Notes shall be in minimum denominations of $100,000 and
integral multiples of $1,000 in excess thereof.

                  Section 210. Currency.

      The interest, premium, if any, Additional Amounts, if any, and principal
on the Notes shall be payable only in Dollars.

                  Section 211. Applicability of Certain Indenture Provisions.

      All Sections of the Original Indenture shall apply to the Notes, except
for Articles Twelve, Thirteen and Fourteen.

                  Section 212. Security Registrar and Paying Agent.

      The Trustee shall be Security Registrar and the initial Paying Agent and
initial Transfer Agent for the Notes (subject to the Company's right (subject to
Section 1002 of the Indenture) to remove the Trustee as such Paying Agent and/or
Transfer Agent with respect to each series and/or, from time to time, to
designate one or more co-registrars and one or more other Paying Agents and
Transfer Agents and to rescind from time to time any such designations), and The
City of New York is designated as a Place of Payment for the Notes. The Company
shall maintain a Paying Agent and Transfer Agent in Luxembourg for so long as
any Notes are listed on the Luxembourg Stock Exchange.

                  Section 213. Global Securities.

            (a) Form of Securities. The Notes may be issued in whole or in part
      in the form of one or more Global Securities in fully registered form. No
      Notes will be

                                       5
<PAGE>

      issued in bearer form. The initial Depositary for the Global Securities of
      each series shall be DTC, and the depositary arrangements shall be those
      employed by whoever shall be the Depositary with respect to the Notes from
      time to time.

      Each Global Security authenticated under this Indenture shall be
registered in the name of the Depositary or a nominee thereof and delivered to
such Depositary or a nominee thereof or custodian therefor, and each such Global
Security shall constitute a single Security for all purposes of this Indenture.

      Notwithstanding any other provision in this Indenture or the Securities,
no Global Security may be exchanged, in whole or in part for certificated Notes,
and no transfer of a Global Security in whole or in part may be registered, in
the name of any Person, other than the Depositary or a nominee thereof unless
(A) the Depositary has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security or (B) the Depositary has ceased
to be a clearing agency registered under the Exchange Act, or (C) there shall
have occurred and be continuing an Event of Default with respect to such Global
Security or (D) the Company in its sole discretion determines that the Global
Securities (in whole not in part) should be exchanged for certificated Notes and
delivers a written notice to such effect to the Trustee. Any Global Security
exchanged pursuant to Clause (A) or (B) above shall be so exchanged in whole and
not in part and any Global Security exchanged pursuant to Clause (C) above may
be exchanged in whole or from time to time in part in the manner directed by the
Depositary. In the event of the occurrence of any of the events specified in
this paragraph, the Company will promptly make available to the Trustee a
reasonable supply of certificated Notes in definitive, fully registered form,
without interest coupons.

      Upon any exchange, the certificated Notes shall be issued in definitive,
fully-registered form, without interest coupons, shall have an aggregate
principal amount equal to that of such Global Security or portion thereof to be
so exchanged, shall be registered in such names and be in such denominations as
the Depositary shall designate and shall bear any legends required hereunder.
Any Global Security to be exchanged in whole shall be surrendered by the
Depositary to the Trustee, as Security Registrar. With regard to any Global
Security to be exchanged in part, either such Global Security shall be so
surrendered for exchange or, if the Trustee is acting as custodian for the
Depositary or its nominee with respect to such Global Security, the principal
thereof shall be reduced, by an amount equal to the portion thereof to be so
exchanged, by means of any appropriate adjustment made on the records of the
Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate
and deliver the Security issuable on such exchange to or upon the order of the
Depositary or an authorized representative thereof.

      The provisions of the "Operating Procedures of the Euroclear System" and
the "Terms and Conditions Governing Use of Euroclear" and the "Management
Regulations" and "Instructions to Participants" of Clearstream Banking,
respectively, shall be applicable to any Global Security insofar as interests in
such Global Security are held by the agent members of Euroclear or Clearstream
Banking. Account holders or participants in Euroclear and Clearstream Banking
shall have no rights under the Indenture with

                                       6
<PAGE>

respect to such Global Security, and the Depositary or its nominee may be
treated by the Company, the Trustee, and any agent of the Company or the Trustee
as the owner of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee, or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or impair, as between DTC and its agent members, the operation of customary
practices governing the exercise of the rights of a holder of any Security.

                  Section 214. Sinking Fund.

      The Notes shall not be subject to any sinking fund or similar provision
and shall not be redeemable at the option of the holder thereof.

                  Section 215. Conversion; Exchange.

      The Notes shall not be convertible into Common Stock.

                  Section 216. Amendments.

      This Supplemental Indenture may be amended by the Company without the
consent of any holder of the Notes in order for the restrictions on transfer
contained herein to be in compliance with applicable law or the Applicable
Procedures.

                  Section 217. Applicable Procedures.

      Notwithstanding anything else herein, the Company shall not be required to
permit a transfer to a Global Note that is not permitted by the Applicable
Procedures.

                  Section 218. Paying and Transfer Agent.

      Dexia Banque Internationale a Luxembourg, Societe Anonyme agrees that the
provisions of Section 1003 of the Original Indenture shall be binding on it as
Paying Agent and Transfer Agent.

                  Section 219. Execution of the Notes

      The Exchange Notes shall be executed on behalf of the Company by its
Chairman of the Board, its Chief Accounting Officer, its Chief Financial
Officer, its President or one of its Vice Presidents attested by its Secretary
of the Board of Directors, its Treasurer or Assistant Treasurer or one of its
Assistant Secretaries. The signature of any of the officers on the Notes may be
manual or facsimile.

                                       7
<PAGE>

                                   ARTICLE III

                            MISCELLANEOUS PROVISIONS

      The Trustee makes no undertaking or representations in respect of, and
shall not be responsible in any manner whatsoever for and in respect of, the
validity or sufficiency of this Ninth Supplemental Indenture or the proper
authorization or the due execution hereof by the Company or for or in respect of
the recitals and statements contained herein, all of which recitals and
statements are made solely by the Company.

      Except as expressly amended hereby, the Original Indenture shall continue
in full force and effect in accordance with the provisions thereof and the
Original Indenture is in all respects hereby ratified and confirmed.

      This Ninth Supplemental Indenture and all its provisions shall be deemed a
part of the Original Indenture in the manner and to the extent herein and
therein provided. This Ninth Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York, without regard
to conflicts of laws principles thereof other than Section 5-1401 of the New
York General Obligations Law.

      This Ninth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

                                       8
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Ninth Supplemental
Indenture to be duly executed as of the day and year first above written.

                                 GRUPO TELEVISA, S.A.,
                                 as Issuer

                                 By: /s/ Salvi Folch Viadero
                                     -------------------------------------------
                                     Name: Salvi Folch Viadero
                                     Title: Chief Financial Officer

                                 By: /s/ Juan Mijares Ortega
                                     -------------------------------------------
                                     Name: Juan Mijares Ortega
                                     Title: Vice-President General Counsel

                                       9
<PAGE>

                                 THE BANK OF NEW YORK,
                                 as Trustee, Registrar, Paying Agent
                                 and Transfer Agent

                                 BY: /s/ Rouba F. Farah
                                     -------------------------------------------
                                     Name: Rouba F. Farah
                                     Title: Vice President

                                       10
<PAGE>

                             DEXIA BANQUE INTERNATIONALE
                             A LUXEMBOURG, SOCIETE ANONYME
                             as Luxembourg Paying Agent and Transfer
                             Agent

                             BY: /s/ Jean-Marc Richard /Pierre-Francois Henrion
                                 -----------------------------------------------
                                 Name: Jean-Marc Richard/Pierre-Francois Henrion
                                 Title: Directeur adjoint/

                                       11
<PAGE>

                                   Exhibit A-1

No. 1                                                             $
CUSIP No.

                              GRUPO TELEVISA, S. A.

                      6.625% Senior Exchange Notes due 2025

      Grupo Televisa, S.A., a limited liability company (sociedad anonima),
organized under the laws of the United Mexican States (hereinafter called the
"Company", which term includes any successor corporation under the Indenture
referred to below), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of    dollars ($    ) on March 18, 2025
and to pay interest thereon from March 18, 2005 or from the most recent date to
which interest has been paid or provided for, semi-annually on March 18 and
September 18 in each year (each, an "Interest Payment Date"), commencing
September 18, 2005 at the rate of 6.625 % per annum, until the principal hereof
is paid or made available for payment. Interest on this Note shall be calculated
on the basis of a 360-day year consisting of twelve 30-day months. The interest
so payable and paid or provided for on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the fifteenth
calendar day (whether or not a Business Day) preceding such Interest Payment
Date. Any such interest which is payable, but is not paid or provided for, on
any Interest Payment Date shall forthwith cease to be payable to the registered
Holder hereof on the relevant Regular Record Date by virtue of having been such
Holder, and may be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Company, notice whereof shall be given to the Holders of Notes of this Series
not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in such Indenture.

      Payment of the principal of and the interest on this Note will be made at
the office or agency of the Company maintained for that purpose in The Borough
of Manhattan, The City of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that, at the option of the Company,
interest may be paid by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register; provided,
further, that payment to DTC or any successor Depositary may be made by wire
transfer to the account designated by DTC or such successor Depositary in
writing.

      This Security is a global Security issued on the date hereof which
represents $ of the principal amount of the Company's 6.625 % Senior Exchange
Notes due 2025.

<PAGE>

This Note is one of a duly authorized issue of securities of the Company (herein
called the "Notes") issued and to be issued in one series under an Indenture
dated as of August 8, 2000, as supplemented by the first supplemental indenture
dated as of August 8, 2000, the second supplemental indenture dated as of
January 19, 2001, the third supplemental indenture dated as of September 13,
2001, the fourth supplemental indenture dated as of March 11, 2002, the fifth
supplemental indenture dated as of March 8, 2002, the sixth supplemental
indenture dated as of July 31, 2002, the seventh supplemental indenture dated
March 18, 2005 and the eighth supplemental indenture dated May 26, 2005 (herein
called, together with the Ninth Supplemental Indenture referred to below and all
other indentures supplemental thereto, the "Indenture") between the Company and
The Bank of New York, as Trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Notes, and of the terms upon
which the Notes are, and are to be, authenticated and delivered. This Note is
one of the series designated on the face hereof, initially limited (subject to
exceptions provided in the Indenture) to the aggregate principal amount
specified in the Ninth Supplemental Indenture between the Company, The Bank of
New York, as Trustee, Registrar, Paying Agent and Transfer Agent and Dexia
Banque Internationale a Luxembourg, Societe Anonyme, as Luxembourg Paying Agent
and Transfer Agent, dated as of     2005, establishing the terms of the Notes
pursuant to the Indenture (the "Ninth Supplemental Indenture").

      If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series issued
under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of not less than a majority in aggregate principal amount of the
Securities at the time Outstanding of each series affected thereby. For all
purposes of the Indenture, holders of the Notes issued under the Ninth
Supplemental Indenture will vote together with holders of the Notes issued
pursuant to the Seventh Supplemental Indenture and the Eighth Supplemental
Indenture who do not exchange such Notes for new Notes pursuant to the exchange
offer being consummated pursuant to the terms of the Registration Rights
Agreements that were attached as Exhibit F to the Seventh Supplemental Indenture
and Exhibit A to the Eighth Supplemental Indenture, as a single series of
Securities. The Indenture also contains provisions permitting the Holders of
specified percentages in aggregate principal amount of the Securities of any
series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Notes issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note or such Notes.

<PAGE>

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note,
at the times, place and rate, and in the coin or currency, herein and in the
Indenture prescribed.

      As provided in the Indenture and subject to certain limitations set forth
therein and in this Note, the transfer of this Note may be registered on the
Security Register upon surrender of this Note for registration of transfer at
the office or agency of the Company maintained for the purpose in any place
where the principal of and interest on this Note are payable, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or by his
attorney duly authorized in writing, and thereupon one or more new Notes of this
series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

      The Notes are issuable in book-entry fully registered form without coupons
in minimum denominations of $100,000, and integral multiples of $1,000 as
specified in the Ninth Supplemental Indenture establishing the terms of the
Notes and as more fully provided in the Original Indenture. As provided in the
Original Indenture, and subject to certain limitations set forth in the Original
Indenture and in this Note, the Notes are exchangeable for a like aggregate
principal amount of Notes of this Series in different authorized denominations,
as requested by the Holders surrendering the same.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith, other than in
certain cases provided in the Indenture.

      Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture contains provisions whereby (i) the Company may be
discharged from its obligations with respect to the Notes (subject to certain
exceptions) or (ii) the Company may be released from its obligation under
specified covenants and agreements in the Indenture, in each case if the Company
irrevocably deposits with the Trustee money or U.S. Government Obligations
sufficient to pay and discharge the entire indebtedness on all Notes of this
series, and satisfies certain other conditions, all as more fully provided in
the Indenture.

      This Note shall be governed by and construed in accordance with the laws
of the State of New York without giving effect to any provisions relating to
conflicts of laws other than Section 5-1401 of the New York General Obligations
Law.

<PAGE>

      All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

      Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee under the Indenture by the manual signature of one of its
authorized signatories, this Note shall not be entitled to any benefits under
the Indenture or be valid or obligatory for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

                                              GRUPO TELEVISA, S.A.

Attest:_____________________________          By:_______________________________
       Name: Ricardo Maldonado Yanez             Name: Salvi Folch Viadero
       Title: Secretary of the Board             Title: Chief Financial Officer
              of Directors of Grupo
              Televisa, S.A.
                                              By:_______________________________
                                                 Name: Juan Mijares Ortega
                                                 Title: Vice President-General
                                                        Counsel

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

Dated:   , 2005                                     The Bank of New York,
                                                    as Trustee

                                                    By:_________________________

<PAGE>

                           FORM OF REVERSE OF SECURITY

      This Security is one of a duly authorized issue of Securities of the
Company designated as its 6.625% Senior Exchange Notes due 2025 (hereinafter
called the "Notes"), limited in aggregate principal amount to U.S.$600,000,000
issued and to be issued under a Ninth Supplemental Indenture, dated as of     ,
2005 (hereinafter called the "Ninth Supplemental Indenture"), among the Company,
The Bank of New York, as Trustee, Registrar, Paying Agent and Transfer Agent and
Dexia Banque Internationale a Luxembourg, Societe Anonyme, as Luxembourg Paying
Agent and Transfer Agent.

      Additional Amounts. All payments of amounts due in respect of the
Securities by the Company will be made without withholding or reduction for or
on account of any present or future taxes or duties of whatever nature imposed
or levied by or on behalf of Mexico any political subdivision thereof or any
agency or authority in or of Mexico ("Taxes") unless the withholding or
deduction of such Taxes is required by law or by the interpretation or
administration thereof. In that event, the Company will pay such additional
amounts ("Additional Amounts") as may be necessary in order that the net amounts
receivable by the Holders after such withholding or deduction shall equal the
respective amounts which would have been receivable in respect of the
Securities, in the absence of such withholding or deduction, which Additional
Amounts shall be due and payable when the amount to which such Additional
Amounts relate are due and payable; except that no such Additional Amounts shall
be payable with respect to:

            (i) any Taxes which are imposed on, or deducted or withheld from,
      payments made to the Holder or beneficial owner of the Securities by
      reason of the existence of any present or former connection between the
      Holder or beneficial owner of the Securities (or between a fiduciary,
      settlor, beneficiary, member or shareholder of, or possessor of a power
      over, such Holder or beneficial owner, if such Holder or beneficial owner
      is an estate, trust, corporation or partnership) and Mexico (or any
      political subdivision or territory or possession thereof or area subject
      to its jurisdiction) (including, without limitation, such Holder or
      beneficial owner (or such fiduciary, settlor, beneficiary, member,
      shareholder or possessor) (x) being or having been a citizen or resident
      thereof, (y) maintaining or having maintained an office, permanent
      establishment, fixed base or branch therein, or (z) being or having been
      present or engaged in trade or business therein) other than the mere
      holding of such Securities or the receipt of amounts due in respect
      thereof;

            (ii) any estate, inheritance, gift, sales, stamp, transfer or
      personal property Tax;

            (iii) any Taxes that are imposed on, or withheld or deducted from,
      payments made to the Holder or beneficial owner of the Securities to the
      extent such Taxes would not have been so imposed, deducted or withheld but
      for the failure by such Holder or beneficial owner of such Securities to
      comply with any certification, identification, information, documentation
      or other reporting

<PAGE>

      requirement concerning the nationality, residence, identity or connection
      with Mexico (or any political subdivision or territory or possession
      thereof or area subject to its jurisdiction) of the Holder or beneficial
      owner of such Securities if (x) such compliance is required or imposed by
      a statute, treaty, regulation, rule, ruling or administrative practice in
      order to make any claim for exemption from, or reduction in the rate of,
      the imposition, withholding or deduction of any Taxes, and (y) at least 60
      days prior to the first payment date with respect to which the Company
      shall apply this clause (iii), the Company shall have notified all the
      Holders of Securities, in writing, that such Holders or beneficial owners
      of the Securities will be required to provide such information or
      documentation;

            (iv) any Taxes imposed on, or withheld or deducted from, payments
      made to a Holder or beneficial owner of the Securities at a rate in excess
      of the 4.9% rate of Tax in effect on the date hereof and uniformly
      applicable in respect of payments made by the Company to all Holders or
      beneficial owners eligible for the benefits of a treaty for the avoidance
      of double taxation to which Mexico is a party without regard to the
      particular circumstances of such Holders or beneficial owners (provided
      that, upon any subsequent increase in the rate of Tax that would be
      applicable to payments to all such Holders or beneficial owners without
      regard to their particular circumstances, such increased rate shall be
      substituted for the 4.9% rate for purposes of this clause (iv)), but only
      to the extent that (x) such Holder or beneficial owner has failed to
      provide on a timely basis, at the reasonable request of the Company
      (subject to the conditions set forth below), information, documentation or
      other evidence concerning whether such Holder or beneficial owner is
      eligible for benefits under a treaty for the avoidance of double taxation
      to which Mexico is a party if necessary to determine the appropriate rate
      of deduction or withholding of Taxes under such treaty or under any
      statute, regulation, rule, ruling or administrative practice, and (y) at
      least 60 days prior to the first payment date with respect to which the
      Company shall make such reasonable request, the Company shall have
      notified the Holders of the Securities, in writing, that such Holders or
      beneficial owners of the Securities will be required to provide such
      information, documentation or other evidence;

            (v) to or on behalf of a Holder of the Securities in respect of
      Taxes that would not have been imposed but for the presentation by such
      Holder for payment on a date more than 15 days after the date on which
      such payment became due and payable or the date on which payment thereof
      is duly provided for and notice thereof given to Holders, whichever occurs
      later, except to the extent that the Holder of such Securities would have
      been entitled to Additional Amounts in respect of such Taxes on presenting
      such Securities for payment on any date during such 15-day period; or

            (vi) any combination of (i), (ii), (iii), (iv) or (v) above (the
      Taxes described in clauses (i) through (vi), for which no Additional
      Amounts are payable, are hereinafter referred to as "Excluded Taxes").

<PAGE>

      Notwithstanding the foregoing, the limitations on the Company's obligation
to pay Additional Amounts set forth in clauses (iii) and (iv) above shall not
apply if (a) the provision of information, documentation or other evidence
described in such clauses (iii) and (iv) would be materially more onerous, in
form, in procedure or in the substance of information disclosed, to a Holder or
beneficial owner of a Note (taking into account any relevant differences between
U.S. and Mexican law, rules, regulations or administrative practice) than
comparable information or other reporting requirements imposed under U.S. tax
law, regulations and administrative practice (such as IRS Forms W-8BEN and W-9)
or (b) Rule 3.23.8 issued by the Secretaria de Hacienda y Credito Publico
(Ministry of Finance and Public Credit), or a substantially similar successor of
such rule is in effect, unless the provision of the information, documentation
or other evidence described in clauses (iii) and (iv) is expressly required by
statute, regulation, rule, ruling or administrative practice in order to apply
Rule 3.23.8 (or a substantially similar successor of such rule), the Company
cannot obtain such information, documentation or other evidence on its own
through reasonable diligence and the Company otherwise would meet the
requirements for application of Rule 3.23.8 (or such other successor of such
rule). In addition, such clauses (iii) and (iv) shall not be construed to
require that a non-Mexican pension or retirement fund or a non-Mexican financial
institution or any other Holder register with the Ministry of Finance and Public
Credit for the purpose of establishing eligibility for an exemption from or
reduction of Mexican withholding tax or to require that a Holder or beneficial
owner certify or provide information concerning whether it is or is not a
tax-exempt pension or retirement fund.

      At least 30 days prior to each date on which any payment under or with
respect to the Securities is due and payable, if the Company will be obligated
to pay Additional Amounts with respect to such payment (other than Additional
Amounts payable on the date of the Indenture or Supplemental Indenture relating
to such Securities), the Company will deliver to the relevant Trustee an
Officers' Certificate stating the fact that such Additional Amounts will be
payable and the amounts so payable and will set forth such other information
necessary to enable the relevant Trustee to pay such Additional Amounts to
Holders on the payment date. Whenever either in the Indenture or such
Supplemental Indenture there is mentioned, in any context, the payment of
principal (and premium, if any), Redemption Price, interest or any other amount
payable under or with respect to any Securities, such mention shall be deemed to
include mention of the payment of Additional Amounts to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof.

      Optional Redemption. The Company may redeem any of the Notes (the
"Optional Redemption") in whole or in part, at any time or from time to time
prior to their maturity, upon not less than 30 nor more than 60 days prior
notice of the date for such redemption (the "Redemption Date") mailed by
first-class mail to each Holder's registered address, at a redemption price
equal to the greater of (1) 100% of the principal amount of such Notes redeemed
and (2) the sum of the present values of each remaining scheduled payment of
principal and interest thereon (exclusive of interest accrued to the Redemption
Date) discounted to the Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40
basis points (the

<PAGE>

"Make-Whole Amount"), plus in each case accrued and unpaid interest on the
principal amount of the Notes to the Redemption Date.

      "Treasury Rate" means, with respect to any redemption date, the rate per
annum equal to the semiannual equivalent yield to maturity or interpolated
maturity (on a day count basis) of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption
date.

      "Comparable Treasury Issue" means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or
interpolated maturity comparable to the remaining term of the notes to be
redeemed that would be utilized, at the time of the selection and in accordance
with customary financial practice, in pricing new issues of corporate debt
securities of a comparable maturity to the remaining term of the notes.

      "Independent Investment Banker" means one of the Reference Treasury
Dealers appointed by the Company.

      "Comparable Treasury Price" means, with respect to any redemption date (1)
the average of the Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer
Quotation or (2) if the Trustee obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.

      "Reference Treasury Dealer" means Credit Suisse First Boston LLC or its
affiliates with are primary United States government securities dealers and two
other leading primary United States government securities dealers in New York
City reasonably designated by the Company; provided, however, that if any of the
foregoing shall cease to be a primary United States government securities dealer
in New York City (a "Primary Treasury Dealer"), the Company will substitute
therefor another Primary Treasury Dealer.

      "Reference Treasury Dealer Quotation" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer at 3:30 pm New York
time on the third business day preceding such redemption date.

      On an after the Redemption Date, interest will cease to accrue on the
Notes or any portion of the Notes called for redemption (unless the Company
defaults in the payment of the redemption price and accrued interest). On or
before the Redemption Date, the Company will deposit with the Trustee money
sufficient to pay the Make-Whole Amount and (unless the redemption date shall be
an interest payment date) accrued interest to the redemption date on the Notes
to be redeemed on such date. If less than all of the Notes

<PAGE>

are to be redeemed, the notes to be redeemed shall be selected by the Trustee by
such method as the Trustee shall deem appropriate.

      The election of the Company to redeem the Notes shall be evidenced by a
certificate (a "Make-Whole Redemption Certificate") of an officer of the
Company, which certificate shall be delivered to the Trustee. The Company shall,
not less than 45 days nor more than 60 days prior to the Redemption Date, notify
the Trustee in writing of such Redemption Date and of all other information
necessary to the giving by the Trustee of notices of the Optional Redemption.
The Trustee shall be entitled to rely conclusively upon the information so
furnished by the Company in the Make-Whole Redemption Certificate and shall be
under no duty to check the accuracy or completeness thereof. Such notice shall
be irrevocable and upon its delivery the Company shall be obligated to make the
payment or payments to the Trustee referred to therein at least two Business
Days prior to such Redemption Date.

      Notice of the Optional Redemption shall be given by the Trustee to the
holders, in accordance with the provisions of Section 106 of the Original
Indenture, upon the mailing by first-class postage prepaid to each holder at the
address of such holder as it appears in the Register not less than 30 days nor
more than 60 days prior to the Redemption Date.

      The notice of Optional Redemption shall state:

            (i) the Redemption Date;

            (ii) the Make-Whole Amount;

            (iii) the sum of all other amounts due to the holders under the
      Notes and this Indenture;

            (iv) that on the Redemption Date the Make-Whole Amount will become
      due and payable upon each such Notes so to be redeemed; and

            (v) the place or places, including the offices of our Paying Agent
      in Luxembourg, where such Securities so to be redeemed are to be
      surrendered for payment of the Make-Whole Amount.

      Notice of the Optional Redemption having been given as aforesaid, the
Notes so to be redeemed shall, on the Redemption Date, become due and payable at
the Make-Whole Amount therein specified. Upon surrender of any such Notes for
redemption in accordance with such notice, such Notes shall be paid by the
Paying Agent on behalf of the Company on the Redemption Date; provided that
moneys sufficient therefor have been deposited with the Trustee for the holders.

      Notwithstanding anything to the contrary in this Indenture or in the
Notes, if a Make-Whole Redemption Certificate has been delivered to the Trustee
and the Company shall have paid to the Trustee for the benefit of the holders
(i) the Make-Whole Amount and (ii) all other amounts due to the holders and the
Trustee under the Notes and this Indenture, then neither the holders nor the
Trustee on their behalf shall any longer be

<PAGE>

entitled to exercise any of the rights of the holders under the Notes other than
the rights of the holders to receive payment of such amounts from the Paying
Agent and the occurrence of an Event of Default whether before or after such
payment by the Company to the Trustee for the benefit of the holders shall not
entitle either the holders or the Trustee on their behalf after such payment to
declare the principal of any Notes then outstanding to be due and payable on any
date prior to the Redemption Date. The funds paid to the Trustee shall be used
to redeem the Securities on the Redemption Date.

      Repurchase of Securities upon a Change of Control. The Company must
commence, within 30 days of the occurrence of a Change of Control, and
consummate an Offer to Purchase for all Securities then outstanding, at a
purchase price equal to 101% of the principal amount of the Securities on the
date of repurchase, plus accrued interest (if any) to the date of purchase. The
Company is not required to make an Offer to Purchase following a Change of
Control if a third party makes an Offer to Purchase that would be in compliance
with the provisions described in this Section if it were made by the Company and
such third party purchases (for the consideration referred to in the immediately
preceding sentence) the Securities validly tendered and not withdrawn. Prior to
the mailing of the notice to Holders and publishing such notice to holders in a
daily newspaper of general circulation in Luxembourg commencing such Offer to
Purchase, but in any event within 30 days following any Change of Control, the
Company, covenants to (i) repay in full all indebtedness of the Company that
would prohibit the repurchase of the Securities pursuant to such Offer to
Purchase or (ii) obtain any requisite consents under instruments governing any
such indebtedness of the Company to permit the repurchase of the Securities. The
Company shall first comply with the covenant in the preceding sentence before it
shall be required to repurchase Securities pursuant to this covenant.

      Withholding Tax Redemption. The Securities are subject to redemption
("Withholding Tax Redemption") at any time (a "Withholding Tax Redemption
Date"), as a whole but not in part, at the election of the Company, at a
redemption price equal to 100% of the unpaid principal amount thereof plus
accrued and unpaid interest, if any, to and including the Withholding Tax
Redemption Date (the "Withholding Tax Redemption Price") if, as a result of (i)
any change in or amendment to the laws, rules or regulations of Mexico, or any
political subdivision or taxing authority or other instrumentality thereof or
therein, or (ii) any amendment to or change in the rulings or interpretations
relating to such laws, rules or regulations made by any legislative body, court
or governmental or regulatory agency or authority (including the enactment of
any legislation and the publication of any judicial decision or regulatory
determination) of Mexico, or any political subdivision or taxing authority or
other instrumentality thereof or therein, or (iii) any official interpretation,
application or pronouncement by any legislative body, court or governmental or
regulatory agency or authority that provides for a position with respect to such
laws, rules or regulations that differs from the theretofore generally accepted
position, which amendment or change is enacted, promulgated, issued or announced
or which interpretation, application or pronouncement is issued or announced, in
each case, after the Closing Date, the Company has become or would become
required to pay any Additional Amounts in excess of those attributable to

<PAGE>

Taxes that are imposed, deducted or withheld at a rate of 10% on or from any
payments under the Securities.

      The election of the Company to redeem the Securities shall be evidenced by
a certificate (a "Withholding Tax Redemption Certificate") of a financial
officer of the Company, which certificate shall be delivered to the Trustee. The
Company shall, not less than 30 days nor more than 45 days prior to the
Withholding Tax Redemption Date, notify the Trustee in writing of such
Withholding Tax Redemption Date and of all other information necessary to the
giving by the Trustee of notices of such Withholding Tax Redemption. The Trustee
shall be entitled to rely conclusively upon the information so furnished by the
Company in the Withholding Tax Redemption Certificate and shall be under no duty
to check the accuracy or completeness thereof. Such notice shall be irrevocable
and upon its delivery the Company shall be obligated to make the payment or
payments to the Trustee referred to therein at least two Business Days prior to
such Withholding Tax Redemption Date.

      Notice of Withholding Tax Redemption shall be given by the Trustee to the
holders, in accordance with the provisions of Section 106 of the Original
Indenture, upon the mailing by first-class postage prepaid to each holder at the
address of such holder as it appears in the Register not less than 15 days nor
more than 30 days prior to the Withholding Tax Redemption Date.

      The notice of Withholding Tax Redemption shall state:

            (i) the Withholding Tax Redemption Date;

            (ii) the Withholding Tax Redemption Price;

            (iii) the sum of all other amounts due to the holders under the
      Securities and this Indenture;

            (iv) that on the Withholding Tax Redemption Date the Withholding Tax
      Redemption Price will become due and payable upon each such Security so to
      be redeemed; and

            (v) the place or places, including the offices of our Paying Agent
      in Luxembourg, where such Securities so to be redeemed are to be
      surrendered for payment of the Withholding Tax Redemption Price.

      Notice of Withholding Tax Redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Withholding Tax Redemption Date,
become due and payable at the Withholding Tax Redemption Price therein
specified. Upon surrender of any such Securities for redemption in accordance
with such notice, such Securities shall be paid by the Paying Agent on behalf of
the Company on the Withholding Tax Redemption Date; provided that moneys
sufficient therefor have been deposited with the Trustee for the holders.

<PAGE>

      Notwithstanding anything to the contrary in this Indenture or in the
Securities, if a Withholding Tax Redemption Certificate has been delivered to
the Trustee and the Company shall have paid to the Trustee for the benefit of
the holders (i) the Withholding Tax Redemption Price and (ii) all other amounts
due to the holders and the Trustee under the Securities and this Indenture, then
neither the holders nor the Trustee on their behalf shall any longer be entitled
to exercise any of the rights of the holders under the Securities other than the
rights of the holders to receive payment of such amounts from the Paying Agent
and the occurrence of an Event of Default whether before or after such payment
by the Company to the Trustee for the benefit of the holders shall not entitle
either the holders or the Trustee on their behalf after such payment to declare
the principal of any Securities then outstanding to be due and payable on any
date prior to the Withholding Tax Redemption Date. The funds paid to the Trustee
shall be used to redeem the Securities on the Withholding Tax Redemption Date.

      All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

      THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY
PROVISIONS RELATING TO CONFLICTS OF LAWS OTHER THAN SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>3
<FILENAME>y22671exv4w7.txt
<DESCRIPTION>EX-4.7: PROGRAM LICENSE AGREEMENT
<TEXT>
<PAGE>
                                                                     EXHIBIT 4.7

                            PROGRAM LICENSE AGREEMENT

            This PROGRAM LICENSE AGREEMENT is entered into as of May 31, 2005
(the "Effective Date") by and between Grupo Televisa, S.A., a Mexican
corporation (hereinafter "Licensor") and Univision Communications Inc., a
Delaware corporation ("Licensee" or "UCI").

            WHEREAS, Licensor has or will have rights in the Commonwealth of
Puerto Rico (the "Territory"), to license certain television programs in the
Spanish language or with Spanish subtitles produced by and to be produced by
Televisa, S.A. de C.V. or Grupo Televisa, S.A ("GT") (GT and all of the
companies it controls, including Televisa, S.A. de C.V., being hereinafter
referred to collectively as "Televisa").

            WHEREAS, from time to time UCI will own or will otherwise have the
right or obligation to provided programming (whether through a time brokerage
agreement, local management agreement or otherwise) to certain television
stations which broadcast in the Spanish language format in and to the
Commonwealth of Puerto Rico (such stations as identified on Schedule 2 are
referred to herein as the "Puerto Rico Stations").

            WHEREAS Licensee desires to acquire the right to broadcast in the
Territory over the Puerto Rico Stations, programs produced, to be produced or
otherwise marketed by Televisa and Licensor is willing to grant such a license
upon the terms, provisions and conditions herein set forth.

            WHEREAS, Megavision, Inc. ("Venevision") is simultaneously herewith
entering into a Program License Agreement dated as of the date hereof (the
"Venevision Agreement") and an affiliate of UCI is simultaneously entering into
a Program License Agreement dated as of the date hereof (the "Univision
Agreement"), each with the Licensee (or an affiliate) to license certain
television programming for broadcast in the Territory.

            NOW, THEREFORE, in consideration of the mutual promises and
covenants herein contained, the parties hereto agree as follows:

      1. License of Programming.

            1.1

                  (a) Pursuant to the terms and conditions hereof, Licensor
hereby grants Licensee and its subsidiaries the exclusive license to broadcast
in the Territory all Programs throughout the Term on the Puerto Rico Stations.

                  (b) Licensee agrees that sales of advertising time on the
Puerto Rico Stations will be conducted and allocated on an arms-length basis
vis-a-vis one

<PAGE>

another and vis-a-vis other networks, stations and other media owned by Licensee
and its Affiliates.

                  (c) Licensee shall not broadcast any First-Run Program (other
than news) on the Puerto Rico Stations between the hours of 1:00 a.m. and 9:00
a.m. unless Licensee reasonably believes that it is commercially reasonable to
broadcast such program during such period.

            1.2 For purposes of this Agreement only:

                  (a) "Programs" means

                        (i) programs initially produced in the Spanish language
            or programs with Spanish subtitles, produced by third parties or
            co-produced by Televisa with third parties to which Televisa owns
            sole television broadcast rights in the Territory (and which is not
            a Co-Produced Program (as defined below));

                        (ii) all programs initially produced in the Spanish
            language or programs with Spanish subtitles, previously produced
            directly or indirectly by or for Televisa and to be produced
            directly or indirectly by or for Televisa for broadcast at any time
            to which Televisa owns television broadcast rights in the Territory
            and which are available for broadcast including, without limitation,
            in the following categories: novelas, musicals, variety shows,
            situation comedies, game shows, talk shows, children's shows, news
            shows, cultural and educational programs, and sports programs;

                        (iii) movies produced by Televisa and for which Televisa
            owns the television broadcast rights in the Territory, from and
            after the time that such movies become available for free television
            broadcast in the Territory; and

                        (iv) Grandfathered Programs, as defined in that certain
            Amended and Restated International Program Rights Agreement, dated
            as of December 19, 2001, between Univision Communications, Inc.,
            Grupo Televisa, S.A., and Venevision International, Inc.

Each Program shall be available for license to Licensee in the Territory
pursuant to the terms of this Agreement upon the first to occur of (x) the date
when such Program is initially broadcast by Televisa or (y) the date when such
Program is first made available for broadcast by any third party.

            Except as provided in the following paragraph, if Licensor or
Televisa shall produce directly or indirectly any Spanish language or Spanish
subtitled programming for broadcast in the Territory it shall be deemed a
Program subject to the terms and conditions of this Agreement.

                                       2
<PAGE>

                  (b) The term "Programs" does not include Special Programs
(other than Televisa Produced Puerto Rico Special Programs) or Co-Produced
Programs (each as defined below).

                  (c) "Co-Produced Programs" means programs originally produced
for broadcast in the Spanish language or with Spanish subtitles, previously
produced, or to be produced, by Televisa for broadcast pursuant to co-production
agreements with unaffiliated third parties or produced by unaffiliated third
parties (in each case, other than any co-production agreements directly or
indirectly with any broadcaster in and to the Territory):

                        (i) under which Televisa does not own the right to
            permit the broadcast of such program in the Territory and/or

                        (ii) under which Televisa is required to share with such
            third parties the revenue derived from the broadcast of such program
            in the Territory.

            No program that would otherwise be a Program under Section
1.2(a)(ii) shall become a Co-Produced Program solely because Televisa or
Licensor licenses or sells distribution rights in the Territory prior to or
during production of such program and neither Televisa nor Licensor shall enter
into any agreement to the contrary.

            In order for a program to be a Co-Produced Program, some material
property right underlying such program must be provided by such unaffiliated
third party described above and such unaffiliated third party must participate
in the development and production of the Program in exchange for such third
party's distribution rights in the Territory or participation in distribution
revenues from the Territory.

            If Televisa intends to enter into an agreement or arrangement with
respect to a program that it believes will be a Co-Produced Program under this
Agreement, Televisa will provide UCI with written notification of such intention
at least 10 business days prior to entering into any such agreement or
arrangement, along with the basis for Televisa's belief that such program should
be characterized as a Co-Produced Program solely for the purpose of permitting
UCI to monitor compliance by Televisa with the provisions contained herein
relating to Co-Produced Programs, it being agreed that UCI and its Affiliates
shall keep confidential such notice and the information contained therein, shall
not use such notice or information for its own account and shall not contact or
engage in discussions with any Person other than Televisa with respect to such
agreement or arrangement.

            Subject to the following paragraph, and that certain Second Amended
and Restated Program License Agreement dated as of December 19, 2001 between
Televisa Internacional S.A. de C.V. and UCI (the "Second Amended and Restated
Program License Agreement"), nothing contained in this Agreement shall prevent
Licensor or Televisa from licensing broadcast rights (in exchange for cash or
in-kind services or property other than Programs) for territories other than the
Territory to programs initially

                                       3
<PAGE>

produced in the Spanish language or programs with Spanish language subtitles
that are developed and produced in the Territory by unaffiliated third party
producers located in the Territory, including broadcasters, provided that
neither Licensor nor Televisa has participated in any way in the development or
production of any such program.

            In the case of novelas, if Licensor or any of its Affiliates, (a)
enters into an agreement or arrangement with respect to the co-production of a
novela or (b) sells or transfers a novela script or format to any third party,
and (x) Licensor or any Affiliate owns or obtains Mexican broadcast rights to
such novela during the Term and (y) broadcast rights in the Territory exist
during the Term, then Licensor must cause such novela to be a Program hereunder.

            Televisa agrees that it will use good faith efforts not to structure
arrangements or agreements with respect to programs in a manner intended to
cause such programs not to be considered Programs hereunder.

                  (d) "Affiliate" of a person means any person that directly or
indirectly controls, is controlled by, or is under common control with the
person in question. For the purposes of this definition, "control", when used
with respect to any person, means the power to direct the management and
policies of such person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise. Affiliate shall not mean any
television station that has entered into an affiliation agreement with the
Networks but is otherwise not an Affiliate of UCI, any Person that controls GT
or any person under common control with, but not directly or indirectly
controlled by, GT.

                  (e) "broadcast" means all electronic forms or other means now
known or hereafter developed of transmission and re-transmission, including but
not limited to over-the-air television, cable television, low power television,
multi-point distribution systems, wire, fiber optics, microwave, and satellite,
except for purposes of delivery of the Programs pursuant to Section 3.

            1.3 Licensor and its Affiliates shall have the right and ability to,
and to permit others to:

                  (a) transmit or retransmit via satellite which receives its
signal from any earth station or other facility in Mexico (or any substitute or
back haul facility outside of Mexico but serving Mexico, so long as such signal
is encrypted) to any television station in or cable system serving Mexico, any
Programs which may also be covered by this Agreement, notwithstanding the fact
that such transmissions or retransmissions may be incidentally viewed in the
Territory;

                  (b) transmit or retransmit from any television station located
in Mexico any Programs which may also be covered by this Agreement,
notwithstanding the fact that such transmissions or re-transmissions may be
incidentally viewed in the Territory;

                                       4
<PAGE>

                  (c) transmit via satellite to any direct-to-home subscribers
located outside the Territory, any Programs which may also be covered by this
Agreement, notwithstanding the fact that such transmissions may be intercepted
by unauthorized recipients in the Territory.

                  (d) transmit via the Internet (x) Licensor's national network
evening news broadcast and up to a 15 minute sports program, both of which in
the aggregate last no more than one hour per day, (y) religious service
telecasts, and (z) charitable and non-commercial specials (e.g., telethons and
presidential speeches).

            Notwithstanding the foregoing exceptions, neither Licensor nor its
Affiliates shall consent to, and each shall use its commercially reasonable
efforts to prohibit,

                        (i) the transmission or retransmission of such Programs
            by

                              (x)   any television station in the Territory,

                              (y)   any cable system in the Territory that is
                                    located beyond 35 miles from the community
                                    of license of any transmitting television
                                    station in Mexico transmitting the Programs
                                    (any such cable transmission or
                                    re-transmission within such 35 mile limit
                                    being hereby expressly permitted) or

                              (z)   any other means of broadcasting in or
                                    into the Territory, and

                        (ii) the sale of any direct-to-home or similar services,
            or any mechanical device, authorization code or other access
            devices, to persons located in the Territory for the purpose of
            receiving Programs in contravention of this Section 1.3.

            To the extent that Licensor has the right to transmit or retransmit
under clause (b) and (d) above, Licensor shall have the right to market and
promote and otherwise generate revenues (including, but not limited to, the sale
of advertising time) attributable to the ability of viewers in the Territory to
receive Programs contained in such transmissions. Licensor and Licensee
acknowledge and agree that this Section 1.3 is intended solely to insure that
Licensor will not be in violation of this Agreement merely because transmissions
or retransmissions from stations located in Mexico or transmissions or
retransmissions from satellite signals intended for television stations, cable
systems or direct-to-home subscribers outside the Territory, and over the
Internet as provided above, may be incidentally viewed by unauthorized
recipients in the Territory, and is not intended to give Licensor any right to
broadcast, or license others to broadcast, Programs intended for viewing or
which may be viewed in the Territory other than in accordance with the other
provisions of this Agreement.

                                       5
<PAGE>

      2. Notification, Acceptance and Licensing of Programming. Not less than
once in each calendar quarter during the term of this Agreement, Licensor will
deliver a written notice (an "Availability Notice") to Licensee specifying all
Programs which (a) have become available for license by Licensee since the
delivery of the preceding Availability Notice or (b) may no longer be available
to Licensee for license hereunder. Upon the request of Licensee, Licensor shall
deliver to Licensee whatever materials are reasonably available with respect to
any Program available for license, at Licensee's expense to the extent Licensee
requests more than a videotape pilot or representative episode with respect to a
new Program. If Licensee desires to license any Programs, it shall notify
Licensor of its acceptance in writing (an "Acceptance") at any time. Such
Acceptance shall specify the name of the Accepted Program and such other
information as may reasonably be requested by Licensor. An Acceptance shall
constitute the acceptance of the license by Licensee of the Program(s) and upon
receipt by Licensor of such Acceptance, the Program(s) covered by each such
Acceptance shall without further action be automatically licensed to Licensee on
the terms and conditions of this Agreement and be an "Accepted Program".

      3. Delivery, Expenses And Use Of Programs.

            3.1 Following Licensee's sending an Acceptance Notice with respect
to a Program pursuant to Section 2 of this Agreement, Licensor shall deliver to
Licensee, at Licensee's expense, a visual and aural reproduction of each such
Program either (at Licensee's election and subject to Licensor's reasonable
ability to comply with such election) via satellite (at Licensee's risk of loss
if delivery via satellite is requested less than 48 hours in advance of
scheduled broadcast) or on such form of video tape, disc or other device as
reasonably requested by Licensee, formatted and suitable for broadcast in the
Territory as reasonably requested by Licensee in accordance with its broadcast
standards and practices, as soon as available. Programs will be deemed delivered
by Licensor when transmitted to the satellite, when actually received if shipped
by freight, or when made available through permission to re-transmit the signal
of an affiliate of Licensee.

            3.2 Licensee agrees that as soon as practicable following receipt of
delivery of any Program via satellite or on video tape, disc or other device, it
will examine such delivery to determine whether it is physically suitable for
broadcast and notify Licensor immediately upon detecting any defect rendering
such delivery unsuitable for broadcast. In such cases, Licensor shall promptly
re-deliver such Program at its own expense either (at Licensee's election) via
satellite or on a physically suitable videotape, disc or other device designated
by Licensee.

            3.3 Licensee agrees to return to Licensor each video tape, disc or
other device of a Program delivered by Licensor on the reels and in the
containers in which it was shipped, in the same condition as received,
reasonable wear and tear through proper use excepted, as soon as practicable
after Licensee and its subsidiaries has made all broadcasts of such Program that
it plans to make within the next 12 months. Licensee shall pay all costs of
returning the videotapes, discs or other devices to Licensor. Should

                                       6
<PAGE>

Licensor request that the video tape, disc or other device be sent to a location
other than Licensor's warehouse, Licensor will bear responsibility for shipping
costs above those which would have been applicable for shipping to Licensor's
warehouse. Licensor agrees to re-deliver to Licensee any Program previously
returned to Licensor that Licensee or any subsidiary of Licensee desires to
re-broadcast during the Term.

            3.4 The videotapes, discs or other devices shall at all times remain
the property of Licensor subject to Licensee's rights as herein provided. The
risk of loss, damage, destruction or disappearance of any tape shall be borne by
Licensee from the time of delivery to Licensee until the return thereof to
Licensor or Licensor's designee and as to any video tape, disc or other device
or part thereof lost, stolen, destroyed or damaged after delivery to Licensee
and before the return thereof, Licensee shall pay Licensor the cost of
replacement thereof, which payment shall be limited to the cost of replacing the
raw video tape, disc or other device.

            3.5 Except as provided herein, Licensee will not, and will not
authorize others to, copy, duplicate or re-license any Program unless necessary
for Licensee's or its Affiliates own exploitation of broadcast rights as
permitted hereunder. Any duplicate or copy of any part of the Program (including
trailers) made by Licensee for its own purposes will be erased following all
anticipated broadcasts as permitted hereunder of the Program within the next 12
months. Upon receipt of written request from Licensor, an officer of Licensee
shall certify in writing the destruction of all such copies.

            3.6 Licensor will furnish to Licensee glossy prints of still photos,
synopses, cast lists and all other promotional material for the promotion and
exploitation of the Programs, if available. Licensor grants (and will cause its
Affiliates to grant) to Licensee and its Affiliates the right to use and license
others to use Licensor's name and, unless Licensee is advised by Licensor that
the rights of Licensor are limited (in which case, to the extent not limited),
to use and license others to use the name and likeness of, and biographical
material concerning, each star, featured performer, writer, director and
producer in the Programs and the titles of each Program and fictitious persons
and locales therein, for advertising and publicity, of the Programs, and any
broadcaster or sponsor thereof, but not for direct endorsement of any product or
service, provided that any such use will protect the copyrights of Licensor. To
the extent available to Licensor or its Affiliates after reasonable efforts,
Licensor will furnish Licensee with music cue sheets for the Programs and the
information necessary for administration of rights payments and compliance with
Section 507 of the Federal Communications Act of 1934, as amended concerning
broadcast matter and disclosures required thereunder, insofar as that Section
applies to Persons furnishing program material for television broadcasting
("Section 507"). Subject to the foregoing and subject to Licensor's reasonable
prior approval, Licensee shall have the right to produce its own promotional
material for or from the Programs. Televisa shall permit Televisa's proprietary
artists to appear on or for Licensee or its Affiliates for promotional or
programming purposes at mutually agreeable times (which agreement shall not be
unreasonably withheld), at Licensee's expense, it being agreed that Televisa may
not be able to require an artist to appear, all requests to and contacts with
artists shall be made through a Televisa representative designated by

                                       7
<PAGE>

Televisa, and Televisa shall not be required to approve any appearance which
would interfere in any material respect with Televisa's operations or
productions.

            3.7 Except as provided in Section 3.8 below, Licensee agrees to
include in its broadcast of Programs all copyright notices and all credits made
part of each Program including but not limited to stars, directors, producers
and writers.

            3.8   (a) When requested by Licensee, Licensor in consultation with
Licensee shall edit episodes of Programs in order to (i) end novelas by creating
recaps on a limited basis to cause the final episode to be broadcast at
strategically competitive times (i.e., Thursday and Friday) and (ii) reduce the
length of credits so that the opening credits are no longer than 90 seconds in
length and closing credits are no longer than 30 seconds in length.

                  (b) Licensee shall have the right to edit and make changes,
additions and deletions to Programs in order to (i) eliminate internal credits
when episodes of a Program air back-to-back, (ii) adjust Program length to
standard U.S. format lengths (i.e., 30-60-90-120 minute lengths) by changing
starts or finishes (with other desired edits for such purpose to be provided
under paragraph (a) above), (iii) insert commercials during natural breaks in
the Program and (iv) comply with applicable government rules and regulations,
including FCC regulations and Licensee's broadcast standards and practices from
time to time in effect.

                  (c) When requested by Licensee, Licensor in consultation with
Licensee may (in its discretion which must be reasonably exercised) edit
episodes of Programs in order to (i) eliminate or consolidate episodes that
contain more than 15 minutes of recap material, (ii) eliminate any material that
is not relevant to Puerto Rico Hispanic audiences (i.e., phone numbers,
addresses, contest rules, etc.), and (iii) facilitate wind-up of cancelled
Programs.

                  (d) When requested by Licensee, Licensor in consultation with
Licensee may (in Licensor's sole discretion) edit episodes of Programs in order
to (i) eliminate storylines and segments in good faith deemed by Licensee to be
undesirable or unacceptable to Puerto Rico audiences (e.g., strong sexual
content) and (ii) reformat Programs to a maximum of 2 hours per episode.

The editing rights hereunder shall be subject to applicable law and applicable
contractual rights of unaffiliated third parties of which Licensor informs
Licensee in writing at the time of delivery to Licensee of such Program
(provided that Licensor agrees to use (and to cause its Affiliates to use) good
faith efforts not to permit to exist any such contractual restrictions).
Licensee will pay for editing performed by Licensor at Licensor's incremental
cost.

            3.9 Subject to Section 6.1 and Licensee's remedies for a breach
thereof, Licensor may, at its sole and absolute discretion, withdraw any Program
and terminate any license with respect to such Program if Licensor reasonably
determines that the broadcast thereof is likely to: (i) infringe the rights of
third parties, (ii) violate any law,

                                       8
<PAGE>

court order, governmental regulation or ruling of any governmental agency, (iii)
otherwise subject the Licensor to any material liability. In addition Licensor
reserves the right to withdraw any Program prior to the conclusion of the
applicable Broadcast Period if, for any reason, the Program is no longer being
produced by or available to Televisa. In the event of any such withdrawal or
termination, Licensor shall give Licensee as much notice as possible, and the
parties shall have no obligations to each other with regard to Programs not
produced, subject to Section 6.1 and Licensee's remedies for a breach thereof.

            3.10 Notwithstanding anything herein to the contrary, any
incremental cost or expense of Licensor relating to this Section 3 shall be
borne by Licensee.

      4. Royalties and License Fees.

            4.1

                  (a) For each year of the Term, Licensee shall pay Licensor a
royalty (the "Program Royalty") in cash for the Programs offered to it an
aggregate amount equal to 12% of Puerto Rico Net Time Sales.

                        (i) "Puerto Rico Net Time Sales" means all time sales of
            the Puerto Rico Stations, including barter and trade and television
            subscription revenue (including, without limitation, satellite
            subscription revenue), less, to the extent related to the Puerto
            Rico Stations, (i) advertising commissions, (ii) music license fees,
            (iii) outside affiliate compensation, and (iv) taxes (other than
            withholding taxes) paid by Licensee, calculated in accordance with
            U.S. generally accepted accounting principles ("GAAP"). Unless
            otherwise agreed in writing by the parties, barter and trade sales
            shall be valued at the fair market value of the goods or services
            received by the Puerto Rico Stations.

            4.2 Program Royalties shall be paid currently on a monthly basis on
the twelfth business day after the end of each month in a single payment to
Licensor based upon the parties' good faith best estimate at such time of the
amounts accrued. Appropriate adjustment (the "Adjustment") will be made to
Program Royalties on a quarterly basis within 45 days after the end of each
quarter, and the full amount thereof shall be paid or credited, as the case may
be, with the next monthly payment of Program Royalties for any difference
between the amounts so paid and those finally determined to have accrued. In all
cases, the calculation of the Adjustment will be made as promptly as practicable
by Licensee, and in the event of any disputes the determination shall be made by
a nationally recognized independent certified public accounting firm mutually
selected by Licensor and Licensee (or, if they fail to designate such a firm
within 10 days after written notice of a dispute, by such firm designated by the
President of the American Arbitration Association (or his designee)), whose
determination will be final and binding upon the parties. The fees and expenses
of such firm shall be paid one-half by Licensor and one-half by Licensee, unless
such firm determines it would be more equitable to

                                       9
<PAGE>

otherwise allocate such fees and expenses.

            4.3 All payments made pursuant to this section shall be in cash in
U.S. currency with accompanying back-up information in reasonable detail of
Puerto Rico Net Time Sales for the applicable period. In the case of the Program
Royalties such payments shall be calculated as provided above regardless of the
amount of Programs licensed hereunder or whether any such Programs are
broadcast. In order to assure compliance with the terms of this Agreement,
Licensor shall have the right to receive once each year a certificate from
Licensee's independent certified public accounting firm, which certificate shall
attest to the Puerto Rico Net Time Sales for the year. Licensee shall pay for
the preparation of such certificate and its delivery to Licensor. Licensor may
request additional certificates and services either from Licensee's accounting
firm or from a firm of certified public accountants chosen by Licensor. The fees
and expenses of the certified public accountants providing such additional
certificates and performing such additional services pursuant to this Section
4.3 shall be paid by Licensor, unless such verification results in an adjustment
in Licensor's favor equal or greater than 5% of the amount originally computed
by Licensee, in which case such fee will be paid by Licensee. Licensee agrees to
provide any certified public accountants designated by Licensor with access to
all business records of Licensor related to the computation of Puerto Rico Net
Time Sales. Licensor agrees to maintain the confidentiality of all information
learned from Licensee in connection with the performance of this Agreement,
other than information (i) which becomes public (unless it becomes public
because of a breach of this covenant by Licensor), (ii) which otherwise becomes
known to Licensor (unless Licensor knows that the information has been disclosed
in violation of a confidentiality agreement with Licensee), or (iii) which
Licensor is required by law, order or administrative law request or by stock
exchange rule or regulation to divulge.

            4.4 Any and all sums payable on account of sales, use or other
similar taxes arising out of or relating to the licensing or exhibition by
Licensee of the Programs, in addition to any personal property or other tax
assessed or levied by any governmental unit arising out of or relating to the
storage or possession of the Programs thereof by Licensee shall be paid by
Licensee.

            4.5 Licensee may deduct and withhold from any payment to or for the
account of Licensor with respect to the Program Royalties such amounts as it in
good faith determines it is required to withhold with respect to such payment
under applicable United States and state tax or territorial withholding laws,
and shall promptly remit such amounts to the appropriate taxing authority.
Within 30 days of any such remittance Licensee shall furnish to Licensor the
original or certified copy of a receipt evidencing payment, or other evidence of
payment reasonably satisfactory to Licensor. If Licensor has timely filed with
Licensee a duly completed Form 4224, 1001, W-8 or W-9, of the Internal Revenue
Service (or successor form thereto) or has complied with applicable procedures
under state law, entitling it to exemption from, or a reduced rate of,
withholding under the applicable law or regulations, the amount withheld shall
be accordingly limited. Licensee shall cooperate in any reasonable manner
requested by Licensor to minimize Licensor's withholding tax liability.

                                       10
<PAGE>

            4.6 If Licensee is more than 30 days late in paying any amount due
to Licensor under this Section 4, such late amounts shall thereafter bear
interest at a rate equal to LIBOR plus 5%, plus any applicable withholding.

      5. Special Programs, Co-Produced Programs and Other Special License
Matters.

            5.1 For purposes of this Agreement:

                  (a) "Special Programs" means special programs such as the
World Cup, other sporting events, political conventions, election coverage,
parades, pageants, special variety shows and other non-episodic and
non-continuing shows.

                  (b) "Non-Televisa-Produced Special Programs" means Special
Programs not produced directly or indirectly by or for Televisa.

                  (c) "Televisa-Produced Puerto Rico Special Programs" means
Televisa-Produced Special Programs for which Licensor has adequate rights to
license such Special Programs to Licensee under the terms of this Agreement.

                  (d) "Televisa-Produced Non-Puerto Rico Special Programs" means
Televisa-Produced Special Programs for which Licensor does not have adequate
rights to license such Special Programs to Licensee under the terms of this
Agreement.

                  (e) "Televisa-Produced Special Programs" means Special
Programs directly or indirectly produced by or for Televisa.

            5.2 Licensor shall use its best efforts, and shall cause its
Affiliates to use their best efforts, to coordinate its Non-Televisa-Produced
Special Program acquisitions with those of Licensee, so as to permit Licensee to
participate therein and to acquire rights in the Territory to such programs on
an advantageous basis and on terms satisfactory to Licensee; provided, however,
that the obligation to use "best efforts" shall not be interpreted to include
any obligation of Licensor or its Affiliates to expend additional money to
permit Licensee's participation or to acquire rights on an advantageous basis.

            5.3 Televisa-Produced Puerto Rico Special Programs shall be
"Programs" for all purposes of this Agreement.

            5.4 At the request of Licensee, Licensor shall use its best efforts,
and shall cause its Affiliates to use their best efforts, to acquire broadcast
rights in the Territory on terms satisfactory to Licensee for Televisa-Produced
Non-Puerto Rico Special Programs and any Co-Produced Program that falls within
clause (i) (but not clause (ii)) of the definition of "Co-Produced Programs" in
Section 1.2(c); provided, however, that the obligation to use its "best efforts"
shall not be interpreted to include any obligation of Licensor to expend
additional money, except to the extent reimbursed by the "Special Event Fee" (as
defined below). Such programs accepted by Licensee shall

                                       11
<PAGE>

be licensed hereunder to Licensee for the Program Royalty plus a license fee
(the "Special Event Fee") in the amount of the cost to Licensor of the
acquisition of broadcast rights in the Territory to such program, such costs to
be determined by the parties in good faith based on the portion of the total
amount paid by Licensor for broadcast rights that is reasonably allocated to the
acquisition of broadcast rights in the Territory.

            5.5 Licensor shall offer Licensee in accordance with all applicable
provisions of this Agreement all Co-Produced Programs that fall within clause
(ii) of the definition of "Co-Produced Program" in Section 1.2(c) for which
program Licensor has or can obtain adequate rights and licensing authority to
offer such programs to Licensee in compliance with the terms and conditions of
this Agreement, except that the Program Royalty specified in Section 4.1(a)
hereof shall not include the license fee for Co-Produced Programs. Compensation
to Licensor for all Co-Produced Programs accepted by Licensee shall be computed
and paid in accordance with such terms as the parties may mutually agree in
writing. If the parties are unable to agree on the royalty for any Co-Produced
Program within 10 days after such program is offered by Licensor, such program
may be sold to others in the Territory, so long as Licensor in good faith
determines that the terms and conditions applicable to such sale are more
favorable to the Licensor than those offered by the Licensee in writing within
such 10-day period.

      6. Representations and Warranties of Licensor.

            6.1 Licensor hereby agrees, warrants and represents as follows:

                  (a) Licensor is free to enter into and fully perform this
Agreement;

                  (b) Licensor has or will have the right to grant to Licensee
the broadcast rights to the Accepted Programs in the Territory set forth in this
Agreement, including but not limited to the necessary literary, artistic,
technological and intellectual property rights and has secured or will secure
all necessary written consents, permissions and approvals for incorporation into
such Programs of the names, trademarks, likenesses and/or biographies of all
persons, firms, products, companies and organizations depicted or displayed in
such Programs, and any preexisting film or video footage produced by third
parties;

                  (c) There are no and will not be any pending claims, liens,
charges, restrictions or encumbrances on the Accepted Programs that conflict
with the broadcast rights granted hereunder to such Programs in the Territory;

                  (d) Licensor has paid or will pay all compensation, residuals,
reuse fees, synchronization royalties, and other payments which must be made in
connection with the Accepted Programs and in connection with exploitation of the
rights herein granted to Licensee to any third parties including, but not
limited to, musicians, directors, writers, producers, announcers, publishers,
composers, on-camera and off-camera performers and other persons who
participated in production of such Programs, and to any applicable unions,
guilds or other labor organizations; provided,

                                       12
<PAGE>

however, that Licensor has not acquired performing rights for performance in the
Territory of the music contained in such Programs, which rights shall be
obtained by Licensee; provided, further, however, that Licensor warrants and
represents that all music is available for licensing through ASCAP, BMI or SESAC
(or any successor or similar entity in the United States or in Puerto Rico, as
applicable) or is in the public domain or is owned or controlled by Licensor to
the extent necessary to permit broadcasts hereunder in the Territory and no
additional clearance or payment is required for such broadcast;

                  (e) The main and end titles of the Accepted Programs and all
publicity, promotion, advertising and packaging information and materials
supplied by Licensor will contain all necessary and proper credits for the
actors, directors, writers and all other persons appearing in or connected with
the production of such Programs who are entitled to receive credit and comply
with all applicable contractual, guild, union and statutory requirements and
agreements;

                  (f) Exercise of the broadcast rights to the Accepted Programs
in the Territory will not infringe on any rights of any third party, including
but not limited to copyright, patent, trademark, unfair competition, contract,
property, defamation, privacy, publicity or "moral rights" (to the extent such
moral rights are recognized by U.S. law and Puerto Rican law, as applicable);

                  (g) Except to the extent expressly permitted by this
Agreement, Licensor has not and will not grant or license to others, and will
not itself exercise, any rights to broadcast any Program in or to the Territory,
including, but not limited to, by way of any broadcast over the radio of any
audio portion of any Accepted Program that is a novela in the Territory (other
than spill-over from Licensor's border radio stations in Mexico).

                  (h) Each and every one of the representations and warranties
made by Licensor herein shall survive the Broadcast Period for each Accepted
Program;

                        (i) To the extent Section 507 (as defined in Section 3.6
            above) is applicable, no Accepted Program includes or will include
            any matter for which any money, service or other valuable
            consideration is directly or indirectly paid or promised to Licensor
            by a third party, or accepted from or charged to a third party by
            Licensor, unless such is disclosed in accordance with Section 507.
            Licensor shall exercise reasonable diligence to inform its
            employees, and other persons with whom it deals directly in
            connection with such programs, of the requirements of Section 507;
            provided, however, that no act of any such employee or of any
            independent contractor connected with any of the programs, in
            contravention of the provisions of Section 507, shall constitute a
            breach of the provisions of this paragraph unless Licensor has
            actual notice thereof and fails promptly to disclose such act to
            Licensee. As used in this paragraph, the term "service or other
            valuable consideration" shall not include any service or property
            furnished without charge or at a nominal

                                       13
<PAGE>

            charge for use in, or in connection with, any of the programs
            "unless it is so furnished in consideration for an identification in
            a broadcast of any person, product, service, trademark or brand name
            beyond an identification which is reasonably related to the use of
            such service or property on the broadcast," as such terms are used
            in Section 507. No inadvertent failure by Licensor to comply with
            this paragraph shall be deemed a breach of this Agreement; and

                        (ii) For purposes of this Section 6.1 only, "Accepted
            Programs" shall be deemed to include Televisa Produced Puerto Rico
            Special Programs to the extent broadcast by Licensee.

            6.2 Licensor further agrees that, while it has no obligation to do
so, if it secures a producer's (Errors and Omissions) liability policy covering
the Programs, or any part thereof, it will cause Licensee to be named as an
additional insured on such policy and will cause a certificate of insurance to
be promptly furnished to Licensee, provided, however, that the inclusion of
Licensee as an additional insured does not result in any additional cost or
expense to Licensor. Licensor will notify Licensee when such insurance is
obtained and, after obtained if cancelled. Any such insurance as to which
Licensee is an additional insured shall be primary as to Licensee and not in
excess of or contributory to any other insurance provided for the benefit of or
by Licensee.

      7. Indemnification.

            7.1 Licensor agrees to hold Licensee, its partners, the partners of
any partnership that is a partner of Licensee, officers, employees, and agents
and the shareholders, officers, directors, employees and agents of the partners
or any corporation or partnership that is a partner of Licensee (collectively
the "Licensee Indemnitees"), harmless, from any claims, deficiencies,
assessments, liabilities, losses, damages, expenses (including, without
limitation, reasonable fees and expenses of counsel) (collectively, "Losses")
which any Licensee Indemnitee may suffer by reason of Licensor's breach of, or
non-compliance with, any covenant or provision herein contained or the
inaccuracy of any warranty or representation made in this Agreement and any such
damages shall be reduced by: (i) the amount of any net tax benefit ultimately
accruing to Licensee on account of Licensee's payment of such claim; (ii)
insurance proceeds which Licensee has or will receive in connection with such
claim, and (iii) any recovery from third parties in connection with such claim;
provided, however, that Licensor shall not delay payment of its indemnification
obligations hereunder pending resolution of any tax benefit or insurance or
third party claim if Licensee provides Licensor with an undertaking to reimburse
Licensor for the amount of any such claim ultimately received; and provided,
further, that Licensee shall have no obligation to obtain any such insurance
proceeds or recovery from third parties if and to the extent Licensor is
subrogated (in form and substance satisfactory to Licensor) to Licensee claims
in respect of such insurance or third parties.

            7.2 Licensee agrees to indemnify Licensor, its direct and indirect

                                       14
<PAGE>

shareholders and all officers, directors, employees and agents of any of the
foregoing (the "Licensor Indemnitees") against and hold the Licensor Indemnitees
harmless from any and all Losses incurred or suffered by any Licensor Indemnitee
arising out of a breach by Licensee of the representations, warranties,
covenants or agreements made or to be performed by it pursuant hereto, or
arising out of any program or commercial material (apart from the Programs)
furnished by Licensee and any such damages shall be reduced by: (i) the amount
of any net tax benefit ultimately accruing to Licensor on account of Licensor's
payment of such claim; (ii) insurance proceeds which Licensor has or will
receive in connection with such claim, and (iii) any recovery from third parties
in connection with such claim; provided, however, that Licensee shall not delay
payment of its indemnification obligations hereunder pending resolution of any
tax benefit or insurance or third party claim if Licensor provides Licensee with
an undertaking to reimburse Licensee for the amount of any such claim ultimately
received; and provided, further, that Licensor shall have no obligation to
obtain any such insurance proceeds or recovery from third parties if and to the
extent Licensee is subrogated (in form and substance satisfactory to Licensee)
to Licensor claims in respect of such insurance or third parties.

            7.3 The following procedures shall govern all claims for
indemnification made under any provision of this Agreement. A written notice (an
"Indemnification Notice") with respect to any claim for indemnification shall be
given by the party seeking indemnification (the "Indemnitee") to the party from
which indemnification is sought (the "Indemnitor") within thirty (30) days of
the discovery by the Indemnitee of such claim, which Indemnification Notice
shall set forth the facts relating to such claim then known to the Indemnitee
(provided that failure to give such Indemnification Notice as aforesaid shall
not release the Indemnitor from its indemnification obligations hereunder unless
and to the extent the Indemnitor has been prejudiced thereby). The party
receiving an Indemnification Notice shall send a written response to the party
seeking indemnification stating whether it agrees with or rejects such claim in
whole or in part. Failure to give such response within ninety (90) days after
receipt of the Indemnification Notice shall be conclusively deemed to constitute
acknowledgment of the validity of such claim. If any such claim shall arise by
reason of any claim made by third parties, the Indemnitor shall have the right,
upon written notice to Indemnitee within 30 days after receipt of the
Indemnification Notice, to assume the defense of the matter giving rise to the
claim for indemnification through counsel of its selection reasonably acceptable
to Indemnitee, at Indemnitor's expense, and the Indemnitee shall have the right,
at its own expense, to employ counsel to represent it; provided, however, that
if any action shall include both the Indemnitor and the Indemnitee and there is
a conflict of interest because of the availability of different or additional
defenses to the Indemnitee, the Indemnitee shall have the right to select
separate counsel to participate in the defense of such action on its behalf, at
the Indemnitor's expense. The Indemnitee shall cooperate fully to make available
to the Indemnitor all pertinent information under the Indemnitee's control as to
the claim and shall make appropriate personnel available for any discovery,
trial or appeal. If the Indemnitor does not elect to undertake the defense as
set forth above, the Indemnitee shall have the right to assume the defense of
such matter on behalf of and for

                                       15
<PAGE>

the account of the Indemnitor; provided, however, the Indemnitee shall not
settle or compromise any claim without the consent of the Indemnitor, which
consent shall not be unreasonably withheld. The Indemnitor may settle any claim
at any time at its expense, so long as such settlement includes as an
unconditional term thereof the giving by the claimant of a release of the
Indemnitee from all liability with respect to such claim.

      8. Term. The term of this Agreement (the "Term") shall be until December
17, 2017. Any license in effect for any Program at the end of the Term shall
continue through the Broadcast Period for such applicable Program, with no right
of re-license or extension at the end thereof, and all of the rights and
obligations of the parties under this Agreement with respect to such license
will continue through the Broadcast Period for such Program, it being agreed
that the parties shall enter into mutually satisfactory royalty arrangements
with respect to the Broadcast Period following the termination of this Agreement
in order to compensate Licensor for the use of Programs during such period and,
if the parties are unable to agree upon such royalty arrangements, the amount
thereof shall be determined based on prevailing market conditions.

            For purposes of this Agreement only:

                  (a) "Broadcast Period" means

                        (i) for novelas or other Programs with a plot line
            continuing through more than one episode, the time necessary to
            broadcast all episodes on a continuing basis without substantial
            interruption and

                        (ii) for all other programs (excluding one-program
            shows), (x) for weekly programs, the time period necessary to
            broadcast 26 episodes of the Program without substantial
            interruption, which under normal circumstances is expected to be 26
            continuous weeks and (y) for daily programs (Monday through Friday),
            26 weeks.

                  (b) "without substantial interruption" means that the Programs
will be scheduled and run on a continuing periodic basis except for occasional
preemption to accommodate one-time specials or programs which, because of their
nature or timeliness or because of FCC Rules, must in Licensee's reasonable
judgment be broadcast in lieu of the regularly scheduled Program.

            In addition this Agreement may be terminated by either party in the
event that the other party (i) materially breaches its obligations hereunder and
fails to cure such breach within 180 days of notice thereof (90 days for failure
to pay the Program Royalty when due) by the party seeking termination (which
notice shall describe the breach in reasonable detail); provided, however, that
the inaccuracy of any of Licensor's representations and warranties contained in
Section 6 hereof shall not be deemed to be a breach of its obligations for
purposes of this Section 8 to the extent that Licensor satisfies its
indemnification obligations with respect to such inaccuracy, or (ii) asserts
Force Majeure under Section 9 as a relief from substantially all of its
obligations hereunder for a period in excess of one year.

                                       16
<PAGE>

      9. Force Majeure. Neither party hereto shall be liable for or suffer any
penalty or termination of rights hereunder by reason of any failure or delay in
performing any of its obligations hereunder if such failure or delay is
occasioned by compliance with governmental regulation or order, or by
circumstances beyond the reasonable control of the party so failing or delaying,
including but not limited to acts of God, war, insurrection, fire, flood,
accident, strike or other labor disturbance, interruption of or delay in
transportation (a "Force Majeure Event"). Each party shall promptly notify the
other in writing of any such event of force majeure, the expected duration
thereof, and its anticipated effect on the party affected and make reasonable
efforts to remedy any such event, except that neither party shall be under any
obligation to settle a labor dispute. If Licensor is prevented by a Force
Majeure Event from delivering any Accepted Program to Licensee, the running of
the time period for purposes of computing the applicable Broadcast Period for
such Program shall be suspended and, if such Force Majeure Event prevents
Licensor from delivering any substitute Programs to Licensee, then Licensee's
obligations to pay the Program Royalty under Section 4.1 hereof shall be reduced
(but not below zero) for the time period or periods so affected to the extent
necessary to compensate Licensee for the cost of obtaining substitute
programming.

      10. Modification. This Agreement shall not be modified or waived in whole
or in part except in writing signed by an officer of the party to be bound by
such modification or waiver.

      11. Waiver of Breach. A waiver by either party of any breach or default by
the other party shall not be construed as a waiver of any other breach or
default whether or not similar and whether or not occurring before or after the
subject breach.

      12. Jurisdiction; Venue; Service of Process. Each of the parties
irrevocably submits to the jurisdiction of any California State or United States
Federal court sitting in Los Angeles County in any action or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby,
and irrevocably agrees that any such action or proceeding may be heard and
determined only in such California State or Federal court. Each of the parties
irrevocably waives, to the fullest extent it may effectively do so, the defense
of an inconvenient forum to the maintenance of any such action or proceeding.
Each of the parties irrevocably appoints CT Corporation System (the "Process
Agent"), with an office on the date hereof at 818 West 7th Street, Los Angeles,
CA, 90017 as his or its agent to receive on behalf of him or it and his or its
property service of copies of the summons and complaint and any other process
which may be served in any such action or proceeding. Such service may be made
by delivering a copy of such process to any of the parties in care of the
Process Agent at the Process Agent's above address, and each of the parties
irrevocably authorizes and directs the Process Agent to accept such service on
its behalf. As an alternate method of service, each of the parties consents to
the service of copies of the summons and complaint and any other process which
may be served in any such action or proceeding by the mailing or delivering of a
copy of such process to such party at its address specified in or pursuant to
Section 13. Each of the parties agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by

                                       17
<PAGE>

suit on the judgment or in any other manner provided by law.

      13. Notices. All notices and other communications required or permitted
hereunder shall be in writing, shall be deemed duly given upon actual receipt,
and shall be delivered (a) in person, (b) by registered or certified mail (air
mail if addressed to an address outside of the country in which mailed), postage
prepaid, return receipt requested, (c) by a generally recognized overnight
courier service which provides written acknowledgment by the addressee of
receipt, or (d) by facsimile or other generally accepted means of electronic
transmission (provided that a copy of any notice delivered pursuant to this
clause (d) shall also be sent pursuant to clause (b)), addressed as set forth in
Schedule 1 or to such other addresses as may be specified by like notice to the
other parties.

      14. Assignments. Either of the parties may assign its rights hereunder and
delegate its duties hereunder, in whole or in part, to an Affiliate capable to
perform the assignor's obligations hereunder, and either of the parties may
assign its rights hereunder and delegate its duties hereunder to any person or
entity to which all or substantially all of such party's businesses and assets
are pledged or transferred. No such assignment or delegation shall relieve any
party of its obligations hereunder. Any such assignment or delegation authorized
pursuant to this Section 14 shall be pursuant to a written agreement in form and
substance reasonably satisfactory to the parties. Except as otherwise expressly
provided herein, neither this Agreement nor any rights, duties or obligations
hereunder may be assigned or delegated by any of the parties, in whole or in
part, whether voluntarily, by operation of law or otherwise; provided, however,
that Licensor may assign, grant a security interest in or otherwise transfer its
rights to payment hereunder in connection with one or more financings. Any
attempted assignment or delegation in violation of this prohibition shall be
null and void. Subject to the foregoing, all of the terms and provisions hereof
shall be binding upon, and inure to the benefit of, the successors and assigns
of the parties. Nothing contained herein, express or implied, is intended to
confer on any person other than the parties or their respective successors and
permitted assigns, any rights, remedies, obligations or liabilities under or by
reason of this Agreement.

      15. Governing Law. This Agreement and the legal relations among the
parties shall be governed by and construed in accordance with the laws of the
State of California applicable to contracts between California parties made and
performed in that State, without regard to conflict of laws principles.

      16. Further Assurances. Each party hereto agrees to execute any and all
additional documents and do all things and perform all acts necessary or proper
to further effectuate or evidence this Agreement including any required filings
with the U.S. Copyright Office.

      17. Counterparts. This Agreement may be executed in counterparts, each of
which shall be an original instrument and all of which, when taken together,
shall constitute one and the same agreement.

                                       18
<PAGE>

      18. Severability. If any provision of this Agreement, or the application
thereof, shall for any reason or to any extent be invalid or unenforceable, then
the remainder of this Agreement and application of such provision to other
persons or circumstances shall continue in full force and effect and in no way
be affected, impaired or invalidated; provided that the aggregate of all such
provisions found to be invalid or unenforceable does not materially affect the
benefits and obligations of the parties of the Agreement taken as a whole.

      19. Specific Performance. The parties hereto agree that irreparable damage
may occur in the event that any of the provisions of this Agreement were not
performed in accordance with their specific terms or were otherwise breached. It
is accordingly agreed that the parties may be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions hereof in any court of the United States or any state
having jurisdiction pursuant to Section 12, this being in addition to any other
remedy to which they are entitled at law or in equity.

      20. Participation Agreement. All the terms and conditions of this
Agreement shall at all times be subject to the terms and conditions of the
Participation Agreement dated as of October 2, 1996 by and among UCI, A. Jerrold
Perenchio, GT, Messrs. Gustavo A. Cisneros and Ricardo J. Cisneros and
Corporacion Venezolana de Television, C.A. (VENEVISION), and if there is any
inconsistency between any terms and conditions of this Agreement and the terms
and conditions of the Participation Agreement, the Participation Agreement shall
prevail.

      21. Televisa Advertising.

                  (a) Advertising time on the Puerto Rico Stations which is not
sold to advertisers or used by Licensee or its subsidiaries for their own
purposes will be made available without charge to Televisa, Venevision and their
Affiliates. Other than as set forth in the following sentence, such time may be
used for promotion or direct sale (i.e., telemarketing) of products or services
now or hereafter owned or being provided by Televisa, Venevision or their
Affiliates (including, without limitation, theatrical motion pictures produced
or being distributed by any of them). Such time, however, will not be available
for any product or service that is marketed primarily by telemarketing that was
not owned or being provided by Televisa, Venevision or their Affiliates as of
December 17, 1992, and provided, further, that such time may be preempted by
Licensee or its subsidiaries to the extent that such time is to be sold to a
paying advertiser.

                  (b) Subject to the limitations set forth in paragraph 21(c)
below, (i) commencing as of January 1, 2006, Televisa and its Affiliates will
purchase an aggregate of $5,000,000 per year in non-preemptable advertising to
be used on (a) the Puerto Rico Stations and/or (b) the Stations, the Telefutura
Stations, the Networks and the Telefutura Network (each as defined in the Second
Amended and Restated Program License Agreement and; collectively with the Puerto
Rico Stations, the "Univision Stations and Networks"), and (ii) Televisa and its
Affiliates will purchase, during the calendar year 2006, an additional
$3,000,000 (the "Bonus Advertising Credit") in non-

                                       19
<PAGE>

preemptable advertising on the Univision Stations and the Networks provided that
the use of this advertising time may carry over throughout the Term until the
amount is fully used. Such advertising shall be sold to Televisa and its
Affiliates at the lowest rate for any spot aired in the same program on which
Licensor's spot is aired. For purposes of this paragraph, the "lowest rate" will
be net of advertising commissions (gross rate minus advertising commissions)
(e.g. the amount actually received by Licensee resulting from the application of
the relevant rate).

                  (c) The purchase by Televisa and its Affiliates of advertising
time on the Puerto Rico Stations (but not, for the avoidance of doubt, on the
Stations, the Telefutura Stations, the Networks or the Telefutura Network) under
paragraph (b) above shall be limited as follows: (i) Televisa and its Affiliates
may not acquire more than $750,000 in advertising on the Puerto Rico Stations in
any calendar quarter, (ii) Televisa and its Affiliates may not acquire
advertising on the Puerto Rico Stations in any calendar year in an amount higher
than the greater of (x) $2,500,000 or (y) 4% of Combined Puerto Rico Net Time
Sales for the immediately preceding calendar year, (iii) Televisa and its
Affiliates may not acquire more than two 30 second spots in any one broadcast
hour on the Puerto Rico Stations and (iv) Televisa and its Affiliates may not
use more than $750,000 of the Bonus Advertising Credit for advertising on the
Puerto Rico Stations. Licensee will guarantee the airing of non-preemptable
advertising time reserved and purchased by Televisa and its Affiliates pursuant
to Section 21(b) of this agreement and Section 22(b) of the Second Amended and
Restated Program License Agreement, provided that Licensor reserves such
non-preemptable advertising time at least 30 days prior to the commencement of
the calendar quarter in which such advertising will be aired, and provided
further that Licensee will guarantee the airing of non-preemptable advertising
time, in the event Licensor does not reserve such non-preemptable time within
the 30 day period, so long as such advertising time is available at the time
Licensee confirms of its availability.

                  (d) Televisa may not, however, directly or indirectly make
such free or purchased time available to Persons other than its Affiliates. All
material provided for broadcast by Televisa shall comply with the quality
standards for unaffiliated advertisers established by Licensee or its
subsidiaries from time to time. The Board of Directors of Licensee, by a vote
which includes, in addition to any other required vote of directors, the
affirmative vote of a majority of the Class T Director(s) (so long as a Class T
Voting Conversion (as defined in the Restated Certificate of Incorporation of
UCI) has not occurred) or a majority of the Class V Director(s) (so long as a
Class V Voting Conversion (as defined in the Restated Certificate of
Incorporation of UCI) has not occurred, may make such rules in connection with
the use of such time by Venevision and its Affiliates as it determines to be
appropriate, including, without limitation, rules for the fair allocation of
such time between Venevision and Televisa and their respective Affiliates.

      22. Univision Advertising. Commencing as of January 1, 2006, Licensee and
its controlled Affiliates will (i) purchase an aggregate of $5,000,000 per year
in non-premptable advertising on Licensor's television networks, and (ii)
Licensee and its

                                       20
<PAGE>

controlled Affiliates will purchase, during the calendar year 2006, an
additional $3,000,000 (the "Univision Bonus Advertising Credit") in
non-preemptable advertising on Licensor's television networks. Such advertising
cannot be preempted by Licensor or its Affiliates and shall be sold for the
lowest spot rate then being offered for a non-preemptable spot in the program
during which such time is sold provided that the use of such advertising time
may carry over throughout the Term until the amount is fully used. Licensee may
not, however, directly or indirectly make such free or purchased time available
to Persons other than its controlled Affiliates. All material provided for
broadcast by Licensee or its Affiliates shall comply with the quality standards
for unaffiliated advertisers established by Licensor or its Affiliates from time
to time. Televisa will guarantee the airing of non-preemptable advertising time
reserved and purchased by Licensee and its Affiliates pursuant to this Section
22, provided that Licensee reserves such non-preemptable advertising time at
least 30 days prior to the commencement of the calendar quarter in which such
advertising will be aired, and provided further that Televisa will guarantee the
airing of non-preemptable advertising time, in the event Licensee does not
reserve such non-preemptable time within the 30 day period, so long as such
advertising time is available at the time Televisa confirms of its availability.

      23. Internet.

                  (a) Notwithstanding anything to the contrary contained in this
Agreement, until December 19, 2006, except to the extent permitted by paragraphs
(b) and (c) below, and after December 19, 2006, except to the extent permitted
by paragraphs (b) and (c) below, and except to the extent, if any, otherwise
permitted by this Agreement or the Memorandum of Agreement dated as of December
19, 2001 between Televisa and UCI relating to Pay Television or implementing
documents (i) Licensee may not broadcast or otherwise transmit, or permit others
to broadcast or otherwise transmit, any Program or any portion thereof over or
by means of the internet, or similar systems, now existing or hereafter
developed ("Internet") and (ii) Licensor may not broadcast or otherwise
transmit, or permit others to broadcast or otherwise transmit, Programs covered
by this Agreement (or any portion thereof) over or by means of the Internet.

                  (b) Licensor shall have the right to broadcast or otherwise
transmit, or permit others to broadcast or otherwise transmit, over or by means
of the Internet "clips" from Programs covered by this Agreement so long as (i)
in the case of novelas, clips from any episode of a Program may not exceed 30
seconds in the aggregate in duration and no clips may be used which are from any
of the last 5 chapters of any such novela or from any portion of any episode
that reveals the resolution of any plot or conflict (provided that such
restriction regarding final chapter clips and clips revealing plot or conflict
resolution with respect to any novela shall not be applicable before 6 months
prior to the Puerto Rico Stations' broadcast of such novela and UCI will give
Licensor reasonable notice to enable Licensor to comply with this restriction),
(ii) in the case of Programs (other than novelas and sports events) clips from
any episode of a Program may not exceed 60 seconds in the aggregate in duration
and (iii) in the case of sports events, clips are (a) to be carried with at
least a 5 minute delay from the live event

                                       21
<PAGE>

and (b) limited to highlights of such event of not more than 2 minutes per
highlight clip and 10 minutes in the aggregate.

                  (c) To the extent appropriate technology exists or is
hereafter developed so that video images through a streaming media or other
similar application (hereinafter "streaming video") can be sold through the
Internet on a subscription basis, then Licensor and its Affiliates may exploit,
or permit others to exploit, outside the Territory the sale of Programs selected
by Televisa (all such Programs being referred to as "Televisa Internet Content")
via the Internet on a subscription basis only; provided that Televisa or such
other person uses commercially reasonable efforts to prohibit reception of such
Televisa Internet Content in Territory.

                  (d) After December 19, 2006, unless the parties otherwise
agree in writing, for the purposes of determining the rights of Licensor and its
Affiliates with respect to the Internet, Section 1.3 of this Agreement shall
revert to the provisions of Section 1.3 as set forth on Exhibit A hereto, and no
presumption shall be implied or created by the modification to Section 1.3 as of
the date hereof, or the agreements and transactions entered into by Licensor and
Licensee and their respective Affiliates as of the date hereof, it being
acknowledged and agreed that Licensor and Licensee disagree as to the rights of
Licensor and its Affiliates under Section 1.3 as set forth on Exhibit A hereto,
Licensor and Licensee and their respective Affiliates reserve all rights.

      24. Amendment of Venevision Agreement or Univision Agreement. Licensee
agrees that it shall not amend the Venevision Agreement or the Univision
Agreement without the prior written consent of Licensor, which consent shall not
be unreasonably withheld.

                                       22
<PAGE>

            IN WITNESS WHEREOF, the parties have set their hands as of the day
and year first above written.

                                  GRUPO TELEVISA, S.A.

                                  By: /s/ Salvi Folch/Joaquin Balcarcel
                                      ------------------------------------------
                                       Name:  Salvi Folch/Joaquin Balcarcel
                                       Title: Chief Financial Officer/General
                                                   Counsel

                                  UNIVISION COMMUNICATIONS INC.

                                  By:  /s/ C. Douglas Kranwinkle
                                      ------------------------------------------
                                       Name:  C. Douglas Kranwinkle
                                       Title: Executive Vice President

                                       23
<PAGE>

Exhibit A

      1.3   Licensor and its Affiliates shall have the right and ability to, and
            to permit others to: (i) transmit or re-transmit in any electronic
            form or other means, from any television station in Mexico, or via
            satellite which receives its signal from any earth station or other
            facility in Mexico, any Programs which may also be covered by this
            Agreement, notwithstanding the fact that such transmissions or
            re-transmissions may be viewed in the Territory, provided that
            neither Licensor nor its Affiliates consent to the retransmission of
            such Programs by any television station in the Territory or by any
            cable system in the Territory that is located beyond 35 miles from
            the community of license of any transmitting television station in
            Mexico transmitting the Programs (any such cable re-transmission
            within such 35 mile limit being hereby expressly permitted); and
            (ii) market and promote and otherwise generate revenues (including,
            but not limited to, the sale of advertising time) attributable to
            the ability of viewers in the Territory to receive such Programs.

                                       24
<PAGE>

Schedule 1

                                     NOTICES

            (i)   If to Licensee:

                        1999 Avenue of the Stars, Suite 3050
                        Los Angeles, California 90067
                        Attn:  C. Douglas Kranwinkle, Esq.
                        Telecopier: (310) 556-3568

                        with a copy to:

                        O'Melveny & Myers LLP
                        1999 Avenue of the Stars, Suite 700
                        LosAngeles, California 90067
                        Attention:  Robert D. Haymer, Esq.
                        Telecopier: (310) 246-6779

            (ii)  If to Licensor:

                        Grupo Televisa, S.A.
                        Av. Vasco de Quiroga No. 2000
                        Edificio A, Piso 4, Colonia Sante Fe
                        01210, Mexico, DF
                        Attention: Alfonso de Ango itia and Joaquin Balcarcel
                        Telecopier: 011-52-555-261-2451

                        with a copy to:

                        Fried, Frank, Harris, Shriver & Jacobson LLP
                        One New York Plaza
                        New York, New York 10004
                        Attention: Kenneth Rosh, Esq.
                        Telecopier: (212) 859-8589

                                       25

<PAGE>


                                   SCHEDULE 2

                             FCC LICENSE AND STATION

<TABLE>
<CAPTION>
CALL SIGN                               LOCATION
- ---------                               --------
<S>                                <C>
  WLII(TV)                         Caguas, Puerto Rico
  KC26233                              Puerto Rico
  KC26234                              Puerto Rico
  KM9679                               Puerto Rico
  KPK443                               Puerto Rico
  KPK449                               Puerto Rico
  KRE81                                Puerto Rico
  WLE614                               Puerto Rico
  WLE618                               Puerto Rico
  WPNF900                              Puerto Rico
  WPNM766                              Puerto Rico
  WPNM767                              Puerto Rico
   WWX23                               Puerto Rico
  WPOT652                              Puerto Rico
  WPSP380                              Puerto Rico
  WSUR-TV                          Ponce, Puerto Rico
  KC23137                              Puerto Rico
  KN3114                               Puerto Rico
  KPH781                               Puerto Rico
  KPK447                               Puerto Rico
  KPK448                               Puerto Rico
  KPK537                               Puerto Rico
  KPM520                               Puerto Rico
  KPM521                               Puerto Rico
  WBX283                               Puerto Rico
   WHA68                               Puerto Rico
  WPTD632                              Puerto Rico
  WPTD634                              Puerto Rico
   WRE43                               Puerto Rico
   WWU74                               Puerto Rico
</TABLE>

                                       26
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.9
<SEQUENCE>4
<FILENAME>y22671exv4w9.txt
<DESCRIPTION>EXEX-4.9: ENGLISH TRANSLATION OF INVESTMENT AGREEMENT
<TEXT>
<PAGE>

                                                                 CLOSING VERSION

                  INVESTMENT CONTRACT OF TELEVISA IN M/A AND IN
                     GESTORA DE INVERSIONES AUDIOVISUALES LA
                                   SEXTA, S.A.

              ----------------------------------------------------

                                 By and between



                         THE STOCKHOLDERS OF GRUPO ARBOL

                        THE STOCKHOLDERS OF MEDIAPRO B.V.

                            ARBOL PRODUCCIONES, S.A.

                        MEDIAPRODUCTIONS PROPERTIES, B.V.

                               THE MEMBERS OF M/A

                                       M/A

                                       SPV

                                       AND

                              GRUPO TELEVISA, S.A.





                             Madrid, March 26, 2006


                                (GARRIGUES LOGO)


   Hermosilla, 3 - 28001 Madrid - Spain - T+34 91 514 52 00 F+34 91 399 24 08


<PAGE>



                                TABLE OF CONTENTS

<TABLE>
<S>                                                                         <C>
IN SESSION                                                                   5

1.     PRELIMINARY OBLIGATION                                               12

2.     LINE OF CREDIT                                                       13

3.     OPTIONS FOR GAMP AND SPV                                             14

4.     ASSUMPTION OPTION                                                    14

5.     STOCKHOLDER CONTROL, HOLDING AND INTENDED USE OF THE FUNDS           15

6.     EXCLUSIVE NEGOTIATION RIGHT                                          17

7.     RIGHT OF FIRST REFUSAL                                               21

8.     NO COMPETITION                                                       23

9.     NO SOLICITATION                                                      24

10.    RIGHTS AS MINORITY STOCKHOLDER                                       25

11.    MEMBERSHIP                                                           25

12.    CONDITION FOR RESCISSION                                             25

13.    GENERAL                                                              26

    13.1   Expenses and Taxes                                               26

    13.2   Cooperation                                                      26

    13.3   Notices                                                          26

    13.4   Entire Agreement; Amendments                                     26

    13.5   Invalidity, Nullity and Partial Ineffectiveness                  27

    13.6   Non-Existence of Waiver                                          27

    13.7   Declarations                                                     27

14.    COMPLIANCE AND RESCISSION                                            27

15.    APPLICABLE LAW                                                       28
</TABLE>


                                        2

<PAGE>

<TABLE>
<S>                                                                         <C>
16.    JURISDICTION                                                         28

17.    ADDITIONAL PROVISION                                                 28
</TABLE>

                                       3


<PAGE>

                               LIST OF APPENDICES


APPENDIX G1                LA SEXTA STOCK PURCHASE AND PLACECITYSALE POLICY

APPENDIX G2:               LA SEXTA STOCKHOLDER AGREEMENT

APPENDIX I:                MERGER AGREEMENT

APPENDIX 1(B):             AUDITED FINANCIAL STATEMENTS OF GRUPO ARBOL AND
                           MEDIAPRO B.V. FOR THE YEAR 2004, CONSOLIDATED
                           FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2005, FOR
                           EACH OF THE COMPANIES AND CONSOLIDATED PRO FORMA
                           FINANCIAL STATEMENTS FOR BOTH COMPANIES AS OF
                           DECEMBER 31, 2004, AND SEPTEMBER 30, 2005, AND
                           UPDATED CHART AS OF MARCH 26, 2006, WITH ALL
                           SUBSIDIARIES OF BOTH GROUPS

APPENDIX 1 (B) II.:        ASSETS EXCEPTED FROM THE M/A MERGER

APPENDIX 2:                TELEVISA ENGAGEMENT LETTER

APPENDIX 2 BIS:            LINE OF CREDIT

APPENDIX 2 TER:            GAMP PLEDGE CONTRACT

APPENDIX 2 QUATER:         SPV PLEDGE CONTRACT

APPENDIX 3:                SPV STOCK PURCHASE OPTION

APPENDIX 3 BIS:            GAMP STOCK PURCHASE OPTION

APPENDIX 4:                M/A HOLDINGS ASSUMPTION OPTION

APPENDIX 10:               RIGHTS AS MINORITY STOCKHOLDER

APPENDIX 11:               LETTER OF MEMBERSHIP

APPENDIX 13.3:             NOTICES

                                       4

<PAGE>

                                   IN SESSION

This contract is executed in Madrid on March 26, 2006, with the participation of
Mr. Fernando Molina Stranz, Notary in Madrid and a member of the College of
Notaries, by and between

I.       AS PARTY OF THE FIRST PART,

         MR. EMILIO ARAGON ALVAREZ, of legal age, with professional domicile in
         Madrid at Carretera de Fuencarral a Alcobendas, km 12,450, and National
         Identity Card D.N.I. 2.513.515-Y.

         CARIBE MUSIC S.A. (hereinafter known as "CARIBE MUSIC"), a company
         formed under the Laws of Spain, with Tax Identification Code (T.I.C.)
         A-78968716 and company headquarters located at Menendez Pidal 43.
         CARIBE is represented herein by Mr. Emilio Aragon Alvarez, with
         National Identity Card/Tax Identification Number 2.513.515-Y, who
         appears in his position as Chief Executive Officer, as demonstrated by
         a copy of the Public Document issued before the Notary in Madrid, Mr.
         Jesus Franch Valverde, on December 27, 2001, under No. 3.070 of his
         records.

         MR. DANIEL ECIJA BERNAL, of legal age, with professional domicile in
         Madrid at Carretera de Fuencarral a Alcobendas, km 12,450, and National
         Identity Card 5.254.706-B.

         PIPEN, S.L. (hereinafter known as "PIPEN"), a company formed under the
         Laws of Spain, with Tax Identification Code (T.I.C.) B-03834389 and
         company headquarters located at Calle Penalara, Parcela 196,
         Urbanizacion Soto de Vinuelas, Tres Cantos (Madrid). PIPEN is
         represented herein by Mr. Daniel Ecija Bernal, with National Identity
         Card/Tax Identification Number 5.254.706-B, who appears in his position
         as Sole Director, as demonstrated by a copy of the Public Document
         issued before the Notary in Madrid, Mr. Emilio Lopez Melida, on May 22,
         1998, under No. 1.653 of his records.

         MR. JOSE MIGUEL CONTRERAS TEJERA, of legal age, with professional
         domicile in Madrid at Carretera de Fuencarral a Alcobendas, km 12,450,
         and National Identity Card 51.338.117-R.

         JMC 2000, S.L. (hereinafter known as "JMC 2000"), a company formed
         under the Laws of Spain, with Tax Identification Code (T.I.C.)
         B-81155608 and company headquarters located at Calle Navacerrada 3,
         Tres Cantos. JMC 2000 is represented herein by Mr. Jose Miguel
         Contreras Tejera, with National Identity Card/Tax Identification Number
         51.338.117-R, who appears in his position as Sole Director, as
         demonstrated by a copy of the Public Document issued before the Notary
         in Valencia, Mr. Miguel Gines Albalate, on December 18, 1998, under No.
         3.477 of his records.

         MR. ANDRES VARELA ENTRECANALES, of legal age, with professional
         domicile in Madrid at Carretera de Fuencarral a Alcobendas, km 12,450,
         and National Identity Card 5.383.505-X.

         MGVH 2000, S.L. (hereinafter known as "MGVH 2000"), a company formed
         under the Laws of Spain, with Tax Identification Code (T.I.C.)
         B-81916017 and

                                       5

<PAGE>

         company headquarters located at Calle C/Justiniano No. 9. MGVH 2000 is
         represented herein by Mr. Andres Varela Entrecanales, with National
         Identity Card/Tax Identification Number 5.383.505-X, who appears in his
         position as Joint Director, as demonstrated by a copy of the Public
         Document issued before the Notary in Madrid, Mr. Pablo Duran de la
         Colina, on February 27, 2003, under No. 705 of his records.

         GAVEC CARTERA 24, S.L. (hereinafter known as "GAVEC CARTERA 24"), a
         company formed under the Laws of Spain, with Tax Identification Code
         (T.I.C.) B-84359546, with company headquarters located in Madrid, at
         Carretera de Fuencarral a Alcobendas, km. 12,450. GAVEC CARTERA 24 is
         represented herein by Mr. Emilio Aragon Alvarez and Mr. Andres Varela
         Entrecanales, with National Identity Cards/Tax Identification Numbers
         2.513.515-Y and 5.383.505-X, who appear in their positions as Joint
         Agents, as demonstrated by a copy of the Public Document issued before
         the Notary in Madrid, Mr. Ignacio Paz-Ares Rodriguez, on May 25, 2005,
         under No. 1.456 of his records.

         MR. FEDERICO GARCIA ARQUIMBAU AYUSO, of legal age, domiciled at Plaza
         de los Sagrados Corazones, No. 1, 8th floor, and National Identity Card
         22.891.884-F.

         MR. MANUEL VALDIVIA SANTIAGO, of legal age, with professional domicile
         in Madrid at Carretera de Fuencarral a Alcobendas, km 12,450, and
         National Identity Card 5.352.874-S.

         Mr. Emilio Aragon Alvarez, Mr. Daniel Ecija Bernal, Mr. Jose Miguel
         Contreras Tejera, Mr. Andres Varela Entrecanales, Mr. Federico Garcia
         Arquimbau Ayuso, Mr. Manuel Valdivia Santiago, CARIBE MUSIC, PIPEN, JMC
         2000, MGVH 2000 and GAVEC CARTERA 24 are hereinafter known as the
         "STOCKHOLDERS OF THE GRUPO ARBOL".

II.      AS PARTY OF THE SECOND PART,

         MR. JAUME ROURES I LLOP, of legal age, with professional domicile in
         Esplugues de Llobregat (Barcelona), at Calle Gaspar Fabregas, No. 81,
         3rd Floor, Edificio Imagina, and National Identity Card 37.259.141-S,
         represented by Mr. Josep Maria Benet Ferran, by reason of the power of
         attorney granted on March 24, 2006, before the Notary, Mr. Miguel de
         Paramo Arguelles, in a public document with record number 2426.

         MEDIACABLE SERVICIOS DE PRODUCCION, S.L. (hereinafter known as
         "MEDIACABLE"), a company formed under the Laws of Spain, with Tax
         Identification Code (T.I.C.) B-61948444 and company headquarters
         located in Esplugues de Llobregat, at Calle Gaspar Fabregas, No. 81,
         represented herein by Mr. Josep Maria Benet Ferran, by reason of the
         power of attorney granted on March 24, 2006, before the Notary, Mr.
         Miguel de Paramo Arguelles, in a public document with record number
         2425.

         MR. JOSEP MARIA BENET FERRAN, of legal age, with professional domicile
         in Esplugues de Llobregat (Barcelona), at Calle Gaspar Fabregas, No.
         81, 3rd Floor, Edificio Imagina, and National Identity Card
         40.857.318-A.

         ATAS CORP, S.L. (hereinafter known as "ATAS CORP"), a company formed
         under the Laws of Spain, with Tax Identification Code (T.I.C.)
         B-62270590, with company headquarters located in Esplugues de
         Llobregat, at Calle Gaspar Fabregas, No. 81, represented herein by Mr.
         Josep Maria Benet Ferran, with


                                       6
<PAGE>

         National Identity Card No. 40.857.318-A, who appears as Sole Director,
         appointed by reason of the public document issued on June 23, 2000, by
         the Notary in Barcelona, Mr. Lorenzo P. Valverde Garcia, under No. 1814
         of his records.

         MR. GERARD ROMY BELILOS, of legal age, with professional domicile in
         Esplugues de Llobregat (Barcelona), at Calle Gaspar Fabregas, No. 81,
         3rd Floor, Edificio Imagina, and National Identity Card 37.663.569-B.

         MEDIAVIDEO, S.L. (hereinafter known as "MEDIAVIDEO"), a company formed
         under the Laws of Spain, with Tax Identification Code (T.I.C.)
         B-59200253, with company headquarters located in Barcelona, at Calle
         Trafalgar 4, represented herein by Mr. Gerard Romy Belilos, with
         National Identity Card No. 37.663.569-B, who appears as Sole Director,
         appointed by reason of the public document issued on September 5, 2002,
         by the Notary in Barcelona, Mr. Francisco Palop Tordera, under No. 1360
         of his records.

         MEDIACAPITAL B.V. (hereinafter known as "MEDIACAPITAL"), a company
         formed under the Laws of The Netherlands, with company headquarters
         located at Prins Hendriklaan 18, 1075 BC Amsterdam (The Netherlands).
         MEDIACAPITAL is represented herein by Mr. Gerard Romy Belilos, with
         National Identity Card No. 37.663.569-B, who appears in his position as
         agent by reason of the power of attorney issued on March 23, 2006, by
         the Notary Martijn Albers.

         CAVENDISH SQUARE HOLDING B.V. (hereinafter known as "WPP"), a company
         formed under the Laws of The Netherlands, with company headquarters
         located at Prins Alexanderplein 8, 3067 GC Rotterdam (The
         Netherlands).WPP is represented herein by Mr. Josep Tomas Aurin, in his
         position as verbally-appointed agent.

         WITGOUD INVESTMENTS B.C. (hereinafter known as "WITGOUD"), a
         limited-liability company with headquarters at Foppingadreef 22, 1102
         BS Amsterdam Zuidoost (The Netherlands), formed and duly existing under
         and in accordance with the Laws of The Netherlands, with number
         33068605 (hereinafter known as "WITGOUD"). Representing it, Mr. Josep
         Tomas Aurin is acting in his position as agent, as demonstrated by a
         copy of his Power of Representation legalized before the Notary in The
         Netherlands, Mr. Martijn Albers, dated March 24, 2006, bearing the
         appropriate apostille.

         Mr. Jaume Roures i Llop, Mediacable, Mr. Joseph Maria Benet Ferran,
         Atas Corp, Mr. Gerard Romy Belillos, Mediavideo, MEDIACAPITAL, WPP and
         WITGOUD shall hereinafter be known, jointly, as the "STOCKHOLDERS OF
         MEDIAPRO B.V."

         The Stockholders of the Grupo Arbol and the Stockholders of MediaPro
         B.V. shall hereinafter be known, jointly as the "MEMBERS OF M/A."

III.     AS PARTY OF THE THIRD PART,

         ARBOL PRODUCCIONES, S.A. (hereinafter known as "GRUPO ARBOL"), a
         company formed under the Laws of Spain, with Tax Identification Code
         (T.I.C.) A-81/763492, with company headquarters located in Madrid, at
         Carretera de Fuencarral a Alcobendas, km. 12,400. Grupo Arbol is
         represented herein by Mr. Jose Miguel Contreras Tejera, with National
         Identity Card/Tax Identification Number 51.338.117-R, who appears in
         his position as Agent, by reason of the

                                       7

<PAGE>

         powers conferred upon him by agreement of the Board of Directors, which
         agreements were publicly recorded on June 17, 1997, by the Notary in
         Madrid, Mr. Jesus Franch Valverde, under No. 1604 of his records,
         having been specially authorized for this act by reason of the company
         approvals adopted by the meeting of the Board of Directors of the
         above-named company held on March 26, 2006.

IV.      AS PARTY OF THE FOURTH PART,

         MEDIAPRODUCTION PROPERTIES B.V. (hereinafter known as "MEDIAPRO B.V."),
         a company formed under the Laws of The Netherlands, with company
         headquarters located at Prins Hendriklaan 18, 1075 BC Amsterdam (The
         Netherlands). MediaPro B.V. is represented herein by Josep Maria Benet
         Ferran, with National Identity Card No. 40.857.318-A, who appears in
         his position as agent by reason of the power of attorney issued on
         March 23, 2006, by the Notary Martijn Albers.

V.       AS PARTY OF THE FIFTH PART,

         Grupo Afinia, S.L. (hereinafter known as "MA"), a company formed under
         the Laws of Spain, with company headquarters located in Esplugues de
         Llobregat (Barcelona) at Calle Gaspar Fabregas, 81. MA is represented
         herein by Mr. Josep Maria Benet Ferran and Mr. Andres Varela
         Entrecanales, with National Identity Cards/Tax Identification Numbers
         40857.318-A and 5.383.505-X, respectively, who appear in their
         positions as Joint Agents by reason of the powers conferred upon them
         by the agreement of the Board of Directors, which agreements were
         publicly recorded on March 24, 2006, by the Notary in Madrid, Mr.
         Ignacio Paz-Ares Rodriguez under No. 783 of his records.

VI.      AS PARTY OF THE SIXTH PART,

         Inversiones Mediapro Arbol S.L. (hereinafter known as "SPV"), a company
         formed under the Laws of Spain, with company headquarters located in
         Madrid, at Carretera de Fuencarral a Alcobendas, Km, 12,450. SPV is
         represented herein by Mr. Andres Varela Entrecanales and Mr. Josep
         Benet Ferran, with National Identity Cards/Tax Identification Numbers
         5.383.505-X and 40857.318-A, respectively, in their positions as Joint
         Directors, to which positions they were appointed in the Charter of the
         company issued on March 24, 2006, before the Notary in Madrid, Mr.
         Ignacio Paz-Ares Rodriguez, under No. 788 of records, pending
         registration.

VII.     AS PARTY OF THE SEVENTH PART,

         GRUPO TELEVISA, S.A. (hereinafter known as "TELEVISA"), a Mexican
         company, with company headquarters at Av. Vasco de Quiroga, No. 2,000,
         Colonia Santa Fe, 01210 Mexico, F.D., formed in accordance with
         document number 30.200, issued in Mexico City on December 19, 1990,
         before Licenciado Francisco Javier Mondragon Alarcon, Notary Public,
         Holder of Notary's Office No. 73 in Mexico City, the first copy of
         which is recorded in the Commercial Registry under No. 142.164 of the
         Public Property and Commerce Registry of the Federal District. Televisa
         is represented herein by Mr. Salvi Rafael Folch Viadero and Mr. Joaquin
         Balcarcel Santa Cruz, who appear and represent the company by reason of
         the power of attorney granted by the Board of Directors of this company
         on February 25, 2002, before Licenciado Rafael Manuel Oliveros Lara,
         Notary Public, holder of Notary's Office No. 45 of the Federal
         District, under No. 56.299,

                                       8

<PAGE>

         apostille affixed on October 11, 2005, in conformity with the Treaty of
         the Hague of 1961.

The Stockholders of Grupo Arbol, the Stockholders of MediaPro B.V., Grupo Arbol,
MediaPro B.V., the Members of M/A, M/A, SPV and Televisa shall be known
hereinafter, jointly, as the "PARTIES," and each of them individually as the
"PARTY."

The Parties declared and reciprocally recognize the legal capacity necessary to
execute this contract.

                                     WHEREAS

A.       The Stockholders of Grupo Arbol wholly own the stock in Grupo Arbol, as
         shown in the table below.

<TABLE>
<CAPTION>

           STOCKHOLDERS OF GRUPO ARBOL            NUMBER OF SHARES            % OF AUTHORIZED CAPITAL
           ---------------------------            ----------------            -----------------------
<S>                                               <C>                         <C>
       Emilio Aragon Alvarez                           20,262                          13.52
       Caribe Music, S.A.                               6,507                           4.34
       Daniel Ecija Bernal                             20,262                          13.52
       Pipen, S.L.                                      6,507                           4.34
       Jose Miguel Contreras Tejera                     6,064                           4.05
       JMC 2000, S.L.                                  20,705                          13.82
       Andres Varela Entrecanales                       7,908                           5.28
       MGVH 2000, S.L.                                 18,861                          12.59
       GAVEC CARTERA 24, S.L.                          35,965                          24.00
       Federico G(a)Arquimbau Ayuso                     3,647                           2.43
       Manuel Valdivia Santiago                         3,167                           2.11
                                     TOTAL:           149,855                           100%
</TABLE>

B.       All of the above shares were pledged to Banco de Sabadell, S.A., in
         guarantee of the loan agreement of September 21, 2005, for a total
         amount of 46,402,810.08 Euros, of which GAVEC Cartera 24, S.L. owes the
         amount of 35,999,866.05 Euros (Tranche A).

C.       After the M/A Merger, the Stockholders of MediaPro B.V. will, directly
         or indirectly, wholly own the interests in MediaPro B.V., the parent
         company of the group including Mediaproduccion, S.L. (company wholly
         owned by MediaPro B.V., formed under the Laws of Spain, with Tax
         Identification Code (T.I.C.) B-60.18.752, with company headquarters
         located in Esplugues de Llobregat (Barcelona), Calle Gaspar Fabregas i
         Roses, No. 81, 3rd Floor, hereinafter known as "MEDIAPRO"). As of
         today, MEDIACAPITAL wholly owns the authorized capital of MediaPro B.V.

                                       9

<PAGE>

D.       Grupo Arbol and Mediapro hold 37.44% and 35.56%, respectively, of the
         capital in GAMP Audiovisual, S.A. (hereinafter known as "GAMP"). GAMP
         is a company formed under the Laws of Spain, with Tax Identification
         Code (T.I.C.) A84434968, with company headquarters located in Madrid,
         at Carretera de Fuencarral a Alcobendas, km. 12,400. The complete list
         of stockholders of GAMP is given in the table below. The stock is free
         of any lien or encumbrance.

<TABLE>
<CAPTION>
               STOCKHOLDERS OF GAMP               NUMBER OF SHARES            % OF AUTHORIZED CAPITAL
               --------------------               ----------------            -----------------------
<S>                                               <C>                         <C>
       GRUPO ARBOL                                     74,879                          37.44%
       MEDIAPRO                                        71,135                          35.56%
       DRIVE ENTERTAINMENT, S.L.                       20,002                             10%
       GABASCAR, S.A                                   20,002                             10%
       GRUP EMPRESARIAL EL TERRAT, S.L.                14,002                              7%
                                     TOTAL:           200,020                            100%
</TABLE>

E.       GAMP is a company intended solely to be a vehicle through which the
         Grupo Arbol and MediaPro, together with other partners, hold 60% of
         Gestora de Inversiones Audiovisuales La Sexta, S.A. (hereinafter known
         as "LA SEXTA"). LA SEXTA is a company formed under the Laws of Spain,
         with Tax Identification Code (T.I.C.) A-84/434935, with company
         headquarters located in Madrid, at Carretera de Fuencarral a
         Alcobendas, km. 12,400. The complete list of stockholders of La Sexta,
         in accordance with the provisions of Statement G below, is given in the
         table below. The stock is free of any lien or encumbrance.

<TABLE>
<CAPTION>
             STOCKHOLDERS OF LA SEXTA             NUMBER OF SHARES            % OF AUTHORIZED CAPITAL
             ------------------------             ----------------            -----------------------
<S>                                               <C>                         <C>
       GAMP                                            600,608                          60%
       Televisa                                        400,405                          40%
                                     TOTAL:          1,001,013                         100%
</TABLE>

F.       LA SEXTA is the shell company created for participation in a public bid
         for the award of a license for the operation of public television
         service on a state level under the system of broadcasting on networks,
         according to the Resolution of July 29, 2005, of the Secretary of State
         for Telecommunications and the Information Society, published in the
         B.O.E. of July 30, 2005 (hereinafter known as the "LICENSE") and the
         operation thereof (hereinafter known as the "Project"), which bid it
         won according to agreement of the Council of Ministers of November 25,
         2005.

                                       10

<PAGE>

G.       On October 14, 2005, Televisa acquired from GAMP stock in LA SEXTA,
         making up 40% of the authorized capital thereof, by means of the stock
         purchase and sale policy, a copy of which is appended as Appendix G1,
         and, as of today, it signed a Stockholder Agreement with GAMP, Grupo
         Arbol, MediaPro, M/A, SPV and LA SEXTA regulating, among other aspects,
         the terms and conditions governing the relations among all the parties
         thereto, among the stockholders of LA SEXTA, and among the latter and
         LA SEXTA (hereinafter known as the "LA SEXTA STOCKHOLDER AGREEMENT", a
         copy of which is appended as Appendix G2).

H.       M/A is a company created for the purposes indicated in the following
         statement. As of today, the interests in the full authorized capital of
         M/A is given in the table below. The interests are free of any lien or
         encumbrance.

<TABLE>
<CAPTION>
                      MEMBERS OF M/A                NUMBER OF INTERESTS      % OF AUTHORIZED CAPITAL
                      --------------                -------------------      -----------------------
<S>                                                 <C>                      <C>
         Emilio Aragon Alvarez                                  3,245                     5.41
         Caribe Music, S.A.                                     1,042                     1.74
         Daniel Ecija Bernal                                    3,245                     5.41
         Pipen, S.L.                                            1,042                     1.74

         Jose Miguel Contreras Tejera                             971                     1.62
         JMC 2000, S.L.                                         3,316                     5.53
         Andres Varela Entrecanales                             1,267                     2.11
         MGVH 2000, S.L.                                        3,021                     5.04
         GAVEC CARTERA 24, S.L.                                 5,760                     9.60

         Federico G(a)Arquimbau Ayuso                             584                     0.97

         Manuel Valdivia Santiago                                 507                     0.84
         Mediacapital, B.V.                                    24,000                    40.00
         Witgoud Investments B.V.                              12,000                    20.00
         TOTAL:                                                60,000                   100.00
</TABLE>

I.       Grupo Arbol and MediaPro B.V. are in the process of merging, so that
         the Shareholders of Grupo Arbol and the Shareholders of MediaPro B.V. -
         following a certain prior reorganization pursuant to which MEDIACAPITAL
         will own 66.66% and WITGOUD will own 33.33% of the capital- will
         contribute all their shares in those companies to M/A and will receive,
         in exchange, interests in M/A in proportion to their respective
         contributions (hereinafter, the "M/A MERGER"), all as provided in the
         Merger Agreement of the Business of the ARBOL and MEDIAPRO Groups dated
         February 10, 2006) (hereinafter, the "MERGER AGREEMENT", copy of which
         is attached as Exhibit I hereto). Under the Merger Agreement, the
         ownership structure of M/A following completion of the merger process
         will be the percentages set forth in the above table. The respective
         interests will be free from any lien or encumbrance other than those
         described in the following Recital.

         As of the date hereof, WPP does not hold any direct or indirect
         interest in M/A. However, as part of the Merger process, WPP will own
         10% of the preferred shares of the capital stock of WITGOUD with the
         right to convert them, as

                                       11

<PAGE>

         described in the Merger Agreement and in Exhibit 9.1(IX) to the Line of
         Credit defined below, of the entire capital of the above-mentioned
         company.

J.       Following the merger described in the previous Recital, the pledge
         mentioned in Recital B will be cancelled and replaced by a pledge on
         all equity interests of M/A owned by the Grupo Arbol Shareholders as a
         result of the subscription of the M/A capital increase, through the
         non-monetary contribution of their Grupo Arbol shares.

K.       SPV is a company wholly owned by M/A, to which Grupo Arbol and MediaPro
         intend to transfer all GAMP shares owned by the latter two companies
         (hereinafter, the "TRANSFER TO SPV"). The sole asset of SPV will be
         such GAMP shares mentioned in Recital D and all additional shares they
         may hold in that company, and its sole purpose will be to receive the
         Line of Credit defined in Clause 2 below for the capitalization of GAMP
         and subsequently of LA SEXTA.

L.       As a result of their direct or indirect joint investment in LA SEXTA,
         the Parties have reached another series of agreements for the financing
         of the Project and for the possible investment of Televisa in M/A.

M.       Considering the foregoing, the Parties have decided to enter into this
         Investment Agreement (the "AGREEMENT") in accordance with the following

                                     CLAUSES

1.       PRELIMINARY OBLIGATION

         The Grupo Arbol Shareholders, the MediaPro B.V. Shareholders and the
         M/A Members undertake to carry out the M/A Merger and the Transfer to
         SPV in good faith and within the shortest possible period of time, on
         the terms described in Recitals I, J and K and in this Clause
         (hereinafter, the "PRELIMINARY OBLIGATION"):

(a)      The Preliminary Obligation shall have been performed by June 30, 2006.

(b)      Attached as Exhibit 1(b) hereto are the audited financial statements of
         Grupo Arbol and MediaPro B.V. for fiscal year 2004, the consolidated
         financial statements as of September 30, 2005 of each company and the
         pro-forma consolidated financial statements of both merged companies as
         of December 31, 2004 and September 30, 2005, as well as a table updated
         to the date of this Agreement with all subsidiaries and affiliated
         companies of Grupo Arbol and of MediaPro B.V. The Grupo Arbol
         Shareholders and the MediaPro B.V. Shareholders represent, warrant and
         undertake, as the case may be, that:

         i.       From the date of this Agreement to the consummation of the M/A
                  Merger, both companies will act in the ordinary course of
                  business so as to maintain the integrity of their businesses.

         ii.      The assets that are part of the M/A Merger are all the assets
                  currently used by each of the Grupo Arbol Shareholders and the
                  MediaPro B.V. Shareholders in the Audiovisual Production and
                  Other Audiovisual 12

<PAGE>
                  Services, as defined in Clause 8, except for the Assets
                  excepted from the M/A Merger, which are listed in Exhibit 1
                  (b) ii attached hereto.

         iii.     The M/A Members will have non-compete obligations on the terms
                  set forth in clause 8 below.

         iv.      Prior to the execution of this Agreement, M/A and the M/A
                  Members have delivered to Televisa copy of (i) the Merger
                  Agreement and (ii) the bylaws of M/A. M/A and the M/A Members
                  represent to Televisa that they are not parties to any other
                  agreement governing the creation or transfer of interests in,
                  or the control or management of M/A.

Performance of the above-mentioned Preliminary Obligation shall be evidenced
through the delivery to Televisa of (i) copy of the notarial instruments
recording the contribution of the Grupo Arbol and MediaPro B.V. shares to M/A,
duly executed and submitted to the Commercial Registry for registration and (ii)
a certificate of the Secretary of the M/A Board of Directors describing the
ownership structure following the M/A Merger.

2.  LINE OF CREDIT

Concurrently with the execution of this Agreement, DTH Europa, S.A., a
subsidiary 100% owned, directly or indirectly, by Televisa, and with the joint
and several undertaking of Televisa, as its own obligation pursuant to the
letter attached as Exhibit 2 hereto, signs with SPV, a 100% directly owned
subsidiary of M/A, a line of credit, in order to finance part of the capital
contributions of M/A to La Sexta through its direct interest in SPV and its
indirect interest in GAMP, according to the terms and conditions set forth in
the agreement attached as Exhibit 2 bis hereto (hereinafter, the "LINE OF
CREDIT").

As provided therein, the Line of Credit will be secured by the joint and several
suretyship of M/A, Grupo Arbol and MediaPro B.V. as regards the interest, and by
Pledge Agreements with limited recourse as regards the obligation of repayment
of principal, on all GAMP shares owned by SPV and on all SPV shares owned by M/A
(hereinafter, the "GAMP PLEDGE" and the "SPV PLEDGE" and, collectively, the
"PLEDGES"), on the terms and conditions set forth in the agreements attached as
Exhibit 2ter and Exhibit 2quater hereto, respectively, to be signed prior to the
first drawdown under the Line of Credit. As provided in the GAMP Pledge, DTH
Europa, S.A. will have the obligation of lifting the pledge on the shares SPV
may sell provided that (i) it continues to hold, in any event, more than 50% of
the GAMP shares and (ii) the proceeds from such sale received by SPV are
allocated, following deduction of applicable taxes, only and solely to repayment
of the debt incurred by M/A, SPV, Grupo Arbol and/or MediaPro to finance their
investment in La Sexta other than the Line of Credit, and the balance, if any,
to the repayment of the Line of Credit.

In addition, M/A and its subsidiaries shall take the required actions for the
funds that SPV is entitled to receive, in proportion to its interest in GAMP,
from the sale, if that be the case, of 9% of the shares of LA SEXTA to be
allocated, following deduction of applicable taxes and legal reserves, (i) to
capital contributions to LA SEXTA or (ii) to the repayment of the debt incurred
by M/A, SPV, Grupo Arbol and/or MediaPro to

                                       13

<PAGE>

finance their investment in LA SEXTA other than the Line of Credit, and the
balance, if any, to repayment of the Line of Credit.

3.  OPTIONS ON GAMP AND SPV

Prior to the first drawdown under the Line of Credit, M/A and SPV will, in
consideration for the Line of Credit, grant Televisa purchase options on their
entire interests in SPV and GAMP, respectively, at a strike price equal to the
outstanding balance of the Line of Credit at any time, as regards principal, on
the terms and conditions set forth in the agreements attached as Exhibit 3 and
Exhibit 3 bis hereto (hereinafter, the "SPV OPTION" and the "GAMP OPTION" and,
collectively, the "OPTIONS"). As provided in the GAMP Option, SPV may sell GAMP
shares provided that (i) it continues to hold, in any event, over 50% of the
GAMP shares and (ii) the proceeds from such sale are allocated only and solely
to the repayment of the debt undertaken by M/A, SPV, Grupo Arbol and/or MediaPro
to finance their investment in LA SEXTA other than the Line of Credit, and the
balance, if any, to repayment of the Line of Credit.

Televisa may, at its election, exercise the SPV Option or the GAMP Option at any
time during their respective terms, provided a default occurs that accelerates
the Line of Credit. The purchase price, if the SPV Option or the GAMP Option are
exercised, will be paid to M/A or the SPV, if the amount thereof is actually
allocated in full to payment of the principal amount of the Line of Credit. Once
the price has been paid and the amount thereof allocated as described above, a
receipt will be issued for the principal amount of the Line of Credit, which
will entail the termination of the Options and the Pledges. The parties agree
that Televisa may, freely and at its option, exercise the Options or the
Pledges, without the exercise of any one of them precluding the exercise of any
of the others.

4.  ASSUMPTION OPTION

Concurrently with the execution of this Agreement, the M/A Members and M/A grant
Televisa, which accepts it, an assumption option in respect of the interests in
M/A (hereinafter, the "ASSUMPTION OPTION") on the terms and conditions set forth
in the agreement attached as Exhibit 4, so that Televisa will be entitled to
assume, and the M/A Members and M/A will have the obligation of carrying out all
acts required for Televisa to assume the M/A interests derived from the
above-mentioned option.

All terms used in this Agreement and in the Assumption Option relating to
interests, and the creation and assumption thereof, members and other related
terms shall be deemed to have been modified to shares, the issuance and
subscription thereof, shareholders and other related terms in the event that, at
any time, M/A becomes a corporation [sociedad anonima], and the Assumption
Option, shall, mutatis mutandi, become an option to subscribe for shares.

5.  EQUITY CONTROL, PERMANENCE AND ALLOCATION OF FUNDS

(a)      During the entire term of the Line of Credit and of the Assumption
         Option, M/A undertakes to hold (i) 100% of the capital of SPV and (ii)
         a majority interest in the capital stock (in every case over 50%) of
         GAMP and of that held by GAMP in LA

                                       14

<PAGE>

         SEXTA, and (iii) direct or indirect control of GAMP and LA SEXTA on the
         terms derived from the LA SEXTA Shareholders' Agreement and from the
         GAMP Shareholders' Agreement to be delivered in accordance with the
         Shareholders' Agreement.

(b)      Up to whichever is later of (i) the expiration of the term of the Line
         of Credit, (ii) the expiration of the Assumption Option and (iii) the
         expiration of a two-year period from the date on which Televisa becomes
         an M/A shareholder through the exercise of any of the acquisition,
         subscription or assumption rights granted to it herein, each and every
         M/A Member (except WPP and any of the companies of its group) undertake
         to continue, in its favor and in favor of its subsidiaries, to perform
         all service, professional, commercial, labor and other agreements and
         to carry out all the duties currently carried out by them, be it as
         creative personnel, producers or managers, each in his specific
         position, except for such changes as may be agreed in the general
         interest of M/A in the ordinary course of business.

(c)      Up to whichever is later of (i) the end of the term of the Line of
         Credit and (ii) the expiration of the term of the Assumption Option,
         M/A Members may only sell the number of interests that results from
         applying the percentage of their interest in M/A set forth opposite the
         number of interests held by each of them (or the number resulting from
         the sum of the interests of the Members who appear as a group) in M/A
         at the time of consummation of the M/A Merger (the "UNRESTRICTED
         INTERESTS") according to the following table. The interests that may
         not be disposed of during such period shall be deemed to be "RESTRICTED
         INTERESTS".


<TABLE>
<CAPTION>
                                     M/A MEMBERS                       %
                                     -----------                       -
<S>                                                                  <C>
             Emilio Aragon Alvarez + Caribe Music, S.A.                1%
             Daniel Ecija Bernal + Pipen, S.L.                         1%
             Jose Miguel Contreras Tejera + JMC 2000, S.L.             1%
             Andres Varela Entrecanales + MGVH 2000, S.L.              1%
             GAVEC CARTERA 24, S.L.                                  100%
             Federico G(a)Arquimbau Ayuso                              1%
             Manuel Valdivia Santiago                                  1%
             Cavendish Square Holding, B.V.                          100%
             Mediacapital, B.V.                                       25%
</TABLE>

         M/A Members undertake that the first existing M/A interests to be sold
         shall, in any case, be those held by GAVEC CARTERA 24, S.L.

         M/A Members further undertake that during the term of the LA SEXTA
         Shareholders' Agreement, they will not sell interests in M/A to any
         competitor of Televisa in Mexico. For this purpose, only those
         individuals or legal entities which (i) provide television broadcasting
         services via networks in Mexico, or (ii) own an interest of not less
         than 5% in a television operator providing television broadcasting
         services via networks in Mexico shall be deemed to be competitors of
         Televisa in Mexico.

                                       15

<PAGE>

(d)      M/A Members may sell M/A interests other than those permitted in
         paragraph (c) above or create new M/A interests only if: (i) in the
         event of a sale, the period set forth in paragraph (c) above has
         elapsed, or they have secured the express authorization of Televisa and
         (ii) both in the case of sale of existing interests to third parties or
         of creation of new interests in favor of third parties, prior to or
         concurrently with such sale or creation, the Line of Credit has been
         repaid in full, and will then be cancelled and, if necessary, GAMP has
         provided a financing guarantee for the capital requirements of LA SEXTA
         as provided in Clause 14 of the LA SEXTA Shareholders' Agreement, to
         replace the Line of Credit.

         In the event that new M/A interests are created for assumption by the
         M/A Shareholders, the prohibition of disposing of M/A interests set
         forth in paragraph (c) above shall extend to such newly created
         interests assumed by the M/A Members, which will also be deemed to be
         Restricted Interests.

(e)      The M/A Members undertake to continue to hold a majority interest in
         the capital of M/A (of over 50%) for, at least, a two-year period from
         the acquisition by Televisa of an interest in the capital of M/A
         through the exercise of any of the acquisition or assumption rights
         granted to it in this Agreement.

(f)      Up to the moment specified in paragraph (c) above:

         -        Mr. Josep Maria Benet Ferran, Mr. Gerard Romy Belilos and Mr.
                  Jaume Roures Llop undertake not to sell or transfer their
                  interest in ATASCORP, MEDIAVIDEO and MEDIACABLE and to ensure
                  that such companies do not sell or transfer their interest in
                  MEDIACAPITAL, except among such persons or companies and
                  always within the limits of sub-section (c) as regards
                  Unrestricted Interests.

         -        Mr. Emilio Aragon Alvarez, Mr. Daniel Ecija Bernal, Mr. Andres
                  Varela Entrecanales, Mr. Jose Miguel Contreras Tejera, Mr.
                  Federico Garcia Araquimbau Ayuso and Mr. Manuel Valdivia
                  Santiago undertake not to sell or transfer their interest in
                  GAVEC CARTERA 24, CARIBE MUSIC, PIPEN, MGVH and JMC 2000 or in
                  any other company which, in turn, holds a direct or indirect
                  interest in M/A.

(g)      The M/A Members undertake that, in exercising the rights provided for
         therein, or under the Assumption Option, the right to exclusive
         negotiation or the right of first refusal, the interest to be held by
         WITGOUD in M/A following the M/A Merger will not be reduced below 20%
         of the capital of that company, except by prior written agreement of
         WPP or by unilateral decision of WPP. In the event that, through the
         exercise of any of the aforementioned rights, the interest of WITGOUD
         should be reduced to less than 20%, the M/A Members - excluding, for
         the avoidance of doubt, Televisa- undertake to sell to WITGOUD, in
         proportion to their respective interests, at the price at which
         Televisa acquired the interests, the number of interests required, if
         WITGOUD acquires them, for WITGOUD to hold a percentage interest of 20%
         in M/A.

                                       16

<PAGE>

         Televisa undertakes not to prevent the execution or performance of the
         above-mentioned agreement and to such end, waives its pre-emptive right
         or any right to challenge that it may have in that respect. Televisa
         further undertakes, should it become an M/A shareholder, to observe and
         perform this agreement.

(g)[sic] GAVEC CARTERA 24 S.L. undertakes that all proceeds from the sales
         permitted in paragraph (c) will be allocated to payment of the loan
         mentioned in Recital B until such loan has been paid in full.

6.       RIGHT TO EXCLUSIVE NEGOTIATION

6.1.     M/A and the M/A Members grant Televisa an exclusive negotiation right
         to submit an offer for the assumption of the newly-created interests in
         M/A and, if that be the case, the acquisition of existing interests in
         M/A representing an interest of 20% in the capital of M/A, on the terms
         set forth below; it should be noted, however, that such 20% percentage
         will be the percentage to be held by Televisa following the assumption
         of the capital increase in the case of newly-created interests and/or
         following the purchase of shares:

         (a)      Televisa's offer will be structured so as to include the
                  assumption of new interests, whose amount will be used to
                  repay the drawn-down balance of the Line of Credit in full, up
                  to the amount of eighty million euros (E80,000,000) and,
                  should there be a surplus, to acquire existing interests in
                  M/A.

         (b)      The exclusive negotiation period will commence on April 15,
                  2006 and its duration will be of 120 calendar days as from
                  such date, or as from the date on which evidence is provided
                  of performance of the Preliminary Obligation set forth in
                  Clause 1 above, whichever is later (hereinafter, the
                  "EXCLUSIVE NEGOTIATION PERIOD"). During such period, M/A and
                  the M/A Members (i) may not undertake negotiations of any kind
                  with third parties with the purpose of selling or otherwise
                  disposing of interests in M/A and (ii) shall cooperate fully
                  to enable Televisa to carry out a full legal, labor, tax and
                  financial review of M/A, including its subsidiaries.

                  For the purposes of the previous paragraph, Televisa shall
                  provide, within 15 business days of the execution of this
                  Agreement, a list of the documents required to conduct the
                  above-mentioned full review, which shall be made available to
                  it by M/A diligently, specifying those documents that do not
                  exist or are not applicable. Furthermore, Televisa and its
                  advisors will be given reasonable access to the facilities of
                  M/A and its main subsidiaries and informational meetings will
                  be organized with the senior managers of the various areas of
                  M/A and its principal subsidiaries.

                  Specifically, M/A shall provide, by April 30, 2006, the
                  pro-forma consolidated financial statements of M/A for fiscal
                  year 2005 and the audited consolidated financial statements of
                  M/A.

                  The Exclusive Negotiation Period shall be extended in the
                  event of delays, if any, in the delivery of the required
                  documents and particularly of those expressly mentioned in the
                  previous paragraph.

                                       17

<PAGE>

                  M/A may propose to Televisa, within two months of the
                  beginning of the Exclusive Negotiation Period, the basic terms
                  for its offer (the "OFFER FORM"). In such case, both
                  Televisa's offer and the offer, if any, submitted by a third
                  party pursuant to the provisions of Clause 6.2 below shall
                  necessarily conform to Offer Form.

         (c)      Within the Exclusive Negotiation Period, Televisa shall submit
                  a binding offer for the assumption and/or, if that be the
                  case, the purchase of 20% of the capital stock of M/A,
                  following the Offer Form. However, Televisa will be entitled
                  to also submit an offer that does not conform to the Offer
                  Form.

                  In the event that, upon expiration of the Exclusive
                  Negotiation Period, Televisa fails to submit a binding offer
                  in accordance with the Offer Form, the Assumption Option shall
                  terminate and become void.

         (d)      M/A will accept or reject the binding offer in writing within
                  15 calendar days of the date of receipt thereof. In the
                  absence of any such reply upon expiration of such period, the
                  offer will be deemed to have been rejected.

         (e)      If the binding offer is accepted, the M/A Members and/or M/A,
                  as the case may be, shall formalize the resolution providing
                  for a capital increase, waiving their pre-emptive right in
                  favor of Televisa and, if such be the case, providing for the
                  sale of the interests in proportion to their interests in M/A,
                  and the Assumption Option shall therefore terminate and become
                  void upon delivery to Televisa of a true copy of the
                  respective notarial instruments.

                  Such formalization shall occur:

                  1.       For the assumption of new interests, M/A and the M/A
                           Members shall, within 45 days of the binding offer
                           having been accepted, carry out all necessary actions
                           and adopt all corporate resolutions required to carry
                           out the capital increase including, without
                           limitation, calling a General Shareholders' Meeting -
                           the notice of which shall comply with the necessary
                           requirements and contain the required information
                           including, if that be the case, the certification of
                           the auditor, the attendance and holding of such
                           meeting - which shall adopt the required
                           resolutions-. Within 5 days of the assumption and
                           payment in full of the interests by Televisa, M/A
                           undertakes to file the deed notarial instrument
                           recording the capital increase with the Commercial
                           Registry for registration and, once such registration
                           has been effected, to deliver such notarial
                           instrument to Televisa.

                  2.       For the sale of existing interests, on the date the
                           General Shareholders' Meeting provided for in the
                           previous paragraph is held, or within 30 days of the
                           acceptance of the binding offer, if only existing
                           interests are being sold. To such end, Televisa and
                           the M/A Members shall sign an interest purchase
                           agreement setting forth the terms of the binding
                           offer.

                                       18

<PAGE>

6.2      If the binding offer is rejected, the M/A Members and M/A may, starting
         from the date of rejection and (i) by December 31, 2006, make a public
         offering for the subscription and/or sale of the M/A shares (IPO and/or
         Sale of Existing Interests) with an insured value that is at least that
         of the outstanding balance of the Line of Credit, or (ii) for a period
         of 137 calendar days starting from the aforementioned date of
         rejection, carry out the procedure of creation and/or sale of 20% of
         the interests in M/A, provided that they are Unrestricted Interests,
         under the following conditions, with the understanding that the
         aforementioned 20% shall belong to the third party after the capital
         increase has been assumed, in the case of the creation of new
         interests, and/or the purchase of shares has been executed:

         (a)      The process of creation and/or sale of interests will be
                  formulated in the same terms as the Televisa offer, as
                  described in section 6.1(a) above.

         (b)      The price, if any, that is offered by the third party will be
                  adjusted to meet the Offer Form and must be declared in
                  currency, with transfer by exchange, swaps or similar means
                  therefore not being possible. M/A will be obligated to
                  determine the solvency of the third party's offer. In the
                  event of a Sale of Existing Interests or IPO, the offering
                  price of the third party will be deemed to be the lower limit
                  of the non-binding price range included in the corresponding
                  registration document for the Sale of Existing Interests or
                  IPO but, with respect to the other terms and conditions, will
                  not be subject to the Offer Form, if it exists.

         (c)      In the event that the economic conditions offered by the third
                  party are, as a whole, similar to and more favorable than
                  those offered by Televisa, and the price is at least 15%
                  greater, the entry of the third party into the capital of M/A
                  will be permitted under such conditions. Upon the entry of the
                  third party, M/A and, if applicable, the M/A Members may
                  choose between:

                  1.       Sharing with Televisa, by means of the provision of
                           cash, 50% of any excess in difference between the
                           valuation representing 10% of the capital and the
                           amount of sixty million Euros (60,000,000)
                           representing 10% of the capital, with the Assumption
                           Option thus being canceled; with the understanding
                           that, if the aforementioned excess does not exist,
                           the Assumption Option will also be canceled.

                  2.       Not sharing the aforementioned excess, if any, with
                           Televisa, in which case the Assumption Option will
                           remain in effect.

         (d)      If the offer presented by a third party is not greater than
                  the aforementioned 15%, Televisa will have the right to choose
                  either of the two alternatives described below which, upon
                  being consummated or in the event that Televisa decides not to
                  exercise its right, will result in the termination of the
                  Assumption Option:

                                       19

<PAGE>


                  1.       Assume or, if applicable, purchase the interests for
                           a price equal to its binding offer plus 50% of the
                           difference between the offer of Televisa and the
                           offer of the third party.

                  2.       Not assume or, if applicable, purchase the interests,
                           and receive from M/A and, if applicable, the M/A
                           Members the cash amount of 50% of the difference
                           between the Televisa offer and the offer of the third
                           party.

         (e)      If the offer presented by a third party is lower than that of
                  Televisa and it is nonetheless decided to conduct the
                  transaction, Televisa will have the right to choose either of
                  the alternatives described below:

                  1.       Purchase or assume the interests at the price and
                           under the other conditions offered by the third
                           party, with the result that the Assumption Option
                           terminates.

                  2.       Not assume or purchase the interests, in which case
                           M/A will issue and/or the M/A Members will sell the
                           interests to the third party under the conditions
                           that the latter has offered, with the result that the
                           Assumption Option terminates.

         For the purpose of complying with the provisions of this Clause 6.2,
         M/A must immediately send to Televisa, upon execution of the
         corresponding confidentiality agreement, a copy of the third party
         offer selected.

6.3      The M/A Members may agree to the creation of new interests in M/A for a
         third party or sell the existing interests to a third party under the
         conditions of this Clause 6, only if prior to or simultaneously with
         doing so, the balance of the Line of Credit drawn down is repaid,
         thereby canceling the latter. In such case, also prior to or
         simultaneously with, GAMP will have to have provided a guarantee of
         financing for the capital needs of LA SEXTA, as described in Clause 14
         of the LA SEXTA Shareholder Agreement, as a replacement for the Line of
         Credit. In the case of a Sale of Existing Interests or IPO, the
         cancellation of the Line of Credit will occur at the time of the
         liquidation of the aforementioned Sale of Existing Interests or IPO.

                                       20

<PAGE>

7.       RIGHT OF FIRST REFUSAL

         If the period described in Clause 6.2 above elapses and Televisa or a
         third party has not incorporated the capital stock of M/A as the
         shareholder owning 20% of its capital stock, the M/A Members will give
         Televisa a right of first refusal that may be exercised up to June 30,
         2011 with respect to third party offers for up to 20% of the interests
         of M/A in one or more transactions, whether by means of the purchase of
         existing interests or the assumption of new interests under the same
         terms and conditions as those offered by the third party and in
         compliance with the procedures established below. If the offer exceeds
         20% of the capital of M/A, the right of first refusal shall be extended
         to the entire interest offered. In the case of newly created interests,
         the aforementioned percentage of 20%, or a greater percentage to which
         an option may be held, will belong to Televisa once the capital
         increase has been assumed and/or the purchase of the interests has been
         executed.

         (a)      In the event that any of the M/A Members wishes to transfer
                  any of its interests in the Company (the "TRANSFERRING
                  SHAREHOLDER") to a third party, or the M/A Members wish to
                  create new interests for sale to a third party, the
                  Transferring Shareholder or M/A, respectively, must notify
                  Televisa in writing (the "FIRST NOTIFICATION") of their wish
                  to transfer or create such interests, indicating the specific
                  number (the "INTERESTS FOR SALE") and the other terms and
                  conditions of payment for the transfer or creation.

         (b)      Within a maximum period of thirty (30) days starting from the
                  receipt of the First Notification (the "Offering Period"),
                  Televisa may communicate to the Transferring Shareholder or to
                  M/A, as applicable, its intent to purchase or assume the M/A
                  interests described in the Notification, under the terms and
                  conditions set forth therein (the "SECOND NOTIFICATION").

                  At the Second Notification, Televisa may choose between:

                  i.       Accelerating the exercise of the Assumption Option
                           (which will terminate upon use), in which case it
                           will contribute the outstanding balance of the Line
                           of Credit and, in the event that the latter is less
                           than eighty million Euros (E80,000,000), the
                           additional amount up to that figure, for the interest
                           produced by applying the formula established in the
                           Assumption Option (the "ASSUMPTION OPTION FORMULA"),
                           and purchasing or assuming, as applicable, the
                           remainder until reaching 20% -- or, if the offer of
                           the third party is a higher percentage and therefore
                           interests Televisa, the percentage corresponding --
                           at the offering price of the third party. In the
                           event that the Line of Credit no longer exists, the
                           eighty million Euros (E80,000,000) will be
                           contributed in cash for the interest resulting from
                           applying the Assumption Option Formula and the
                           remainder, if applicable, will also be provided in
                           cash.

                  ii.      Not exercising the Assumption Option, upon which it
                           may exercise, or not, solely its right of first
                           refusal, up to 20% or, if the offer of the third
                           party is a higher percentage and therefore interests
                           Televisa, the corresponding percentage; in which
                           case, it if it exercises its right for the 20% or the

                                       21

<PAGE>

                           higher percentage mentioned above, the Assumption
                           Option will terminate.

                  iii.     Notifying M/A of its wish that the interests
                           assignable to Televisa by virtue of its Assumption
                           Option be liquidated for the cash difference between
                           eighty million Euros (E80,000,000) and the implicit
                           offer of the third party for 10% (or the percentage
                           resulting from the Assumption Option Formula) of the
                           capital of M/A, in such a way that Televisa receives
                           the additional amount based upon the calculation of
                           the difference between the nominal amount of the
                           conversion at the execution of the sale or the
                           creation of interests for a third party.

                  Upon the receipt of the Second Notification, as applicable:

                  1.       In the case of the sale of already existing
                           interests, the Transferring Shareholder will be
                           obligated to sell, and Televisa will be obligated to
                           buy, the Interests for Sale indicated in the Second
                           Notification. Such purchase must take place within
                           thirty (30) days from the date of the Second
                           Notification.

                  2.       In the event of the assumption of new interests,
                           within the period of 45 days from the acceptance of
                           the binding offer, M/A and the M/A Members will carry
                           out all the procedures necessary and adopt all
                           shareholder agreements necessary to carry out the
                           capital increase, including, by way of example but
                           without limitation, the calling of a General Meeting
                           - with the requirements and content necessary,
                           including, if applicable, the certification of the
                           account auditor, the attendance and the holding of
                           the meeting - adopting the appropriate resolutions-.
                           Within the period of five days from the assumption
                           and full payment of the interests by Televisa, M/A
                           agrees to present the capital increase certificate at
                           the Commercial Registry for its registration, and
                           after having done so, to deliver the certificates to
                           Televisa.

         (c)      In the event that the M/A Members or M/A conduct a Sale of
                  Existing Interests or IPO after January 1, 2007, the
                  provisions of this Clause will be applied as follows:

                  i.       The First Notification will include the corresponding
                           certificate of registration of the Sale of Existing
                           Interests or IPO.

                  ii.      The offering price of the third party will be
                           considered to be the lower limit of the nonbinding
                           price range included in the aforementioned
                           registration certificate for the Sale of Existing
                           Interests or IPO, unless Televisa chooses to
                           accelerate the exercise of the Assumption Option, in
                           which case the offering price of the third party will
                           be, solely and exclusively with respect to the
                           aforementioned exercise of the Assumption Option, the
                           lower of the aforementioned price and that resulting
                           from the application of the Assumption Option
                           Formula.

         (d)      In the event that Televisa communicates to the Transferring
                  Shareholder or to M/A its intent not to purchase or assume the
                  Interests for Sale, or if Televisa has

                                       22

<PAGE>

                  not responded to the Transferring Shareholder or to M/A
                  regarding this during the Offering Period, the Assumption
                  Offer will remain active and the Transferring Shareholder may
                  transfer or may agree to the creation in M/A of the total
                  amount, and solely the total amount, of the Interests for
                  Sale, under terms and conditions that are no less favorable,
                  with respect to price or any other aspect, for the
                  Transferring Shareholder or M/A than those described in the
                  First Notification, with the present right of first refusal
                  thereby being settled on Televisa for the percentage that may
                  have been transferred, provided that transfer or creation
                  takes place within the period of 90 days starting from the
                  finalization of the Offering Period. When the aforementioned
                  period has elapsed, an identical procedure will have to be
                  undertaken in order to carry out any transfer or creation of
                  interests in M/A, until a percentage representing 20% of the
                  capital of M/A has been transferred to third parties, upon
                  which this right of first refusal shall terminate.

         (e)      In the event that Televisa exercises the right of first
                  refusal described in this Clause for 20% of the capital of M/A
                  or for the additional percentage which, pursuant to this
                  clause, is the option of Televisa, the Assumption Option will
                  terminate, and prior to this or at the same time, the
                  drawn-down balance of the Line of Credit will be repaid and
                  the latter will be cancelled. In such case, if necessary and
                  also prior to or simultaneously with, GAMP must have provided
                  a guarantee of financing for the capital needs of LA SEXTA, as
                  described in Clause 15 of the LA SEXTA Shareholder Agreement,
                  as a replacement for the Line of Credit.

         (f)      The right of first refusal described in this clause is
                  independent of the existence or non-existence of the
                  Assumption Option, without prejudice to the termination of the
                  latter when exercised pursuant to this clause or any other. In
                  addition, it must be noted that (i) if, prior to the exercise
                  of the right of first refusal, Televisa has already exercised
                  its Assumption Option, the right of first refusal will be
                  reduced by the percentage of capital that Televisa may have
                  acquired by the exercise of that right and (ii) the
                  termination of the right of first refusal pursuant to the
                  provisions of paragraph (d) above will not mean the
                  termination of the Assumption Option.

8.       NON-COMPETE

         8.1      The M/A Members, except for WPP and any companies in its
                  group, undertake and agree with M/A and Televisa that they
                  will not compete, directly or indirectly, with M/A and its
                  subsidiaries in the activity of Audiovisual Production and
                  Other Audiovisual Services during such time as they maintain
                  their character, directly or indirectly, as members in M/A,
                  and for the period of two years after their withdrawal from
                  the authorized capital of M/A, regardless of the date on which
                  this takes place.

                  For the purposes of the preceding paragraph, the following
                  definitions apply:

                  -        Audiovisual Production: the activities of creation
                           and/or production of programs, movies, reports,
                           documentaries, advertisements and any other cinematic
                           video work and other audiovisual works.

                                       23
<PAGE>
            -     Other Audiovisual Services: technical and human services for
                  the production of audiovisual works (including, among other
                  things, mobile rebroadcasting unit services (OB Vans
                  Services), postproduction services, the rental of television
                  studios, play-out services and ENG services), satellite
                  transmission, cable and radio wave transmission services,
                  audiovisual engineering services, services and activities
                  relating to sports and television consulting, marketing and
                  television communications services and audience analysis
                  services.

      Notwithstanding the non-compete obligation established above, any Member
      of M/A who so requests, other than Televisa, is by virtue of this clause
      authorized by the other Members of M/A and Televisa to maintain its
      shareholder interest in M/A and to be released from its non-compete
      obligation provided that the following requirements are met: (i) the M/A
      Member does not hold directorship or administrative positions in M/A or in
      its group; (ii) the M/A Member in question has complied with its
      obligation to remain for the period of time indicated in Clause 5,
      paragraph (b) above; and (iii) two years have elapsed since the M/A Member
      in question ceased to participate in the service contracts and the
      performance of the duties described in Clause 5, paragraph (b) above.

      8.2   Televisa undertakes and agrees that:

            -     During the Exclusive Negotiation Period and for 120 days after
                  the end of that period, it will not found or enter the capital
                  of a Spanish corporation whose corporate purpose is
                  Audiovisual Production or Other Audiovisual Services in Spain,
                  with the understanding that the foregoing will not limit the
                  ability of Televisa to perform its ordinary activities --
                  including, among other things, the sale of rights and the
                  marketing of television series, programs, scripts, etc. -- in
                  Spain as it has been doing up to that time.

            -     Once it becomes a member of M/A, if applicable, and provided
                  that it is a member with 20% or more, it will invite M/A to
                  participate in any project in which Televisa may engage that
                  represents competition with the activities of M/A in
                  Audiovisual Production or Other Audiovisual Services in Spain,
                  in the same proportion at that of the interest of Televisa in
                  the capital of M/A.

      8.3   Upon the signing of this agreement, the M/A Members, except for WPP
            and the companies in its Group, accept the same non-compete
            obligations as those assumed by M/A in Clause 24 of the LA SEXTA
            Shareholder Agreement, for the same period of time described
            therein.

9.    NON-SOLICITATION

      Televisa, Grupo Arbol, MediaPro B.V., M/A and their direct or indirect
      subsidiaries agree not to solicit, lure, make offers of work or offers for
      provision of services or hiring of first-line executives, creative
      personnel, screenwriters and content producers of the other party (or
      companies belonging to its group), with the understanding that the Parties
      will notify each other in good faith of any action by


                                       24
<PAGE>

      the other Parties that might represent a breach of this Clause, as soon as
      they become aware of it, for the purposes of being able to prevent the
      breach.

      Individual breaches of this Clause will result solely in the payment by
      the Party in breach to the affected Party of two hundred thousand Euros
      (E200,000) for each event of breach.

10.   RIGHTS AS MINORITY SHAREHOLDER

      In the event of the exercise of the Assumption Option, as a member of M/A,
      Televisa will have (i) the rights granted under the law, with the
      understanding that Televisa will have no fewer rights than those possessed
      by any other member of M/A with an interest equal to or smaller than that
      of Televisa, as well as (ii) tag along rights (so that, in the event of
      the sale of a controlling block of M/A, Televisa will have the right to
      sell the entirety of its interests to the purchaser under the same
      conditions as those of the transferring member(s) and, in the event of any
      other transfer, will have the right to transfer a number of interests
      proportional to those of the transferring member, under the same
      conditions as the latter[)]; and (iii) in addition, in the event of
      reaching, by means of exercise of the Assumption Option, a percentage
      equal to or greater than 20% of the capital of M/A, Televisa will have, at
      minimum, the rights listed in Exhibit 10.

      In addition, once Televisa has the right to participate in the capital of
      M/A, pursuant to the provisions of this Agreement, if as a result of the
      provisions of Clause 21.2 of the LA SEXTA Shareholders Agreement, Televisa
      cannot exercise that right because its interest - the total of the direct
      and indirect interests - exceeds what is legally permitted, the Parties
      agree that Televisa will have the right to sell LA SEXTA shares in
      conformity with the rules set forth in article 21.2, up to the limit at
      which the sum of its indirect interest deriving from the exercise of its
      rights under this Agreement and its direct interest do not exceed the
      legally established limit.

      The provisions of the preceding paragraph will also be applicable if,
      because M/A increases its indirect interest in LA SEXTA, TELEVISA exceeds
      the legally established interest limit.

11.   ACCEPTANCE

      During the effective life of the Line of Credit and/or the Assumption
      Option, any new member in M/A must, prior to or simultaneous with its
      acquisition or assumption of interests in M/A pursuant to this Agreement,
      accept the latter, by means of signing and sending to the Parties the
      acceptance letter that is attached as Exhibit 11.

12.   CONDITION SUBSEQUENT

      This Agreement, as well as the Line of Credit, the Options, the right of
      first refusal in Clause 7 and the right of exclusive negotiation in Clause
      6 will terminate, without creating rights or obligations for any of the
      Parties involved, in the event


                                       25
<PAGE>

      that the authorities responsible for fair competition do not authorize the
      M/A Merger. Such termination will not affect the La Sexta Shareholder
      Agreement.

13.   MISCELLANEOUS

13.1  EXPENSES AND TAXES

      (a)   Expenses

            Unless established otherwise in this Agreement, whether or not the
            transactions provided for in this Agreement are actually conducted,
            expenses relating to them will be paid by the Party incurring them.

      (b)   Taxes

            Taxes that are imposed on this Agreement and the purchase or
            assumption of the interests described in it will be the
            responsibility of the parties, pursuant to the law.

13.2  COOPERATION

      The Parties will cooperate mutually in the performance of the transactions
      described in this Agreement and the delivery of all documents and
      instruments that may be considered reasonably necessary or useful by any
      Party.

13.3  NOTICES

      Any notice, request, demand or other communication that must be provided
      by any Party to this Agreement will be sent to the other Parties at the
      addresses and to the attention of the representative indicated in Exhibit
      13.3, or to those other addresses and/or individuals that any Party may
      provide at any time to the other Parties.

      Any notice, request, demand, or communication will be sent by any written
      means that permits the confirmation of its receipt, and the notification
      date will be deemed to be that of the confirmation that the notice in
      question has been made to the corresponding addressee at the addresses
      listed in Exhibit13.3.

13.4  ENTIRE AGREEMENT; AMENDMENTS

      This Agreement constitutes the entire agreement between the Parties with
      respect to its subject and replaces any other agreements or covenants made
      between the Parties in connection with the transaction described herein,
      specifically, the so-called MA-Televisa Economic Agreement, executed by
      Televisa, MediaPro and Grupo Arbol on October 10, 2005, and the letter
      signed by the same parties on October 14, 2005 (Re: Bid for obtaining a
      license for the provision of public terrestrial television service via
      networks), which will therefore cease to be valid and effective as of its
      date.


                                       26
<PAGE>

13.5  INVALIDITY, NULLITY AND PARTIAL INEFFECTIVENESS

      If any clause of this Agreement is declared to be, totally or partially,
      null and void, such nullity or ineffectiveness will affect only that
      provision or the part of it that is null or void, with the Agreement
      continuing in effect in all other respects, as if such provision, or the
      part of it that is null and void, had never existed.

13.6  NO WAIVER

      The failure by any Party to exercise any right deriving from this
      Agreement will not be interpreted as a waiver of that right by that Party.

13.7  DECLARATIONS

      The parties declare and warrant that the execution and performance of this
      Agreement and the other documents mentioned in it:

      (a)   Do not represent any violation of the law, regulations, judicial
            orders, rules or judicial decisions applicable to the Parties in any
            jurisdiction in which they conduct their activities;

      (b)   Do not represent any violation of the provisions of the Bylaws of
            the Parties or of any agreement or covenant of which the Parties may
            be part, or of those by which they are bound.

      M/A and the M/A Members undertake to Televisa to adopt the agreements and
      actions that may be necessary and are within their control so that, when
      the time comes, Televisa may exercise the rights that are recognized in
      this Agreement, even in the event that some kind of impediment to this
      arises from the documents described in Clause 1(b)(iv).

14.   PERFORMANCE AND TERMINATION

      This Agreement obligates the parties not only to the performance of the
      obligations expressly agreed upon but also to all bona fide consequences
      of it.

      Each of the parties to this Agreement will have the power to terminate the
      obligations in the event that the other party does not comply with its
      obligations, unless another effect is produced, expressly and exclusively,
      by its breach of this Agreement. A specific cause of termination of this
      Agreement will be the failure to make the funds available to M/A at the
      time when this should be done according to the terms of the Line of
      Credit.

      The termination of this Agreement does not imply the termination of the La
      Sexta Shareholder Agreement.

15.   APPLICABLE LAW

      This agreement is subject to the laws of Spain.


                                       27
<PAGE>

16.   JURISDICTION

      The parties waive any forum to which they may be entitled and expressly
      submit themselves to the Courts and Tribunals of the capital city of
      Madrid for all disputes that may arise with respect to the validity,
      interpretation, performance, effectiveness or execution of this Agreement.

17.   ADDITIONAL PROVISION

      In addition to that contained in this Agreement, Televisa, M/A, Grupo
      Arbol, MediaPro, GAMP y LA SEXTA have made certain reciprocal commitments
      relating to the purchase and sale of shares of LA SEXTA and GAMP that will
      be governed by their specific documents.

This Investment Agreement will be formalized by the presence of the Notary of
Madrid named in the heading, for the purposes of Article 1216 of the Civil Code,
Article 517 of the Law of Civil Procedure, and other concordant legislation.

The parties to this Agreement declare their acceptance and approval of its
contents as drafted, covering ___ pages, including its exhibits, and grant and
execute it, in my presence, in five equally original and authentic copies for
distribution to each of them, with one copy of remaining in my files.

And I, the Notary, having made the appropriate legal warnings, ATTEST to the
identity of the parties, to the authenticity of their signatures, to the fact
that I believe they have the capacity and authority to execute this Certified
Instrument, to the fact that the verbally-issued mandate exercised by the
representative of CAVENISH SQUARE HOLDINGS BV, must be ratified, that consent
has been freely given and that the execution hereof conforms to law and is the
result of the duly informed decision of the signers or participating parties.


                                       28
<PAGE>
                                                                           30/33


GRUPO TELEVISA, S.A.
By:                                       By:


/s/ Salvi Folch Viadero                   /s/ Joaquin Balcarcel Santa Cruz
- --------------------------------------    --------------------------------------
Mr. Salvi Folch Viadero                   Mr. Joaquin Balcarcel Santa Cruz

JMC 2000, S.L.
By:


/s/ Jose Miguel Contreras Tejera          /s/ Jose Miguel Contreras Tejera
- --------------------------------------    --------------------------------------
Mr. Jose Miguel Contreras Tejera          Mr. Jose Miguel Contreras Tejera

ARBOL PRODUCCIONES, S.A.                  WITGOUD INVESTMENTS, BV.
By:                                       By:


/s/ Jose Miguel Contreras Tejera          /s/ Josep Tomas Aurin
- --------------------------------------    --------------------------------------
Mr. Jose Miguel Contreras Tejera          Mr. Josep Tomas Aurin

CAVENDISH SQUARE HOLDING, B.V.            MEDIACAPITAL B.V.
By:                                       By:


/s/ Josep Tomas Aurin                     /s/ Gerard Romy Belilos
- --------------------------------------    --------------------------------------
Mr. Josep Tomas Aurin                     Mr. Gerard Romy Belilos

MEDIAVIDEO, S.L.
By:


/s/ Gerard Romy Belilos                   /s/ Gerard Romy Belilos
- --------------------------------------    --------------------------------------
Mr. Gerard Romy Belilos                   Mr. Gerard Romy Belilos


                                       30
<PAGE>
                                                                31/33


CARIBE MUSIC, S.A.
By:


/s/ Emilio Aragon Alvarez                 /s/ Emilio Aragon Alvarez
- --------------------------------------    --------------------------------------
Mr. Emilio Aragon Alvarez                 Mr. Emilio Aragon Alvarez

GAVEC CARTERA 24, S.L.                    By:
By:


/s/ Emilio Aragon Alvarez                 /s/ Andres Varela Entrecanales
- --------------------------------------    --------------------------------------
Mr. Emilio Aragon Alvarez                 Mr. Andres Varela Entrecanales

MGVH 2000, S.L.
By:


/s/ Andres Varela Entrecanales            /s/ Andres Varela Entrecanales
- --------------------------------------    --------------------------------------
Mr. Andres Varela Entrecanales            Mr. Andres Varela Entrecanales

INVERSIONES MEDIAPRO ARBOL S.L.           By:
By:


/s/ Andres Varela Entrecanales            /s/ Josep Maria Benet Ferran
- --------------------------------------    --------------------------------------
Mr. Andres Varela Entrecanales            Mr. Josep Maria Benet Ferran

GRUPO AFINIA, S.L.                        By:
By:


/s/ Andres Varela Entrecanales            /s/ Josep Maria Benet Ferran
- --------------------------------------    --------------------------------------
Mr. Andres Varela Entrecanales            Mr. Josep Maria Benet Ferran


                                       31
<PAGE>
                                                                           32/33


ATAS CORP, S.L.
By:


/s/ Josep Maria Benet Ferran              /s/  Josep Maria Benet Ferran
- --------------------------------------    --------------------------------------
Mr. Josep Maria Benet Ferran              Mr. Josep Maria Benet Ferran

MEDIACABLE SERVICIOS DE                   JAUME ROURES I LLOP
PRODUCCION, S.L.                          BY:
By:


/s/ Josep Maria Benet Ferran              /s/ Josep Maria Benet Ferran
- --------------------------------------    --------------------------------------
Mr. Josep Maria Benet Ferran              Mr. Josep Maria Benet Ferran

MEDIAPRODUCTION PROPERTIES, BV
By:


/s/ Josep Maria Benet Ferran              /s/ Federico Garcia Arquimbau Ayuso
- --------------------------------------    --------------------------------------
Mr. Josep Maria Benet Ferran              Mr. Federico Garcia Arquimbau Ayuso

PIPEN, S.L.
By:


/s/ Daniel Arturo Ecija Bernal            /s/ Daniel Arturo Ecija Bernal
- --------------------------------------    --------------------------------------
Mr. Daniel Arturo Ecija Bernal            Mr. Daniel Arturo Ecija Bernal



/s/ Manuel Valdivia Santiago
- --------------------------------------
Mr. Manuel Valdivia Santiago


                                WITNESSED BY ME,


                                       32
<PAGE>
                                                                           33/33


                                   THE NOTARY






                                       33
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.13
<SEQUENCE>5
<FILENAME>y22671exv4w13.txt
<DESCRIPTION>EX-4.13: SUMMARY OF PS 2,100.0 MILLION CREDIT AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.13

SIMPLE LOAN AGREEMENT (THE "AGREEMENT"), EXECUTED ON THIS TENTH DAY OF MARCH ,
2006 BY INNOVA, S. DE R.L. DE C.V., (INDISTINCTLY, "BORROWER" OR "INNOVA"),
REPRESENTED HEREIN BY ALEXANDRE MOREIRA PENNA DA SILVA AND CARLOS FERREIRO
RIVAS; BANCO NACIONAL DE MEXICO, S.A., INTEGRANTE DEL GRUPO FINANCIERO BANAMEX
("BANK"), REPRESENTED HEREIN BY JUAN CARLOS PEREZ ROCHA ITUARTE AND EMILIA PONCE
GARCIA; AND GRUPO TELEVISA, S.A. (INDISTINCTLY "GT" OR "GUARANTOR"), REPRESENTED
HEREIN BY SALVI RAFAEL FOLCH VIADERO AND JORGE AGUSTIN LUTTEROTH ECHEGOYEN,
PURSUANT TO THE FOLLOWING REPRESENTATIONS AND CLAUSES:

                                OPENING STATEMENT

      Terms defined and used in this Agreement have the meaning attributed to
them in Clause First.

                                 REPRESENTATIONS

      I. Borrower manifests through its legal representatives, that:

      (a) It is a corporation duly organized and existing according to the laws
of Mexico.

      (b) The execution, subscription, delivery and fulfillment for its part of
this Agreement and of the Promissory Notes are comprised in its corporate
purpose, have been duly authorized by all pertinent corporate means, and are not
in conflict with, nor are inconsistent with, nor result in a breach of (i) its
By-laws in effect per the date of this Agreement; (ii) to the best of its
knowledge, any law applicable to itself per the date of this Agreement; (iii)
any term, condition, obligation or contractual restriction whatsoever that binds
it or affects fulfillment of its obligations according to this Agreement; (iv)
nor result in creating or imposing any Lien on any of its properties or assets,
or any obligations for its account under any agreement or understanding where it
is party to, and that is in effect per the date of this Agreement.

      (c) Except for the provisions of this Agreement, no authorization or
registration whatsoever by or before any Government Authority is necessary for
Borrower to duly execute, subscribe, deliver and fulfill this Agreement and the
Promissory Notes, nor for these to be legal, valid or payable on demand.

      (d) This Agreement constitutes and, the Promissory Notes, once subscribed
by Borrower, shall constitute legal and valid obligations against itself,
payable on demand according to the respective terms.

      (e) The audited and consolidated financial statements of Borrower for the
fiscal year ended December 31, 2004, and its profit and loss statements and
statements of changes

<PAGE>

in the financial position consolidated for that period, and its consolidated
financial statements per December 31, 2005, and its profit and loss statements
and statements of changes in the financial position consolidated for that period
were prepaid according to GAAP, and adequately disclose its financial position
and consolidated results of operations during and for the period thereby
included.

      (f) All material information (considered altogether), provided in writing
per this date by Borrower or for its account, for purposes of or in connection
with this Agreement or any operation contemplated herein is, and any other
similar material information (considered altogether) provided in writing since
this date for its part or for its account, shall be, complete and precise in any
significant aspect per the date such information refers to, and shall not omit
any significant fact that must be necessarily communicated in such manner that
such information (considered altogether) does not at any time lead to error,
based on the circumstances whereby it was provided.

      (g) It has filed all required tax statements and paid all taxes for its
account applicable according to such tax statements, and any other taxes and
contributions that have resulted for its account, except for those not overdue
and those objected against in good faith through the appropriate means, filed
and conducted promptly and diligently, and for which adequate reserves have been
established according to GAAP, and for those which, if failing to file or pay
are not expected to in any significant manner reasonably and adversely affect
its financial standing or its Principal Business.

      (h) Per the execution date of this Agreement, there is no (i) significant
complaint pending, or that to the best of its knowledge is imminent in respect
to labor practice, against itself or against any of its Significant Subsidiaries
before any Government Authority with jurisdiction over such matters, and there
are no pending procedures, or that to the best of its knowledge are imminent,
derived from or related to any collective labor contracts, against itself or
against any of its Significant Subsidiaries; (ii) strike, labor conflict,
significant pending stoppage, or that to the best of its knowledge is imminent,
against itself or against any of its Significant Subsidiaries; and (iii) to the
best of its knowledge, there is no questioning whatsoever concerning the
representation of any union in connection with its employees or any of its
Significant Subsidiaries, nor are union organization activities being conducted,
except for such activities (in respect to any of the matters specified in items
(i), (ii) or (iii) above, either individually or collectively) those that might
not reasonably be expected to adversely and significantly affect its financial
standing or its Principal Business or that of any of its Significant
Subsidiaries.

      (i) Any important agreement where Borrower or any of its Significant
Subsidiaries is party to (including without limitation, any act of issue,
mortgage, trust, loan or any other instrument or document), is in full force and
effect, and (i) neither Borrower nor any of its Significant Subsidiaries are
substantially breaching the terms of any provision of any of such agreements,
and (ii) there are no conditions that, through notice or with the passing of
time, or both, or for any other reason, might constitute a nonperformance in
terms of such agreements in any of the above cases, which might be reasonably
expected,

<PAGE>

individually or collectively, to adversely and significantly affect the
financial position of the Principal Business of Borrower or of any of its
Significant Subsidiaries.

      (j) The same as its Significant Subsidiaries, in all aspects it is
fulfills its respective obligations with respect to social security, pensions
and retirements, and legal obligations referring to housing for its workers, as
well as the employee benefit plans established or those to which they
respectively contribute, and has no pending liability with respect to such
employee benefits plans, except in the means that fulfillment thereof cannot be
reasonably expected to adversely and significantly affect its financial standing
or its Principal Business, or that of its Significant Subsidiaries.

      (k) Borrower and each of its Significant Subsidiaries have, and per the
Draw Date shall be complying with any applicable Environmental Law in any
significant aspect, except for any nonperformance that might be reasonably
expected either individually or collectively, which might adversely and
significantly affect the financial position of the Principal Business of
Borrower or of its Significant Subsidiaries. Borrower and each of its
Significant Subsidiaries have obtained all permits required under the applicable
Environmental Law in connection with their respective businesses or operations,
and each of such permits is in full force and effect, and Borrower and each of
its Significant Subsidiaries are complying with the requirements of any permits
issued according to such Environmental Law, except for those which they cannot
be reasonably expected applicable to themselves, either individually or
collectively, or that might have a significant adverse effect against the
financial standing or operations of Borrower or any of its Significant
Subsidiaries. There are No Environmental Complaints (except for complaints that
cannot be reasonably expected to adversely and significantly affect the
financial standing or the operations of Borrower), past, pending, or that to the
best knowledge of Borrower, are imminent against Borrower or any of its
Significant Subsidiaries.

      (l) There is no action, complaint or pending procedure whatsoever, or that
to the best knowledge of Borrower, is imminent before a court, Government
Authority or any arbiter against Borrower or any of its Significant Subsidiaries
or its respective assets, that might adversely and significantly affect the
financial position and operations of Borrower or of any of its Significant
Subsidiaries, or the capacity of Borrower to comply with its obligations derived
from this Agreement and from the Promissory Notes.

      (m) Per the date of this Agreement, Borrower is not in default of any
Liability or significant agreement whatsoever where it is party to or whereby it
may be bound, and that might adversely and significantly affect the financial
standing or operations of Borrower.

      (n) As of December 31, 2005, date of the last financial statement
available, there has not occurred any event or condition on or before the date
of this Agreement that has or might have a significantly adverse effect on its
businesses, assets, liabilities or position (financial or any other), that might
affect the result of its operations or projects or its capacity to comply with
the obligations derived from this Agreement and from the Promissory Notes.

<PAGE>

      (o) The persons executing this Agreement on behalf of and representing
Borrower enjoy all sufficient powers of attorney and authority, as well as the
corporate authorizations necessary to execute this Agreement on its behalf and
representation, and to bind Borrower to the terms and conditions stipulated
herein, which powers of attorney, authority and corporate authorizations have
not been revoked or limited in any manner whatsoever.

      (p) It hereby requests from Bank a loan facility for as much as
P$2,100,000,000.00 (Two Billion One Hundred Million Pesos 00/100), for use
solely and exclusively to (1) pay (or reacquire) partially and in advance, all
negotiable instruments issued by Innova, S. de R.L. de C.V. named Senior Notes,
with maturity in 2013, for US$300,000,000.00 (Three Hundred Million Dollars,
lawful currency of the United States of America), and expenses related to
execution of this Agreement and early payment of such Senior Notes, and (2) pay
for the liabilities and financing cost of Borrower.

      II. Guarantor manifests through its legal representatives, that:

      (a) It is a corporation duly organized and existing according to the laws
of Mexico.

      (b) Execution, subscription, delivery and fulfillment for its part of this
Agreement and of the Promissory Notes are comprised in its corporate purpose,
have been duly authorized by all pertinent corporate means, and are not in
conflict with, nor are inconsistent with, nor result in a breach of (i) its
By-laws in effect per the date of this Agreement; (ii) to the best of its
knowledge, any law applicable to itself per the date of this Agreement; (iii)
any term, condition, obligation or contractual restriction whatsoever that binds
it or affects fulfillment of its obligations under this Agreement; (iv) nor
result in creating or imposing any Lien on any of its properties or assets, nor
any obligations for its account under any agreement or understanding where it is
party to, and which is in effect per the date of this Agreement.

      (c) Except for the provisions of this Agreement, per the date when it is
executed, this instrument does not require any authorization or registration
whatsoever by or before any Government Authority for the due execution,
subscription, delivery and fulfillment for its part of this Agreement and of the
Promissory Notes, nor for these to be legal, valid or payable on demand.

      (d) This Agreement constitutes, and the Promissory Notes, once signed by
"Guarantor", shall constitute legal and valid obligations, payable on demand
against guarantor according to their respective terms.

      (e) Its audited and consolidated financial statements for the fiscal year
ended December 31, 2004, and its profit and loss statements and statements of
changes in the financial position consolidated for that period, and its
consolidated financial statements per

<PAGE>

December 31, 2005, and its profit and loss statements and consolidated
statements of changes in the financial position for that period have been
prepared according to GAAP, and adequately reveal its financial standing and the
consolidated results of operations during and for the period included therein.

      (f) All material information (considered altogether), provided in writing
per this date to Bank, for its part or for its account for purposes of or in
relation to this Agreement or any operation contemplated herein is, and any
other similar material information (considered altogether) provided in writing
since this date, for its part or for its account, shall be complete and precise
in any significant aspect per the date when such information refers to, and
shall not omit any significant fact that must necessarily be communicated in a
manner that such information (considered altogether) does not lead to error at
such time, based on the circumstances whereby it was provided.

      (g) Per the date of this Agreement, there is no pending action, complaint
or proceeding whatsoever; or that to the best of its knowledge is imminent
before a court, Government Authority or any arbiter, or against itself or
against its respective assets, that might adversely and significantly affect its
financial standing or its main operations, or its capacity to comply with the
obligations derived for itself from this Agreement and from the Promissory
Notes.

      (h) Per the date of this Agreement it is not in arrears in any debt or
important understanding where it is party to or whereby it may be bound, where
the principal amount exceeds US$1,000,000.00 (One Million Dollars 00/100 or
equivalent in Mexican Pesos).

      (i) As of December 31, 2005, date of the last available financial
statement, there has not occurred any event or condition on or before the date
of this Agreement, that has or might have a significantly adverse effect on the
business dealings, assets, obligations or condition (financial or any other)
that may affect the result of its operations or projects, or its capacity to
comply with its obligations derived from this Agreement and from the Promissory
Notes.

      (j) It is willing to guaranty exact and prompt fulfillment of all and each
of the obligations of Borrower according to this Agreement and to the Promissory
Notes, and bind itself to the terms thereof.

      (k) The persons executing this Agreement on its behalf and representation
enjoy all sufficient powers of attorney and authority, as well as corporate
authorizations necessary to execute this Agreement on its behalf and
representation, and to bind Guarantor to the terms and conditions stipulated
herein, which powers of attorney, authority and corporate authorizations have
not been revoked or limited in any manner whatsoever.

      III. Bank manifests through its legal representatives, that:

<PAGE>

      (a) It is a corporation duly organized and existing according to the Laws
of Mexico.

      (b) Execution, subscription, delivery and fulfillment by Bank of this
Agreement are included in its corporate purpose, have been duly authorized
through all appropriate means and are not in conflict with, nor are inconsistent
with, nor breach (i) its by-laws in effect per the date of this Agreement, nor
(ii) to the best of its knowledge, any law, term, condition, obligation or
contractual restriction whatsoever binding or affecting it; nor any obligations
for its account under any agreement or understanding where it is party to.

      (c) No authorization or registration by or before any Government Authority
is necessary for Bank to duly execute, subscribe, deliver and fulfill this
Agreement, nor for it to be valid, valid or enforceable.

      (d) This Agreement constitutes legal and valid obligations, enforceable
against itself according to the respective terms set forth herein.

      (e) There is no pending action, complaint or proceeding whatsoever, or
that to the best of its knowledge is imminent before a court, Government
Authority or any arbiter, against itself or its respective assets, that might
adversely and significantly affect its financial standing or its operations, or
its capacity to fulfill its obligations derived from this Agreement.

      (f) Based on the above representations by Borrower and by Guarantor and
according to the terms and subject to the conditions provided for in this
Agreement, it has agreed to make available to Borrower a loan for as much as a
principal amount equal to P$2,100,000,000.00 (Two Billion One Hundred Million
Mexican Pesos 00/100).

      (g) The persons executing this Agreement on its behalf and representation
enjoy all sufficient powers of attorney and authority, as well as corporate
authorizations necessary to execute this Agreement on behalf of and representing
Bank, and to bind the latter to the terms and conditions stipulated herein,
which powers of attorney, authority and corporate authorizations have not been
revoked or limited in any manner whatsoever.

      IN VIRTUE OF THE ABOVE, based on the Representations set forth by Borrower
and Guarantor in this Agreement and that constitute the determinant grounds of
the disposition of the Bank to execute this Agreement, the parties bind
themselves according to the terms and conditions of the following clauses:

<PAGE>

                                     CLAUSES

                                      FIRST
                           DEFINITIONS, INTERPRETATION

      1.01. Definitions. For purposes of this Agreement, the following terms
shall have the meaning attributed to them below:

"AFFILIATED COMPANY" in relation to any Person, means any other Corporation who
direct or indirectly controls, is controlled by, or is under joint direct or
indirect control with such Corporation. For purposes of this definition
"control" (including, with corresponding meanings, the terms "controlled",
"controlled by", "under joint control with") in relation to any Corporation,
shall mean direct or indirect authority to direct or influence in conducting the
management and policies of such Corporation, either by holding title over voting
securities, through an agreement or in any other manner. For purposes of this
Agreement, GT, News Corporation, The DirecTV Group, Inc. and any other
Corporations holding shares or corporate parts in Borrower, and the respective
Subsidiaries and Affiliated Companies of these Corporations, shall be considered
Affiliates of Borrower.

"CALCULATING AGENT" means Bank.

"SUBSTITUTE CALCULATING AGENTS" mean the three participants (excluding the
Affiliates of Bank) who, per the Date of Early Payment are the most active in
terms of number and volume of Operations of Derivates in the Mexican Derivates
Market, according to the final determination issued by Bank and approved in
writing by Borrower.

"CAPITALIZABLE LEASE" means, in the manner applied to any Corporation, any lease
of any property or asset where the current value discounted from debts on
account of rent and other lease obligations of such Corporation, in its capacity
as lessee, according to GAAP, must be capitalized and entered in the general
balance sheet of such Corporation as capitalizable lease, and

"CAPITALIZABLE LEASE OBLIGATIONS" means the current value discounted from the
obligations to pay lease and other lease obligations of such Corporation as
lessee in such lease, determined according to GAAP.

"GOVERNMENT AUTHORITY" means any secretariat, administrative department, agency,
commission, office, meeting, regulating authority, registry, government entity,
corporation or other committee, entity or government court (including without
limitation, bank and tax authorities), that pertains to, or is property of, or
controlled by Mexico, or any political subdivision of Mexico, that in each case
exercises executive, legislative, judicial, regulatory or administrative
functions.

"NOTICE OF DRAW" has the meaning attributed to such term in item (a) of Clause
2.02 of this Agreement.

<PAGE>

"CAPITAL STOCK" in respect to any Corporation, means all shares, corporate
parts, interest, participation or equivalent (however named, either with or
without voting rights), representing the capital stock of such Corporation,
whether currently outstanding or issued after the date of this Agreement.

"CASE OF NONCOMPLIANCE" has the meaning attributed to such term in Clause 6.01
of this Agreement.

"COST OF BREACH IN FUNDING" means any loss or cost incurred in, or in which any
one of the parties might have hypothetically incurred in, derived (i) from early
payment of the Loan, according to Clause 2.04 of this Agreement, or (ii)
resulting from a partial draw against the Loan according to Clause 2.01 of this
Agreement.

"LOAN" means the loan made available by Bank to Borrower according to the terms
and subject to the conditions of this Agreement, for as much as a principal
amount of P$2,100,000,000.00 (Two Billion One Hundred Million Mexican Pesos
00/100).

"DETERMINATION THROUGH VALUATION METHOD" has the meaning attributed to such term
in item (c) Clause 2.04 of this Agreement.

"DERIVATES" in respect to any Corporation, means any kind of derived operations,
including without limitation, futures on capital, coverage of capital, currency
exchange operations, futures on currencies, operations involving exchange of
interest rates, exchange options or similar operations or combinations of the
above-mentioned operations, and all obligations of such Corporation, direct or
contingent, that secure the obligations of another Person with respect to the
operations mentioned above.

"DEBT" in respect to any Person, without duplicating, means (i) all obligations
on account of payment received under loan, (ii) all obligations documented in
bonds, liabilities, promissory notes or similar instruments, (iii) all
obligations to pay the deferred purchase price of goods or services, the price
of which reaches maturity beyond a one-year period since the date when title and
ownership thereof was received, or when such services were rendered, and that
are subject to interest, (iv) all obligations of such Corporation as lessee
according to Capitalizable Leases, (v) all obligations incurred in by such
Corporation in relation to financing for exportation. Without prejudice of the
above, Obligations shall not include liabilities referring to: (A) Accounts
receivable or Liabilities derived from or incurred in through the normal course
of the business (including without limitation, payments to programmers; purchase
of current assets, such as decoding boxes, dish antennas, intelligent cards,
"LNBs" devices and remote controls; payments to masters, distributors and
repairmen; payments of liabilities on account of satellite and transponder, etc.
services, even if such liabilities are due within a period above one year), (B)
all obligations (present, past or future) incurred in by purchasing the assets
of companies engaged in the same line of business (including modifications or
changes in these arising from technological innovation or convergence) by
Borrower or its Subsidiaries, including

<PAGE>

purchase of shares, corporate parts, participation, lists of subscribers,
subscriber systems, among others, (C) any account payable without an express
financial cost, (D) federal, state and local taxes, income tax, assets tax or
other taxes of Mexico, of the United States of America or of any other
jurisdiction, including withholdings applied to workers according to the
applicable social security and social provision laws, (E) amounts received by
Borrower or its Subsidiaries in virtue of deposit agreements or other agreements
with third parties on rendering services in advertising, restricted television
and related or other services by those third parties, whether evidenced in
money, promissory notes, accounts receivable or other assets, (F) endorsements
of negotiable instruments for deposit or collection, or similar operations in
the ordinary course of business, (G) Debt for the account of Borrower and in
favor of (x) any Affiliate or (y) Borrower or any Subsidiary of Borrower,
respectively; (H) any Liability cancelled or settled according to the documents
evidencing such Liability, (I) Liability as lessee, guarantor, or for obtaining
services or ownership of satellites or transponders (regardless of whether those
leases are classified as Capitalizable Leases).

"BUSINESS DAY" means any day, except Saturday and Sunday, and any obligatory day
of rest in Mexico City, or a day when banking institutions are authorized or
obliged by the law or other government provision to remain closed.

"DRAW" means the money disbursement made by Bank in favor of Borrower for as
much as the amount of the Loan, according to the terms and subject to the
conditions of this Agreement.

"DOLLARS" and the sign US$ mean the lawful currency of the United States of
America.

"CONSOLIDATED EBITDA" means, in regard to any period (without duplication), in
respect to Borrower and its Subsidiaries, the sum of consolidated profit on
operation (determined according to GAAP) for such period, before depreciation
and amortization.

"DRAW DATE" means the date specified in the Notice of Draw, which may not exceed
April 28, 2006.

"DATE OF EARLY PAYMENT" has the meaning attributed to such term in item (b)
Clause 2.04 of this Agreement.

"INTEREST PAYMENT DATE" means the last day of each Interest Period.

"OFFICER IN CHARGE" means, with regard to any Corporation, the Chief Executive
Officer, the Finance Officer, the Comptroller, the Legal Manager or any legal
representative with sufficient power on behalf of such Corporation, as long as
such legal representative has the title of officer in such Corporation.

"CONSOLIDATED FINANCIAL EXPENSES", for any period (without duplicating) means
Expenses on account of Consolidated Interest of that period, excluding the
principal component of

<PAGE>

income in relation to Capitalizable Lease obligations or any other liability
assumed to purchase, launch, render satellite or transponder services and/or
finance these, paid by Borrower and its Subsidiaries, and interest payable on
obligations with Affiliates and Subsidiaries.

"EXPENSES ON CONSOLIDATED INTEREST", for any period, means total gross expenses
through interest for Borrower and its consolidated Subsidiaries, attributable to
such period according to GAAP.

"LIEN" with respect to any property, good or asset of a Corporation, means any
mortgage, pledge, collateral securities or market pledge, trust, surety,
affectation or limitation of title, bond, attachment, burden or any other lien
or guaranty of any kind or any preferential agreement over such property, good
or asset of such Corporation that has the practical effect of creating an
interest or personal guaranty or lien over such property, good or asset.

"GRUPO SALINAS" means any of the following Persons, as well as any Affiliate or
Subsidiary of these: Ricardo Salinas Pliego, Grupo Elektra, S.A. de C.V.; Grupo
Iusacell, S.A. de C.V.; TV Azteca, S.A. de C.V.; Biper, S.A. de C.V:, Unefon,
S.A. de C.V.; Banco Azteca, S.A., Institucion de Banca Multiple; Seguros Azteca,
S.A. de C.V. or Afore Azteca, S.A. de C.V., Administradora de Fondos para el
Retiro. For purposes of this definition, subsidiary means any corporation where
any party holds more than 50% (fifty percent) of the voting shares, either
directly or indirectly through corporations, associations, trusts or other
entity or legal act, or else where, under any title, enjoys authority to name
the majority of the members of the board of directors or equivalent committee,
or determine the operating policies of the Corporation involved.

"TAXES" has the meaning attributed to such term in item (a) Clause 2.10 of this
Agreement.

"CONSOLIDATED LEVERAGE INDEX" means Debt per the last day of any fiscal quarter
period, divided by the Consolidated EBITDA per that date (based on the last four
(4) quarter periods ending in that quarter period).

"INTEREST COVERAGE INDEX", for any period, means the correlation of (i)
Consolidated EBITDA for that period, divided by (ii) Consolidated Financial
Expenses for the same period in respect to which the Consolidated EDITBA was
calculated.

"ENVIRONMENTAL LAW" means all applicable environmental, health and security
laws, either federal, state, municipal or local, including without limitation,
the General Law of Ecological Balance and Protection of the Environment and its
Regulations, the Law of National Waters and its Regulations, the General Health
Law (in the means it is related to environmental matters), Federal Regulations
on Security, Hygiene and Working Environment (in the means related to
environmental matters), and all Mexican Official Standards and state laws that
establish the maximum permissible limits of emissions by fixed sources of
polluting areas, discharges of polluting waste water into bodies or water or
sewage systems, requirements on handling, transporting and disposing of any
hazardous

<PAGE>

materials, and requirements concerning hazardous waste and health and security
measures at work.

"MEXICO" means the United Mexican States.

"MOODY'S" means Moody's Investors Service, Inc. and successors.

"PRINCIPAL BUSINESS" means business activities in the same line of business
engaged in by Borrower or its Subsidiaries on the execution date of this
Agreement, which shall include adaptations, modifications and/or implementations
that result in such business derived from innovation and/or technological
convergence, as well as from new trends in the industry of telecommunications
and related services.

"MARKET DERIVED OPERATIONS" mean derived financial operations, including among
others, futures, options or swaps, over various subjacent assets, including
securities, reference rates and currencies, executed with the purpose of
protecting against a risk associated to other assets or liabilities.

"PROMISSORY NOTES" has the meaning assigned to this term in Clause 2.02 (b) of
this Agreement.

"INTEREST PERIOD" means every period of approximately one (1) month based on
which interest earned from principal past due of the Loan shall be calculated;
in the understanding that (i) the first Interest Period shall begin on the Draw
Date and end on the immediately following calendar month, on the date that
numerically corresponds to the day when the draw from the Loan was made, (ii)
every following Interest Period shall begin on the day after the last day of the
immediately previous Interest Period and end on the calendar month immediately
after the month when the immediately previous Interest Period ended, on the day
that numerically corresponds to the day when the draw was made against the Loan,
(iii) any Interest Period in effect on the maturity date of the Loan shall end
on that date, and (iv) if the calendar month when an Interest Period must end
does have a day that numerically corresponds to the day when such Interest
Period began, or to the day when the immediately previous Interest Period
expired, as the case may be, such Interest Period shall end on the last day of
that calendar month.

GAAP" means, on the date when respectively applied, generally accepted
accounting principles in Mexico, consistently applied; or accounting principles
which, as the case may be, substitute generally accepted accounting principles
in Mexico, consistently applied per the date of this Agreement.

"PERSON" means any individual or corporation, trust, company, civil or business
corporation, irregular corporation, joint venture or any other business entity,
association, government, government agency or Government Authority or any other
kind of government agency.

<PAGE>

"PESOS" and P$ mean the lawful currency of Mexico.

"ENVIRONMENTAL COMPLAINTS" means all and any action, claim, requirement,
complaint, lien, notice of noncompliance or violation, investigation or
administrative, regulatory or judicial procedure that is in any manner related
to the Environmental Law or to any permit issued according to any Environmental
Law (hereinafter "Complaints"), including without limitation (a) all and any
Complaint by Government Authorities in connection with measures of execution,
cleaning, removal or repair, or other action or damage in terms of any
applicable Environmental Law, and (b) all and any Complaint by any third party
claiming damages, contribution, indemnification, reimbursement of expenses,
compensation or suspension resulting from any hazardous materials or that derive
from damage or threat of hazards against health, security or the environment.

"S&P" means Standard % Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc. and successors.

"SUBSIDIARY" means, with respect to any Corporation, any civil or business
corporation, association, joint venture, limited liability company, trust,
property or any other Person where (or in which ) more than 50% (fifty percent)
of (a) in the case of a company, the voting shares issued and outstanding of
Capital Stock; (b) in the case of a limited liability company, association or
joint venture, the corporate parts or participation in Capital Stock or profit
of such limited liability company, association or joint venture; or (c) if it is
a trust or similar figure, the right to participate in the property of such
trust, is at that moment, direct or indirectly, either property of or is
controlled by (x) such Corporation; (y) such Corporation and one or more of its
Subsidiaries; or (z) one or more of the Subsidiaries of such Corporation.

"SIGNIFICANT SUBSIDIARY", on any date of determination, means any Subsidiary of
Borrower, who (i) for Borrower's most recent fiscal year closed represents 20%
(twenty percent) or more of the consolidated income of Borrower and its
Subsidiaries, or (ii) at the end of such fiscal year owned 20% (twenty percent)
or more of the properties and consolidated assets of Borrower and its
Subsidiaries, all according to most recent available consolidated financial
statements of Borrower for that fiscal year. For purposes of sections (d)
[bankruptcy - insolvency proceedings], (e) [expropriation] and (g) [cross
default] of Clause 6.01 of this Agreement, if any of the events described in
such sections occur and subsist in regard to two or more Subsidiaries of
Borrower who are not Significant Subsidiaries, but who, considered as a whole,
satisfy one or both requirements provided for in sections (i) and/or (ii) of the
immediately preceding enunciation, then such event shall be deemed to have
occurred with respect to a Significant Subsidiary. Additionally, for purposes of
this Agreement, the term Significant Subsidiary shall always include Corporacion
de Radio y Television del Norte de Mexico, S.de R.L. de C.V.

"ORDINARY RATE" means the fixed 8.74% (eight point seventy-four percent) annual
rate.

<PAGE>

      1.02. Accounting Terms. All accounting terms not expressly defined in this
Agreement shall be interpreted, and all financial information that must be
provided according to this Agreement shall be prepared and, as the case may be,
consolidated according to GAAP.

      1.03. Interpretation of Defined Terms. (a) Terms defined in this Clause
First shall apply both to singular and plural forms of such terms. When thus
required by the context, any pronoun shall include the corresponding masculine,
feminine or neutral gender. Unless otherwise expressly established, all
references made to numbers or letters of Clauses, sections, paragraphs or
sub-sections refer to Clauses, sections, paragraphs or sub-sections of this
Agreement, and all references made to the Attachments, refer to Attachments
included with and incorporated to this Agreement as reference. It shall be
understood that the words (i) "herein", "hereof", "according to this
instrument", "further in this instrument" and words of a similar meaning refer
to this Agreement altogether and not to a particular Clause, section, paragraph
or sub-section of this Agreement; (ii) "include", "includes" and "including" are
followed by the phrase "without limitation whatsoever", unless otherwise
expressly established; and (iii) "Asset", "good" and/or "property" have the same
meaning and effect and refer to all and each of the assets, goods and
properties, both tangible and intangible, including cash, Capital Stock,
securities, income, accounts, lease and contractual rights. Additionally, in the
manner used in this Agreement, amounts in Dollars followed by the phrase "or
equivalent in Pesos" shall be understood referring to the equivalent in Pesos,
at the exchange rate published by the Central Bank of Mexico in the Federal
Official Gazette on the applicable date of determination.

      (b) It shall be considered that any reference made to (i) any agreement,
understanding or instrument includes the reference to such agreement,
understanding or instrument, in the means it is modified either fully or
partially or in any other manner amended from time to time, and (ii) any law or
regulation includes amendments made from time to time, or any law or regulation
substituting them.

      1.04. Calculations of Time-Periods. In this Agreement, when calculating a
time period from one specific date to a further specific date, the word "from"
means "from and including" and the words "to" and "until" mean "until but
excluding".

                                     SECOND
                   DRAW AMOUNT AND TERMS; PAYMENT OF THE LOAN

      2.01. Opening of Loan. Draw. Subject to the terms and conditions set forth
in this Agreement, Bank agrees to make available to Borrower on or before the
Draw Date and through a single Draw, a loan for as much as P$2,100,000,000.00
(Two Billion One Hundred Million Mexican Pesos 00/100), payable in a single
amount as established in Section 2.03 of this Agreement.

      The parties agree that Borrower may in a single act draw the full amount
of the Loan or a part of it on or before the Draw Date, according to the terms
and subject to the

<PAGE>

conditions provided for in this Agreement, in the understanding that the
principal sum of the Draw shall not include any amount whatsoever of interest,
commissions, expenses or other amounts payable by Borrower to Bank according to
this Agreement and/or the Promissory Notes.

      Additionally, if Borrower does not draw the full amount of the Loan, but a
part of it, the parties agree Borrower shall be bound to pay Bank any Cost of
Breach in Funding that, as the case may be, results for Bank.

      2.02 Draw Form. (a) When Borrower wishes to make the Draw in terms of this
Agreement, it must issue written notice to Bank at least 24 (twenty-four) hours
before the intended Draw Date, in the understanding that such notice shall be
considered received on a certain day only if delivered before 11:00 A.M. (Mexico
City time) of that day. Such notice (the "NOTICE OF DRAW") shall be irrevocable
and must be issued by Borrower substantially in form of Attachment "A",
adequately filled out, in order to specify the proposed Draw Date (which must be
a Business Day); consequently, if Borrower cancels the Draw of the Loan notified
through the Notice of Draw, Borrower must reimburse Bank for any expense or cost
(documented and reasonable) thereby incurred in by the latter, including costs
of breach of the funding sources of Bank.

      (b) Bank shall make available to Borrower the amount established in the
Notice of Draw through a deposit to checking account number 27/9978005 CLABE:
002180002799780052 kept by Borrower with Banco Nacional de Mexico, S.A.,
Integrante del Grupo Financiero Banamex, precisely on the Draw Date, subject to
(i) that all the conditions of Clause 3.01 of this Agreement have been duly and
promptly fulfilled and satisfied, and (ii) delivery to Bank of two
non-negotiable serried Promissory Notes, subscribed by Borrower and signed as
guaranty by Guarantor in a manner substantially the same as Attachment "B" (the
"PROMISSORY NOTES"), to the order of Bank, and that add up to the amount of the
Loan to be disbursed notified in the Notice of Draw, in the understanding that
Bank will notify Borrower on or before the Draw Date of the amounts that
correspond to each of those Promissory Notes. Borrower agrees and acknowledges
that subscription of the Promissory Notes is not and must not be considered as
payment of the Loan.

      2.03. Payment of Loan. Payment of Principal of Loan. Borrower shall
restore to Bank principal of the Loan which it has drawn according to this
Clause, in a single payment of principal, 120 (one hundred twenty) months after
the Draw Date.

      2.04. Voluntary Early Payment.

      (a) Borrower may fully or partially pay in advance the balance due of the
Loan, as long as it complies with the provisions set forth herein, unless Bank
issues written waiver of fulfillment of one or several of such conditions; (i)
Borrower must irrevocably notify Bank in writing that it plans to make early
payment for all or part of the balance past due of the Loan, at least 5 (five)
Business Days before the date of such early payment; (ii) any

<PAGE>

early payment shall be for at least P$50,000,000.00 (Fifty Million Pesos), in
the understanding that such early payment must always be in multiples of
P$10,000,000.00 (Ten Million Pesos); (iii) together with such early payment, the
party thereto obliged according to this Agreement must, on the Date of Early
Payment pay for the resulting costs of Breach in Funding; (iv) together with the
early payment, Borrower must pay ordinary interest in effect earned per that
date and due with respect to the amount of the early payment; (v) Borrower may
not again dispose of amounts paid in advance; and (vi) the early payment or
payments shall be applied in the order established in Clause 2.08 (b) of this
Agreement.

      (b) Without prejudice of other provisions applicable to early payments, in
the event that Borrower makes full or partial early payment of the balance due
of the Loan, when or before 36 (thirty-six) months have passed since the Draw
Date, Borrower shall be obliged to, on the same date of the early payment (the
"DATE OF EARLY PAYMENT"), reimburse Bank for any Cost of Breach in Funding by
Bank. Thus, if Borrower makes a full or partial early payment of the balance due
of the Loan once 36 (thirty-six) months have passed after the Draw Date, the
party suffering a loss or cost incurred in or where it might have hypothetically
incurred in derived from early payment of the Loan must be indemnified by the
other party on the Date of Early Payment in the case of Bank, and in the periods
mentioned in section (f) below, in case of Borrower, with the Cost of Breach in
Funding which, as the case may be, results.

      (c) In any case, the Cost of Breach in Funding shall be conclusively
determined by the Calculating Agent according to any of the following methods,
in the order in which they appear:

      First. The Cost of Breach in Funding shall be determined based on the
quotation price of the corresponding operation that, as the case may be, is in
effect on the Date of Early Payment determined by Bank, based on valuation
methods or models of Market-Derived Operations that, per the date when the Cost
of Breach in Funding and in the ordinary development of its operations, is used
by Bank according to the applicable provisions, financial practice and general
and specific rules of the Central Bank of Mexico (the "DETERMINATION THROUGH
VALUATION METHOD"). To reach the Determination through Valuation Method, the
Bank must observe the following principles:

      (i) The applicable method must recognize relevant information of the
market involved, including among others, interest rates, market prices of
certain securities, yields, yield curves, volatilities, differentials or
margins, or correlations: (x) provided by one or more third parties, including
providers of prices, other financial intermediaries, without limitation, or (y)
obtained from internal sources (including any related company of Bank), as long
as they are the same as those used by Bank in the ordinary course of its
operations. In any case, aforementioned information must correspond to the date
when the Cost of Breach in Funding is determined;

<PAGE>

      (ii) The method may incorporate the funding cost for Bank, as long as it
has not been previously included in information previously used in
aforementioned method;

      (iii) The method may include the use of several valuation methods of
Market-Derived Operations, based on the type, complexity, size or number of
these; and

      (iv) For purposes of all of the above, as Calculating Agent, through the
certificate that it issues to Borrower, in addition to the cost of Breach in
Funding to be paid by Borrower, Bank shall also disclose the procedure followed
to determine it.

      Second. If Borrower objects in writing and in a reasonably well-founded
manner against the certificate issued by the Calculating Agent according to the
above terms within the first two (2) Business Days after it is issued and
delivered by the Calculating Agent to Borrower, through previous written notice
that, as the case may be, is issued to Borrower by Bank, the latter shall
determine who must act as Substitute Calculating Agents and ask them to provide
a quotation, following the same principles as those to Determine the Valuation
Method, and the average of the Cost of Breach in Funding determined by the
Substitute Calculating Agents shall be the Cost of Breach in Funding that shall
be applied for purposes of this Agreement, which shall be obligatory for the
parties hereto.

      (d) If Borrower should in any manner object against the determination by
the Calculating Agent and by the Substitute Calculating Agents, or does not pay
the Cost of Breach in Funding together with the early payment of the Loan, Bank
shall be entitled to reject the early payment of the Loan and Borrower shall
forfeit the right to make early payments of the Loan.

      (e) The same procedure referred to in this Clause shall be applied if the
early payments result from early maturity of the Loan because of one of several
of the Cases of Noncompliance.

      (f) If when calculating the Cost of Breach in Funding because of an early
payment made 36 (thirty-six) months after the Draw Date, there results a
positive amount in favor of Borrower, within the first 2 (two) Business Days
after actually receiving the early payment Bank shall reimburse such amount to
Borrower; however, in the understanding that: (i) Borrower may not compensate or
withhold any amount whatsoever of the early payment on account of the Cost of
Breach in Funding that, as the case may be, results in its favor; and (ii)
Borrower shall not be entitled to, as the case may be, receive the Cost of
Breach in Funding if the early payment results from early maturity of the Loan
due to one or several Cases of Noncompliance.

      (g) On date when paying the Cost of Breach In Funding, Borrower must pay
Bank amounts that result for its account, as the case may be, as established in
Clause 2.10 of the Agreement (Taxes).

<PAGE>

      (h) In case of partial Voluntary Early Payment according to this Clause,
Borrower must subscribe and deliver Bank a new Promissory Note which substitutes
the Promissory Notes then in possession of Bank, reflecting amounts prepaid on
that date. Against delivery of the new Promissory Note to Bank, the latter must
return to Borrower the substituted Promissory Notes duly canceled. If the
Voluntary Early Payment is for the full amount of the Loan, Bank must return to
Borrower the substituted Promissory Notes duly canceled. In cases where Bank
must return the substituted Promissory Notes duly cancelled, the parties agree
that Bank shall have three (3) Business Days to return aforementioned Promissory
Notes after the corresponding early payment.

      2.05. Ordinary Interest. (a) Without previous request, Borrower shall pay
Bank ordinary interest on principal past due of the Loan during every Interest
Period, since the Draw Date until the date when principal due of the Loan is
paid in full, interest that shall be payable on every Interest Payment Date at a
yearly interest rate equal to the Ordinary Rate.

      2.06. Penalty Interest. Principal past due and not paid over any credit to
the Loan shall be subject to interest since the day after maturity until it is
paid in full, at an annual interest rate applicable during every day such amount
continues past due equal to the result of adding 200 (two hundred) basic points
to the Ordinary Rate.

      2.07. Calculation of Interest. Interest according to this Agreement and
the Promissory Notes shall be calculated based on a 360 (three hundred sixty)
day year and the number of days actually passed, including the first, but
excluding the last of those dates.

      2.08. Payments. (a) All payments to be made by Borrower to Bank according
to this Agreement and the Promissory Notes shall be made no later than 14:00
hours (Mexico City time) on the date when due, through automatic charge made by
Bank to account 27/9978005 CLABE: 002180002799780052 kept by Borrower with Bank,
or in any other location or manner duly notified in writing by Borrower to Bank.
Borrower hereby instructs and authorizes Bank to charge against Borrower's
aforementioned account all payments Borrower must make to Bank according to this
Agreement and the Promissory Notes.

      (b) Any payments made by Borrower to Bank in relation to this Agreement
shall be applied in the following order: (i) to pay any Taxes for the account of
Borrower, (ii) pay any expenses and commissions resulting against Borrower
according to this Agreement, (iii) pay any penalty interest due, (iv) pay any
ordinary interest due, and (v) pay any amounts of principal due.

      2.09. Payments and Interest Periods with Maturity on Non-Business Days. If
any payment due under this Agreement and/or the Promissory Notes must be made on
any day other than a Business Day, such payment shall be made on the immediately
previous Business Day.

      2.10. Taxes. (a) Borrower shall pay Bank all amounts of principal,
interest and other amounts payable according to this Agreement and the
Promissory Notes free, exempt, and

<PAGE>

without deduction on account of any Tax currently or further applicable to such
amounts that is payable in any jurisdiction, except for income tax (or any
substitute tax) payable by any creditor on total income or assets according to
the laws, regulations and other legal provisions of Mexico. If on any occasion
any authority of any jurisdiction who is entitled to, imposes, applies or
collects any tax, government charge, contribution, tribute, withholding,
deduction, burden, Lien or other tax liability together with interest,
surcharges, sanctions, fines or charges derived thereof ("TAXES") on or in
relation to this Agreement or the Promissory Notes, or any such payment
necessary according to them, Borrower (and, as the case may be, Guarantor)
shall, on behalf of Bank pay to the corresponding tax authority the sum of any
of such Taxes, and pay to Bank additional amounts required to assure that Bank
receives the full amount which it would have received if such Taxes had not been
paid or withheld, and shall deliver to Bank the original receipts or other
evidence satisfactory to Bank concerning payment of any Tax within 30 (thirty)
days after the date when such Tax is enforceable and payable, according to the
applicable legal provisions; all of the foregoing, unless any of such Taxes
result from serious negligence, deceit or bad faith of Bank, or such Taxes are
applicable on account of income tax (or any substitute tax) payable by any
creditor on its income or total assets according to the laws, regulations and
other legal provisions of Mexico.

      (b) Bank shall immediately notify Borrower of any request, notice, demand
for payment or any other notice received by Bank from any authority with respect
to Taxes, for Borrower to promptly attend such request, notification, demand or
notice, pay such Tax, and hold Bank harmless with respect to such request,
notification, demand for payment or notice, in the understanding that in such
case Bank shall deliver to Borrower any document that is in possession of Bank,
or a copy of it, as required by Borrower in connection with any procedure with
respect to such request, notification, demand for payment or notice.

      (c) The obligations for Borrower according to this Clause 2.10 shall
subsist over all other obligations for Borrower according to this Agreement and
the Promissory Notes.

      2.11. Opening Commission. Borrower must pay Bank a commission on opening
the loan equal to 0.125% (zero point one hundred twenty-five percent) of the
amount drawn of the Loan, which shall be paid on the Draw Date, in which respect
Borrower hereby express and irrevocably authorizes Bank to deduct the amount of
such commission against the Draw made on the Draw Date.

                                      THIRD
                             CONDITIONS FOR THE DRAW

      3.01. Conditions Prior to the Draw. The obligation for Bank to make the
Draw shall be subject to the condition that Bank receive the following Documents
on or before the Draw Date, and that on or before the Draw Date the following
precedent conditions have been satisfied, in the manner and grounds acceptable
to Bank and its legal counsels:

<PAGE>

      (a)   Bank must have received an original copy of this Agreement, duly
            signed by Borrower and Guarantor;

      (b)   Bank has received the Notice of Draw;

      (c)   Bank must have received (i) certified copy of the public documents
            (with registration data) containing the articles of incorporation of
            Borrower and a simple copy of the respective public document
            containing the incorporation of Guarantor; (ii) copy of the public
            document (without registration data) containing the by-laws in
            effect of Borrower and of Guarantor per the date of this Agreement,
            and (iii) copy of the consolidated and audited annual financial
            statements per December 31, 2004 and the consolidated internal
            annual financial statements per December 31, 2005, in both cases of
            Borrower;

      (d)   Bank must have received Borrower's and Guarantor's documents
            disclosed in Attachment "C" of this Agreement;

      (e)   Bank must have received (i) a certificate by the Secretary of the
            Board of Directors of Borrower and of Guarantor evidencing the
            corporate authorizations and powers of authority of Borrower or of
            Guarantor, as the case may be, to subscribe this Agreement and the
            Promissory Notes, and to comply with the obligations set forth
            therein; and (ii) certified copy of the public documents (without
            registration data) evidencing the legal capacity and authority of
            the persons who subscribe this Agreement and the Promissory Notes on
            behalf of Borrower and of Guarantor, as well as other documents that
            must be subscribed according to them;

      (f)   Bank must have received a certificate issued by a Officer in Charge
            of Borrower and of Guarantor as established in Attachment "D" of
            this Agreement, certifying that the hand signatures affixed on it
            belong to the officers authorized to subscribe this Agreement and
            the Promissory Notes;

      (g)   That the representations by Borrower and by Guarantor set forth in
            this Agreement are true, complete and correct in all such aspects,
            and per the Draw Date as if such representations had been issued on
            the Draw Date;

      (h)   That on or prior to the Draw Date, there has not occurred nor
            subsists any Case of Noncompliance or event that through a
            notification or with the passing of time, or both, would constitute
            a Case of Noncompliance;

      (i)   On or prior to the Draw Date, Bank has received the Promissory Notes
            subscribed by Borrower to the order of Bank and signed to guaranty
            payment by Guarantor, documented in the Loan;

<PAGE>

      (j)   Bank must have received from Borrower payment of all and each of the
            commissions, fees, expenses and other costs of Bank that according
            to this Agreement must be paid by Borrower on that date.

                                     FOURTH
                       AFFIRMATIVE AND NEGATIVE COVENANTS

      4.01 Affirmative and Negative Covenants. As long as the Promissory Notes
continue fully or partially due, and as long as Borrower has any liability
according to this Agreement, except for obligations for Borrower subsisting
according to Clause 2.10 (c), unless otherwise consented in writing by Bank,
Borrower (and not Guarantor) binds itself to the following:

      (a) Compliance with Laws and Payment of Taxes. Comply with, and see that
each of its Significant Subsidiaries in all important aspects comply with the
laws, rules, regulations and applicable ordinances (including Environmental
Laws), including without limitation, payment when due of all Taxes for the
account of Borrower or those Significant Subsidiaries, or that derive from their
respective assets, as well as contributions, government charges and burdens
determined against themselves, taxes or payments required, except, (i) with
respect to such laws, rules, regulations and applicable ordinances (including
Environmental Laws), in the means that noncompliance of these may not,
individually or collectively, have a significant adverse effect on the Principal
Business or properties of Borrower or of its Significant Subsidiaries; and (ii)
with respect to such Taxes, in the means that they are objected against in good
faith through the appropriate procedures, filed and conducted promptly and
diligently, or that failing to pay them is not reasonably expected to have an
adverse consequence on the capacity of Borrower to pay the Loan or comply with
the obligations derived from this Agreement and/or the Promissory Notes, and for
which Borrower or the corresponding Significant Subsidiary, as the case may be,
establishes adequate reserves according to GAAP.

      (b) Legal Capacity and Conducting of Business. Borrower shall continue to
engage in the same kind of activities and business as at present, contemplating
normal variations occurring in its business derived from innovation or
technological convergence or from trends arising in the field of its industry,
and shall preserve and maintain, and see that each of its Significant
Subsidiaries preserves and maintains its legal existence, rights (either
statutory or legal), licenses, authorizations, concessions, permits, notices,
intellectual or industrial property rights, registrations and franchises (the
"Rights") that are considered relevant for its Principal Business; in the
understanding that neither Borrower nor its Significant Subsidiaries shall be
bound to maintain their legal existence in relation to a merger or consolidation
carried out as established in Clause 4.02 (b); and also in the understanding
that neither Borrower nor its Significant Subsidiaries shall be obliged to
preserve any Right, if any of them, based on their own judgment, good faith,
determine that the preservation of these is not commercially desirable for
Borrower or for any of its Significant Subsidiaries, as the case may be, and
that the loss of such Right cannot be expected to have an adverse consequence on
the capacity of Borrower to pay the Loan or
<PAGE>
comply with the obligations derived for itself from this Agreement and/or the
Promissory Notes. Under no circumstances must this obligation be interpreted as
a limitation for Borrower or its Significant Subsidiaries against beginning or
combining new businesses related to the telecommunications and related business.

      (c) Information Requirements. Provide Bank:

      (i)   As soon as available, but in any case, within the first 180 (one
            hundred eighty) calendar days immediately after the close of each
            fiscal year, copy of its audited consolidated financial statements
            for that fiscal year, that include the general balance sheet,
            consolidated profit and loss statements, statements of changes in
            the financial condition and variations in net worth for that fiscal
            year, according to GAAP, together with an audit report issued by any
            independent public accountant firm recognized in the jurisdiction
            where it is located.

      (ii)  As soon as available, but in any case, within the first 90 (ninety)
            calendar days immediately after the close of every fiscal year
            quarter period (excluding the fourth calendar quarter period), the
            balance sheet per the end of that quarter period, and profit and
            loss statements for that quarter period and for the period initiated
            at the end of the previous fiscal year and ended at the close of
            such quarter period, as the case may be, consolidated according to
            GAAP, signed by an Officer in Charge;

      (iii) Simultaneous to Borrower delivering the financial information
            referred to in sections (i) and (ii) above, Borrower shall deliver
            to Bank a certificate by an Officer in Charge, that includes all
            information and calculations necessary to determine compliance by
            Innova of section (i) and (ii) of Section (a) of Clause 4.02 of this
            Agreement.

      (iv)  As soon as possible, but in any case, within the first 10 (ten)
            Business Days after the date when it has or must be informed of the
            existence of any Case of Noncompliance or an event that, through
            notice or by the passing of time, or both, would constitute a Case
            of Noncompliance, an evidence signed by an Officer in Charge
            providing details of such Case of Noncompliance or event, and the
            means that have been undertaken or proposed to be undertaken in this
            respect;

      (v)   As soon as initiated, but in any case, within the first 5 (five)
            Business Days after receiving summons or notice of any action,
            complaint or administrative, arbitration or judicial procedure where
            Borrower or any of its Significant Subsidiaries is party, and that
            may, individually or jointly, have an adverse and significant effect
            on the Principal Business or properties of Borrower or of its
            Significant Subsidiaries, a notice signed by an Officer in

<PAGE>

            Charge of Borrower, describing the nature of such action, complaint
            or procedure, and the measures undertaken or proposed in this
            respect;

      (vi)  Any other information concerning the financial standing or
            operations or of any other nature of Borrower and/or of any of its
            Significant Subsidiaries that is reasonably requested at any time by
            Bank.

      (d) Insurance. Obtain and keep valid and see that each of its Significant
Subsidiaries obtain and keep valid adequate insurance with recognized insurance
companies to protect their assets, against risks and for as much as the amounts
required according to the adequate administrative procedures, and that are
normally obtained by companies with similar businesses in Mexico as the
activities developed by in consolidated manner by Borrower, considering the
nature of the business of Borrower and of its Significant Subsidiaries and the
location of the insured assets, except for insurance of satellite obligations
and of any transponder, and for their operation and performance.

      (e) Accounting Records. Keep and have each of its Significant Subsidiaries
keep accounting books and records in a manner that truly reflects their
financial position and the results of their operations according to GAAP:

      (f) Inspection Rights. By request from Bank (through the corresponding
contact officer), at least 7 (seven) calendar days before, permit the
representatives designated in writing by Bank to inspect the accounting records
and/or properties of Borrower and of any of its Significant Subsidiaries, and
interview their respective officers and outside auditors during business days
and hours, keeping confidential the information they have access to.

      (g) Fulfillment of Obligations. Comply with and pay, and have each of its
Significant Subsidiaries comply with and pay all their obligations, where the
principal amount (individually or collectively with other Debts not settled) is
above US$100,000,000.00 (One Hundred Million Dollars 00/100) (or the equivalent
in Pesos) or corresponding interest, upon maturity, whether this is
conventional, for obligatory early payment or in any other manner as established
in each agreement, mortgage, guaranty and other debt instruments binding them,
except for such obligations (i) where the amount or validity is being objected
against in good faith through appropriate procedures, and for which the adequate
reserves have been created according to GAAP and the applicable law, or (ii)
where failure to make payment because of such objection cannot reasonably be
expected to have a significant adverse effect on the business, assets,
liabilities, condition (financial or any other), licenses, operation or projects
of Borrower or of any of its Significant Subsidiaries, or on the capacity of
Borrower to pay the Loan or comply with the obligations derived from this
Agreement and/or the Promissory Notes.

      (h) Destination of the Funds. Borrower shall use the funds of the Loan
solely and exclusively to (1) pay (or reacquire) partially and in advance the
debt instruments issued by Innova, S. de R.L. de C.V. named Senior Notes with
maturity in 2013 for US$300,000,000.00 (Three Hundred Million Dollars, Lawful
Currency of the United States

<PAGE>

of America) and expenses related to the execution of this Agreement and early
payment of such Senior Notes, and (2) pay for obligations with financial cost
for Borrower. Once having paid the obligations with financial cost mentioned in
section (2) above, Borrower shall notify Bank in writing within 5 (five)
Business Days after such payment, which obligations and for what amounts were
paid with funds from the Loan.

      (i) Priority. Make sure and undertake all necessary action for the
obligations of Borrower under this Agreement and the Promissory Notes (i) to at
all time constitute an unconditional and insubordinate debt for Borrower; and
(ii) have at least the same payment priority with respect to any other present
or future unsecured and insubordinate debt of Borrower, except for obligations
against Borrower that according to the Law might enjoy any preference in
payment.

      (j) Preservation of Goods, etc. Borrower shall preserve and keep, and
shall have each of its Significant Subsidiaries preserve and keep all the goods
they require and use or are useful in developing their main activities, in good
and normal condition, except for ordinary use and wear, or those, that by nature
are in possession of the subscribers of Borrower or its Significant
Subsidiaries, or those where the wear or poor condition do not have a
significantly adverse effect on the capacity of Borrower to pay the Loan or
comply with the obligations derived from this Agreement and/or the Promissory
Notes, in the understanding that this provision shall not prevent Borrower or
any of its Significant Subsidiaries from discontinuing the operation and
preservation of any of their goods, as long as desirable for the development of
their business and that such discontinuation, individually or collectively, does
not originate a Case of Noncompliance or event that, through notice or by the
passing of time or both, would constitute a Case of Noncompliance or were not
reasonably expected to have as consequence a relevant adverse effect on the
capacity of Borrower to pay the Loan or comply with the obligations derived for
itself from this Agreement and/or the Promissory Notes.

      4.02. Affirmative Covenants for Borrower. As long as the Promissory Notes
continue fully or partially unpaid, and as long as Borrower has any obligation
according to this Agreement, unless otherwise consented in writing by Bank,
Borrower (and not Guarantor) binds itself to the following:

      (a) Financial Limitations.

            (i) Borrower shall not permit the Consolidated Leverage Index to at
any time exceed 4.0:1 (four point zero to one).

            (ii) Borrower shall not permit the Interest Coverage Index to at any
time be below 2.0:1 (two point zero to one).

      (b) Merger, Split-Up, Etc. Not merge, consolidate, split-up, undergo
liquidation or dissolution (or permit its liquidation or dissolution), or permit
that its Significant Subsidiaries merge, consolidate, split-up, undergo
liquidation or dissolution (or that its

<PAGE>

Significant Subsidiaries permit such liquidation or dissolution), except that:
(i) any Subsidiary of Borrower may be merged or consolidated in or with (A)
Borrower, in the means that Borrower is the absorbing or surviving company, or
(B) any other Subsidiary of Borrower (including any Person who becomes a
Subsidiary of Borrower derived from such merger or consolidation); (ii) Borrower
or any of its Significant Subsidiaries may be merged or consolidated with any
other Persons, as long as (A) in the case of a merger or consolidation of
Borrower or of a Significant Subsidiary, Borrower or Such Significant Subsidiary
must be the absorbing or surviving company, and (B) there must not exist and
subsist any Case of Noncompliance or any event or condition that, through notice
or by the passing of time, or both, might constitute a Case of Noncompliance
after such merger or consolidation becomes effective; (iii) any Significant
Subsidiary may be merged or consolidated with any Person through an adequate
consideration to Borrower and its Significant Subsidiaries.

      (c) Sale of Fixed Assets. Innova may sell any of its respective properties
or assets, either present or future, as long as the sale in question does not
result in Innova breaching any of the Financial Limitations established in
section (a) of this Clause 4.02 or there occurs a Case of Noncompliance or event
that, through notice or by the passing of time, or both, might constitute a Case
of Noncompliance.

      (d) Liens. Innova may create, establish or permit the existence of any
Lien of any kind on any of its properties or assets, either present or future,
or those of its Subsidiaries, as long as creation, establishment and/or
completion of such Lien does not result (i) in any violation of the Financial
Limitations established in section (a) of this Clause 4.02, or (ii) a Case of
Noncompliance or event that, through notice or by the passing of time, or both,
would constitute a Case of Noncompliance.

      (e) Change in the Nature of the Business. Neither Borrower or its
Significant Subsidiaries may introduce a substantial change in the line of
business and nature of their main activities such as they are conducted per the
date of this Agreement; except for changes made through technological innovation
or convergence, or changes that because of the nature of the industry are being
introduced or imply a natural turn for companies providing telecommunications
and related services.

      (f) Investments. Innova may make investments in Persons other than
companies who to date are Subsidiaries of Borrower, as long as such investments
do not cause Innova to breach any of the Financial Limitations established in
section (a) of this Clause 4.02, or otherwise, there occurs a Case of
Noncompliance or event that, through notice or by the passing of time, or both,
would constitute a Case of Noncompliance.

      (g) Dividend. Innova shall pay dividend either in cash or in species
without previous authorization by Bank, as long as the Consolidated Leverage
Index does not exceed 4.0:1 (four point zero to one). However, such limitation
shall not be extended to the Subsidiaries of Innova, who may pay dividend thus
approved by their competent corporate committees.

<PAGE>

      4.03. Affirmative Covenants for GT. As long as any Promissory Note
continues fully or partially unpaid, and as long as Borrower has any payment
liability according to this Agreement, except for the obligations of Borrower
that subsist according to Clause 2.10 (c), unless otherwise consented in writing
by Bank, GT binds itself to:

      (a) Financial Statements. As soon as available, but in any case, within
180 (one hundred eighty) calendar days immediately after the close of every
fiscal year, provide Bank a copy of its audited consolidated financial
statements for that fiscal year, that include the general balance sheet,
consolidated profit and loss statements, statements of changes in the financial
condition and of variations in net worth for that fiscal year according to GAAP,
together with an audit report by any independent public accountant firm
recognized in the jurisdiction where it is located.

      (b) Inspection Rights. By request from Bank (through the corresponding
contact officer), at least 7 (seven) calendar days before, permit the
representatives designated in writing by Bank to inspect the accounting records
and/or properties of GT and interview its respective officers and outside
auditors during business days and hours, sustaining confidentiality over the
information which they have access to.

                                      FIFTH
                                   SURETY BOND

      5.01 Surety Bond. Guarantor hereby unconditionally and irrevocably
guarantees prompt payment by Borrower of all and each present or future amounts
owned by Borrower according to this Agreement and the Promissory Notes, and
payment at maturity, whether such maturity is scheduled or early, of the full
amount of principal, interest, charges, commissions, as well as exact and prompt
compliance of all and each of other obligations derived against Borrower from
this Agreement and from the Promissory Notes, including payment of Taxes
according to Clause 2.10 and expenses incurred by Bank in exercising its rights
according to this Agreement and/or the Promissory Notes according to Clause 7.05
of this Agreement (all such amounts, interest, charges, commissions and other
obligations shall hereinafter be the "OBLIGATIONS"). Hereinafter, the surety
bond granted by Guarantor according to this Clause shall be the "SURETY BOND".

      In addition to payment or fulfillment of the Obligations, the Surety Bond
hereby granted shall secure due compliance by Borrower of any other additional
amount that, as the case may be, is disbursed or delivered by Borrower under
this Agreement and the Promissory Notes, as well as payment of any other
obligation for Borrower derived from restructure, novation, extension or delay
of this Agreement, as long as such restructure, novation, extension or delay has
been previously approved in writing by Guarantor. To this effect, Guarantor
reserves to itself its consent for Bank to grant extensions, delays or renewals
concerning payment or fulfillment of the Obligations of Borrower, which Bank
must previously obtain in writing in order that this Surety Bond not be
considered extinct.

<PAGE>

      Additionally, Guarantor binds itself to "as guarantor" subscribe the
Promissory Notes established in Clause 2.02 of this Agreement.

      Guarantor guarantees that the Obligations shall be strictly paid according
to the terms and conditions stipulated in this Agreement, the Promissory Notes,
or any modifications thereof, as long as they have been previously authorized in
writing by Guarantor, notwithstanding any legal provision, regulation or
ordinance currently or further in effect in any jurisdiction that affects any of
such terms or rights of Bank under this Agreement and/or the Promissory Notes.
The responsibility of Guarantor according to this Surety Bond shall absolutely
and unconditionally subsist, notwithstanding:

      (i) any change in the term, manner or place of payment, or any other term
of this Agreement, the Obligations or any other modification or waiver of the
original terms of this Agreement, the Obligations or this Surety Bond previously
authorized in writing by Guarantor; or

      (ii) any change, release, modification or waiver of the original terms of
this Agreement, the Obligations, or any previous consent previously granted in
writing for each of such cases by Guarantor, to drift away from the terms
stipulated in this Agreement, the Obligations, or any other act or accessory
document thereof; or

      (iii) any exchange control system, system limiting transparency of funds
or other measure delaying or preventing due fulfillment by Borrower of its
Obligations under this Agreement and the Obligations; or

      (iv) any insolvency proceeding, bankruptcy, insolvency or reorganization,
or other similar proceeding where Borrower is involved; or

      (v) any other circumstance that might otherwise constitute an exception or
release for Borrower.

      The Surety Bond shall continue in effect or shall be reestablished, as the
case may be, if at any time payment of any of the Obligations were returned or
should have to be in any manner reimbursed to Bank for any reason due to
insolvency proceedings or bankruptcy of Borrower, or for any other reason, in
which case such payment shall be understood as not made.

      Additionally, the parties expressly agree that the Surety Bond shall
subsist until the Bank has been fully paid the entire amount owed to it on
account of the Obligations assumed by Borrower in this Agreement, including
accessories and other legal consequences, even though: (i) Borrower is granted
an extension or delay, as long has these have been previously consented in
writing by Guarantor; (ii) Bank releases Borrower from the debt, and because of
such release the Obligations are subject to new liens or conditions, in which
case such release of debt must be previously consented to in writing by
Guarantor; or (iii) Bank does not judicially claim against Borrower fulfillment
of the main Obligations

<PAGE>

within the month after expiration of the term, or when the principal debt
becomes demandable at sight, or (iv) during more than 3 (three) months, Bank
unjustifiably ceases to pursue the action filed against the debtor.

      For purposes of Article 2813 of the Civil Code for the Federal District
and corresponding articles of the Civil Codes of the other States of the Mexican
Republic and of the Federal Civil Code, supplementary for any deficiency in
mercantile matters, Borrower binds itself to obtain written consent from
Guarantor for the waivers referred to in such Article. Copy of such consent must
be delivered to Bank within 5 (five) Business Days after it has been obtained.

      5.02. Waiver. (i) Except for the provisions of section (ii) below,
Guarantor hereby, and throughout the valid term of this Surety Bond, waives any
proceeding, filing, request, objection, notice of acceptance and any other
notice with respect to any of the Obligations and this Surety Bond, and any
request that Bank or by any of its assigns or transferees, exercise any right or
undertake any measure against Borrower or any other Person for the execution of
this Surety Bond. Guarantor accepts that if Borrower ceases to partially or
fully pay any of the Obligations according to this Clause, Guarantor shall
proceed to punctually pay them without requiring request or notice whatsoever,
which Guarantor hereby expressly waives, and also expressly waives the benefits
of division, order and discussion and the rights granted by articles 3814, 2815,
2822 and 2823 of the Civil Code for the Federal District and corresponding
articles of the Civil Codes of the other States of the Mexican Republic and of
the Federal Civil code, supplementary for any deficiency in mercantile matters.

      (ii) Notwithstanding the provisions of Clause 5.02 (i) above, before
demanding payment from Guarantor, Bank must extra-judicially request payment of
the Obligations according to this Agreement, primarily from Borrower (in such
case only requiring simple written request for payment issued to Borrower with
copy to Guarantor, which the parties agree shall not be necessary through
judicial means); consequently, if Borrower does not provide payment within the
term established in such request, Bank may claim against Guarantor payment of
the Obligations past due through simple written notice as provided in this
Agreement.

      5.03. Subrogation. During the valid term of this Surety Bond Guarantor may
not exercise any right acquired through subrogation according to this Surety
Bond, by virtue of any payment made by them according to this Surety Bond, as
long as the Obligations have not been paid in full to Bank, its assigns or
transferees. The foregoing, unless Borrower files a voluntary proceeding aimed
at reaching insolvency proceedings, in which case such limitation shall not be
applicable to Guarantor.

      For purposes of Article 2845 of the Civil Code for the Federal District
and corresponding articles of the Civil Codes of the other States of the Mexican
Republic and of the Federal Civil Code, supplementary for any deficiency in
mercantile matters, the parties agree that Guarantor shall be released from its
obligation as long as it cannot

<PAGE>

subrogate itself in the rights of Bank due to fault or negligence directly
attributable to Borrower, and determined through ruling in first instance by a
competent judge.

      If Borrower should pay Guarantor any amount on account of such subrogation
rights, and any the Obligations are past due, unless payment is made as a result
of mercantile bankruptcy proceedings according to the above paragraph, the
amount(s) thereby delivered shall be kept under deposit and custody by
Guarantor, and shall be delivered immediately to Bank for credit to the balance
past due of the Obligations not settled by Borrower, according to this
Agreement, in the payment account theretofore instructed by Bank. In such case,
Guarantor shall be considered receiver of such amounts, with the obligation to
invest them in fixed income instruments in the same currency as the Obligations,
in the understanding that yield thereof shall also be delivered to Bank for
allocation to the past due Obligations according to the above terms.

      Once the Obligations have been fully settled, Guarantor shall subrogate
itself in the rights held by Bank under this Agreement according to the terms of
the applicable regulations, in which case Bank shall by no means be responsible
for the legitimacy and acceptability of such rights or, as the case may be, with
respect to the solvency of Borrower.

                                      SIXTH
                             CASES OF NONCOMPLIANCE

      6.01. Cases of Noncompliance. If there occur and subsist any of the events
described below (each one a "CASE OF NONCOMPLIANCE"), through written notice
issued by Bank to Borrower with copy to Guarantor at least 5 (five) Business
Days before the date when, as the case may be, the period expires to correct the
Case of Noncompliance according to this Agreement (i) if the Draw has not
occurred, declare extinguished its commitment, and immediately, the obligation
for Bank to permit the Draw shall be extinguished, and (ii) if the Draw has not
occurred, declare past due and immediately payable principal due of the Loan,
interest earned and not paid, and all other amounts payable according to this
Agreement, in which case the Promissory Notes, principal due of the Loan,
interest earned and not paid, and all other amounts owed by Borrower to Bank
according to this Agreement and the Promissory Notes shall fall due and be
payable immediately without requiring a filing, requirement, request, objection
or any other notice, either judicial or extra-judicial, all of which Borrower
hereby expressly waives, in the understanding that, unless otherwise provided
for, Borrower shall have 2 (two) Business Days to remedy the Case of
Noncompliance referred to in section (n) below:

      (a)   If upon maturity (either on a scheduled maturity date, because of
            early maturity or for any other reason), Borrower does not pay for
            (i) principal of the Loan or of any Promissory Note; or (ii) any
            amount of interest earned or any amount payable according to this
            Agreement or the Promissory Notes, and such default in paying
            interest or any other amount due according to this Agreement or the
            Promissory Notes, other than the principal amount, were not
            corrected within 5

<PAGE>

            (five) calendar days after the date when such payments should have
            been made; or

      (b)   If any statement issued by Borrower or Guarantor according to this
            Agreement, or any certification or document delivered by Borrower or
            Guarantor in compliance of their obligations under this Agreement
            were incorrect or false in any relevant aspect at the time when
            made, and such noncompliance is not corrected within 30 (thirty)
            calendar days after (i) the date when any Head Officer of Borrower
            or of Guarantor, as the case may be, were informed of such
            noncompliance, or (ii) the date when Bank notified Borrower or
            Guarantor of such error, whichever occurs first; or

      (c)   If Innova or any of its Significant Subsidiaries or GT (i) default
            in their obligations or in any of their Debts, or fail in their
            obligation to secure or pay for any Derivate in one operation or in
            series of operations, whether or not these are inter-related, if
            such default involves an amount (individually or collectively with
            the other Debts not settled) above US$100,000,000.00 (One Hundred
            Million Dollars 00/100) (or the equivalent in Pesos) or interest
            thereof when due, whether this is conventional, on account of
            obligatory early payment or in any other manner, and such
            noncompliance subsists after expiration of the applicable grace
            period, as the case may be, stipulated in the agreement or
            instrument related to such Debt, or otherwise (ii) fails to comply
            with any other term, pact or condition contained in the agreement or
            instrument related to such Debts and such noncompliance subsists
            after expiration of the applicable grace period, as the case may be,
            stipulated in such agreement or instrument, regardless of whether
            such Debt is or not declared past due early; or

      (d)   If Borrower or any of its Significant Subsidiaries or GT should
            admit in writing their incapacity to pay their debts, or make a
            general assignment of properties in benefit of creditors, or
            mercantile bankruptcy proceedings, or reorganization or similar
            proceedings were filed against Borrower or any of its Significant
            Subsidiaries or GT without request or consent by Borrower or its
            Significant Subsidiaries or GT, as long as such proceedings remain
            without being rejected or dismissed during a period of sixty (60)
            calendar days or more; or

      (e)   If any Government Authority should confiscate, expropriate or assume
            custody or control of all or any important part of the properties of
            Borrower or its Significant Subsidiaries, or displace the management
            of Borrower or its Significant Subsidiaries, or substantially limit
            its authority to operate its business or exercise control over any
            of its Significant Subsidiaries, or of all or any important part of
            its Significant Subsidiaries, and such action has or might
            reasonably have a significant adverse effect on the business,
            assets, responsibilities, condition (financial or of any other
            nature), licenses, operation or projects of Borrower or of any of
            its Significant Subsidiaries, or in the capacity of Borrower to pay
            the Loan or comply with its obligations derived

<PAGE>

            from this Agreement and/or the Promissory Notes; or if any
            franchise, license, authorization or important concession of
            Borrower or of any of its Significant Subsidiaries is terminated or
            substantially modified and such termination or substantial
            modification has, or might reasonably have a significant adverse
            effect on the business, assets, responsibilities, condition
            (financial or of any other nature), licenses, operation or projects
            of Borrower or of any of its Significant Subsidiaries, or on the
            capacity of Borrower to pay the Loan or comply with its obligations
            derived from this Agreement and/or the Promissory Notes, and in all
            the above cases, such action by the Government Authority remains
            without being rejected or dismissed for a period of sixty (60)
            calendar days or more; or

      (f)   If at any time during the valid term of this Agreement Borrower
            fails to comply with any of its obligations stipulated in sections
            (b), (c)(iv) and (i) of Clause 4.01 of this Agreement and sections
            (a), (b), (c) and (d) of Clause 4.02 of this Agreement; or

      (g)   If at any time during the valid term f this Agreement Borrower or
            Guarantor fail to comply with any of their other obligations or any
            of the terms, pacts or understandings set forth in this Agreement,
            and such noncompliance were not corrected within the first 30
            (thirty) calendar days after the date when Bank notifies this to
            Borrower, as the case may be; or

      (h)   If any event or condition occurs which, the Bank determines to have
            or that might have an adverse effect on the capacity of GT, Innova
            or the Significant Subsidiaries to pay the Loan or comply with the
            obligations derived from this Agreement and/or the Promissory Notes;
            or

      (i)   If one or more court rulings or decrees are pronounced against GT,
            Innova or any of its Significant Subsidiaries, involving a total
            contingency (that is not paid or not totally protected by insurance)
            of US$50,000,000.00 (Fifty Million Dollars 00/100) (or the
            equivalent in Pesos) and if such court rulings or decrees are not
            dismissed, invalidated or guaranteed while being appealed within the
            first 40 (forty) calendar days after the day of such ruling, or
            within the legal term for the respective appeal, or if they are not
            reserved by GT, Borrower or the Significant Subsidiary involved
            according to GAAP, or according to the applicable and generally
            accepted accounting principles of the Significant Subsidiary
            involved, as the case may be; or

      (j)   If the credit rating of GT on the execution date of this Agreement
            (per the date of this Agreement it is BBB and BAS by S&P and Moody's
            respectively) is reduced to BB and Ba2 by either S&P or Moody's
            respectively, according to the pertinent rating scale, unless (i)
            Innova proves that on such date it has an Investment Grade by
            Moody's or S&P; or (ii) Innova has a Consolidated Leverage Index
            equal or below 2 to 1 and an Interest Coverage Index equal to or

<PAGE>

            above 4 to 1, calculated per the date when the credit rating of GT
            is reduced, or (iii) GT is substituted by another guarantor who is
            reasonably accepted by Bank within no more than 30 (thirty) calendar
            days after the credit rating of GT is reduced; or

      (k)   If Innova or its Significant Subsidiaries are declared in arrears,
            and such noncompliance causes a relevant adverse effect that may
            result in default in the obligations of Borrower as provided for in
            this Agreement; or

      (l)   If on any occasion and for any reason attributable to Borrower or
            Guarantor (except for payment of the Loan or compliance of existing
            obligations according to it), this Agreement and/or the Promissory
            Notes cease to have full force and effect, or Borrower and/or
            Guarantor object against the validity or enforceability of this
            Agreement and/or of the Promissory Notes; or

      (m)   If Borrower unjustifiably ceases to pay any tax debt or dues to the
            Mexican Social Security, or the Workers' National Housing Fund, or
            to the Retirement Savings System, except in the means that the above
            cannot reasonably result in a significant adverse effect over the
            financial condition or the Principal Business of Borrower or in the
            capacity of Borrower to pay for the Loan or comply with the
            obligations derived from this Agreement or from the Promissory
            Notes, and unless Borrower in good faith objects against the
            corresponding resolution through the appropriate procedures, filed
            and conducted promptly and diligently, and for which it establishes
            adequate reserves according to GAAP; or

      (n)   If at any time during the valid term of this Agreement and for any
            reason directly attributable to Borrower or to Guarantor (i) the
            Surety Bond or any other of the present or future guarantees granted
            in favor of the Bank to secure obligations derived against Borrower
            from this Agreement cease to be enforceable or valid; or (ii) of the
            party granting the Surety Bond or such guarantees were to claim that
            such guarantees are void or null.

                                     SEVENTH
                                  MISCELLANEOUS

      7.01. Modifications. No modification or waiver of any right derived from
this Agreement, and no consent to any divergence by Borrower of its obligations
derived form this Agreement shall have effect unless evidenced in writing and
subscribed by Bank, and in such case, such modification, consent or waiver shall
only have effect in relation to the specific purpose for which it has been
granted.

      7.02. Waivers. Joinder of Remedies. No failure or delay by Bank in
exercising any of its rights, powers of authority or actions according to this
Agreement may be considered as a waiver of them, nor may any singular or partial
exercise of any of such rights, powers of authority or actions prevent any other
or further exercise of them, or exercise of any

<PAGE>

other right, power of authority or action. The rights and actions provided for
in this Agreement are addable and do not exclude any right or action whatsoever
provided for in the Law.

      7.03. Information. (a) Seeking to comply with the provisions of the Law
for the Regulation of Credit Information Companies, on this date Borrower and
Guarantor authorize Bank to periodically inquire with credit information
companies concerning the credit records of Borrower and Guarantor, and that it
be authorized to provide information to these companies credit information
concerning Borrower and Guarantor.

      (b) In addition to the persons and authorities referred to in Articles 93
and 117 of the Credit Institutions Law, Borrower and Guarantor authorize Bank to
reveal information derived from the operations referred to in this Agreement, to
(i) other financial entities forming part of the financial group of Bank
(exclusively in the means permitted by the Credit Institutions Law), and to the
Person holding direct or indirect control over Borrower, (ii) the regulating
authorities with the jurisdiction where the Persons holding direct or indirect
control over Bank are established, (iii) the Central Bank of Mexico, (iv)
persons with whom Bank enters into agreements according to Clause 7.06, and (v)
the persons thus agreed on by the parties in writing.

      7.04. Notices, Etc. Unless otherwise stipulated in this Agreement,
notifications or notices contemplated herein shall be issued in writing and
forwarded by facsimile or shall be delivered to each party of this Agreement at
the addresses given below their names on the pages of this Agreement bearing the
signatures by each party, or any other address notified in writing by any party
to the other parties of this Agreement. All notifications and notices delivered
at the address of the corresponding party shall have effect on the date when
delivered, and those forwarded by facsimile shall have effect when the addressee
issues written acknowledgement of receipt of the corresponding notification or
notice.

      7.05. Costs and Expenses. Borrower also agrees that upon request from Bank
it shall pay for all losses, costs and expenses, if any, in relation to
enforcement of this Agreement and of the Promissory Notes, as well as of any
other document that must be delivered according to this Agreement.

      7.06. Assignment. Borrower may not assign its rights or obligations
derived from this Agreement without previous written consent granted by Bank.
Bank may assign its rights and obligations derived from this Agreement and from
the Promissory Notes to (i) with previous notice issued to Borrower 10 (ten)
Business Days in advance, and as long as such assignment is made in favor of the
Affiliates and/or Subsidiaries of Bank or to the trusts where Bank and/or its
Affiliates and/or its Subsidiaries act as trustors and beneficiary in any
location, (ii) to any credit institution or Mexican insurance institution,
through simple written notice issued to Borrower 7 (seven) days in advance, but
without requiring consent by Borrower (except for institutions forming part of
Grupo Salinas); or (iii) to any other Person, as long as it has obtained consent
from Borrower, which may not be unjustifiably rejected. In case Bank makes any
assignment according to this Clause, the

<PAGE>

assignee shall acquire the same rights and benefits against Borrower as those it
would have with respect to the rights and obligations that were assigned to
itself if originally it were the Bank according to this Agreement.

      By request from Bank, Borrower and Guarantor bind themselves to substitute
the Promissory Notes issued according to this Agreement if so required by Bank
due to assignments or participations made according to this Clause, in the
understanding that for such substitution, Bank binds itself to return to
Borrower the substituted Promissory Notes against delivery or the new Promissory
Note(s) by Borrower, if such substitution is made in one of the offices of Bank.

      Subject to the provisions of this Clause, the Promissory Notes issued
according to this Agreement may be discounted, transferred or assigned by Bank
according to Article Two Hundred Ninety-Nine of the General Law of Negotiable
Instruments and Credit Operations, in which respect Borrower hereby expressly
authorizes it, and Borrower hereby waives that it be delivered or credited
interest referred to in the second paragraph of Article Two Hundred Ninety-Nine
of the General Law of Negotiable Instruments and Credit Operations.

      7.07. Compensation. (a) On any date when:

      (i)   Borrower must pay Bank any amount according to this Agreement and/or
            the Promissory Notes, either on account of principal, interest or
            any other item, or

      (ii)  There occurs any Case of Noncompliance and any grace period
            applicable to it has expired, and principal of the Loan has been
            declared past due,

In such case, in the means permitted by the Law, Borrower authorizes and
irrevocably grants powers of authority to Bank to charge against any deposit
and/or account kept by Borrower with Bank (including, without limitation,
deposits and/or accounts, accounts at sight, savings accounts, term accounts,
provisions or definite accounts), expressly excluding funds derived from
payments by Bank, acting as trustee in trust agreements where Borrower is
beneficiary, deposited in the accounts of Borrower specifically opened for such
purposes; in the understanding that this exception shall not be applicable if
there exists a Case of Noncompliance of payment according to the terms of this
Agreement, and compensate against any Debt which Bank might have in favor of
Borrower for any matter, for as much as a sum equal to the amount not paid to
Bank, in the case of sub-section (i) above, and to the total amount of the
principal amount defaulted of the Loan, plus interest and accessory amounts, in
the event of sub-section (ii) above, without requiring any notice, requirement
or complaint whatsoever.

      (b) Bank shall notify Borrower as soon as possible, but in any case,
within 3 (three) Business Days after the date when Borrower applies the charge
or corresponding compensation as permitted under this Clause, in the
understanding that failure to make such

<PAGE>

notification shall by no means whatsoever affect the validity of such charge or
compensation. The right of Bank according to this Clause is additional to any
other right (including other compensation rights) that Bank might hold.

      7.08. Jurisdiction. The parties of this Agreement express and irrevocably
bind themselves to the jurisdiction of the competent federal courts of Mexico
located in the Federal District, Mexico for any action or procedure related to
this Agreement, and express and irrevocably hereby waive any other jurisdiction
that might currently or further correspond to them in virtue of their respective
present domiciles or any other future domicile, or for any other reason.

      7.09. Applicable Law. This Agreement shall be governed by and interpreted
according to the applicable federal laws of Mexico.

      7.10. Headings. The headings of the Clauses and subdivisions of these used
in this Agreement are only meant for convenience of the parties and may not
affect the interpretation of this Agreement.

      7.11. Copies. This Agreement is signed in three (3) copies, which shall
constitute a same instrument, one for Borrower, one for Bank and one for
Guarantor.

                            [SIGNATURE PAGES FOLLOW]

<PAGE>

In virtue of the above, the parties have executed this Agreement on the date
mentioned in the introduction.

INNOVA, S. DE R.L. DE C.V. as              Address:
Borrower                                   Insurgentes Sur 694 - 6 degrees piso
                                           Colonia del Valle
                                           03100 Mexico, D.F.

By: /s/ Alexandre Moreira Penna Da Silva
   ------------------------------------
Name: Alexandre Moreira Penna Da Silva     Attention: Administration and Finance
Title: Attorney in Fact                    Vice-President
                                           Copy:      Chief Legal Officer
                                           Telephone: (55)5448-4131
                                           Facsimile: (55)5448-4047

By: /s/ Carlos Ferreiro Rivas
   ------------------------------------
Name: Carlos Ferreiro Rivas
Title: Attorney in Fact

BANCO NACIONAL DE MEXICO, S.A.             Address:
INTEGRANTE DEL GRUPO FINANCIERO            Act. Roberto Medellin No. 800
BANAMEX                                    Torre Sur, Piso 4
                                           Colonia Santa Fe
By: /s/ Juan Carlos Perez Rocha Ituarte    01210, Mexico, D.F.
   ------------------------------------
Name: Juan Carlos Perez Rocha Ituarte
Title: Attorney in Fact                    Attention: Juan Carlos Perez Rocha
                                           And/or Miguel Angel Soto Gutierrez
                                           Telephone: 2262-3787
By: /s/ Emilia Ponce Garcia                Facsimile: 2226-2912 / 2226-2927
   ------------------------------------
Name: Emilia Ponce Garcia
Title: Attorney in Fact

This page bears a stamp with signature by the Sky Legal Department.

<PAGE>

GRUPO TELEVISA, S.A. as Guarantor           Address:
                                            Avenida Vasco de Quiroga No. 2000
By: /s/ Salvi Rafael Folch Viadero          Edificio A, Piso 4
   ---------------------------------------  Colonia Zedec Santa Fe
Name: Salvi Rafael Folch Viadero            01210 Mexico, D.F.
Title: Attorney in Fact

By:  /s/ Jorge Agustin Lutteroth Echegoyen  Attention: Salvi R. Folch Viadero
    --------------------------------------  and/or Guadalupe Phillips
Name: Jorge Agustin Lutteroth Echegoyen     Telephone: 5261-2135
Title: Attorney in Fact                     Facsimile: 5261-2039

                                            Copy to:

                                            Chief Legal Officer
                                            Address:
                                            Avenida Vasco de Quiroga No. 2000
                                            Edificio A, Piso 4
                                            Colonia Zedec Santa Fe
                                            01210 Mexico, D.F.

                                            Attention: Joaquin Balcarcel Santa
                                                       Cruz
                                            Telephone: 5261-2433
                                            Facsimile: 5261-2546

This page bears a stamp and signature by Televisa.

<PAGE>

                                 Attachment "A"
                            [FORM FOR NOTICE OF DRAW]

                                                                          [Date]

Banco Nacional de Mexico, S.A.
Integrante del Grupo Financiero Banamex
Act. Roberto Medellin No. 800, Torre Sur, Piso 4
Colonia Santa Fe
01210 Mexico, Distrito Federal

Attention:
Facsimile: ___________, Telephone: ___________

Ladies and Gentlemen:

      The undersigned, Innova, S. de R.L. de C.V., refers to Simple Loan
Agreement dated March 10, 2006 (the "LOAN AGREEMENT"; capitalized terms not
expressly defined herein shall have the meaning attributed to them in the Loan
Agreement), executed between the undersigned as Borrower, Banco Nacional de
Mexico, S.A., Integrante del Grupo Financiero Banamex, as Bank, and Grupo
Televisa, S.A., as Guarantor, hereby irrevocably notifies Bank according to
Clause 2.02 of the Loan Agreement, that the undersigned requests Draw for the
full amount of the Loan, and according to the Loan Agreement, and for such
purpose establishes that the Business Day of such Draw be _____ 2, 006. Borrower
hereby instructs Bank that the Draw be deposited in checking account number
27/9978005 CLABE: 002180002799780052 kept by Borrower in Banco Nacional de
Mexico, S.A., Integrante del Grupo Financiero Banamex.

      The undersigned hereby certifies (i) that all and each of the
representations set forth by the undersigned in the Loan Agreement are true and
correct per the date of this communication, and shall be true and correct in all
significant aspects on the date when the Draw is made, as if issued on and per
such date (except in the means that such representations refer to a specific
previous date, in which case such representations must be true and correct in
all significant aspects per such previous date), (ii) that no Case of
Noncompliance has occurred nor continues, nor may result from such Draw or from
applying the funds derived from it, and (iii) there has not occurred any event
or condition that has or might have a significant adverse effect on the
business, assets, responsibilities or condition (financial or of any other
nature) of Borrower or of any of its Significant Subsidiaries, that might
significantly affect the result of the operations or projects of Borrower or of
any of its Significant Subsidiaries, or the capacity of Borrower to pay the Loan
or to comply with its obligations according to this Agreement and the Promissory
Notes.

<PAGE>

                                  Yours truly,

                           Innova, S. de R.L. de C.V.

By: ______________________________            By: _____________________________
Name: Alexandre Moreira Penna Da              Name: Carlos Ferreiro Rivas
Silva                                         Title: Attorney in Fact
Title: Attorney in Fact

<PAGE>

                                 Attachment "B"
                             [PROMISSORY NOTE FORM]

                                                       Promissory Note [1] [2]/2
                                                 This promissory note forms part
                                             of a series of two promissory notes

                                 PROMISSORY NOTE
                                 NON-NEGOTIABLE

FOR VALUE RECEIVED, the undersigned, Innova, S. de R.L. de C.V. ("SUBSCRIBER"),
hereby unconditionally promises to pay to the order of Banco Nacional de Mexico,
S.A., Integrante del Grupo Financiero Banamex ("BANK"), the principal amount
of        $[________].00 ([________] pesos 00/100 Mexican Currency), precisely
on [________], 2016 ("DUE DATE").

If any payment of principal by Subscriber according to this Promissory Note is
due and payable on demand on a day other than a Business Day (as such term is
further defined), such payment shall due and payable on demand on the
immediately previous Business Date.

Subscriber also unconditionally promises to pay interest on the balance past due
of principal of this Promissory Note, from and including the date of this Note,
but excluding the date when balance of principal past due of this Note is paid
in full, at an applicable annual rate that, during every Interest Period (as
such term is further defined), equal to 8.74% (eight point seventy-four)
percent) per year (the "INTEREST RATE"). Interest shall be payable when due, on
each Interest Payment Date (as such term is further defined).

Subscriber also unconditionally promises to pay penalty interest over the
balance past due of this Promissory Note since the date when it defaults in any
payment of principal or interest of this Promissory Note as provided for herein,
and until the date when principal past due of this Promissory Note is paid in
full, at an annual rate equal to the result of adding the Interest Rate plus 200
(two hundred) base points, for which the interest shall be payable at sight.

Interest earned according to this Promissory Note shall be calculated for days
actually passed based on a three hundred sixty (360) day year (including the
first day, but excluding the last day).

All payments according to this Promissory Note must be made to the holder of
this Note no later than 14.00 hours (Mexico City, Federal District time) on the
date when due, through electronic transfer in pesos and in funds freely
available on the same day, in any branch of Bank inside territory of Mexico,
without for such purposes considering automatic teller branch offices and those
inside corporations (SEC), or in any other location or form duly notified by the
holder of this Note to Subscriber in writing.

<PAGE>

Subscriber shall pay to the holder of this Promissory Note all amounts of
principal, interest and other amounts payable according to this Note, free,
exempt and without any deduction on account of any Tax currently or further
applicable to such amounts, payable in any jurisdiction, except for income tax
(or any substitute tax) payable by any creditor on income or total assets
according to the laws, regulations and other legal provisions of Mexico. If at
any time any authority from any jurisdiction entitled to, imposes, charges or
collects any tax, government charge, contribution, tribute, withholding,
deduction, burden, lien or other tax liability, together with interest,
surcharges, sanctions, fines or charges resulting from these ("TAXES"), on or
with respect to this Promissory Note, or to any payment required according to
it, Subscriber shall, on behalf of the holder of this Note, pay to the
corresponding tax authority the amount of any of such taxes, and shall pay to
the holder of this Promissory Note additionally amounts required to assure that
the holder of this Promissory Note receives the full amount it would have
received had such Taxes not been paid, and shall deliver to the holder of this
Promissory Note the original receipts or other evidence satisfactory to the
holder of this Promissory Note, of payment of any Tax within 30 (thirty) days
after the date such Tax is payable on demand according to the applicable legal
provisions; all of the above, unless any of such Taxes result from the serious
negligence, deceit or bad faith by the holder of this Promissory Note, or in
case of income tax (or any substitute tax) payable by any creditor on its income
or total assets according to the laws, regulations and other legal provisions of
Mexico.

For purposes of this Promissory Note, the following terms shall have the
following meanings:

"BUSINESS DAY" means any day, except Saturday and Sunday, and any obligatory day
of rest in Mexico City, or a day when banking institutions are authorized or
obliged by the law or other government provision to remain closed.

"INTEREST PAYMENT DATE" means the last day of each Interest Period.

"INTEREST PERIOD" means every period of approximately one (1) month based on
which interest earned from principal past due of the Loan; in the understanding
that (i) the first Interest Period shall begin on the Date of this Promissory
Note and end on the immediately following calendar month, on the date that
numerically corresponds to the day when the Draw from the Loan was made, (ii)
every subsequent Interest Period shall begin on the day after the last day of
the immediately previous Interest Period and end on the calendar month
immediately after the month in which the immediately previous Interest Period
ended, on the day that numerically corresponds to the day when the Draw from the
Loan was made, (iii) any Interest Period in effect on the maturity date of the
Loan shall end on that Maturity Date, and (iv) if the calendar month in which an
Interest Period must end does have a day that numerically corresponds to the day
when such Interest Period began, or to the day when the immediately previous
Interest Period expired, as the case may be, such Interest Period shall end on
the last day of that calendar month.

<PAGE>

This Promissory Note shall be governed and construed according to the laws of
the United Mexican States.

For any complaint, action or procedure derived from or in connection with this
Promissory Note, Subscriber and the holder of this Promissory Note express and
irrevocably bind themselves to the jurisdiction of the competent federal courts
of Mexico located in the Federal District, United States of Mexico; and hereby
express and irrevocably waive any other jurisdiction to which they might be
entitled by reason of their respective present or future domiciles, or by the
place of payment of this Promissory Note, or any other reason.

Subscriber hereby releases the holder of this Promissory Note from previously
handling any proceeding, complaint, objection, filing, notice of non-acceptance
and notice or complaint of any kind, to obtain payment of this Promissory Note,
which Subscriber hereby irrevocably waives.

No partial or individual exercise of any right, authority or privilege according
to this Promissory Note prevents or limits any other or future exercise of such
rights, authority or privileges, or the exercise of any other right, authority
or privilege according to this Promissory Note.

This Promissory Note forms part of a series of two promissory notes;
consequently, Subscriber and Guarantor agree that full or partial default in
paying for any amount of principal or interest contained in such notes shall
cause early maturity of the other promissory note, and both shall be payable at
sight.

Subscriber and Grupo Televisa, S.A. in its capacity as Guarantor, have signed
this Promissory Note on the date given below.

                   Mexico, Federal District [_________], 2006.

                                   SUBSCRIBER

                           INNOVA, S. DE R.L. DE C.V.

By: _____________________________             By: __________________________
Name: Alexandre Moreira Penna Da              Name: Carlos Ferreiro Rivas
Silva                                         Title: Attorney in Fact
Title: Attorney in Fact

<PAGE>

                                    GUARANTOR

                              GRUPO TELEVISA, S.A.

By: ___________________________             By: __________________________
Name: [_________]                           Name: [_________]
Title: Attorney in Fact                     Title: Attorney in Fact

<PAGE>

- -     Copy of official identification of the attorneys in fact

<PAGE>

                                 Attachment "D"
                         [SIGNATURES CERTIFICATION FORM]

                                                                          [Date]

Banco Nacional de Mexico, S.A.
Integrante del Grupo Financiero Banamex
Act. Roberto Medellin No. 800, Torre Sur, Piso 4
Colonia Santa Fe
01210 Mexico, Distrito Federal
Attention: [-]
Facsimile: [-]
Telephone: [-]

Gentlemen:

I, the undersigned, [-] refer to Simple Loan Agreement dated March 10, 2006 (the
"LOAN AGREEMENT"; capitalized terms not expressly defined herein shall have the
meaning attributed to them in the Loan Agreement) executed by the undersigned as
Borrower, Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero
Banamex as Bank, and Grupo Televisa, S.A. as Guarantor.

In relation to the Loan Agreement and in accordance with Clause 3.01 (f) of
aforementioned Agreement, the undersigned certifies the signatures of the
officers of [-] authorized to subscribe the Loan Agreement, the Promissory Notes
and other documents which [-] must subscribe and deliver to Bank according to
the Loan Agreement.

[Name of officer]                      ________________________
[Title]                                [Signature]


[Name of officer]                      ________________________
[Title]                                [Signature]

Yours truly,
[-]

By: _________________________          By: ________________________
Name: [-]                              Name: [-]
Title: Attorney in Fact                Title: Attorney in Fact
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.14
<SEQUENCE>6
<FILENAME>y22671exv4w14.txt
<DESCRIPTION>EX-4.14: SUMMARY OF PS 1,400.0 MILLION CREDIT AGREEMENT
<TEXT>
<PAGE>
                                                                    Exhibit 4.14


                                   TERM SHEET
                            Long Term Loan Agreement

The following are the main terms and conditions pursuant to which Banco
Santander Serfin, S.A. Innova S. de R.L. de C.V. and Grupo Televisa, S.A.
entered into a long term loan agreement dated April 7, 2006 (the "Loan
Agreement").

Bank:                        BANCO SANTANDER SERFIN, S.A.

Borrower:                    INNOVA, S. DE R.L. DE C.V.

Guarantor:                   GRUPO TELEVISA, S.A.

Currency:                    Mexican Peso

Total Principal Amount:      Ps.1,400,000,000

Disbursement Date:           April 21, 2006

Term:                        10 years

Maturity:                    April 21, 2016

Interest Rate:               Fixed: 8.98% for the first 3 years

                             Variable: TIIE+24basis points for the last 7 years

Prepayment clause:           Minimum prepayments of Ps.50,000,000. If prepayment
                             occurs within the first 36 months after the
                             disbursement date, Borrower shall pay to Bank a fee
                             equal to the amount that would have been incurred
                             after a mark-to-market valuation on the date of the
                             prepayment. After month 36, no fee payment applies
                             in case of prepayments.

Use of Proceeds:             The proceeds from this loan may only be used for
                             the anticipated acquisition of Borrower's Senior
                             Notes due 2013, the expenses related to execution
                             of the Loan Agreement and the payment of any other
                             indebtedness of Borrower that has a financing cost.

Financial Ratios:            Consolidated Leverage Ratio (total net debt to
                             EBITDA) no higher than 4.0x

                             Interest Coverage Ratio (EBITDA to Interest) no
                             lower than 2.0x
<PAGE>



CONTRATO DE APERTURA DE CREDITO SIMPLE (EL "CONTRATO") QUE CELEBRAN ESTE DIA
SIETE DE ABRIL DE 2006, INNOVA, S. DE R.L. DE C.V. (INDISTINTAMENTE, LA
"ACREDITADA" O "INNOVA"), REPRESENTADA EN ESTE ACTO POR ALEXANDRE MOREIRA PENNA
DA SILVA Y AZUCENA DOMINGUEZ COBIAN; BANCO SANTANDER SERFIN, S.A., INSTITUCION
DE BANCA MULTIPLE, GRUPO FINANCIERO SANTANDER SERFIN (EL "BANCO"), REPRESENTADO
EN ESTE ACTO POR VICENTE FERNANDO MESTRE ROMERO Y MARIA DEL PILAR HERRERA
LUDENA; Y GRUPO TELEVISA, S.A. (INDISTINTAMENTE, "GT" O LA "FIADORA"),
REPRESENTADA EN ESTE ACTO POR LOS SRES. SALVI RAFAEL FOLCH VIADERO Y JORGE
AGUSTIN LUTTEROTH ECHEGOYEN, CONFORME A LAS SIGUIENTES DECLARACIONES Y
CLAUSULAS:

                                    PREAMBULO

      Los terminos definidos que se utilizan en el presente Contrato tienen el
significado que se les atribuye en la Clausula Primera.

                                  DECLARACIONES

      I. Declara la Acreditada, por conducto de sus representantes legales, que:

      (a) Es una sociedad debidamente constituida y existente conforme a las
leyes de Mexico.

      (b) La celebracion, suscripcion, entrega y cumplimiento por su parte de
este Contrato y del Pagare, estan comprendidos dentro de su objeto social, han
sido debidamente autorizados por todas las medidas corporativas pertinentes y no
estan en conflicto con, ni son inconsistentes con, ni resultan en incumplimiento
de (i) sus estatutos vigentes a la fecha del presente Contrato; (ii) hasta donde
es de su conocimiento, cualquier ley que le sea aplicable a la fecha del
presente Contrato; (iii) cualquier termino, condicion, obligacion o restriccion
contractual alguna que la obligue o afecte el cumplimiento de sus obligaciones
conforme al presente Contrato; (iv) ni resultan en la constitucion o imposicion
de cualquier Gravamen sobre cualesquiera de sus propiedades o activos, ni de
cualesquiera obligaciones a su cargo bajo cualquier contrato o convenio del que
sea parte y que se encuentre vigente a la fecha del presente Contrato.

      (c) Excepto por lo que se establece en este Contrato, no se requiere de
autorizacion ni registro alguno de, o ante cualquier Autoridad Gubernamental,
para la debida celebracion, suscripcion, entrega y cumplimiento por su parte del
presente Contrato y del Pagare, ni para la legalidad, validez o exigibilidad de
los mismos.

      (d) Este Contrato constituye, y el Pagare una vez suscrito por ella
constituira, obligaciones legales y validas de la Acreditada, exigibles en su
contra de conformidad con sus respectivos terminos.

<PAGE>

      (e) Sus estados de situacion financiera auditados y consolidados por el
ejercicio terminado al 31 de diciembre de 2004, y sus estados de resultados y
estados de cambios en la posicion financiera consolidados para dicho periodo, y
sus estados de situacion financiera consolidados al 31 de diciembre de 2005, y
sus estados de resultados y estados de cambios en la posicion financiera
consolidados para dicho periodo, fueron preparados de conformidad con los PCGA,
presentan adecuadamente su situacion financiera y resultados de operaciones
consolidados durante y para el periodo cubierto por los mismos.

      (f) Toda la informacion material (considerada en conjunto), proporcionada
por escrito hasta esta fecha por su parte o por su cuenta para efectos de o en
relacion con el presente Contrato o cualquier operacion contemplada en el mismo
es, y cualquier otra informacion material similar (considerada en conjunto) que
se proporcione por escrito a partir de esta fecha por su parte o por su cuenta
sera, completa y precisa en todo aspecto significativo en la fecha a que dicha
informacion este referida y no omitira hecho significativo alguno que fuera
necesario comunicar a modo que dicha informacion (considerada en conjunto) no
conduzca a error en dicho momento en funcion de las circunstancias bajo las
cuales fue proporcionada.

      (g) Ha presentado todas las declaraciones de Impuestos requeridas y ha
pagado todos los Impuestos a su cargo que se han causado de conformidad con
dichas declaraciones de Impuestos y cualesquiera otros impuestos y
contribuciones a su cargo que se han causado, salvo por los no vencidos y los
impugnados de buena fe mediante procedimientos apropiados, iniciados y
conducidos oportuna y diligentemente, y para los cuales se hayan establecido
reservas adecuadas de conformidad con los PCGA, y por aquellos cuya falta de
declaracion o pago no sea de esperarse que razonablemente puedan afectar
adversamente y en forma importante su condicion financiera o su Negocio
Principal.

      (h) A la fecha de firma de este Contrato no existe (i) ninguna reclamacion
de importancia pendiente o, que a su leal saber sea inminente, en relacion con
practicas laborales, en su contra o en contra de cualquiera de sus Subsidiarias
Significantes ante cualquier Autoridad Gubernamental con jurisdiccion sobre
dichos asuntos, y no existen procedimientos pendientes, o que a su leal saber
sean inminentes, derivados o relacionados con cualesquiera contratos colectivos
de trabajo en su contra o en contra de cualesquiera de sus Subsidiarias
Significantes; (ii) ninguna huelga, conflicto laboral, paro significativo
pendiente o, que a su leal saber sea inminente, en su contra o en contra de
cualquiera de sus Subsidiarias Significantes; y (iii) a su leal saber,
cuestionamiento alguno sobre la representatividad de ningun sindicato con
respecto a sus empleados o de cualquiera de sus Subsidiarias Significantes, ni
se estan llevando a cabo actividades de organizacion sindical, salvo aquellas
actividades (respecto de cualquiera de los asuntos especificados en los incisos
(i), (ii) o (iii) anteriores, ya sea en lo individual o en conjunto) de las que
no fuera de esperarse razonablemente que puedan afectar adversamente y en forma
importante su condicion financiera o su Negocio Principal o la de cualquiera de
sus Subsidiarias Significantes.

                                                                               2

<PAGE>

      (i) Todo contrato importante del que sea parte la Acreditada o cualquiera
de sus Subsidiarias Significantes (incluyendo, sin limitacion, cualquier acta de
emision, hipoteca, fideicomiso, credito o cualquier otro instrumento o
documento) se encuentra en pleno vigor y efecto, y (i) ni la Acreditada ni
cualquiera de sus Subsidiarias Significantes se encuentra en incumplimiento
substancial en terminos de cualquier disposicion de cualesquiera de tales
contratos, y (ii) no existen condiciones que, mediante aviso o por el transcurso
del tiempo o ambos o por cualquier otro motivo, pudieran constituir un
incumplimiento en terminos de dichos contratos en cualquiera de los casos
anteriores, del que pudiera esperarse razonablemente, en lo individual o en
conjunto, que puedan afectar adversamente y en forma importante la condicion
financiera o el Negocio Principal de la Acreditada o de cualquiera de sus
Subsidiarias Significantes.

      (j) Se encuentra, al igual que sus Subsidiarias Significantes, en
cumplimiento en todo respecto, con sus respectivas obligaciones relativas a
seguridad social, pension y retiro y obligaciones legales referentes a la
vivienda de sus trabajadores, asi como los planes de beneficios a empleados
establecidos o a los que contribuyen respectivamente, y no tienen pendiente
ninguna responsabilidad con respecto a dichos planes de beneficios a empleados,
excepto en la medida en que de su incumplimiento no es de esperarse
razonablemente que pudiera afectar adversamente y en forma importante su
condicion financiera o su Negocio Principal ni la de sus Subsidiarias
Significantes.

      (k) La Acreditada y cada una de sus Subsidiarias Significantes han
cumplido, y en la Fecha de Disposicion estaran en cumplimiento con toda Ley
Ambiental aplicable en todo aspecto significativo, excepto por aquellos
incumplimientos de los que no fuera de esperarse razonablemente, en lo
individual o en conjunto, que puedan afectar adversamente y en forma importante
la condicion financiera o el Negocio Principal de la Acreditada o de sus
Subsidiarias Significantes. La Acreditada y cada una de sus Subsidiarias
Significantes ha obtenido todos los permisos que se requieren en terminos de la
Ley Ambiental aplicable en relacion con sus respectivos negocios u operaciones y
cada uno de dichos permisos se encuentra en pleno vigor y efecto y la Acreditada
y cada una de sus Subsidiarias Significantes se encuentra en cumplimiento con
los requerimientos de cualesquiera permisos emitidos en terminos de dicha Ley
Ambiental, salvo por aquellos de los que no fuera de esperarse razonablemente
que tengan, en lo individual o en conjunto, o que pudieran tener un efecto
adverso importante en la condicion financiera o las operaciones de la Acreditada
o cualquiera de sus Subsidiarias Significante. No existen Reclamaciones
Ambientales (salvo por reclamaciones en relacion con las cuales no fuera de
esperarse razonablemente que pudieran afectar adversamente y en forma importante
la condicion financiera o las operaciones de la Acreditada) pasadas, pendientes
o, que al leal saber de la Acreditada, sean inminentes en contra de la
Acreditada o cualquiera de sus Subsidiarias Significantes.

      (l) No existe accion, demanda o procedimiento alguno pendiente, o que al
leal saber de la Acreditada sea inminente, ante tribunal, Autoridad
Gubernamental o arbitro alguno, contra la Acreditada o cualquiera de sus
Subsidiarias Significantes o sus respectivos activos, que pudiera afectar
adversamente y en forma importante, la condicion financiera o las operaciones de
la Acreditada o cualquiera de sus Subsidiarias Significantes, o la capacidad de
la Acreditada para cumplir con las obligaciones que le derivan de este Contrato
y del Pagare.

                                                                               3

<PAGE>

      (m) A la fecha de este Contrato, no se encuentra en incumplimiento
respecto de Deuda o convenio alguno de importancia del que sea parte o por
virtud del cual pueda estar obligada y que pudiera afectar adversamente y en
forma importante la condicion financiera o las operaciones de la Acreditada.

      (n) A partir del 31 de diciembre de 2005, fecha del ultimo estado
financiero disponible, no ha ocurrido ningun evento o condicion en o antes de la
fecha de este Contrato que tenga o pueda tener un efecto adverso de importancia
en sus negocios, activos, responsabilidades o condicion (financiera o de
cualquier otra naturaleza), que pueda afectar el resultado de sus operaciones o
proyectos o su capacidad para cumplir con las obligaciones que le derivan de
este Contrato y del Pagare.

      (o) Las personas que celebran el presente Contrato en nombre y
representacion de la Acreditada tienen todos los poderes y facultades
suficientes, asi como las autorizaciones corporativas necesarias para celebrar
el presente Contrato en su nombre y representacion y para obligarla en los
terminos y condiciones estipulados en el mismo, y que dichos poderes, facultades
y autorizaciones corporativas no les han sido revocadas o limitadas en forma
alguna.

      (p) En este acto solicita al Banco un credito hasta por la suma de
$1,400,000,000.00 (un mil cuatrocientos millones de Pesos 00/100), para ser
utilizados unica y exclusivamente en (1) pagar (o readquirir) parcial y
anticipadamente los titulos de deuda emitidos por Innova, S. de R.L. de C.V.,
denominados "Senior Notes" con vencimiento en 2013 por EU$300'000,000.00
(trescientos millones de dolares, moneda de curso legal en los Estados Unidos de
America) y los gastos relacionados con la celebracion del presente Contrato y el
pago anticipado de dichos "Senior Notes" y (2) pagar pasivos con costo
financiero de la Acreditada.

II. Declara la Fiadora, por conducto de sus representantes legales, que:

      (a) Es una sociedad debidamente constituida y existente conforme a las
leyes de Mexico.

      (b) La celebracion, suscripcion, entrega y cumplimiento por su parte de
este Contrato y del Pagare, estan comprendidos dentro de su objeto social, han
sido debidamente autorizados por todas las medidas corporativas pertinentes y no
estan en conflicto con, ni son inconsistentes con, ni resultan en incumplimiento
de (i) sus estatutos vigentes a la fecha del presente Contrato; (ii) hasta donde
es de su conocimiento, cualquier ley que le sea aplicable a la fecha del
presente Contrato; (iii) cualquier termino, condicion, obligacion o restriccion
contractual alguna que la obligue o afecte el cumplimiento de sus obligaciones
conforme al presente Contrato; (iv) ni resultan en la constitucion o imposicion
de cualquier Gravamen sobre cualesquiera de sus propiedades o activos, ni de
cualesquiera obligaciones a su cargo bajo cualquier contrato o convenio del que
sea parte y que se encuentre vigente a la fecha del presente Contrato.

                                                                               4

<PAGE>

      (c) Excepto por lo que se establece en este Contrato, a la fecha del mismo
no requiere de autorizacion ni registro alguno de, o ante cualquier Autoridad
Gubernamental, para la debida celebracion, suscripcion, entrega y cumplimiento
por su parte del presente Contrato y del Pagare, ni para la legalidad, validez o
exigibilidad de los mismos.

      (d) Este Contrato constituye, y el Pagare una vez suscrito "por aval" por
su parte constituira, obligaciones legales y validas, exigibles en su contra de
conformidad con sus respectivos terminos.

      (e) Sus estados de situacion financiera auditados y consolidados por el
ejercicio terminado al 31 de diciembre de 2004, y sus estados de resultados y
estados de cambios en la posicion financiera consolidados para dicho periodo, y
sus estados de situacion financiera consolidados al 31 de diciembre de 2005, y
sus estados de resultados y estados de cambios en la posicion financiera
consolidados para dicho periodo, fueron preparados de conformidad con los PCGA y
presentan adecuadamente su situacion financiera y resultados de operaciones
consolidados durante y para los periodos cubiertos por los mismos.

      (f) Toda la informacion (considerada en conjunto), proporcionada por
escrito hasta esta fecha al Banco por su parte o por su cuenta para efectos de o
en relacion con el presente Contrato o cualquier operacion contemplada en el
mismo es, y cualquier otra informacion similar (considerada en conjunto) que se
proporcione por escrito a partir de esta fecha al Banco por su parte o por su
cuenta sera, completa y precisa en todo aspecto significativo en la fecha a que
dicha informacion este referida y no omitira hecho significativo alguno que
fuera necesario comunicar a modo que dicha informacion (considerada en conjunto)
no conduzca a error en dicho momento en funcion de las circunstancias bajo las
cuales fue proporcionada.

      (g) A la fecha del presente Contrato, no existe accion, demanda o
procedimiento alguno pendiente, o que a su leal saber sea inminente, ante
tribunal, Autoridad Gubernamental o arbitro alguno, en su contra o de sus
respectivos activos, que pudiera afectar adversamente y en forma importante, su
condicion financiera o sus operaciones principales o su capacidad para cumplir
con las obligaciones que le derivan de este Contrato y del Pagare.

      (h) A la fecha de este Contrato, no se encuentra en incumplimiento
respecto de cualquier adeudo o convenio de importancia del que sea parte o por
virtud del cual pueda estar obligada cuya suma principal exceda la cantidad de
EU$1'000,000.00 (un millon de Dolares 00/100) (o su equivalente en Pesos).

      (i) A partir del 31 de diciembre de 2005, fecha del ultimo estado
financiero disponible, no ha ocurrido ningun evento o condicion en o antes de la
fecha de este Contrato que tenga o pueda tener un efecto adverso de importancia
en los negocios, activos, responsabilidades o condicion (financiera o de
cualquier otra naturaleza), que pueda afectar el resultado de sus operaciones o
proyectos o su capacidad para cumplir con las obligaciones que le derivan de
este Contrato y del Pagare.

                                                                               5

<PAGE>

      (j) Esta dispuesta a garantizar el cumplimiento exacto y oportuno de todas
y cada una de las obligaciones de la Acreditada conforme a este Contrato y el
Pagare y a obligarse en los terminos de los mismos.

      (k) Las personas que celebran el presente Contrato en su nombre y
representacion tienen todos los poderes y facultades suficientes, asi como las
autorizaciones corporativas necesarias para celebrar el presente Contrato en su
nombre y representacion y para obligarla en los terminos y condiciones
estipulados en el mismo, y que dichos poderes, facultades y autorizaciones
corporativas no les han sido revocadas o limitadas en forma alguna.

III. Declara el Banco, por conducto de sus representantes legales, que:

      (a) Es una sociedad debidamente constituida y existente conforme a las
leyes de Mexico.

      (b) La celebracion, suscripcion, entrega y cumplimiento por su parte de
este Contrato, esta comprendido dentro de su objeto social, han sido debidamente
autorizados por todas las medidas corporativas pertinentes y no estan en
conflicto con, ni son inconsistentes con, ni resultan en incumplimiento de (i)
sus estatutos vigentes a la fecha del presente Contrato, ni (ii) hasta donde es
de su conocimiento, cualquier ley, termino, condicion, obligacion o restriccion
contractual alguna que la obligue o afecte; ni de cualesquiera obligaciones a su
cargo bajo cualquier contrato o convenio del que sea parte.

      (c) No se requiere de autorizacion ni registro alguno de, o ante cualquier
Autoridad Gubernamental, para la debida celebracion, suscripcion, entrega y
cumplimiento por su parte del presente Contrato, ni para la legalidad, validez o
exigibilidad del mismos.

      (d) Este Contrato constituye obligaciones legales y validas, exigibles en
su contra de conformidad con sus respectivos terminos.

      (e) No existe accion, demanda o procedimiento alguno pendiente, o que a su
leal saber sea inminente, ante tribunal, Autoridad Gubernamental o arbitro
alguno, en su contra o sus respectivos activos, que pudiera afectar adversamente
y en forma importante, su condicion financiera o sus operaciones, o su capacidad
para cumplir con las obligaciones que le derivan de este Contrato.

      (f) Con base en las declaraciones de la Acreditada y de la Fiadora
contenidas anteriormente y de conformidad con los terminos y sujeto a las
condiciones previstas en este Contrato, ha convenido en poner a disposicion de
la Acreditada un credito hasta por una suma principal igual a $1,400,000,000.00
(un mil cuatrocientos millones de pesos 00/100, M.N.).

      (g) Las personas que celebran el presente Contrato en nombre y
representacion del Banco tienen todos los poderes y facultades suficientes, asi
como las autorizaciones corporativas necesarias para celebrar el presente
Contrato en su nombre y representacion

                                                                               6
<PAGE>

y para obligarla en los terminos y condiciones estipulados en el mismo, y que
dichos poderes, facultades y autorizaciones corporativas no les han sido
revocadas o limitadas en forma alguna.

      EN VIRTUD DE LO ANTERIOR, con base en las Declaraciones de la Acreditada y
la Fiadora contenidas en el presente Contrato, las cuales constituyen motivo
determinante de la voluntad del Banco para celebrar el presente Contrato, las
partes se obligan conforme a los terminos y condiciones que se pactan en las
siguientes clausulas:

                                    CLAUSULAS

                                     PRIMERA
                          DEFINICIONES, INTERPRETACION

      1.01. Definicion de Terminos. Para efectos del presente Contrato, los
siguientes terminos tendran el significado que se les atribuye a continuacion:

"AFILIADA" significa, en relacion con cualquier Persona, cualquier otra Persona
que, directa o indirectamente, controle a, sea controlada por o se encuentre
bajo el control comun directo o indirecto con, dicha Persona. Para efectos de
esta definicion, "control" (incluyendo, con significados correlativos, los
terminos "controlando", "controlado por" y "bajo el control comun con"), en
relacion con cualquier Persona, significara la facultad, directa o indirecta, de
dirigir o influir en la direccion de la administracion y politicas de dicha
Persona, ya sea mediante la titularidad o tenencia de valores con derecho a
voto, por convenio o de cualquier otra forma. Para efectos de este Contrato, GT,
News Corporation, The DirecTV Group, Inc. y cualquier otra Persona que sea
titular de acciones o partes sociales en la Acreditada, y las respectivas
Subsidiarias y Afiliadas de estas Personas, se consideraran como Afiliadas de la
Acreditada.

"AGENTE DE CALCULO" significa, el Banco.

"AGENTES DE CALCULO SUSTITUTOS" significan, los tres participantes (excluyendo a
Afiliadas del Banco) que, en la Fecha de Pago Anticipado, sean los mas activos
en terminos del numero y volumen de Operaciones de Derivados en el Mercado
Mexicano de Derivados, conforme a la determinacion que haga en forma concluyente
el Banco y que sean aprobados por la Acreditada por escrito.

"ARRENDAMIENTO CAPITALIZABLE" significa, segun se aplique a cualquier Persona,
cualquier arrendamiento de cualquier bien o activo cuyo valor presente
descontado de las obligaciones de pago de renta y demas obligaciones de
arrendamiento de dicha Persona en su caracter de arrendatario, de conformidad
con los PCGA, se requiera capitalizar y contabilizar en el balance general de
dicha Persona como arrendamiento capitalizable; y "OBLIGACIONES POR
ARRENDAMIENTOS CAPITALIZABLES" significa el valor presente descontado de las
obligaciones de pago de renta y demas obligaciones de arrendamiento de dicha
Persona en su caracter de arrendatario bajo dicho arrendamiento, determinado de
conformidad con los PCGA.

                                                                               7

<PAGE>

"AUTORIDAD GUBERNAMENTAL" significa, cualquier secretaria, departamento
administrativo, agencia, comision, oficina, junta, autoridad regulatoria,
registro, dependencia, corporacion u otro cuerpo, entidad o tribunal
gubernamental (incluyendo, sin limitacion, autoridades bancarias y fiscales) de,
o propiedad de, o controlada por, Mexico, o cualquier subdivision politica de
este, que en cada caso ejerza funciones ejecutivas, legislativas, judiciales,
regulatorias o administrativas.

"AVISO DE DISPOSICION" tiene el significado que se le atribuye en el inciso (a)
de la Clausula 2.02 del presente Contrato.

"CAPITAL SOCIAL" significa, respecto de cualquier Persona, todas las acciones,
partes sociales, intereses, participaciones o equivalentes (como quiera que se
les denomine, ya sea con o sin derechos de voto) representativas del capital
social de dicha Persona, ya sea actualmente en circulacion o emitidas con
posterioridad a la fecha de firma del presente Contrato.

"CAUSA DE INCUMPLIMIENTO" tiene el significado que se le atribuye en la Clausula
6.01 del presente Contrato.

"COSTO POR ROMPIMIENTO DE FONDEO" significa cualquier perdida o costo incurrido
o en el que hipoteticamente pudiera haber incurrido alguna de las partes, que se
derive (i) del pago anticipado del Credito, conforme a Clausula 2.04 del
presente Contrato o (ii) como resultado de la disposicion parcial del Credito en
terminos de la Clausula 2.01 del presente Contrato.

"CREDITO" significa, el credito que el Banco pone a disposicion de la Acreditada
conforme a los terminos y sujeto a las condiciones del presente Contrato, hasta
por una suma principal igual a $1,400,000,000.00 (un mil cuatrocientos millones
de pesos 00/100, M.N.).

"DETERMINACION POR METODOLOGIA DE VALUACION" tiene el significado que se le
atribuye en el inciso (c) de la Clausula 2.04 del presente Contrato.

"DERIVADOS" significa, respecto de cualquier Persona, cualquier tipo de
operaciones derivadas, incluyendo, sin limitacion, futuros sobre capital,
coberturas de capital, operaciones de intercambio de divisas, futuros sobre
divisas, operaciones de intercambio de tasas de interes, opciones de intercambio
u operaciones similares o combinaciones de las operaciones antes mencionadas, y
todas las obligaciones de dicha Persona, directas o contingentes, que garanticen
las obligaciones de otra Persona respecto de las operaciones antes mencionadas.

"DEUDA" significa, respecto de cualquier Persona, sin duplicar, (i) todas las
obligaciones de pago derivadas de dinero tomado en prestamo, (ii) todas las
obligaciones de pago documentadas en bonos, obligaciones, pagares o instrumentos
similares, (iii) todas las obligaciones de pagar el precio de compra diferido de
bienes o servicios cuyo precio de compra venza con posterioridad a un plazo de
un ano contado a partir de la fecha en que se haya recibido la titularidad y
propiedad del mismo o que se hayan prestado dichos servicios y que tengan algun
costo de interes, (iv) todas las obligaciones de dicha Persona

                                                                               8

<PAGE>

en su caracter de arrendatario conforme a Arrendamientos Capitalizables, (v)
todas las obligaciones en que haya incurrido dicha Persona en relacion con
financiamientos a la exportacion. Sin perjuicio de lo anterior, Deuda no
incluira pasivos referentes a: (A) cuentas por pagar o Deudas que deriven o se
incurran del curso normal del negocio (incluyendo, sin limitar, pagos de
programadores; compra de activos recurrentes como cajas decodificadoras, antenas
parabolicas, tarjetas inteligentes, dispositivos "LNBs" y controles remotos;
pagos a masters, distribuidores y reparadores; pagos de obligaciones por
servicios satelitales y de transpondedores, etc., aun si dichas obligaciones
vencen en un plazo superior a un ano), (B) todas las obligaciones (presentes,
pasadas o futuras) que se incurran como resultado de la compra de activos de
empresas que se dediquen al mismo giro de negocio (incluyendo las modificaciones
o cambios en el mismo que surjan de la innovacion o convergencia tecnologica)
que la Acreditada o sus Subsidiarias, incluyendo la compra de acciones, partes
sociales, participaciones, listas de suscriptores, sistemas, suscriptores, entre
otras, (C) toda cuenta por pagar que no tenga un costo financiero expreso, (D)
impuestos federales, estatales, locales, impuestos sobre la renta, impuestos al
activo o demas impuestos de Mexico, de los Estados Unidos de America o cualquier
otra jurisdiccion, incluyendo retenciones a trabajadores de conformidad con la
legislacion en materia de seguridad social o prevision social aplicable, (E)
cantidades recibidas por la Acreditada o sus Subsidiarias en virtud de contratos
de deposito u otros acuerdos con terceros para la prestacion de servicios de
publicidad, television restringida y conexos u otros servicios de dichos
terceros, ya sea evidenciados en dinero, pagares, cuentas por cobrar u otros
activos, (F) endosos de titulos de creditos para su deposito o cobranza, u
operaciones similares en el curso ordinario de negocios, (G) Deuda a cargo de la
Acreditada o de cualquier Subsidiaria y a favor de (x) cualquier Afiliada o (y)
la Acreditada o cualquier Subsidiaria de la Acreditada respectivamente; (H)
cualquier Deuda que haya sido cancelada o satisfecha de conformidad con los
terminos de los documentos que regulan dicha Deuda, (I) Deuda como arrendatario,
fiador, o para obtener servicios o la propiedad de satelites o transpondedores
(sin importar si dichos arrendamientos estan catalogados como Arrendamientos
Capitalizables).

"DIA HABIL" significa cualquier dia excepto sabado, domingo y cualquier dia que
en la Ciudad de Mexico sea un dia de descanso obligatorio o un dia en el que las
instituciones bancarias esten autorizadas u obligadas por ley u otra disposicion
gubernamental a mantener sus puertas cerradas.

"DISPOSICION" significa el desembolso de dinero hecho por el Banco en favor de
la Acreditada hasta por el monto del Credito, conforme a los terminos y sujeto a
las condiciones de este Contrato.

"DOLARES" y el signo de "EU$" significan la moneda de curso legal en los Estados
Unidos de America.

"EBITDA CONSOLIDADO" significa, respecto de cualquier periodo (sin duplicacion),
respecto de la Acreditada y sus Subsidiarias, la suma de la utilidad consolidada
de operacion (determinada conforme a PCGA) para dicho periodo, antes de
depreciacion y amortizacion.

                                                                               9

<PAGE>

"FECHA DE DISPOSICION" significa la fecha especificada en el Aviso de
Disposicion, la cual no podra exceder del 21 de abril de 2006.

"FECHA DE PAGO ANTICIPADO" tiene el significado que se le atribuye en el inciso
(b) de la Clausula 2.04 del presente Contrato.

"FECHA DE PAGO DE INTERESES" significa el ultimo dia de cada Periodo de
Intereses.

"FUNCIONARIO RESPONSABLE" significa, respecto de cualquier Persona, el Director
General, el Director de Finanzas, el Contralor, el Director Juridico o cualquier
representante legal con poder suficiente de dicha Persona siempre y cuando dicho
representante legal tenga un cargo directivo en dicha Persona.

"GASTOS FINANCIEROS CONSOLIDADOS" significa, para cualquier periodo (sin
duplicar) los Gastos por Intereses Consolidados para dicho periodo, excluyendo
el componente principal de rentas en relacion con obligaciones por
Arrendamientos Capitalizables o cualquier obligacion que se incurra para la
adquisicion, lanzamiento, prestacion de servicios de satelites o transpondedores
y/o para financiar los mismos, pagados por la Acreditada y sus Subsidiarias y
los intereses causados por obligaciones con Afiliadas y Subsidiarias.

"GASTOS POR INTERESES CONSOLIDADOS" significa, para cualquier periodo, el total
de los gastos brutos por intereses de la Acreditada y sus Subsidiarias
consolidadas atribuibles a dicho periodo de conformidad con los PCGA.

"GRAVAMEN" significa, en relacion con cualquier propiedad, bien o activo de una
Persona, cualquier hipoteca, prenda, caucion o prenda bursatil, fideicomiso,
aval, afectacion o limitacion de dominio, fianza, embargo, carga o cualquier
otro gravamen o garantia de cualquier naturaleza o cualquier acuerdo de
preferencia sobre dicha propiedad, bien o activo de dicha Persona que tenga el
efecto practico de crear un derecho real o personal de garantia o gravamen sobre
dicha propiedad, bien o activo.

"GRUPO SALINAS" significa, cualquiera de las siguientes Personas, asi como
cualquier Afiliada o subsidiaria de las mismas: Ricardo Salinas Pliego, Grupo
Elektra, S.A. de C.V.; Grupo Iusacell, S.A. de C.V.; TV Azteca, S.A. de C.V.;
Biper, S.A. de C.V.; Unefon, S.A. de C.V.; Banco Azteca, S.A., Institucion de
Banca Multiple; Seguros Azteca, S.A. de C.V. o Afore Azteca, S.A. de C.V.,
Administradora de Fondos para el Retiro. Para efectos de esta definicion,
subsidiaria significa cualquier sociedad en la que cualquier Persona tenga mas
del 50% (cincuenta por ciento) de sus acciones con derecho a voto, ya sea
directamente o de manera indirecta a traves de sociedades, asociaciones,
fideicomisos u otra entidad o acto juridico, o bien, en la que tenga, por
cualquier titulo, la facultad de nombrar a la mayoria de los miembros del
consejo de administracion, u organo equivalente, o de determinar las politicas
de operacion de la sociedad de que se trate.

"IMPUESTOS" tiene el significado que se le atribuye en el inciso (a) de la
Clausula 2.10 del presente Contrato.

                                                                              10

<PAGE>

"INDICE DE APALANCAMIENTO CONSOLIDADO" significa, la Deuda al ultimo dia de
cualquier trimestre fiscal, dividida entre el EBITDA Consolidado a dicha fecha
(basado en los ultimos cuatro (4) trimestres fiscales que terminen en dicho
trimestre).

"INDICE DE COBERTURA DE INTERESES" significa, para cualquier periodo, la
relacion de (i) el EBITDA Consolidado para dicho periodo, dividido entre (ii)
los Gastos Financieros Consolidados para el mismo periodo respecto del cual fue
calculado el EBITDA Consolidado.

"LEY AMBIENTAL" significa, todas las leyes ambientales, de salud y de seguridad
aplicables, ya sean federales, estatales, municipales o locales, incluyendo, en
forma enunciativa mas no limitativa, la Ley General del Equilibrio Ecologico y
la Proteccion al Ambiente y sus reglamentos, la Ley de Aguas Nacionales y su
Reglamento, la Ley General de Salud (en la medida en que se relacione con
cuestiones ambientales), el Reglamento Federal de Seguridad, Higiene y Medio
Ambiente en el Trabajo (en la medida en que se relacione con cuestiones
ambientales), y todas las Normas Oficiales Mexicanas y leyes estatales que
establezcan limites maximos permisibles para emisiones aereas contaminantes de
fuentes fijas, descargas de aguas residuales contaminantes a cuerpos de agua o a
sistemas de drenaje, requerimientos relativos al manejo, transporte y
disposicion de cualesquiera materiales peligrosos y requerimientos relativos a
desechos peligrosos y a la salud y seguridad en el trabajo.

"MEXICO" significa los Estados Unidos Mexicanos.

"MOODY'S" significa Moody's Investors Service, Inc., y sus sucesores.

"NEGOCIO PRINCIPAL" significa actividades de negocios en la misma linea de
negocios a la cual la Acreditada o sus Subsidiarias se encuentran dedicadas a la
fecha de firma del presente Contrato, misma que incluira las adaptaciones,
modificaciones y/o implementaciones que resulten en dicho negocio derivado de la
innovacion y/o convergencia tecnologica, asi como de las nuevas tendencias en la
industria de las telecomunicaciones y sus servicios conexos.

"OPERACION DERIVADAS EN EL MERCADO" significan las operaciones financieras
derivadas, incluyendo, entre otros, las operaciones a futuro, de opcion o de
swaps, sobre diversos activos subyacentes, incluyendo valores, tasas de
referencia y divisas, celebradas con el proposito de cubrir un riesgo asociado
con otros activos o pasivos.

"PAGARE" tiene el significado que se le asigna en la Clausula 2.02 (b) del
presente Contrato.

"PERIODO DE INTERESES" significa cada periodo de 28 dias calendario con base en
el cual se calcularan los intereses que cause la suma principal insoluta del
Credito; en la inteligencia de que (i) el primer Periodo de Intereses comenzara
en la Fecha de Disposicion y terminara en el dia numericamente correspondiente
en el mes calendario que sea 28 dias calendario despues de la misma y, (ii) cada
Periodo de Intereses siguiente comenzara el dia siguiente al ultimo dia del
Periodo de Intereses inmediato anterior y terminara en el dia numericamente
correspondiente en el mes calendario que sea 28 dias

                                                                              11
<PAGE>

calendario despues de la misma; en el entendido, que todas las disposiciones
anteriores relacionadas con Periodos de Intereses estan sujetas a lo siguiente:
(a) si cualquier Periodo de Intereses termina en un dia que no sea un Dia Habil,
dicho Periodo de Intereses terminara el Dia Habil inmediato anterior; y (b)
cualquier Periodo de Intereses que se encuentre vigente en la fecha de
vencimiento del Credito, terminara en dicha fecha.

"PCGA" significa, en la fecha de aplicacion respectiva, los principios de
contabilidad generalmente aceptados en Mexico y consistentemente aplicados, o
los principios de contabilidad que en su caso sustituyan a los principios de
contabilidad generalmente aceptados en Mexico y consistentemente aplicados a la
fecha del presente Contrato.

"PERSONA" significa, cualquier persona fisica o moral, fideicomiso, compania,
sociedad civil o mercantil, sociedad irregular, joint venture, o cualquiera otra
entidad de negocios, asociacion, gobierno, dependencia o Autoridad Gubernamental
o cualquier otra entidad de cualquier naturaleza.

"PESOS" y el signo de "$" significan, la moneda de curso legal en Mexico.

"RECLAMACIONES AMBIENTALES" significa, todas y cualesquiera acciones, demandas,
requerimientos, reclamaciones, Gravamenes, avisos de incumplimiento o violacion,
investigaciones o procedimientos administrativos, regulatorios o judiciales que
se relacionen de cualquier manera con cualquier Ley Ambiental o con cualquier
permiso emitido en terminos de cualquier Ley Ambiental (en lo sucesivo
"Reclamaciones"), incluyendo, sin limitacion (a) todas y cualesquiera
Reclamaciones por parte de Autoridades Gubernamentales relativas a medidas de
ejecucion, limpieza, remocion o reparacion, u otras acciones o danos en terminos
de cualquier Ley Ambiental aplicable, y (b) todas y cualesquiera Reclamaciones
por parte de cualquier tercero exigiendo danos, contribucion, indemnizacion,
reembolso de gastos, compensacion o suspension que resulten de cualesquiera
materiales peligrosos o que deriven de danos o amenaza de danos a la salud, a la
seguridad o al medio ambiente.

"S&P" significa, Standard & Poor's Ratings Services, una division de The
McGraw-Hill Companies, Inc., y sus sucesores.

"SUBSIDIARIA" significa, respecto de cualquier Persona, cualquier sociedad civil
o mercantil, asociacion, co-inversion (joint venture), sociedad de
responsabilidad limitada, fideicomiso, patrimonio o cualquier otra Persona de la
que (o en la que) mas del 50% (cincuenta por ciento) de (a) en caso de ser una
sociedad, las acciones emitidas y en circulacion del Capital Social con derecho
a voto; (b) en el caso de ser una sociedad de responsabilidad limitada,
asociacion, o co-inversion (joint venture), las partes sociales o la
participacion en el Capital Social o utilidades de dicha sociedad de
responsabilidad limitada, asociacion o co-inversion (joint venture); o (c) en
caso de ser un fideicomiso o figura similar, el derecho de participar en el
patrimonio del mismo, es en ese momento, directa o indirectamente, sea propiedad
de, o este controlado por (x) dicha Persona; (y) dicha Persona y una o mas de
sus Subsidiarias; o (z) una o mas de las Subsidiarias de dicha Persona.

                                                                              12

<PAGE>

"SUBSIDIARIA SIGNIFICANTE" significa, en cualquier fecha de determinacion,
cualquier Subsidiaria de la Acreditada que (i) represente, para el ejercicio
social concluido mas reciente de la Acreditada, el 20% (veinte por ciento) o mas
de los ingresos consolidados de la Acreditada y sus Subsidiarias o (ii) al final
de dicho ejercicio social, era la propietaria del 20% (veinte por ciento) o mas
de los bienes y activos consolidados de la Acreditada y sus Subsidiarias, todo
de conformidad con lo previsto en los estados financieros consolidados mas
recientes disponibles de la Acreditada para dicho ejercicio social. Para los
efectos previstos en los incisos (d) [quiebra - concurso], (e) [expropiacion] y
(g) [cross default] de la Clausula 6.01 del presente Contrato, si ocurre y
subsiste cualquiera de los eventos descritos en dichos incisos respecto de dos o
mas Subsidiarias de la Acreditada que no sean Subsidiarias Significantes pero
que al ser consideradas como un todo satisfagan uno o los dos requerimientos
previstos en los incisos (i) y/o (ii) del enunciado inmediato anterior, entonces
se considerara que dicho evento ha ocurrido respecto de una Subsidiaria
Significante. Asimismo, para los efectos del presente Contrato, el termino
Subsidiaria Significante siempre incluira a la sociedad denominada Corporacion
de Radio y Television del Norte de Mexico, S. de R.L. de C.V.

"TASA ORDINARIA" significa (A) durante los primeros 36 (treinta y seis) meses a
partir de la Fecha de Disposicion, la tasa de interes ordinaria fija del 8.98%
(ocho punto noventa y ocho por ciento) anual (la "TASA FIJA"), y (B) a partir
del 22 de abril de 2009 hasta la fecha en que el monto principal insoluto del
Credito sea pagado en su totalidad, la tasa de interes ordinaria que resulte de
adicionar a la TIIE 24 (veinticuatro) puntos (la "TASA VARIABLE"). Para efectos
de claridad, cada 100 (cien) puntos representan un punto porcentual.

"TIIE" significa la Tasa de Interes Interbancaria de Equilibrio, a plazo de
veintiocho dias, publicada por Banco de Mexico en el Diario Oficial de la
Federacion en la fecha de inicio del Periodo de Intereses correspondiente, o en
caso de que no se publique en esa fecha, el que se publique en el Dia Habil
inmediato anterior.

      1.02. Terminos Contables. Todos los terminos contables que no se definen
expresamente en este Contrato, se interpretaran, y toda la informacion
financiera que se deba proporcionar conforme a este Contrato se preparara, y, en
su caso, se consolidara, de conformidad con los PCGA.

      1.03. Interpretacion de Terminos Definidos. (a) Los terminos definidos en
esta Clausula Primera aplicaran tanto a la forma singular como al plural de
dichos terminos. Cuando el contexto asi lo requiera, cualquier pronombre
incluira la forma masculina, femenina o neutral correspondiente. Salvo que
expresamente se establezca lo contrario, todas las referencias a numeros o
letras de Clausulas, secciones, incisos o sub-incisos se refieren a Clausulas,
secciones, incisos o sub-incisos de este Contrato, y todas las referencias a los
Anexos se refieren a Anexos adjuntos e incorporados por referencia al presente
Contrato. Se entendera que palabras (i) "en el presente", "del presente",
"conforme al presente" "mas adelante en el presente" y palabras de significado
similar hacen referencia a este Contrato en su conjunto y no a alguna Clausula,
seccion, inciso o sub-inciso en particular del Contrato; (ii) "incluyen",
"incluye" e "incluyendo" van seguidas de la frase "sin limitacion alguna", salvo
que se establezca expresamente lo contrario; y (iii) "activo", "bien" y/o
"propiedad" tienen el mismo significado y efecto y

                                                                              13

<PAGE>

que se refieren a todos y cada uno de los activos, bienes y propiedades,
tangibles e intangibles, incluyendo efectivo, Capital Social, valores, ingresos,
cuentas, derechos de arrendamiento y contractuales. Asimismo, segun se utiliza
en el presente Contrato, las cantidades en Dolares seguidas por la frase "o su
equivalente en Pesos" se entenderan que se refieren al equivalente en Pesos, al
tipo de cambio publicado por Banco de Mexico en el Diario Oficial de la
Federacion en la fecha de determinacion aplicable.

      (b) Se considerara que cualquier referencia a (i) cualquier contrato,
convenio o instrumento incluye la referencia a dicho contrato, convenio o
instrumento segun el mismo sea modificado ya sea total o parcialmente o de
cualquier otra forma reformado de tiempo en tiempo, y (ii) cualquier ley o
reglamento incluye las reformas a los mismos de tiempo en tiempo o a cualquier
ley o reglamento que los sustituya.

      1.04. Calculos de Periodos de Tiempo. En este Contrato, para calcular un
periodo de tiempo de una fecha especifica a una fecha posterior especifica, la
palabra "desde" significa "desde e incluyendo" y las palabras "a" y "hasta"
significan "hasta pero excluyendo".

                                     SEGUNDA
              MONTO Y TERMINOS DE LA DISPOSICION; PAGO DEL CREDITO

      2.01. Apertura de Credito. Disposicion. Sujeto a los terminos y
condiciones establecidos en el presente Contrato, el Banco conviene en poner a
disposicion de la Acreditada en o antes de la Fecha de Disposicion y mediante
una sola Disposicion, un credito hasta por la cantidad de $1,400,000,000.00 (un
mil cuatrocientos millones de pesos 00/100, M.N.) pagadera en una unica
amortizacion conforme a lo senalado en la Seccion 2.03 del presente Contrato.

      Las partes convienen en que la Acreditada podra disponer en un solo acto
del monto total del Credito o de parte del mismo en o antes de la Fecha de
Disposicion, de conformidad con los terminos y sujeto a las condiciones
previstas en el presente Contrato; en el entendido de que la suma principal de
la Disposicion no incluira cantidad alguna de intereses, comisiones, gastos, ni
otras sumas pagaderas por la Acreditada al Banco conforme a este Contrato y/o el
Pagare.

      Asimismo, en caso de que la Acreditada no disponga del monto total del
Credito sino de parte del mismo, las partes convienen en que la Acreditada
estara obligada a pagar al Banco cualquier Costo por Rompimiento de Fondeo que
en su caso se genere para el Banco.

      2.02. Forma de Hacer la Disposicion. (a) Cuando la Acreditada desee
efectuar la Disposicion en terminos del presente, debera dar aviso por escrito
al Banco con por lo menos 24 (veinticuatro) horas antes de la fecha propuesta
para la Disposicion, en el entendido de que dicho aviso se considerara recibido
en determinado dia unicamente si es entregado antes de las 11:00 A.M. (hora de
la Ciudad de Mexico) de ese mismo dia. Dicho aviso (el "AVISO DE DISPOSICION")
sera irrevocable y debera elaborarse por la Acreditada sustancialmente en la
forma del Anexo "A", completado adecuadamente a efecto de especificar la Fecha
de Disposicion propuesta (la cual debera ser un Dia Habil),

                                                                              14
<PAGE>

por lo que, en caso de que la Acreditada cancele la Disposicion del Credito
notificada por medio del Aviso de Disposicion, la Acreditada tendra que
reembolsarle al Banco cualquier gasto o costo (documentado y razonable) que el
mismo haya incurrido por cualquier concepto, incluyendo los costos por el
rompimiento de las fuentes de fondeo del Banco.

      (b) El Banco pondra a disposicion de la Acreditada el monto senalado en el
Aviso de Disposicion mediante deposito en la cuenta de cheques numero
51500532869 CLABE: 014180515005328696 que la Acreditada tiene con el Banco,
precisamente en la Fecha de Disposicion, sujeto a (i) que todas las condiciones
que se establecen en la Clausula 3.01 del presente Contrato hayan sido debida y
oportunamente cumplidas y satisfechas y (ii) la entrega al Banco de un Pagare,
no negociable, suscrito por la Acreditada, y firmado por aval por la Fiadora, en
forma substancialmente igual a la del Anexo "B" (el "PAGARE"), a la orden del
Banco, y por el monto del Credito a ser desembolsado senalado en el Aviso de
Disposicion. La Acreditada conviene y reconoce que la suscripcion del Pagare no
es y no debera ser considerada como pago del Credito.

      2.03. Pago del Credito. Amortizacion del Monto Principal del Credito. La
Acreditada restituira al Banco la suma principal del Credito que se hubiese
dispuesto en terminos de esta Clausula, en un unico pago de principal, 120
(ciento veinte) meses despues de la Fecha de Disposicion.

      2.04. Amortizacion Anticipada Voluntaria.

      (a) La Acreditada podra pagar anticipadamente total o parcialmente el
saldo insoluto del Credito sin que el Banco cobre ningun cargo o comision por
esos pagos anticipados, siempre y cuando cumpla con lo aqui previsto, a menos
que el Banco renuncie por escrito al cumplimiento de una o varias de dichas
condiciones: (i) la Acreditada debera notificar irrevocablemente al Banco por
escrito su intencion de pagar anticipadamente todo o parte del saldo insoluto
del Credito, con por lo menos 5 (cinco) Dias Habiles de anticipacion a la fecha
en que vaya a realizar el pago anticipado; (ii) todo pago anticipado sera de
cuando menos $50'000,000.00 (cincuenta millones de Pesos), en el entendido de
que dicho pago anticipado siempre debera ser en multiplos de $10'000,000.00
(diez millones de Pesos) (iii) conjuntamente con dicho pago anticipado, la parte
obligada a ello conforme al presente Contrato debera pagar, en la Fecha de Pago
Anticipado, el Costo por Rompimiento de Fondeo que se genere segun se especifica
mas adelante; (iv) conjuntamente con el pago anticipado, la Acreditada debera
pagar los intereses ordinarios vigentes, generados a esa fecha y no pagados en
relacion con el importe del pago anticipado; (v) la Acreditada no podra volver a
disponer de las cantidades pagadas anticipadamente; y (vi) el o los pagos
anticipados seran aplicados en el orden establecido en la Clausula 2.08 (b) del
presente Contrato.

      (b) Sin perjuicio de las demas estipulaciones aplicables a pagos
anticipados, en el supuesto de que la Acreditada realice un pago anticipado,
total o parcial, del saldo insoluto del Credito, en o antes de haber
transcurrido 36 (treinta y seis) meses contados a partir de la Fecha de
Disposicion, la Acreditada estara obligada a rembolsar al Banco, en la misma
fecha en que tenga lugar el pago anticipado (la "FECHA DE PAGO ANTICIPADO"),
cualquier Costo por Rompimiento de Fondeo del Banco. Ahora bien, en el supuesto
de que la Acreditada realice un pago anticipado, total o parcial, del saldo
insoluto del

                                                                              15
<PAGE>

Credito, despues de haber transcurrido 36 (treinta y seis) meses contados a
partir de la Fecha de Disposicion, la partes convienen que esta clausula quedara
sin efectos ya que no existira Costo de Rompimiento de Fondeo en virtud de que a
partir de esa fecha la Tasa Ordinaria sera la Tasa Variable.

      (c) El Costo por Rompimiento de Fondeo lo determinara en forma concluyente
el Agente de Calculo conforme al metodo que a continuacion se indica:

      El Costo por Rompimiento de Fondeo se determinara con base en el precio de
cotizacion de la operacion correspondiente, en su caso, vigente en la Fecha de
Pago Anticipado, que el Banco determine, con base en metodos o modelos de
valuacion de Operaciones Derivadas en el Mercado que, a la fecha de la
determinacion de la Costo por Rompimiento de Fondeo y en el desarrollo ordinario
de sus operaciones, utilice el Banco, de conformidad con las disposiciones
aplicables, las practicas financieras y las reglas de caracter general y
particular del Banco de Mexico (la "DETERMINACION POR METODOLOGIA DE
VALUACION"). Para hacer la Determinacion por Metodologia de Valuacion, el Banco
debera seguir los siguientes principios:

      (i) La metodologia aplicable debera reconocer informacion relevante del
mercado de que se trate, incluyendo, entre otros, tasas de interes, precios de
mercado de determinados valores, rendimientos, curvas de rendimiento,
volatilidades, diferenciales o margenes, o correlaciones: (x) proporcionada por
uno o mas terceros, incluyendo proveedores de precios, otros intermediarios
financieros, sin limitacion, o (y) obtenidas de fuentes internas (incluyendo
cualquier sociedad relacionada del Banco), siempre que las mismas sean iguales a
las utilizadas por el Banco en el curso ordinario de sus operaciones. En todo
caso, la citada informacion debera corresponder a la fecha de la determinacion
del Costo por Rompimiento de Fondeo;

      (ii) La metodologia podra incorporar el costo de fondeo del Banco, siempre
que el mismo no haya sido previamente incluido en la informacion previamente
utilizada en la referida metodologia;

      (iii) La metodologia podra comprender la utilizacion de diferentes metodos
de valuacion de Operaciones Derivadas en el Mercado, en funcion del tipo,
complejidad, tamano o numero de las mismas; y

      (iv) Para efectos de todo lo anterior, el Banco, como Agente de Calculo,
mediante certificado que expida a la Acreditada, senalara, ademas del Costo por
Rompimiento de Fondeo que debera cubrir la Acreditada, el procedimiento
utilizado para su determinacion.

      (d) En caso de Amortizacion Anticipada Voluntaria parcial conforme a lo
previsto en esta Clausula, la Acreditada debera suscribir y entregar al Banco un
nuevo Pagare, que sustituya al Pagare que este en posesion del Banco en ese
momento, que refleje las cantidades prepagadas en dicha fecha. Contra la entrega
del nuevo Pagare al Banco, el Banco debera devolver a la Acreditada el Pagare
sustituido debidamente cancelado. En caso de que la Amortizacion Anticipada
Voluntaria sea por el monto total del Credito, el Banco debera devolver a la
Acreditada, el Pagare sustituido debidamente cancelado. En los casos en los que
el Banco deba devolver el Pagare sustituido debidamente cancelado,

                                                                              16
<PAGE>

las partes convienen que el Banco tendra un plazo de tres (3) Dias Habiles,
siguientes al pago anticipado correspondiente, para devolver el Pagare citado.

      2.05. Intereses Ordinarios. (a) La Acreditada pagara al Banco, sin
necesidad de previo requerimiento, intereses ordinarios sobre la suma principal
insoluta del Credito, durante cada Periodo de Intereses, desde la Fecha de
Disposicion hasta la fecha en que el monto principal insoluto del Credito sea
pagado en su totalidad, pagaderos en cada Fecha de Pago de Intereses, a una tasa
de interes anual igual a la Tasa Ordinaria.

En caso que durante cualquier Periodo de Intereses que se encuentre sujeto al
pago de una Tasa Variable conforme a la definicion de Tasa Ordinaria, la TIIE
desaparezca, las partes acuerdan que la tasa que servira para el calculo de la
Tasa Variable sera la que expresamente establezca Banco de Mexico como sustituta
de la TIIE, mas los puntos adicionales pactados en la definicion de Tasa
Variable.

En el supuesto de que Banco de Mexico no de a conocer de manera expresa la tasa
que sustituya a la TIIE o que la tasa que determine el Banco de Mexico no tenga
un efecto financiero sustancialmente similar al se tendria si dicha nueva tasa
fuera calculada bajo la metodologia que previo a la fecha de desaparicion del
TIIE era utilizada para su calculo, las partes convienen en negociar el
instrumento que sustituira a la TIIE para determinar la Tasa Variable aplicable,
asi como el numero de puntos que se adicionaran a tal instrumento para calcular
dicha tasa de interes, en el entendido que las partes deberan buscar durante
dicha negociacion obtener un efecto sustancialmente similar al que se tendria
bajo la aplicacion de la metodologia que se utilizaba para el calculo de TIIE
previo a la fecha en que esta desaparecio.

Si las partes no llegaren a un acuerdo respecto del instrumento o del numero de
puntos adicionales o la metodologia a utilizarse, dentro de los quince Dias
Habiles siguientes a la fecha en que la TIIE desaparezca, la tasa que se
aplicara sera el resultado de sumar los puntos pactados para la Tasa Variable,
mas un punto porcentual (100 puntos), a la tasa de rendimiento neto de los
Certificados de la Tesoreria de la Federacion en su emision primaria (CETES) a
plazo de veintiocho dias, dada a conocer por la Secretaria de Hacienda y Credito
Publico en periodicos de amplia circulacion nacional, en la fecha de inicio de
cada Periodo de Intereses, o en caso de que no se publique en esa fecha, la
inmediata anterior publicada.

En el supuesto de que la TIIE hubiere desaparecido sin que Banco de Mexico de a
conocer en forma expresa la tasa que la sustituya, de que las partes no hayan
llegado a un acuerdo respecto del instrumento que sustituira a la TIIE para
determinar la Tasa Variable o los puntos que se adicionara a la misma y que la
tasa de CETES tambien hubiere desaparecido, las partes estan de acuerdo en que
la Tasa variable sera calculada por los Agentes de Calculo Sustitutos quienes en
su determinacion, deberan fijar una Tasa Variable que finalmente refleje un
efecto sustancialmente similar al que se tendria si para su calculo se hubiese
utilizada la metodologia actual para el calculo de TIIE mas la suma de los
puntos que se mencionan en la definicion de Tasa Variable.

      2.06. Intereses Moratorios. La suma principal vencida y no pagada de
cualquier abono del Credito, causara intereses desde el dia siguiente al de su
vencimiento hasta el de su pago total, a una tasa de interes anual igual en todo
momento durante cada dia en

                                                                              17
<PAGE>

que permanezca insoluta dicha cantidad al resultado de sumar 200 (doscientos)
puntos base a la Tasa Ordinaria.

      2.07. Calculo de Intereses. Los intereses conforme a este Contrato y el
Pagare, se calcularan sobre la base de un ano de 360 (trescientos sesenta) dias
y el numero de dias que efectivamente transcurran, incluyendo el primero pero
excluyendo el ultimo de dichos dias.

      2.08. Pagos. (a) Todos los pagos que deba hacer la Acreditada al Banco
conforme a este Contrato y el Pagare, se haran al Banco a mas tardar a las 14:00
horas (hora de Mexico, Distrito Federal) en la fecha en que deban hacerse,
mediante cargo automatico que realice el Banco a la siguiente cuenta de la
Acreditada aperturada con el Banco: cuenta de cheques numero 51500532869 CLABE:
014180515005328696, o en cualquier otro lugar o forma que oportunamente informe
el Banco a la Acreditada por escrito. La Acreditada en este acto instruye,
faculta y autoriza irrevocablemente al Banco para que cargue contra la cuenta de
la Acreditada referida anteriormente todos los pagos que deba hacer la
Acreditada al Banco conforme a este Contrato y el Pagare.

      (b) Cualesquiera pagos efectuados por la Acreditada al Banco en relacion
con el presente Contrato seran aplicados en el siguiente orden: (i) para el pago
de cualesquiera Impuestos causados a cargo de la Acreditada, (ii) para el pago
de cualesquiera gastos y comisiones generados y que sean de la responsabilidad
de la Acreditada conforme al presente Contrato, (iii) para el pago de
cualesquiera intereses moratorios adeudados, (iv) para el pago de cualesquiera
intereses ordinarios adeudados, y (v) para el pago de cualesquiera montos de
principal pendientes de pago.

      2.09. Pagos y Periodos de Intereses que Venzan en Dias Inhabiles. Si
cualquier pago debido conforme a este Contrato y/o el Pagare debiera hacerse en
cualquier dia que no fuere un Dia Habil, dicho pago se hara en el Dia Habil
inmediato anterior.

      2.10. Impuestos. (a) La Acreditada pagara al Banco todas las sumas de
principal, intereses y otras sumas pagaderas conforme al presente Contrato y el
Pagare, libres, exentas y sin deduccion por concepto o a cuenta, de cualquier
Impuesto que grave dichas cantidades en la actualidad o en lo futuro, pagadero
en cualquier jurisdiccion excepto por el impuesto sobre la renta (o cualquiera
que lo sustituya) pagadero por cualquier acreedor, sobre sus ingresos o activos
totales conforme a las leyes, reglamentos y demas disposiciones legales en
Mexico. Si en cualquier ocasion cualquier autoridad de cualquier jurisdiccion
con derecho a ello impone, carga o cobra cualquier impuesto, derecho,
contribucion, tributo, retencion, deduccion, carga, Gravamen u otra
responsabilidad fiscal junto con intereses, recargos, sanciones, multas o cargos
derivados de los mismos ("IMPUESTOS"), sobre o respecto a este Contrato o el
Pagare, o a cualquier pago que deba hacerse conforme a los mismos, la Acreditada
(y en su caso la Fiadora) pagara a la autoridad fiscal correspondiente, por
cuenta del Banco, el monto de cualquiera de dichos Impuestos, y pagara al Banco
las cantidades adicionales que se requieran para asegurar que el Banco reciba la
cantidad integra que hubiera recibido si no se hubiesen pagado o retenido dichos
Impuestos, y entregara al Banco los recibos originales u otras constancias
satisfactorias para el Banco, del pago de cualquier Impuesto, dentro de los 30
(treinta) dias siguientes a la fecha en que dicho Impuesto sea exigible y
pagadero, conforme a las disposiciones legales aplicables; todo lo anterior,
salvo que cualesquiera de dichos

                                                                              18
<PAGE>

Impuestos deriven de la negligencia grave, dolo o mala fe del Banco o que dichos
Impuestos se causen como resultado del impuesto sobre la renta (o cualquiera que
lo sustituya) pagadero por cualquier acreedor, sobre sus ingresos o activos
totales conforme a las leyes, reglamentos y demas disposiciones legales en
Mexico.

      (b) El Banco notificara de inmediato a la Acreditada de cualquier
requerimiento, notificacion, demanda de pago o cualquier otro aviso que reciba
el Banco de cualquier autoridad con respecto a los Impuestos, para que la
Acreditada atienda con prontitud dicho requerimiento, notificacion demanda o
aviso, pague dicho Impuesto y mantenga al Banco en paz y a salvo con respecto a
dicho requerimiento, notificacion, demanda de pago o aviso, en el entendido de
que, en tal caso, el Banco entregara a la Acreditada cualquier documento que el
Banco posea o copia del mismo, que la Acreditada requiera con respecto de
cualquier procedimiento relativo a dicho requerimiento, notificacion, demanda de
pago o aviso.

      (c) Las obligaciones de la Acreditada conforme a esta Clausula 2.10
subsistiran a todas las demas obligaciones de la Acreditada conforme al presente
Contrato y el Pagare.

      2.11. Comision por Estructuracion. La Acreditada debera pagar al Banco una
comision por estructuracion de credito equivalente al 0.17% (cero punto
diecisiete por ciento) del monto dispuesto del Credito, la cual sera pagada en
la Fecha de Disposicion, para lo cual, la Acreditada en este acto autoriza
expresa e irrevocablemente al Banco a deducir el monto de dicha comision del
monto de la Disposicion en la Fecha de Disposicion.

                                     TERCERA
                         CONDICIONES PARA LA DISPOSICION

      3.01. Condiciones Previas a la Disposicion. La obligacion del Banco de
realizar la Disposicion estara sujeta a la condicion de que el Banco haya
recibido, en o antes de la Fecha de Disposicion, los siguientes documentos y
que, en o con anterioridad a la Fecha de Disposicion, se hayan cumplido y
satisfecho las siguientes condiciones suspensivas, en forma y fondo aceptables
para el Banco y sus asesores legales:

      (a)   El Banco debera haber recibido un tanto original del presente
            Contrato, debidamente firmado por la Acreditada y la Fiadora;

      (b)   El Banco haya recibido el Aviso de Disposicion;

      (c)   El Banco debera haber recibido (i) una copia certificada de las
            escrituras publicas (con datos de registro) que contengan el acta
            constitutiva de la Acreditada y una copia simple de la escritura
            respectiva de la Fiadora, (ii) una copia de la escritura publica
            (sin datos de registro) que contenga los estatutos sociales vigentes
            de la Acreditada y de la Fiadora a la fecha de este Contrato, y
            (iii) una copia de los estados financieros anuales consolidados y
            auditados al 31 de diciembre de 2004 y estados financieros anuales
            consolidados internos al 31 de diciembre de 2005, en ambos casos de
            la Acreditada;

                                                                              19
<PAGE>

      (d)   El Banco debera haber recibido los documentos de la Acreditada y de
            la Fiadora que se senalan en el Anexo "C" del presente Contrato;

      (e)   El Banco debera haber recibido (i) una copia de la resolucion
            unanime de socios de la Acreditada y una copia del certificado
            emitido por el Secretario del Consejo de la Fiadora, en donde
            consten las autorizaciones corporativas y facultades de la
            Acreditada y la Fiadora, segun sea el caso, para suscribir el
            presente Contrato y el Pagare y para cumplir con las obligaciones
            establecidas en los mismos; y (ii) una copia certificada de las
            escrituras publicas (sin datos de registro) que acrediten la
            personalidad y facultades de las personas que suscriban en nombre y
            representacion de la Acreditada y de la Fiadora el presente Contrato
            y el Pagare, asi como los demas documentos que deban suscribirse
            conforme a los mismos;

      (f)   Que las declaraciones de la Acreditada y de la Fiadora contenidas en
            el presente Contrato, sean ciertas, completas y correctas en todos
            sus aspectos en y a la Fecha de Disposicion como si dichas
            declaraciones hubieren sido realizadas en la Fecha de Disposicion;

      (g)   Que en o antes de la Fecha de Disposicion, no haya ocurrido o
            subsista alguna Causa de Incumplimiento o evento que mediante
            notificacion o con el transcurso del tiempo, o ambos, constituiria
            una Causa de Incumplimiento;

      (h)   Que el Banco haya recibido, en o antes de la Fecha de Disposicion,
            el Pagare suscrito por la Acreditada a la orden del Banco y firmado
            por aval por la Fiadora, documentando el Credito;

      (i)   El Banco debera haber recibido de la Acreditada el pago de todos y
            cada uno de las comisiones, honorarios, gastos y demas costos del
            Banco que le corresponda pagar a la Acreditada conforme a este
            Contrato en dicha fecha.

                                     CUARTA
                       OBLIGACIONES DE HACER Y DE NO HACER

      4.01. Obligaciones de Hacer de la Acreditada. Mientras el Pagare
permanezca insoluto en todo o en parte, y mientras la Acreditada tenga cualquier
obligacion conforme a este Contrato, salvo por las obligaciones de la Acreditada
que subsistan conforme a la Clausula 2.10 (c), a menos que el Banco consienta
por escrito en lo contrario, la Acreditada (y no la Fiadora) se obliga a lo
siguiente:

      (a) Cumplimiento de Leyes y Pago de Impuestos. Cumplir, y hacer que cada
una de sus Subsidiarias Significantes cumplan, en todos los aspectos de
importancia, con todas las leyes, reglas, reglamentos y ordenes aplicables
(incluyendo Leyes Ambientales), incluyendo, sin limitacion, el pago a su
vencimiento de todos los Impuestos a cargo de la Acreditada o dichas
Subsidiarias Significantes o que se generen sobre sus respectivos bienes, asi
como contribuciones, derechos y cargas gubernamentales que le sean determinados,
impuestos o exigidos, excepto, (i) respecto a dichas leyes, reglas,

                                                                              20
<PAGE>

reglamentos y ordenes aplicables (incluyendo Leyes Ambientales), en la medida en
que el incumplimiento de las mismas no pueda tener, en lo individual o de manera
conjunta, un efecto adverso y de importancia en el Negocio Principal o
propiedades de la Acreditada o de sus Subsidiarias Significantes; y (ii)
respecto de dichos Impuestos, en la medida en que sean impugnados de buena fe
mediante procedimientos apropiados, iniciados y conducidos oportuna y
diligentemente, o que la falta de pago de los mismos no sea razonablemente de
esperarse que tenga una consecuencia adversa en la capacidad de la Acreditada de
pagar el Credito o cumplir con las obligaciones que le derivan de este Contrato
y/o el Pagare, y para los cuales la Acreditada o la Subsidiaria Significante
correspondiente, segun sea el caso, establezca reservas adecuadas de conformidad
con los PCGA.

      (b) Personalidad Juridica y Conduccion de Negocios. La Acreditada
continuara dedicandose al mismo tipo de actividades y negocios a los que
actualmente se dedica, contemplando las variaciones normales que se presenten en
su negocio como resultado de la innovacion o convergencia tecnologica o de las
tendencias que se presenten en la industria en la que se desempena, y conservara
y mantendra, y hara que cada una de sus Subsidiarias Significantes conserve y
mantenga, su existencia legal, derechos (ya sean estatutarios o legales),
licencias, autorizaciones, concesiones, permisos, avisos, derechos de propiedad
intelectual o industrial, registros y franquicias (los "Derechos") que sean
considerados relevantes para su Negocio Principal; en el entendido que, ni la
Acreditada ni sus Subsidiarias Significantes estaran obligadas a mantener su
existencia legal en relacion con una fusion o consolidacion realizada de
conformidad con lo establecido en la Clausula 4.02 (b); y en el entendido,
ademas, que ni la Acreditada ni sus Subsidiarias Significantes estaran obligadas
a conservar cualquier Derecho si cualquiera de ellas a su juicio, de buena fe,
determinan que la conservacion de estos no es deseable comercialmente para la
Acreditada o para cualquiera de sus Subsidiarias Significantes, segun sea el
caso, y que de la perdida de dicho Derecho no pueda esperarse que tenga una
consecuencia adversa en la capacidad de la Acreditada de pagar el Credito o
cumplir con las obligaciones que le derivan de este Contrato y/o el Pagare. En
ningun caso esta obligacion debera interpretarse como una limitante para la
Acreditada o sus Subsidiarias Significantes de poder iniciar o combinar nuevos
negocios relacionados con la industria de telecomunicaciones y negocios conexos.

      (c) Requisitos de Informar. Proporcionar al Banco:

      (i)   Tan pronto como esten disponibles, pero en todo caso dentro de los
            180 (ciento ochenta) dias naturales inmediatos siguientes al cierre
            de cada ejercicio social, una copia de sus estados financieros
            auditados consolidados correspondientes a dicho ejercicio social,
            que incluyan el balance general, los estados de resultados
            consolidados, de cambios en la situacion financiera y de variaciones
            en el capital contable para dicho ejercicio social, de acuerdo con
            PCGA, acompanados por un dictamen emitido por cualquier despacho de
            contadores publicos independientes reconocido en la jurisdiccion
            donde se localiza.

      (ii)  Tan pronto como esten disponibles, pero en todo caso dentro de los
            90 (noventa) dias naturales inmediato siguientes al cierre de cada
            trimestre de

                                                                              21
<PAGE>

            cada ejercicio social (excluyendo el cuarto trimestre calendario),
            su balance al final de dicho trimestre, y estados de resultados por
            dicho trimestre y por el periodo iniciado al final del ejercicio
            social anterior y terminado al cierre de dicho trimestre, en su caso
            consolidados de acuerdo con PCGA, firmados por un Funcionario
            Responsable;

      (iii) Simultaneamente con la entrega por la Acreditada de la informacion
            financiera referida en los incisos (i) y (ii) anteriores, la
            Acreditada entregara al Banco un certificado de un Funcionario
            Responsable que incluya toda la informacion y calculos necesarios
            para determinar el cumplimiento por parte de Innova de los incisos
            (i) y (ii) de la Seccion (a) de la Clausula 4.02 de este Contrato.

      (iv)  Tan pronto como sea posible pero en todo caso dentro de los 10
            (diez) Dias Habiles siguientes a la fecha en que tenga o deba tener
            conocimiento de la existencia de cualquier Causa de Incumplimiento o
            evento que mediante aviso o por el transcurso de tiempo o ambos
            constituiria una Causa de Incumplimiento, una constancia firmada por
            un Funcionario Responsable indicando los detalles de dicha Causa de
            Incumplimiento o evento, y las medidas que se han tomado o que se
            proponen tomar al respecto;

      (v)   Tan pronto como se inicie, pero en todo caso dentro de los 5 (cinco)
            Dias Habiles siguientes al emplazamiento o notificacion de cualquier
            accion, demanda o procedimiento administrativo, arbitral o judicial
            en la que la Acreditada o cualquiera de sus Subsidiarias
            Significantes sea parte y que pueda tener, en lo individual o de
            manera conjunta, un efecto adverso y de importancia en el Negocio
            Principal o propiedades de la Acreditada o de sus Subsidiarias
            Significantes, una notificacion firmada por algun Funcionario
            Responsable de la Acreditada describiendo la naturaleza de dicha
            accion, demanda o procedimiento y las medidas que se han tomado o
            que se proponen tomar al respecto;

      (vi)  Cualquier otra informacion relativa a la situacion financiera u
            operaciones o de cualquier otra naturaleza de la Acreditada y/o de
            cualquiera de sus Subsidiarias Significantes, que sea solicitada
            razonablemente en cualquier momento por el Banco.

      (d) Seguros. Obtener y mantener vigentes y hacer que cada una de sus
Subsidiarias Significantes obtengan y mantengan vigentes, con companias de
seguros reconocidas, seguros adecuados en relacion con sus activos, cubriendo
los riesgos y hasta por los importes que se requieran conforme a procedimientos
administrativos adecuados y que sean comunmente obtenidos por companias con
negocios similares en Mexico a las actividades que realiza de manera consolidada
la Acreditada, considerando la naturaleza de los negocios de la Acreditada y de
sus Subsidiarias Significantes y la ubicacion de los activos asegurados, salvo
por seguros sobre obligaciones satelitales y de cualquier transpondedor, y sobre
la operacion y funcionamiento del mismo.

                                                                              22
<PAGE>

      (e) Contabilidad. Mantener y hacer que cada una de sus Subsidiarias
Significantes mantenga libros y registros de contabilidad en forma tal que
reflejen fielmente su posicion financiera y los resultados de sus operaciones,
de acuerdo con los PCGA.

      (f) Derechos de Inspeccion. A solicitud del Banco (a traves del ejecutivo
de relacion correspondiente) con por lo menos 7 (siete) dias naturales de
anticipacion, permitir que los representantes designados por escrito por el
Banco inspeccionen los registros contables y/o propiedades de la Acreditada y de
cualquiera de sus Subsidiarias y se entrevisten con sus respectivos funcionarios
y auditores externos durante dias y horas habiles, preservando la
confidencialidad de la informacion a la que tengan acceso.

      (g) Cumplimiento de Obligaciones. Cumplir y pagar, y hacer que cada una de
sus Subsidiarias Significantes cumplan y paguen con todas sus obligaciones cuya
suma principal (individual o conjuntamente con otras Deudas no pagadas) sea
superior a EU$100'000,000.00 (Cien Millones de Dolares 00/100) (o su equivalente
en Pesos) o sus intereses, a su vencimiento, ya sea este convencional, por pago
anticipado obligatorio o de cualquier otra manera en terminos de cada convenio,
contrato, hipoteca, garantia y demas instrumentos de deuda por los cuales
estuvieran obligadas, con excepcion de aquellas obligaciones (i) cuyo monto o
validez este siendo impugnado de buena fe por medio de procedimientos apropiados
y para los cuales se han establecido las reservas adecuadas conforme a los PCGA
y a la legislacion aplicable, o (ii) cuya falta de pago pendiente por dicha
impugnacion no pudiera esperarse, de manera razonable, que tendra un efecto
adverso importante en los negocios, activos, responsabilidades, condicion
(financiera o de cualquier otra naturaleza), licencias, operacion o proyectos de
la Acreditada o de cualquiera de sus Subsidiarias Significantes o en la
capacidad de la Acreditada de pagar el Credito o cumplir con las obligaciones
que le derivan de este Contrato y/o el Pagare.

      (h) Destino de los Fondos. La Acreditada utilizara los recursos del
Credito unica y exclusivamente en (1) pagar (o readquirir) parcial y
anticipadamente los titulos de deuda emitidos por Innova, S. de R.L. de C.V.,
denominados "Senior Notes" con vencimiento en 2013 por EU$300'000,000.00
(trescientos millones de dolares, moneda de curso legal en los Estados Unidos de
America) y los gastos relacionados con la celebracion del presente Contrato y el
pago anticipado de dichos "Senior Notes" y (2) pagar pasivos con costo
financiero de la Acreditada. Una vez pagados los pasivos con costo financiero
mencionados en el inciso (2) anterior, la Acreditada le informara por escrito al
Banco, dentro de los 5 (cinco) Dias Habiles siguientes a dicho pago, cuales
pasivos y por que cantidades fueron pagados con los recursos del Credito.

      (i) Prelacion. Asegurarse y hacer todo lo necesario a fin de que las
obligaciones de la Acreditada bajo el presente Contrato y el Pagare (i)
constituyan en todo momento deuda incondicional e insubordinada de la
Acreditada; y (ii) tengan por lo menos la misma prelacion de pago respecto de
cualquiera otra deuda quirografaria e insubordinada, presente o futura, de la
Acreditada, excepto por aquellas obligaciones de pago a cargo de la Acreditada
que gozaren de alguna preferencia en su pago por disposicion de ley.

                                                                              23
<PAGE>

      (j) Mantenimiento de Bienes, etc. La Acreditada mantendra y conservara, y
hara que cada una de sus Subsidiarias Significantes mantenga y conserve todos
los bienes que necesite y que utilice o que le sean utiles para la realizacion
de sus actividades principales en buen estado y en condiciones normales, salvo
por el uso y desgaste ordinarios o salvo aquellos que por su naturaleza se
encuentran en posesion de los suscriptores de la Acreditada o sus Subsidiarias
Significantes o aquellos que su desgaste o mal estado no causen un efecto
relevante adverso en la capacidad de la Acreditada de pagar el Credito o cumplir
con las obligaciones que le derivan de este Contrato y/o el Pagare, en el
entendido que esta disposicion no impedira que la Acreditada o cualquiera de sus
Subsidiarias Significantes descontinuen la operacion y mantenimiento de
cualquiera de sus bienes, siempre que ello sea deseable en la realizacion de sus
negocios y que de dicha descontinuacion, de manera individual o conjunta, no de
origen a una Causa de Incumplimiento o evento que mediante aviso o por el
transcurso de tiempo o ambos constituiria una Causa de Incumplimiento o no sea
razonablemente de esperarse que tenga como consecuencia un efecto relevante
adverso en la capacidad de la Acreditada de pagar el Credito o cumplir con las
obligaciones que le derivan de este Contrato y/o el Pagare.

      4.02. Obligaciones de No Hacer de la Acreditada. Mientras el Pagare
permanezca insoluto en todo o en parte, y mientras la Acreditada tenga cualquier
obligacion conforme a este Contrato, a menos que el Banco consienta por escrito
en lo contrario, la Acreditada (y no la Fiadora) se obliga a lo siguiente:

      (a) Limitaciones Financieras.

            (i) La Acreditada no permitira que el Indice de Apalancamiento
Consolidado exceda en cualquier momento de 4.0:1 (cuatro punto cero a uno).

            (ii) La Acreditada no permitira que el Indice de Cobertura de
Intereses en cualquier momento sea menor que 2.0:1 (dos punto cero a uno).

      (b) Fusion, Escision, Etc. No fusionarse, consolidarse, escindirse,
liquidarse o disolverse (o permitir su liquidacion o disolucion), o permitir que
sus Subsidiarias Significantes se fusionen, consoliden, escindan, liquiden o
disuelvan (o que sus Subsidiarias Significantes permitan su liquidacion o
disolucion), excepto que: (i) cualquier Subsidiaria de la Acreditada se podra
fusionar o consolidar en o con (A) la Acreditada, en la medida en que la
Acreditada sea la sociedad fusionante o sobreviviente, o (B) cualquier otra
Subsidiaria de la Acreditada (incluyendo cualquier Persona que se convierta en
Subsidiaria de la Acreditada como resultado de dicha fusion o consolidacion);
(ii) la Acreditada o cualquiera de sus Subsidiarias Significantes se podra
fusionar o consolidar con cualquier otra Persona siempre y cuando (A) en el caso
de una fusion o consolidacion de la Acreditada o una Subsidiaria Significante,
la Acreditada o dicha Subsidiaria Significante debera ser la sociedad fusionante
o sobreviviente, y (B) no debera existir y subsistir ninguna Causa de
Incumplimiento o algun evento o condicion que, mediante aviso o por el
transcurso del tiempo o ambos, pudiera constituir una Causa de Incumplimiento
despues de dar efecto a dicha fusion o consolidacion; (iii) cualquier
Subsidiaria Significante se podra fusionar o consolidar con cualquier Persona
mediante una adecuada contraprestacion a la Acreditada y sus Subsidiarias
Significantes.

                                                                              24
<PAGE>

      (c) Venta de Activos Fijos. Innova podra vender cualquiera de sus
respectivos bienes o activos fijos, ya sea presentes o futuros, siempre y
cuando, la venta en cuestion no tenga como resultado que Innova viole alguna de
las Limitaciones Financieras senaladas en el inciso (a) de esta Clausula 4.02 o
bien que ocurra una Causa de Incumplimiento o evento que mediante aviso o por el
transcurso de tiempo o ambos constituiria una Causa de Incumplimiento.

      (d) Gravamenes. Innova podra crear, constituir o permitir la existencia de
cualquier Gravamen de cualquier naturaleza sobre cualquiera de sus propiedades o
activos, ya sea presentes o futuros, o los de sus Subsidiarias, siempre y
cuando, la creacion, constitucion y/o perfeccionamiento de dicho Gravamen no
tenga como resultado que (i) se viole alguna de las Limitaciones Financieras
senaladas en el inciso (a) de esta Clausula 4.02 o (ii) ocurra una Causa de
Incumplimiento o evento que mediante aviso o por el transcurso de tiempo o ambos
constituiria una Causa de Incumplimiento.

      (e) Cambio en la Naturaleza del Negocio. Ni la Acreditada ni sus
Subsidiarias Significantes podran realizar un cambio sustancial en el giro y
naturaleza de sus actividades principales tal y como se llevan a cabo a la fecha
de este Contrato; excepto por los cambios que se efectuen como resultado de la
innovacion o convergencia tecnologica, o los cambios que por la naturaleza de la
industria se esten tomando o sean un giro natural para empresas que proveen
servicios de telecomunicaciones y conexos.

      (f) Inversiones. Innova podra realizar inversiones en Personas distintas a
aquellas sociedades que a la fecha del presente sean Subsidiarias de la
Acreditada, siempre y cuando, la realizacion de dichas inversiones no tenga como
resultado que Innova viole alguna de las Limitaciones Financieras senaladas en
el inciso (a) de esta Clausula 4.02 o bien que ocurra una Causa de
Incumplimiento o evento que mediante aviso o por el transcurso de tiempo o ambos
constituiria una Causa de Incumplimiento.

      (g) Dividendos. Innova podra pagar dividendos ya sea en efectivo o en
especie, sin la previa autorizacion del Banco, siempre y cuando el Indice de
Apalancamiento Consolidado no exceda de 4.0:1 (cuatro punto cero a uno). Sin
embargo dicha limitante no sera extensiva a las Subsidiarias de Innova, las
cuales podran pagar los dividendos que asi aprueben sus organos corporativos
competentes.

      4.03. Obligaciones de Hacer de GT. Mientras cualquier Pagare permanezca
insoluto en todo o en parte, y mientras la Acreditada tenga cualquier obligacion
de pago conforme a este Contrato, salvo por las obligaciones de la Acreditada
que subsistan conforme a la Clausula 2.10 (c), a menos que el Banco consienta
por escrito en lo contrario, GT se obliga a:

      (a) Estados Financieros. Proporcionar al Banco tan pronto como esten
disponibles, pero en todo caso dentro de los 180 (ciento ochenta) dias naturales
inmediato siguientes al cierre de cada ejercicio social, una copia de sus
estados financieros auditados consolidados correspondientes a dicho ejercicio
social, que incluyan el balance general, los estados de resultados consolidados,
de cambios en la situacion financiera y de variaciones en el capital contable
para dicho ejercicio social, de acuerdo con PCGA,

                                                                              25
<PAGE>

acompanados por un dictamen emitido por cualquier despacho de contadores
publicos independientes reconocido en la jurisdiccion donde se localiza.

      (b) Derechos de Inspeccion. A solicitud del Banco (a traves del ejecutivo
de relacion correspondiente) con por lo menos 7 (siete) dias naturales de
anticipacion, permitir que los representantes designados por escrito por el
Banco inspeccionen los registros contables y/o propiedades de GT y se
entrevisten con sus respectivos funcionarios y auditores externos durante dias y
horas habiles, preservando la confidencialidad de la informacion a la que tengan
acceso.

                                     QUINTA
                                     FIANZA

      5.01 Fianza. La Fiadora garantiza, por este medio, de manera incondicional
e irrevocable, el pago oportuno por parte de la Acreditada de todas y cada una
de las sumas, presentes o futuras, adeudadas por la Acreditada conforme al
presente Contrato y el Pagare, y el pago a su vencimiento ya sea que dicho
vencimiento sea el programado o sea anticipado, del monto total de la suma
principal, intereses, cargos, comisiones, asi como el cumplimiento exacto y
oportuno de todas y cada una de las demas obligaciones de pago de la Acreditada
que se deriven de este Contrato y del Pagare, incluyendo el pago de Impuestos
conforme a la Clausula 2.10 y los gastos en que incurra el Banco al ejercitar
sus derechos conforme al presente Contrato y/o al Pagare conforme a la Clausula
7.05 de este Contrato (a todas dichas cantidades, intereses, cargos, comisiones
y demas obligaciones de pago se les denominara en lo sucesivo las "OBLIGACIONES
DE PAGO"). En lo sucesivo a la fianza otorgada por la Fiadora conforme esta
Clausula se le denominara la "FIANZA".

      La Fianza aqui otorgada garantizara, en adicion al pago o cumplimiento de
las Obligaciones de Pago, el debido cumplimiento por parte de la Acreditada de
cualquier otra cantidad adicional que en su caso sea desembolsada o entregada a
la Acreditada bajo el presente Contrato y el Pagare, asi como el pago de
cualquier otra obligacion de pago a cargo de la Acreditada derivada de la
reestructura, novacion, prorroga o espera del presente Contrato, siempre y
cuando dicha reestructura, novacion, prorroga o espera haya sido previamente
aprobada por escrito por la Fiadora. En ese sentido, la Fiadora se reserva, su
consentimiento a efecto de que el Banco otorgue prorrogas, esperas o
renovaciones respecto al pago o cumplimiento de las Obligaciones de Pago a cargo
de la Acreditada, mismo que el Banco debera obtener en forma previa y por
escrito a fin de que la presente Fianza no se considere extinta.

      Asimismo, la Fiadora se obliga a suscribir "por aval" el Pagare que se
senala en la Clausula 2.02 del presente Contrato.

      La Fiadora garantiza que las Obligaciones de Pago se pagaran estrictamente
de acuerdo con los terminos y condiciones estipulados en el presente Contrato,
el Pagare, o cualquiera de sus modificaciones siempre y cuando estas hayan sido
previamente autorizadas por escrito por la Fiadora, no obstante cualquier
disposicion de ley, reglamento o mandamiento vigente en la actualidad o en el
futuro en cualquier jurisdiccion que afecte cualquiera de dichos terminos o
derechos del Banco bajo el

                                                                              26
<PAGE>

presente Contrato y/o el Pagare. La responsabilidad de la Fiadora conforme a la
presente Fianza sera subsistente absoluta e incondicional, no obstante:

      (i) cualquier cambio de plazo, forma o lugar de pago, o cualquier otro
termino del presente Contrato, las Obligaciones de Pago o cualquier otra
modificacion, o renuncia a los terminos originales del presente Contrato, las
Obligaciones de Pago o la presente Fianza, previamente autorizado por escrito
por la Fiadora; o

      (ii) cualquier cambio, liberacion, modificacion o renuncia de los terminos
originales del presente Contrato, las Obligaciones de Pago, o cualquier
consentimiento previo que, para cada uno de dichos casos, haya otorgado la
Fiadora previamente y por escrito, para apartarse de los terminos estipulados
bajo el presente Contrato, las Obligaciones de Pago, o cualquier otro acto o
documento accesorio a los mismos; o

      (iii) cualquier regimen de control de cambios, de limitante de
transferencia de recursos u otra medida que retrase o impida el debido
cumplimiento por parte de la Acreditada de sus Obligaciones de Pago bajo el
presente Contrato y las Obligaciones de Pago; o

      (iv) cualquier concurso mercantil, quiebra, insolvencia o reorganizacion,
u otro procedimiento similar en que se vea involucrada la Acreditada; o

      (v) cualquier otra circunstancia que de otra manera pudiera constituir una
excepcion o liberacion de la Acreditada.

      La Fianza seguira surtiendo efectos o sera restablecida, segun sea el
caso, si en cualquier momento algun pago de cualquiera de las Obligaciones de
Pago tuviere que ser devuelto o de cualquier forma tuviere que ser reembolsado
por el Banco por cualquier motivo al acontecer el concurso mercantil o la
quiebra de la Acreditada, o por cualquier otro motivo, caso en el cual se
entendera que dicho pago no ha sido realizado.

      Adicionalmente, queda expresamente convenido por las partes que la Fianza
subsistira hasta que se cubra al Banco todo cuanto se le adeudare por concepto
de las Obligaciones de Pago contraidas por la Acreditada en este Contrato,
incluyendo sus accesorios y demas consecuencias legales, aun cuando: (i) se
conceda prorroga o espera a la Acreditada, siempre y cuando haya sido
previamente consentida por escrito por la Fiadora; (ii) el Banco haga quita a la
Acreditada como resultado de dicha quita las Obligaciones de Pago queden sujetas
a nuevos gravamenes o condiciones, en cuyo caso dicha quita debera ser
previamente consentida por escrito por la Fiadora; o (iii) el Banco no requiera
judicialmente a la Acreditada por el incumplimiento de las Obligaciones de Pago
principales dentro del mes siguiente a la expiracion del plazo, o al volverse
exigible la deuda principal, o (iv) el Banco, sin causa justificada deje de
promover por mas de 3 (tres) meses en el juicio establecido en contra del
deudor.

      Para los efectos del articulo 2813 del Codigo Civil para el Distrito
Federal y sus articulos correlativos de los Codigos Civiles de los demas Estados
de la Republica Mexicana y del Codigo Civil Federal aplicables supletoriamente
en materia mercantil, la Acreditada se obliga a obtener el consentimiento por
escrito de la Fiadora para hacer las

                                                                              27
<PAGE>

renuncias a que dicho articulo se refiere. Una copia de dicho consentimiento
debera de entregarsele al Banco dentro de los 5 (cinco) Dias Habiles a que el
mismo sea obtenido.

      5.02. Renuncia. (i) Salvo por lo previsto en el inciso (ii) siguiente, la
Fiadora por este medio y durante la vigencia de esta Fianza renuncia a
diligencia, presentacion, requerimiento, protesto, aviso de aceptacion y
cualquier otro aviso respecto a cualquiera de las Obligaciones de Pago y esta
Fianza, y a todo requisito de que el Banco, o cualquiera de sus cesionarios o
causahabientes, ejercite cualquier derecho, o tome cualquier medida en contra de
la Acreditada o de cualquier otra Persona, para la ejecucion de la presente
Fianza. La Fiadora acepta que si la Acreditada dejare de pagar, parcial o
totalmente, cualesquiera de las Obligaciones de Pago como se senala en esta
Clausula, la Fiadora procedera al pago puntual de las mismas sin necesidad de
requerimiento o aviso alguno, al cual la Fiadora renuncia expresamente en este
acto, renunciando asimismo expresamente a los beneficios de division, orden y
excusion y a los derechos que les otorgan los articulos 2814, 2815, 2822, y 2823
del Codigo Civil para el Distrito Federal y sus articulos correlativos de los
Codigos Civiles de los demas Estados de la Republica Mexicana y del Codigo Civil
Federal aplicables supletoriamente en materia mercantil.

      (ii) No obstante a lo previsto en la Clausula 5.02 (i) anterior, antes de
exigir el pago a la Fiadora, el Banco debera solicitar extrajudicialmente el
pago de las Obligaciones de Pago conforme a este Contrato, primeramente a la
Acreditada (para lo cual requiere simple requerimiento de pago por escrito a la
Acreditada con copia para la Fiadora, el cual las partes acuerdan que no sera
necesario que se realice por la via judicial), por lo que, en caso de que la
Acreditada no realice el pago en el plazo establecido en dicho requerimiento, el
Banco podra reclamar el pago de las Obligaciones de Pago vencidas a la Fiadora
mediante simple notificacion por escrito de conformidad con lo previsto en este
Contrato.

      5.03. Subrogacion. La Fiadora, durante la vigencia de esta Fianza, no
podra ejercitar derecho alguno que sea adquirido por via de subrogacion conforme
a la presente Fianza, por virtud de cualquier pago hecho por las mismas conforme
a esta Fianza, hasta en tanto las Obligaciones de Pago hayan sido pagadas en su
totalidad al Banco, sus causahabientes o cesionarios. Lo anterior, excepto en el
caso de que la Acreditada iniciare un procedimiento voluntario con el proposito
de llegar a concurso mercantil, en cuyo caso dicha limitante no le sera
aplicable a la Fiadora.

      Para los efectos del articulo 2845 del Codigo Civil para el Distrito
Federal y sus articulos correlativos de los Codigos Civiles de los demas Estados
de la Republica Mexicana y del Codigo Civil Federal aplicables supletoriamente
en materia mercantil, las partes convienen que la Fiadora quedara libre de su
obligacion siempre y cuando no pueda subrogarse en los derechos del Banco por la
culpa o negligencia atribuible directamente a la Acreditada y determinada en una
sentencia de primera instancia dictada por un juez competente.

      Si la Acreditada pagare a la Fiadora cantidad alguna a cuenta de dichos
derechos de subrogacion, encontrandose cualquiera de las Obligaciones de Pago
insolutas de pago, excepto en el caso en que el pago se lleve a cabo como
resultado de un procedimiento de concurso mercantil conforme a lo previsto en el
parrafo anterior, la(s) cantidad(es) asi entregada(s) se mantendran por la
Fiadora en deposito y custodia y se entregara(n) en

                                                                              28
<PAGE>

forma inmediata al Banco para ser acreditadas y aplicadas al saldo insoluto de
las Obligaciones de Pago, vencido y no pagado por parte de la Acreditada,
conforme al presente Contrato, en la cuenta de pago que al efecto instruya el
Banco. En dicho caso, la Fiadora se considerara como depositaria de dichas
cantidades, con la obligacion de invertirlas en instrumentos de renta fija
denominados en la misma moneda en la que se encuentren denominadas las
Obligaciones de Pago, en el entendido de que dichos rendimientos seran asimismo
entregados a favor del Banco para su aplicacion en pago de las Obligaciones de
Pago vencidas, en los terminos antes referidos.

      Una vez liquidadas en su totalidad las Obligaciones de Pago, la Fiadora se
subrogara en los derechos que mantiene el Banco bajo el presente Contrato
conforme a los terminos establecidos por la normatividad aplicable, caso en el
cual el Banco no respondera en forma alguna, respecto de la legitimidad y
procedencia de dichos derechos, o en su caso respecto de la solvencia de la
Acreditada.

                                      SEXTA
                            CAUSAS DE INCUMPLIMIENTO

6.01. Causas de Incumplimiento. Si ocurre y subsiste cualquiera de los eventos
descritos a continuacion (cada uno, una "CAUSA DE INCUMPLIMIENTO"), el Banco
podra mediante aviso por escrito dado a la Acreditada, con copia para la
Fiadora, con por lo menos 5 (cinco) Dias Habiles de anticipacion a la fecha en
que, en su caso, vaya a expirar el periodo para subsanar la Causa de
Incumplimiento conforme al presente Contrato (i) en caso de que no hubiera
sucedido la Disposicion, declarar extinguido su compromiso, y de inmediato la
obligacion del Banco de permitir la Disposicion se extinguira, y (ii) en caso de
haber sucedido ya la Disposicion, declarar vencida y pagadera de inmediato la
suma principal insoluta del Credito, los intereses devengados y no pagados, y
todas las demas sumas pagaderas conforme a este Contrato, caso en el cual, el
Pagare, la suma principal insoluta del Credito, los intereses devengados y no
pagados y todas las demas sumas adeudadas por la Acreditada al Banco conforme a
este Contrato y el Pagare, venceran y seran pagaderas de inmediato, sin
requisito de presentacion, requerimiento, solicitud, protesto u otro aviso de
cualquier naturaleza, judicial o extrajudicial, a todo lo cual la Acreditada
renuncia expresamente por este medio, en el entendido de que, salvo que se
senale algo en contrario, la Acreditada contara con un plazo de 2 (dos) Dias
Habiles para remediar la Causa de Incumplimiento a que se refiere el inciso (n)
siguiente:

      (a)   Si la Acreditada no pagare, a su vencimiento (ya sea en la fecha de
            vencimiento programada, por vencimiento anticipado o por cualquier
            otro motivo), (i) la suma principal del Credito o de cualquier
            Pagare; o (ii) cualquier pago de los intereses devengados o de
            cualquier otra cantidad pagadera conforme a este Contrato o el
            Pagare y dicho incumplimiento de pago de intereses o cualquier otra
            cantidad pagadera conforme a este Contrato o el Pagare distinta a la
            suma principal, no se subsanare dentro de los 5 (cinco) dias
            naturales siguientes a la fecha en que dichos pagos debieron de
            realizarse; o

      (b)   Si cualquier declaracion hecha por la Acreditada o la Fiadora
            conforme a este Contrato, o cualquier certificacion o documento que
            la Acreditada o la Fiadora hayan entregado en cumplimiento de las
            obligaciones a su cargo estipuladas en este Contrato, resulta ser
            incorrecta o falsa en cualquier aspecto relevante, al

                                                                              29
<PAGE>

            momento de haber sido hecha y dicho incumplimiento no se subsanare
            dentro de los 30 (treinta) dias naturales siguientes a partir de (i)
            la fecha en que cualquier Funcionario Responsable de la Acreditada o
            de la Fiadora, segun sea el caso, tuviere conocimiento de dicho
            incumplimiento, o (ii) la fecha en que el Banco hubiere notificado
            por escrito a la Acreditada o a la Fiadora dicho error, lo que
            ocurra primero; o

      (c)   Si Innova o cualquiera de sus Subsidiarias Significantes o GT (i)
            incumple en el pago de sus obligaciones pactadas o cualquiera de sus
            Deudas o incumple con su obligacion de garantizar o pagar cualquier
            Derivado en una operacion o serie de operaciones relacionadas o no
            entre si, si dicho incumplimiento importa una suma (individual o
            conjuntamente con otras Deudas no pagadas) que sea superior a
            EU$100'000,000.00 (Cien Millones de Dolares 00/100) (o su
            equivalente en Pesos) o sus intereses, a su vencimiento, ya sea este
            convencional, por pago anticipado obligatorio o de cualquier otra
            manera, y dicho incumplimiento subsiste una vez transcurrido el
            periodo aplicable de gracia, en su caso, estipulado en el convenio o
            instrumento relativo a dicha Deuda, o bien (ii) incumple con
            cualquier otro termino, pacto o condicion contenido en el convenio o
            instrumento relativo a dichas Deudas y que dicho incumplimiento
            subsista una vez transcurrido el periodo aplicable de gracia, en su
            caso, estipulado en dicho convenio o instrumento, independientemente
            de que dicha Deuda sea o no declarada vencida anticipadamente; o

      (d)   Si cualesquiera de la Acreditada o cualquiera de sus Subsidiarias
            Significantes o GT admitiere por escrito su incapacidad para pagar
            sus deudas, o hiciere cesion general de bienes en beneficio de
            acreedores, o fuere entablado por o en contra de la Acreditada o de
            cualquiera de sus Subsidiarias Significantes o GT procedimiento
            alguno de concurso mercantil, reorganizacion o similar, y respecto
            de procedimientos de concurso mercantil, reorganizacion o similares
            iniciados sin la solicitud o consentimiento de la Acreditada o de
            sus Subsidiarias Significantes o de GT, siempre y cuando dichos
            procedimientos permanezcan sin ser desechados o sobreseidos por un
            periodo de sesenta (60) dias naturales o mas; o

      (e)   Si cualquier Autoridad Gubernamental confiscare, expropiare, o
            asumiere la custodia o el control de todos o cualquier parte
            importante de los bienes de la Acreditada o sus Subsidiarias
            Significantes o desplazare la administracion de la Acreditada o sus
            Subsidiarias Significantes o limitare en forma substancial su
            facultad para operar sus negocios o ejercer control sobre cualquiera
            de sus Subsidiarias Significantes o de todos o cualquier parte
            importante de los bienes de dichas Subsidiarias Significantes y
            dicha accion tenga o razonablemente pudiera tener, un efecto adverso
            importante en los negocios, activos, responsabilidades, condicion
            (financiera o de cualquier otra naturaleza), licencias, operacion o
            proyectos de la Acreditada o de cualquiera de sus Subsidiarias
            Significantes o en la capacidad de la Acreditada de pagar el Credito
            o cumplir con las obligaciones que le derivan de este Contrato y/o
            el Pagare; o si cualquier franquicia, licencia, autorizacion o
            concesion importante de la Acreditada o cualquiera de sus
            Subsidiarias Significantes es terminada o

                                                                              30
<PAGE>

            modificada substancialmente y dicha terminacion o modificacion
            sustancial tenga o razonablemente pudiera tener, un efecto adverso
            importante en los negocios, activos, responsabilidades, condicion
            (financiera o de cualquier otra naturaleza), licencias, operacion o
            proyectos de la Acreditada o de cualquiera de sus Subsidiarias
            Significantes o en la capacidad de la Acreditada de pagar el Credito
            o cumplir con las obligaciones que le derivan de este Contrato y/o
            el Pagare y en todos los casos anteriores, dicha accion de la
            Autoridad Gubernamental permanezca sin ser desechada o sobreseida
            por un periodo de sesenta (60) dias naturales o mas; o

      (f)   Si en cualquier momento durante la vigencia de este Contrato, la
            Acreditada incumpliera con cualquiera de sus obligaciones
            estipuladas en los incisos (b), (c)(iv) e (i) de la Clausula 4.01 de
            este Contrato y los incisos (a), (b), (c) y (d) de la Clausula 4.02
            de este Contrato y dicho incumplimiento no es subsanado en un
            periodo de treinta (30) dias naturales; o

      (g)   Si en cualquier momento durante la vigencia de este Contrato, la
            Acreditada o la Fiadora incumpliera con cualquiera de sus otras
            obligaciones o cualquiera de los terminos, pactos o convenios
            contenidos en este Contrato y dicho incumplimiento no se subsanare
            dentro de los 30 (treinta) dias naturales siguientes a la fecha en
            que el Banco se lo notifique a la Acreditada, segun sea el caso; o

      (h)   Si se dicta una o mas sentencias o decretos en contra de GT, Innova
            o cualquiera de sus Subsidiarias Significantes que involucre una
            contingencia en total (que no se pague o que no este totalmente
            cubierta por seguros) de EU$50'000,000.00 (Cincuenta millones de
            Dolares 00/100) (o su equivalente en Pesos), y si dichas sentencias
            o decretos no se desechan, invalidan o garantizan mientras son
            apeladas dentro de los 40 (cuarenta) dias naturales siguientes a la
            fecha en que sean dictadas o dentro del termino legal para la
            apelacion respectiva, o si no se reservan por parte de GT, la
            Acreditada o la Subsidiaria Significante de que se trate de
            conformidad con los PCGA o de acuerdo a los principios de
            contabilidad generalmente aceptados aplicables a la Subsidiaria
            Significante de que se trate, segun sea el caso; o

      (i)   Si la calificacion crediticia que GT tiene a la fecha de firma del
            presente Contrato (a la fecha del presente Contrato es BBB y Baa
            otorgadas por S&P y Moody's respectivamente), es reducida a BB y
            Ba2, por cualquiera de S&P o Moody's respectivamente, conforme a la
            escala de medicion pertinente, salvo que (i) Innova compruebe tener
            en dicha fecha Grado de Inversion ("Investment Grade") por parte de
            Moody's o S&P; o (ii) Innova tenga un Indice de Apalancamiento
            Consolidado igual o inferior a 2 a 1 y un Indice de Cobertura de
            Intereses igual o superior a 4 a 1, calculados a la fecha de la
            reduccion de la calificacion crediticia de GT o (iii) GT sea
            sustituido por otro garante que sea razonablemente aceptable para el
            Banco dentro de un plazo que no excedera 30 (treinta) dias naturales
            contados a partir de que la calificacion crediticia de GT sea
            reducida; o

                                                                              31
<PAGE>

      (j)   Si se declara una moratoria en relacion con cualquier Deuda de
            Innova o sus Subsidiarias Significantes cuyo incumplimiento cause un
            efecto relevante adverso que pueda resultar en el incumplimiento de
            las obligaciones de pago de la Acreditada conforme a lo previsto en
            este Contrato; o

      (k)   Si en cualquier ocasion y por cualquier motivo imputable a la
            Acreditada o la Fiadora (salvo por el pago del Credito o
            cumplimiento de las obligaciones existentes conforme al mismo), este
            Contrato y/o el Pagare dejaren de estar en pleno vigor y efecto, o
            la Acreditada y/o la Fiadora impugnare la validez o exigibilidad de
            este Contrato y/o del Pagare; o

      (l)   Si la Acreditada dejare de pagar sin causa justificada cualquier
            adeudo fiscal o cuota correspondiente al Instituto Mexicano del
            Seguro Social, o al Instituto del Fondo Nacional de la Vivienda para
            los Trabajadores o al Sistema de Ahorro para el Retiro, excepto en
            la medida que de lo anterior no pudiera resultar razonablemente un
            efecto adverso importante sobre la condicion financiera o el Negocio
            Principal de la Acreditada o en la capacidad de la Acreditada de
            pagar el Credito o cumplir con las obligaciones que le derivan de
            este Contrato o el Pagare y salvo que la Acreditada impugne la
            resolucion correspondiente, de buena fe mediante procedimientos
            apropiados, iniciados y conducidos oportuna y diligentemente, y para
            los cuales establezca reservas adecuadas de conformidad con los
            PCGA; o

      (m)   Si en cualquier tiempo durante la vigencia de este Contrato y por
            cualquier causa imputable directamente a la Acreditada o a la
            Fiadora (i) dejara de ser exigible o valida la Fianza o cualquiera
            otra de las garantias, presentes o futuras, otorgadas en favor del
            Banco para garantizar las obligaciones de la Acreditada que se
            deriven de este Contrato; o (ii) si el otorgante de la Fianza o de
            dichas garantias llegare a demandar la invalidez o nulidad de dichas
            garantias.

                                    SEPTIMA
                                   MISCELANEOS

      7.01. Modificaciones. Ninguna modificacion o renuncia a derecho alguno
derivado de este Contrato y ningun consentimiento a divergencia alguna por parte
de la Acreditada de las obligaciones que le derivan de este Contrato, tendra
efecto a menos que conste por escrito y este suscrito por el Banco y en ese
caso, dicha modificacion, consentimiento o renuncia, solo tendra efectos en
relacion con el proposito especifico para el cual haya sido otorgada.

      7.02. Renuncias; Recursos Acumulativos. Ninguna omision o demora por parte
del Banco en el ejercicio de cualquiera de sus derechos, facultades o acciones
conforme a este Contrato, se podra considerar como renuncia a los mismos, ni
podra cualquier ejercicio singular o parcial de cualquiera de dichos derechos,
facultades o acciones, impedir cualquier otro o ulterior ejercicio de las mismas
o el ejercicio de cualquier otro derecho, facultad o accion. Los derechos y
acciones previstos en este Contrato son acumulativos y no excluyentes de derecho
o accion alguna prevista por la ley.

                                                                              32
<PAGE>

      7.03. Informacion. (a) Con el objeto de dar cumplimiento a lo que dispone
la Ley para Regular las Sociedades de Informacion Crediticia, la Acreditada y la
Fiadora en esta misma fecha autorizan al Banco con el objeto de que este
autorizado para realizar consultas periodicas a las sociedades de informacion
crediticia respecto del historial crediticio de la Acreditada y la Fiadora, asi
como para que este facultada para proporcionar a dichas sociedades de
informacion crediticia informacion sobre la Acreditada y la Fiadora.

      (b) Ademas de las personas y autoridades a que hacen referencia los
Articulos 93 y 117 de la Ley de Instituciones de Credito, la Acreditada y la
Fiadora autorizan al Banco para que divulgue la informacion que se derive de las
operaciones a que hace referencia este Contrato a (i) las demas entidades
financieras integrantes del grupo financiero al que pertenezca el Banco
(exclusivamente en la medida permitida por la Ley de Instituciones de Credito),
y a la Persona que mantenga el control directo o indirecto de la Acreditante,
(ii) las autoridades regulatorias de la jurisdiccion en la cual este constituida
la Persona que detente el control directo o indirecto del Banco, (iii) Banco de
Mexico, (iv) las personas con las que contrate el Banco conforme a la Clausula
7.06 y (v) las personas que asi convengan las partes por escrito.

      7.04. Notificaciones, Etc. A menos que en este Contrato se estipule lo
contrario, las notificaciones o avisos que se contemplan en el mismo, se haran
por escrito y se enviaran por telefax, o se entregaran a cada parte de este
Contrato en el domicilio que consta bajo su nombre en las paginas de este
Contrato que ostentan las firmas de cada parte, o a cualquier otro domicilio que
cualquier parte senale en aviso por escrito dado a las demas partes de este
Contrato. Todas las notificaciones y avisos que se entreguen en el domicilio de
la parte correspondiente, surtiran efecto en la fecha de entrega de los mismos
y, los que sean enviados por telefax, cuando el destinatario de los mismos emita
un recibo reconociendo la entrega de la notificacion o aviso correspondiente.

      7.05. Costos y Gastos. La Acreditada conviene asimismo en pagar a
solicitud del Banco, las perdidas, costos y gastos, si los hubiere, en relacion
con la exigibilidad de este Contrato y del Pagare, asi como de cualquier otro
documento que se deba entregar conforme a este Contrato.

      7.06. Cesion. La Acreditada no podra ceder los derechos u obligaciones que
le derivan del presente Contrato, sin el previo consentimiento otorgado por
escrito por el Banco. El Banco podra ceder los derechos y obligaciones que le
deriven del presente Contrato y del Pagare a (i) con previo aviso dado a la
Acreditada con 10 (diez) Dias Habiles de anticipacion, y siempre y cuando dicha
cesion se haga a favor de Afiliadas y/o Subsidiarias del Banco o a fideicomisos
en los que el Banco y/o sus Afiliadas y/o sus Subsidiarias actuen como
fideicomitentes y fideicomisario en cualquier lugar, (ii) a cualquier
institucion de credito o institucion de seguros mexicana, mediante simple
notificacion por escrito a la Acreditada con 7 (siete) dias de anticipacion,
pero sin requerir el consentimiento de la Acreditada (con excepcion de aquellas
instituciones que formen parte del Grupo Salinas); o (iii) a cualquier otra
Persona, siempre y cuando cuente con el consentimiento de la Acreditada, el cual
no podra ser negado sin causa justificada. En el supuesto de que el Banco
llevare a cabo cualquier cesion de acuerdo con esta Clausula, el cesionario
adquirira los mismos derechos y beneficios a cargo de la Acreditada, que

                                                                              33
<PAGE>

tendria, con respecto a los derechos y obligaciones que le fueron cedidos, si
originalmente fuese el Banco conforme a este Contrato.

      La Acreditada y la Fiadora se obligan, a solicitud del Banco, a sustituir
el Pagare emitidos conforme al presente Contrato, en caso de que el Banco asi lo
requiera con motivo de cesiones o participaciones hechas conforme a la presente
Clausula, en el entendido que para dicha sustitucion, el Banco se obliga a
devolver a la Acreditada el Pagare sustituido contra la entrega de el o los
nuevos Pagares por parte de la Acreditada si dicha sustitucion se realiza en
alguna de las oficinas del Banco.

      Sujeto a lo dispuesto en esta Clausula, el Pagare que se emita conforme al
presente Contrato podra ser descontado, transmitido o cedido, por el Banco en
los terminos del articulo doscientos noventa y nueve de la Ley General de
Titulos y Operaciones de Credito, para lo cual la Acreditada lo faculta
expresamente en este acto, renunciando en este acto la Acreditada a que le sean
entregados o abonados los intereses a que se refiere el segundo parrafo del
articulo doscientos noventa y nueve de la Ley General de Titulos y Operaciones
de Credito.

      7.07. Compensacion. (a) En cualquier fecha en que:

      (i)   la Acreditada deba pagar al Banco cualquier cantidad conforme a este
            Contrato y/o el Pagare, ya sea por concepto de principal, intereses
            o cualquier otro concepto, o

      (ii)  ocurra cualquier Causa de Incumplimiento y hubiere transcurrido
            cualquier periodo de gracia que fuere aplicable y se hubiere
            declarado vencida la suma principal del Credito,

entonces, la Acreditada en la medida permitida por la ley, autoriza y faculta
irrevocablemente al Banco para que cargue contra cualquier deposito y/o cuenta
que la Acreditada mantenga con el Banco (incluyendo, sin limitar, depositos y/o
cuentas, a la vista, de ahorro, a plazo, provisionales o definitivos),
excluyendo expresamente los fondos derivados de pagos del Banco, actuando en su
caracter de fiduciario bajo contratos de fideicomisos dentro de los cuales la
Acreditada sea fideicomisaria, depositados en cuentas de la Acreditada
especificamente abiertas para dichos propositos; en la inteligencia de que esta
excepcion no sera aplicable en caso de que exista una Causa de Incumplimiento de
pago conforme a los terminos del presente Contrato, y compense contra cualquier
Deuda que el Banco pueda tener en favor de la Acreditada por cualquier concepto,
hasta una cantidad igual al monto de la cantidad no pagada al Banco, en el
supuesto del sub-inciso (i) anterior, y al monto total de la suma principal
insoluta del Credito, mas intereses y accesorios, en el supuesto del sub-inciso
(ii) anterior, sin necesidad de aviso, requerimiento o demanda alguna.

      (b) El Banco notificara a la Acreditada tan pronto como le sea posible,
pero en todo caso dentro de los 3 (tres) Dias Habiles siguientes a la fecha en
que la Acreditada realice el cargo o compensacion correspondiente conforme a lo
permitido por esta Clausula, en el entendido de que la falta de dicha
notificacion no afectara en forma alguna la validez de dicho cargo o
compensacion. El derecho del Banco conforme a esta Clausula es adicional

                                                                              34
<PAGE>

a cualquier otro derecho (incluyendo otros derechos de compensacion) que el
Banco pueda tener.

      7.08. Jurisdiccion. Las partes al presente Contrato se someten expresa e
irrevocablemente a la jurisdiccion de los tribunales federales competentes de
Mexico, ubicados en el Distrito Federal, Mexico, respecto a cualquier accion o
procedimiento relativo a este Contrato, y renuncian expresa e irrevocablemente
por este medio a cualquier otra jurisdiccion que les pudiere corresponder en la
actualidad o en el futuro por virtud de sus respectivos domicilios actuales o
cualquier otro domicilio futuro o por cualquier otra razon.

      7.09. Ley Aplicable. El presente Contrato se regira por, e interpretara de
acuerdo con, las leyes federales aplicables de Mexico.

      7.10. Titulos. Los titulos de las Clausulas y sus subdivisiones que se
usan en este Contrato no tienen mas fin que la conveniencia de las partes y no
podran afectar la interpretacion de este Contrato.

      7.11. Ejemplares. El presente Contrato se firma en tres (3) ejemplares,
los cuales constituiran el mismo instrumento, uno para la Acreditada, uno para
el Banco y uno para la Fiadora.

                            [SIGUEN HOJAS DE FIRMAS]

                                                                              35
<PAGE>

      En virtud de lo anterior, las partes han celebrado el presente Contrato en
la fecha mencionada en el proemio.

INNOVA, S. DE R.L. DE C.V., como           Domicilio:
Acreditada                                 Insurgentes Sur 694- 6(degree) piso
                                           Colonia del Valle
                                           03100 Mexico, D.F.

Por:___________________________
    Nombre: Alexandre Moreira Penna Da     Atencion:       Vice Presidente de
    Silva                                  Administracion y Finanzas
    Cargo: Apoderado                       con copia para: Director Juridico
                                           Telefono:       (55) 5448-4131
                                           Facsimil:       (55) 5448-4047

Por:___________________________
    Nombre: Maria Azucena Dominguez
    Cobian
    Cargo: Apoderado

Banco Santander Serfin, S.A., Institucion  Domicilio: Prolongacion Paseo de la
de Banca Multiple, Grupo Financiero        Reforma No. 500 Mod. 206 y 403
Santander Serfin, como el Banco            Colonia Lomas de Santa Fe, 01219,
                                           Mexico, D.F.

Por:___________________________            Atencion: Cassio Kimura y/o Enrique
    Nombre: Vicente Fernando Mestre        Arteaga Sanchez
    Romero                                 Con copia para:  Director Juridico
    Cargo: Apoderado                       Telefono: (55) 5269-5257/1882 o 1912
                                           Facsimil: (55) 5269-1915

Por:___________________________
    Nombre: Maria del Pilar Herrera
    Ludena
    Cargo: Apoderado

                                                                              36
<PAGE>

GRUPO TELEVISA, S.A., como Fiadora       Domicilio:

                                         Avenida Vasco de Quiroga No. 2000
Por:___________________________          Edificio A, Piso 4
    Nombre: Salvi Rafael Folch Viadero   Colonia Zedec Santa Fe
    Cargo: Apoderado                     01210 Mexico, D.F.


                                         Atencion: Salvi R. Folch Viadero y/o
Por:___________________________          Guadalupe Phillips
    Nombre: Jorge Agustin Lutteroth      Telefono: 5261-2135
    Echegoyen                            Facsimil: 5261-2039
    Cargo: Apoderado
                                         con copia para:

                                         Vicepresidencia Juridica
                                         Domicilio:
                                         Avenida Vasco de Quiroga No. 2000
                                         Edificio A, Piso 4
                                         Colonia Zedec Santa Fe
                                         01210 Mexico, D.F.

                                         Atencion: Joaquin Balcarcel Santa Cruz
                                         Telefono: 5261-2433
                                         Facsimil: 5261-2546

                                                                              37
<PAGE>

                                    Anexo "A"

                        [FORMATO DE AVISO DE DISPOSICION]

                                                                         [Fecha]

Banco Santander Serfin, S.A., Institucion de Banca Multiple,
Grupo Financiero Santander Serfin,
Act. Roberto Medellin No. 800, Torre Sur, Piso 4
Colonia Santa Fe
01210 Mexico, Distrito Federal

Atencion:
Facsimil:__________________, Telefono: _________

Senoras y Senores:

La suscrita, Innova, S. de R.L. de C.V., hace referencia al Contrato de Apertura
de Credito Simple de fecha 7 de abril de 2006 (el "CONTRATO DE CREDITO";
terminos utilizados con mayuscula inicial y no definidos expresamente en la
presente, tendran el significado que se le atribuye a los mismos bajo el
Contrato de Credito), celebrado entre la suscrita, como Acreditada, Banco
Santander Serfin, S.A., Institucion de Banca Multiple, Grupo Financiero
Santander Serfin, como Banco, y Grupo Televisa, S.A., como Fiadora, por medio
del presente notifica irrevocablemente al Banco, conforme a la Clausula 2.02 del
Contrato de Credito, que la suscrita solicita efectuar la Disposicion por el
monto total del Credito bajo y conforme al Contrato de Credito, y al efecto se
senala que el Dia Habil de dicha Disposicion es el dia 21 de abril de 2006. La
Acreditada en este acto instruye al Banco para que el deposito de la Disposicion
se realice a la cuenta de cheques numero 51500532869 CLABE: 014180515005328696
que la Acreditada tiene con el Banco.

      Por medio del presente, la suscrita certifica (i) que todas y cada una de
las declaraciones hechas por la suscrita en el Contrato de Credito son veraces y
correctas a la fecha del presente y que seran veraces y correctas en todo
aspecto significativo, en la fecha que se lleve a cabo la Disposicion como si
fuesen hechas en y a dicha fecha (excepto en la medida en que dichas
declaraciones se refieran a una fecha anterior especifica, en cuyo caso dichas
declaraciones deberan ser veraces y correctas en todo aspecto significativo a
dicha fecha anterior), (ii) que ninguna Causa de Incumplimiento ha ocurrido ni
continua, ni podria resultar de dicha Disposicion o de la aplicacion de los
recursos derivados de la misma, y (iii) que no ha ocurrido ningun evento o
condicion que tenga o pueda tener un efecto adverso de importancia en los
negocios, activos, responsabilidades o condicion (financiera o de cualquier otra
naturaleza) de la Acreditada o de cualquiera de sus Subsidiarias Significantes,
que pueda afectar significativamente el resultado de las operaciones o proyectos
de la Acreditada o de cualquiera de sus Subsidiarias Significantes o la
capacidad de la Acreditada para pagar el Credito o cumplir con sus obligaciones
conforme al presente Contrato y el Pagare.

                                                                              38
<PAGE>

                                  Atentamente,

                           Innova, S. de R.L. de C.V.

Por:___________________________                 Por:___________________________
 Nombre: Alexandre Moreira Penna Da              Nombre: Maria Azucena Dominguez
               Silva                                         Cobian
          Cargo: Apoderado                              Cargo: Apoderado

                                                                              39
<PAGE>

                                    Anexo "B"

                               [FORMATO DE PAGARE]

                                     PAGARE

                                 NO NEGOCIABLE

POR VALOR RECIBIDO, la suscrita, Innova, S. de R.L. de C.V. (el "SUSCRIPTOR"),
por medio de este Pagare promete incondicionalmente pagar a la orden de Banco
Santander Serfin, S.A., Institucion de Banca Multiple, Grupo Financiero
Santander Serfin (el "Banco"), la cantidad principal de $1,400,000,000.00 (un
mil cuatrocientos millones de pesos 00/100, M.N.), precisamente el dia 21 de
abril de 2016 (la "FECHA DE VENCIMIENTO").

En caso que cualquier pago de la suma de principal que deba realizar el
Suscriptor bajo el presente Pagare venza y sea exigible en un dia que no sea un
Dia Habil (como dicho termino se define mas adelante), entonces dicho pago
vencera y sera exigible en el Dia Habil inmediato anterior.

El Suscriptor asimismo promete incondicionalmente pagar intereses sobre el saldo
insoluto de principal de este Pagare, desde e incluyendo la fecha del presente
hasta, pero excluyendo, la fecha en que el saldo principal insoluto del presente
Pagare sea pagado en su totalidad, a una tasa (i) anual fija durante los
primeros 36 meses a partir de la fecha de suscripcion de este Pagare y durante
cada Periodo de Intereses (como dicho termino se define mas adelante) aplicable
hasta el 21 de abril de 2009 igual a 8.98% (ocho punto noventa y ocho por
ciento) anual (la "Tasa Fija"), y (ii) a partir del 22 de abril de 2009 y
durante cada Periodo de Intereses siguiente a dicha fecha hasta, pero
excluyendo, la fecha en que el saldo principal insoluto del presente Pagare sea
pagado en su totalidad a una tasa igual a TIIE (segun dicho termino se define
mas adelante) mas 24 (veinticuatro) puntos base (la "Tasa Variable") (la Tasa
Fija y la Tasa Variable, en adelante y segun estas sean aplicables, la "TASA DE
INTERES"). Los intereses seran pagaderos en forma vencida, en cada Fecha de Pago
de Intereses (como dicho termino se define mas adelante).

El Suscriptor ademas promete incondicionalmente pagar intereses moratorios sobre
el saldo principal insoluto de este Pagare, a partir de la fecha en que hubiere
incumplido en el pago de cualquier exhibicion de la suma principal o de los
intereses de este Pagare conforme a lo previsto en el mismo, y hasta la fecha en
que el saldo principal insoluto de este Pagare sea pagado en su totalidad, a una
tasa de interes anual igual al producto de sumar la Tasa de Interes mas 200
(doscientos) puntos base, cuyos intereses seran pagaderos a la vista.

Los intereses generados conforme al presente Pagare seran calculados por los
dias efectivamente transcurridos sobre la base de un ano de trescientos sesenta
(360) dias (incluyendo el primer dia pero excluyendo el ultimo dia).

Todos los pagos que deban hacerse conforme a este Pagare deberan hacerse al
tenedor de este Pagare a mas tardar a las 14:00 horas (hora de Mexico, Distrito
Federal) en la fecha en que deban hacerse, mediante transferencia electronica en
pesos y en fondos libremente disponibles el mismo dia, en cualquier sucursal del
Banco ubicada dentro del territorio de Mexico, sin considerar para dichos
efectos a las sucursales de autoservicio y a las sucursales ubicadas en empresas
corporativas (SEC), o en cualquier otro lugar o forma que oportunamente informe
el tenedor de este Pagare al Suscriptor por escrito.

El Suscriptor pagara al tenedor de este Pagare todas las sumas de principal,
intereses y otras sumas pagaderas conforme al presente Pagare, libres, exentas y
sin deduccion por concepto o a cuenta, de cualquier Impuesto que grave dichas
cantidades en la actualidad o en lo futuro, pagadero en cualquier jurisdiccion,
excepto por el impuesto sobre la renta (o cualquiera que lo sustituya) pagadero
por cualquier acreedor, sobre sus ingresos o activos totales conforme a las
leyes, reglamentos y demas disposiciones legales en Mexico. Si en cualquier
ocasion cualquier autoridad de cualquier jurisdiccion con derecho a ello impone,
carga o cobra cualquier impuesto, derecho, contribucion, tributo, retencion,
deduccion, carga, gravamen u otra responsabilidad fiscal junto con intereses,
recargos, sanciones, multas o cargos derivados de los mismos ("IMPUESTOS"),
sobre o respecto a este Pagare, o a cualquier pago que deba hacerse conforme al
mismo, el Suscriptor pagara a la autoridad fiscal correspondiente, por cuenta
del tenedor de este Pagare, el monto de cualquiera de dichos Impuestos, y pagara
al tenedor de este Pagare las cantidades adicionales que se requieran para
asegurar que el tenedor de este Pagare reciba la cantidad integra que hubiera
recibido si no se hubiesen pagado o retenido dichos Impuestos, y entregara al
tenedor de este Pagare los recibos originales u otras constancias satisfactorias
para el tenedor de este Pagare, del pago de cualquier Impuesto, dentro de los 30
(treinta) dias siguientes a la fecha en que dicho Impuesto sea exigible y
pagadero, conforme a las disposiciones legales aplicables; todo lo anterior,
salvo que cualesquiera de dichos

                                                                              40
<PAGE>

Impuestos deriven de la negligencia grave, dolo o mala fe del tenedor del
presente Pagare o en el caso del impuesto sobre la renta (o cualquiera que lo
sustituya) pagadero por cualquier acreedor, sobre sus ingresos o activos totales
conforme a las leyes, reglamentos y demas disposiciones legales en Mexico.

Para efectos de este Pagare, los siguientes terminos tendran los siguientes
significados:

"DIA HABIL" significa cualquier dia excepto sabado, domingo y cualquier dia que
en la Ciudad de Mexico sea un dia de descanso obligatorio o un dia en el que las
instituciones bancarias esten autorizadas u obligadas por ley u otra disposicion
gubernamental a mantener sus puertas cerradas.

"FECHA DE PAGO DE INTERESES" significa el ultimo dia de cada Periodo de
Intereses.

"PERIODO DE INTERESES" significa cada periodo de 28 dias calendario con base en
el cual se calcularan los intereses que cause la suma principal insoluta de este
Pagare; en la inteligencia de que (i) el primer Periodo de Intereses comenzara
en la fecha de este Pagare y terminara en el dia numericamente correspondiente
en el mes calendario que sea 28 dias calendario despues de la fecha del presente
Pagare y, (ii) cada Periodo de Intereses siguiente comenzara el dia siguiente al
ultimo dia del Periodo de Intereses inmediato anterior y terminara en el dia
numericamente correspondiente en el mes calendario que sea 28 dias calendario
despues de la misma; en el entendido, que todas las disposiciones anteriores
relacionadas con Periodos de Intereses estan sujetas a lo siguiente: (a) si
cualquier Periodo de Intereses termina en un dia que no sea un Dia Habil, dicho
Periodo de Intereses terminara el Dia Habil inmediato anterior; y (b) cualquier
Periodo de Intereses que se encuentre vigente en la Fecha de Vencimiento,
terminara en dicha fecha.

"TIIE" significa la Tasa de Interes Interbancaria de Equilibrio, a plazo de
veintiocho dias, publicada por Banco de Mexico en el Diario Oficial de la
Federacion en la fecha de inicio del Periodo de Intereses correspondiente, o en
caso de que no se publique en esa fecha, el que se publique en el Dia Habil
inmediato anterior.

Este Pagare se regira e interpretara de acuerdo con las leyes de los Estados
Unidos Mexicanos.

Para cualquier demanda, accion o procedimiento que derive o se relacione con
este Pagare, el Suscriptor y el tenedor del presente Pagare expresa e
irrevocablemente se someten a la jurisdiccion de los tribunales federales
competentes de Mexico, ubicados en el Distrito Federal, Estados Unidos
Mexicanos, y en este acto renuncian expresa e irrevocablemente a cualquier otra
jurisdiccion a la que pudieran tener derecho por razon de sus respectivos
domicilios presentes o futuros, o por razon del lugar de pago de este Pagare o
por cualquier otro motivo.

El Suscriptor en este acto dispensa al tenedor del presente Pagare de realizar
previamente cualquier diligencia, demanda, protesto, presentacion, notificacion
de no aceptacion y notificacion o demanda alguna de cualquier naturaleza, para
obtener el pago del presente Pagare a lo cual el Suscriptor en este acto
renuncia irrevocablemente.

Ningun ejercicio parcial o individual de cualquier derecho, facultad o
privilegio conforme a este Pagare impide o limita cualquier otro o futuro
ejercicio de dichos derechos, facultades o privilegios o el ejercicio de
cualquier otro derecho, facultad o privilegio conforme a este Pagare.

El Suscriptor y Grupo Televisa, S.A., en su caracter de avalista, han firmado
este Pagare en la fecha abajo mencionada.

                Mexico, Distrito Federal, a 21 de abril de 2006

                                 EL SUSCRIPTOR

                           INNOVA, S. DE R.L. DE C.V.

      Por:___________________________     Por:___________________________
      Nombre: Alexandre Moreira Penna     Nombre: Maria Azucena Dominguez
                Da Silva                              Cobian
            Cargo: Apoderado                     Cargo: Apoderado

                                                                              41
<PAGE>

                                    POR AVAL

                              GRUPO TELEVISA, S.A.

Por:___________________________                  Por:___________________________
   Nombre: [_______________]                        Nombre: [_______________]
       Cargo: Apoderado                                 Cargo: Apoderado

                                                                              42
<PAGE>

                                    Anexo "C"

      La Acreditada y la Fiadora deberan entregar al Banco en o antes de la
Fecha de Disposicion la siguiente documentacion.

- -     Estados financieros internos al 31 de diciembre del 2005

- -     Estados financieros auditados al 31 de diciembre del 2004

- -     Copia de Acta Constitutiva y estatutos sociales vigentes

- -     Copia de Poderes

- -     Copia de RFC y cedula de registro

- -     Comprobante de domicilio

- -     Copia de la identificacion oficial de apoderados

                                                                              43
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>7
<FILENAME>y22671exv8w1.txt
<DESCRIPTION>EX-8.1: SUBSIDIARIES
<TEXT>
<PAGE>
                                                                               .
                                                                               .
                                                                               .
                                                                     Exhibit 8.1


    GRUPO TELEVISA'S SUBSIDIARIES, CONSOLIDATED VARIABLE INTEREST ENTITIES,
             JOINT VENTURES AND ASSOCIATES AS OF DECEMBER 31, 2005

<TABLE>
<CAPTION>
NAME OF COMPANY                                                                          COUNTRY OF INCORPORATION
- ---------------------------------------------------------------------------------------  ------------------------
<S>                                                                                      <C>
Corporativo Vasco de Quiroga, S.A. de C.V. ............................................           Mexico
    Audiomaster 3000, S.A. de C.V.  (1) ...............................................           Mexico
    Concesionaria Vuela Compania de Aviacion, S.A. de C.V.  (*) .......................           Mexico
    Controladora Vuela Compania de Aviacion, S.A. de C.V.   (*) .......................           Mexico
    Corporatel, S.A. de C.V. ..........................................................           Mexico
    Dibujos Animados Mexicanos Diamex, S.A.   (*) .....................................           Mexico
    Editorial Clio Libros y Videos, S.A. de C.V. and subsidiary   (*) .................           Mexico
    En Vivo Espectaculos, S. de R.L. de C.V.   (1) ....................................           Mexico
    Eventicket, S.A. de C.V.  (1) .....................................................           Mexico
    Futbol del Distrito Federal, S.A. de C.V. .........................................           Mexico
    Grupo Comunicacion y Esfuerzo Comercial, S.A. de C.V.  (1) ........................           Mexico
    Impulsora del Deportivo Necaxa, S.A. de C.V. ......................................           Mexico
    Magical Entertainment, S. de R.L. de C.V.  (1) ....................................           Mexico
    Marcas y Desarrollos, S.A. de C.V.  (1) ...........................................           Mexico
    Mas Fondos, S.A. de C.V.  (*) .....................................................           Mexico
    Operadora Dos Mil, S.A. de C.V. ...................................................           Mexico
    Productora Contadero, S.A. de C.V.  (1) ...........................................           Mexico
    Promarca y Cia, S.A. de C.V. ......................................................           Mexico
    Promo-Certamen, S.A. de C.V. ......................................................           Mexico
    Radiotelefonia Movil Metropolitana, S.A. de C.V.   (1) ............................           Mexico
    Sattora, S.A. de C.V. .............................................................           Mexico
    Televisa EMI Music, S.A. de C.V.  (*) .............................................           Mexico

CVQ Espectaculos, S.A. de C.V. ........................................................           Mexico
    Club de Futbol America, S.A. de C.V. ..............................................           Mexico
    Real San Luis F.C., S.A. de C.V. ..................................................           Mexico
    Teatro de los Insurgentes, S.A. de C.V. ...........................................           Mexico
    Televisa en Vivo, S.A. de C.V. ....................................................           Mexico
    Videocine, S.A. de C.V. ...........................................................           Mexico
        Coyoacan Films, S.A. de C.V.  (*) .............................................           Mexico

DTH Europa, S.A. ......................................................................           Spain

Editora Factum, S.A. de C.V. ..........................................................           Mexico
    BouncyNet, Inc. and subsidiary (*) ................................................  United States of America
    Desarrollo Vista Hermosa, S.A. de C.V. ............................................           Mexico
    Digital TV, S.A. de C.V. (1) ......................................................           Mexico
    Empresas Cablevision, S.A. de C.V. ................................................           Mexico
        Milar, S.A. de C.V. ...........................................................           Mexico
            Argos Comunicacion, S.A. de C.V.   (*) ....................................           Mexico
            Cablestar, S.A. de C.V. ...................................................           Mexico
            Cablevision, S.A. de C.V. .................................................           Mexico
                Tercera Mirada, S.A. de C.V.  (1) .....................................           Mexico
            Grupo Mexicano de Cable, S.A. de C.V. .....................................           Mexico
            Integravision de Occidente, S.A. de C.V. ..................................           Mexico
            La Casa de la Risa, S.A. de C.V.   (1) ....................................           Mexico
            Servicios Cablevision, S.A. de C.V. .......................................           Mexico
            Tecnicable, S.A. de C.V. ..................................................           Mexico
            Telestar del Pacifico, S.A. de C.V. .......................................           Mexico
    Galavision DTH, S. de R.L. de C.V. ................................................           Mexico
        DTH Mexico, S.A. de C.V. ......................................................           Mexico
    Mednet, S.A. de C.V.    (*) .......................................................           Mexico
    Metros Cubicos, S.A. de C.V.    (*) ...............................................           Mexico
    Queplan, S.A. de C.V. .............................................................           Mexico
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NAME OF COMPANY                                                                               COUNTRY OF INCORPORATION
- --------------------------------------------------------------------------------------------  ------------------------
<S>                                                                                           <C>
Editorial Televisa, S.A. de C.V. ...........................................................           Mexico
    Editorial Delaware, S.A. de C.V. .......................................................           Mexico
        Editorial Televisa International, S.A. .............................................           Mexico
            ET Publishing International, Inc. ..............................................  United States of America
                Hispanic Publishing Associates, LLC ........................................  United States of America
        Editorial Televisa Puerto Rico, Inc. ...............................................         Puerto Rico
    Editorial Motorpress Televisa, S.A. de C.V. ............................................           Mexico
    Editorial Televisa Argentina, S.A. .....................................................         Argentina
        Editorial Tucuman, S.A.C.I. y de M.S. ..............................................         Argentina
    Editorial Televisa Chile, S.A. .........................................................            Chile
    Editorial Televisa Colombia, S.A. ......................................................          Colombia
    Editorial Televisa Colombia Cultural, S.A. .............................................          Colombia
    Editorial Televisa Colombia Recreativa, S.A. ...........................................          Colombia
    Editorial Televisa Peru, S.A. ..........................................................            Peru
    Editorial Televisa Venezuela, S.A. .....................................................          Venezuela
    Vanipubli Ecuatoriana, S.A. ............................................................           Ecuador
    VeneTel Servicios Publicitarios, S.A. ..................................................          Venezuela
    Zoom Media Mexicana, S. de R.L. de C.V. ................................................           Mexico

En Vivo U.S. Holding, LLC ..................................................................  United States of America
    En Vivo U.S. Holding Company ...........................................................  United States of America

Esmas Holding, LLC    (1) ..................................................................  United States of America
    Esmas I, LLC    (1) ....................................................................  United States of America

Factum Mas, S.A. de C.V. ...................................................................           Mexico
    Sky DTH, S. de R.L. de C.V. ............................................................           Mexico
        Innova Holdings, S. de R.L. de C.V. ................................................           Mexico
            Innova, S. de R.L. de C.V.   (2) ...............................................           Mexico
                Corporacion  Novaimagen, S. de R.L. de C.V. ................................           Mexico
                Corporacion  Novavision, S. de R.L. de C.V. ................................           Mexico
                Corporacion de Radio y Television del Norte de Mexico, S. de R.L. de C.V. ..           Mexico
                Nova Call-Center, S. de R.L. de C.V. .......................................           Mexico
                Servicios Corporativos de Telefonia, S. de R.L. de C.V. ....................           Mexico
                Servicios Novasat, S. de R.L. de C.V. ......................................           Mexico
    Consorcio Portal, S.A. de C.V. .........................................................           Mexico
        Comercio Mas, S.A. de C.V. .........................................................           Mexico
        Corporacion Mas, S.A. de C.V. ......................................................           Mexico

Gestora de Inversiones Audiovisuales La Sexta, S.A.U. (*) ..................................           Spain

Grupo Distribuidoras Intermex, S.A. de C.V. ................................................           Mexico
    Atmore Investment, A.V.V. ..............................................................           Aruba
    Distribuidora Bolivariana, S.A. ........................................................            Peru
    Distribuidora de Revistas Bertran, S.A.C. ..............................................          Argentina
        Intercontinental Media, S.A. .......................................................          Argentina
    Distribuidora Panamex, S.A. ............................................................           Panama
    Distribuidora Intermex, S.A. de C.V. ...................................................           Mexico
    Distribuidora Alfa, S.A. ...............................................................           Chile
    Easa Colombiana, S.A. ..................................................................          Colombia
        Editorial Momento, S.A. ............................................................          Colombia
    Distribuidoras Unidas, S.A. ............................................................          Colombia
    Gonarmex, S.A. de C.V. .................................................................           Mexico
    Grupo America, S.A. ....................................................................           Panama
    Samra, S.A. ............................................................................           Ecuador
        Distribuidora Los Andes, S.A. ......................................................           Ecuador
    Saral Publications, Inc. ...............................................................  United States of America
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NAME OF COMPANY                                                                          COUNTRY OF INCORPORATION
- ---------------------------------------------------------------------------------------  ------------------------
<S>                                                                                      <C>
Campus America, S.A. de C.V. ..........................................................           Mexico
    Fonovisa Centroamerica, S.A.   (1) ................................................          Nicaragua
    Television Holdings USA, LLC ......................................................  United States of America
        Univision Communications, Inc.   (*) ..........................................  United States of America
    Televisa Pay-TV Venture, Inc. .....................................................  United States of America
        TuTv, LLC  (2) ................................................................  United States of America

Promo-Industrias Metropolitanas, S.A. de C.V. .........................................           Mexico
    Grupo Editorial Metropolitano, S.A. de C.V. .......................................           Mexico
    Telestar de Occidente, S.A. de C.V. ...............................................           Mexico
        Multimedios Santa Fe, S.A. de C.V. ............................................           Mexico
            Producciones Nacionales Televisa, S.C. ....................................           Mexico
            Proyectos Especiales Televisa, S.C. .......................................           Mexico
            Recursos Corporativos Alameda, S.C. .......................................           Mexico

 Sistema Radiopolis, S.A. de C.V. .....................................................           Mexico
    Cadena Radiodifusora Mexicana, S.A. de C.V. .......................................           Mexico
        Radio Melodia, S.A. de C.V. ...................................................           Mexico
        Radio Tapatia, S.A. de C.V. ...................................................           Mexico
        X.E.Z.Z., S.A. de C.V. ........................................................           Mexico
    Radio Comerciales, S.A. de C.V. ...................................................           Mexico
    Radiotelevisora de Mexicali, S.A. de C.V. .........................................           Mexico

Teleparabolas, S.L. ...................................................................           Spain

Telesistema Mexicano, S.A. de C.V. ....................................................           Mexico
    Altavista Sur Inmobiliaria, S.A. de C.V. ..........................................           Mexico
    Comtelvi, S. de R.L. de C.V. ......................................................           Mexico
    Dimar, S.A. de C.V. ...............................................................           Mexico
    Estudio Sevilla 613, S.A. de C.V. .................................................           Mexico
    G Televisa-D, S.A. de C.V. ........................................................           Mexico
    Imagen y Talento Internacional, S.A. de C.V. ......................................           Mexico
    Inmobiliaria Amber, S.A. de C.V. ..................................................           Mexico
    Inmobiliaria Rio de la Loza, S.A. de C.V. .........................................           Mexico
    NMP Canal 1, S.A. de C.V. .........................................................           Mexico
    Pico Tres Padres, S. de R.L. de C.V. ..............................................           Mexico
    Publicidad Virtual, S.A. de C.V. ..................................................           Mexico
    Tarrague, A.G. ....................................................................         Switzerland
    Teleinmobiliaria, S. de R.L. de C.V. ..............................................           Mexico
    Televisa, S.A. de C.V. ............................................................           Mexico
        Endemol Mexico, S.A. de C.V.    (*) ...........................................           Mexico
        Espacio de Vinculacion, A.C.  .................................................           Mexico
        Exposicion Universal de Mexico 2010, S.A. de C.V. (1) .........................           Mexico
    Terma, S.A. de C.V. ...............................................................           Mexico
    Morning Glory Productions, S.A. de C.V. ...........................................           Mexico
        Televisa Internacional, LLC. ..................................................  United States of America
    Televisa International Marketing Group, Inc. ......................................  United States of America
    Televisa Mexico, Ltd. .............................................................         Switzerland
        Televisa Entretenimiento, S.A. de C.V. ........................................           Mexico
            Ocesa Entretenimiento, S.A. de C.V. and subsidiaries (*) ..................           Mexico
        Videoserpel, Ltd. .............................................................         Switzerland
    Televisa Programming, S.A. de C.V. ................................................           Mexico
    Visat, S.A. de C.V. ...............................................................           Mexico

Televisa Argentina, S.A. ..............................................................          Argentina

Televisa Juegos, S.A. de C.V. .........................................................           Mexico
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NAME OF COMPANY                                                                          COUNTRY OF INCORPORATION
- ---------------------------------------------------------------------------------------  ------------------------
<S>                                                                                      <C>
    Apuestas Internacionales, S.A. de C.V. ............................................           Mexico
    TV Bingo, S.A. de C.V. ............................................................           Mexico
    TV Lotto, S.A. de C.V. ............................................................           Mexico
    TV Sports, S.A. de C.V. ...........................................................           Mexico

Television Independiente de Mexico, S.A. de C.V. ......................................           Mexico
    Bay City Television, Inc. .........................................................  United States of America
    Cadena de las Americas, S.A. de C.V. ..............................................           Mexico
    Cadena Televisora del Norte, S.A. de C.V. .........................................           Mexico
    Canal 23 de Ensenada, S.A. de C.V. ................................................           Mexico
    Canal XXI, S.A. de C.V. ...........................................................           Mexico
    Canales de Television Populares, S.A. de C.V. .....................................           Mexico
    Compania Televisora de Leon Guanajuato, S.A. de C.V. ..............................           Mexico
    Desarrollo Milaz, S.A. de C.V. ....................................................           Mexico
    ECO Producciones, S.A. de C.V. ....................................................           Mexico
    Editora San Angel, S.A. de C.V. ...................................................           Mexico
    Empresas Baluarte, S.A. de C.V. ...................................................           Mexico
    Grupo Administrativo Tijuana, S.A. de C.V. ........................................           Mexico
    Radio Television, S.A. de C.V. ....................................................           Mexico
    Radiotelevisora de Mexico Norte, S.A. de C.V. .....................................           Mexico
    T.V. Conceptos, S.A. de C.V. ......................................................           Mexico
    T.V. de los Mochis, S.A. de C.V. ..................................................           Mexico
    T.V. del Humaya, S.A. de C.V. .....................................................           Mexico
    Telehermosillo, S.A. de C.V. ......................................................           Mexico
    Telemercado Alameda, S. de R.L. de C.V.   (*) (1) .................................           Mexico
    Televimex, S.A. de C.V. ...........................................................           Mexico
    Televisa Corporacion, S.A. de C.V. ................................................           Mexico
    Televisa Producciones, S.A. de C.V. ...............................................           Mexico
    Televisa Talento, S.A. de C.V. ....................................................           Mexico
    Television de Puebla, S.A. de C.V. ................................................           Mexico
    Television del Golfo, S.A. de C.V. ................................................           Mexico
    Televisora de Calimex, S.A. de C.V. ...............................................           Mexico
    Televisora de Mexicali, S.A. de C.V. ..............................................           Mexico
    Televisora de Navojoa, S.A. .......................................................           Mexico
    Televisora de Occidente, S.A. de C.V. .............................................           Mexico
    Televisora del Golfo, S.A. de C.V. ................................................           Mexico
    Televisora del Yaqui, S.A. de C.V.   (*) ..........................................           Mexico
    Televisora Peninsular, S.A. de C.V. ...............................................           Mexico
    Transmisiones Nacionales de Television, S.A. de C.V. ..............................           Mexico
    XHCC-TV Television, S.A. de C.V. ..................................................           Mexico
</TABLE>

( * ) Joint Venture or Associate. Under Mexican GAAP and International
      Accounting Standard No 28, paragraph 3, an "associate" is an enterprise in
      which the investor has significant influence and which is neither a
      subsidiary nor a joint venture of the investor.
( 1 ) Without current operations.
( 2 ) Consolidated Variable Interest Entity. The Company and / or any of its
      subsidiaries is the primary beneficiary.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>8
<FILENAME>y22671exv12w1.txt
<DESCRIPTION>EX-12.1: CERTIFICATION
<TEXT>
<PAGE>
                                                                    EXHIBIT 12.1

                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER
            PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Emilio Azcarraga Jean, certify that:

1. I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.;

2. Based on my knowledge, this report does not contain any untrue statement of a
   material fact or omit to state a material fact necessary to make the
   statements made, in light of the circumstances under which such statements
   were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this report, fairly present in all material respects
   the financial condition, results of operations and cash flows of the company
   as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for
   establishing and maintaining disclosure controls and procedures (as defined
   in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the company and have:

   a) Designed such disclosure controls and procedures, or caused such
      disclosure controls and procedures to be designed under our supervision,
      to ensure that material information relating to the company, including its
      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;

   b) Evaluated the effectiveness of the company's disclosure controls and
      procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of
      the period covered by this report based on such evaluation; and

   c) Disclosed in this report any change in the company's internal control over
      financial reporting that occurred during the period covered by the annual
      report that has materially affected, or is reasonably likely to materially
      affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our
   most recent evaluation of internal control over financial reporting, to the
   company's auditors and the audit committee of the company's board of
   directors (or persons performing the equivalent functions):

   a) All significant deficiencies and material weaknesses in the design or
      operation of internal control over financial reporting which are
      reasonably likely to adversely affect the company's ability to record,
      process, summarize and report financial information; and

   b) Any fraud, whether or not material, that involves management or other
      employees who have a significant role in the company's internal control
      over financial reporting.

Dated this 30th day of June, 2006



By:   /s/ Emilio Azcarraga Jean
      ---------------------------------
      Name:  Emilio Azcarraga Jean
      Title: Chairman of the Board, President and Chief Executive Officer


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>9
<FILENAME>y22671exv12w2.txt
<DESCRIPTION>EX-12.2: CERTIFICATION
<TEXT>
<PAGE>
                                                                    EXHIBIT 12.2



                    CERTIFICATION OF CHIEF FINANCIAL OFFICER
            PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Salvi Rafael Folch Viadero, certify that:

1. I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.;

2. Based on my knowledge, this report does not contain any untrue statement of a
   material fact or omit to state a material fact necessary to make the
   statements made, in light of the circumstances under which such statements
   were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this report, fairly present in all material respects
   the financial condition, results of operations and cash flows of the company
   as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for
   establishing and maintaining disclosure controls and procedures (as defined
   in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the company and have:

   a) Designed such disclosure controls and procedures, or caused such
      disclosure controls and procedures to be designed under our supervision,
      to ensure that material information relating to the company, including its
      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;

   b) Evaluated the effectiveness of the company's disclosure controls and
      procedures and presented in this report our conclusions about the
      effectiveness of the disclosure controls and procedures, as of the end of
      the period covered by this report based on such evaluation; and

   c) Disclosed in this report any change in the company's internal control over
      financial reporting that occurred during the period covered by the annual
      report that has materially affected, or is reasonably likely to materially
      affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our
   most recent evaluation of internal control over financial reporting, to the
   company's auditors and the audit committee of the company's board of
   directors (or persons performing the equivalent functions):

   a) All significant deficiencies and material weaknesses in the design or
      operation of internal control over financial reporting which are
      reasonably likely to adversely affect the company's ability to record,
      process, summarize and report financial information; and

   b) Any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal control
      over financial reporting.

Dated this 30th day of June, 2006


By:   /s/ Salvi Folch Viadero
      ------------------------
      Name:  Salvi Folch Viadero
      Title: Chief Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>10
<FILENAME>y22671exv13w1.txt
<DESCRIPTION>EX-13.1: CERTIFICATION
<TEXT>
<PAGE>
                                                                    EXHIBIT 13.1




                              GRUPO TELEVISA, S.A.

              SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Emilio Azcarraga Jean, Chairman of the Board, President and Chief Executive
Officer of Grupo Televisa, S.A. (the "Company"), hereby certify, pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my
knowledge:

1. The Company's annual report on Form 20-F for the fiscal year ended December
   31, 2005, to which this statement is filed as an exhibit (the "Report"),
   fully complies with the requirements of Section 13(a) or 15(d) of the
   Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material
   respects, the financial condition and results of operations of the Company.

Date:  June 30, 2006

                              By:  /s/ Emilio Azcarraga Jean
                                   -------------------------------
                                      Name:   Emilio Azcarraga Jean
                                      Title:  Chairman of the Board, President
                                              and Chief Executive Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>11
<FILENAME>y22671exv13w2.txt
<DESCRIPTION>EX-13.2: CERTIFICATION
<TEXT>
<PAGE>
                                                                    EXHIBIT 13.2




                              GRUPO TELEVISA, S.A.

              SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Salvi Rafael Folch Viadero, the Chief Financial Officer of Grupo Televisa,
S.A. (the "Company"), hereby certify, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. The Company's annual report on Form 20-F for the fiscal year ended December
   31, 2005, to which this statement is filed as an exhibit (the "Report"),
   fully complies with the requirements of Section 13(a) or 15(d) of the
   Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material
   respects, the financial condition and results of operations of the Company.

Date:  June 30, 2006



                              By:  /s/ Salvi Folch Viadero
                                   -----------------------------
                                      Name:   Salvi Folch Viadero
                                      Title:  Chief Financial Officer
</TEXT>
</DOCUMENT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
