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<SEC-DOCUMENT>0000950123-07-009252.txt : 20070626
<SEC-HEADER>0000950123-07-009252.hdr.sgml : 20070626
<ACCEPTANCE-DATETIME>20070626172546
ACCESSION NUMBER:		0000950123-07-009252
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20061231
FILED AS OF DATE:		20070626
DATE AS OF CHANGE:		20070626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRUPO TELEVISA, S.A.B.
		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:		07941918

	BUSINESS ADDRESS:	
		STREET 1:		AV VASCO DE QUIROGA 2000
		STREET 2:		COLONIA SANTA FE
		CITY:			MEXICO, D.F.
		STATE:			O5
		ZIP:			01210
		BUSINESS PHONE:		(5255) 52612000

	MAIL ADDRESS:	
		STREET 1:		AV VASCO DE QUIROGA 2000
		STREET 2:		COLONIA SANTA FE
		CITY:			MEXICO, D.F.
		STATE:			O5
		ZIP:			01210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRUPO TELEVISA S A
		DATE OF NAME CHANGE:	19931202

	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>y35935e20vf.htm
<DESCRIPTION>FORM 20-F
<TEXT>
<HTML>
<HEAD>
<TITLE>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, 2006</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: 6pt; margin-left: 12%"><B><B>Date of event requiring this shell company report</B>
</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%"><B><B>FOR
THE TRANSITION PERIOD FROM
</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B> TO</B> <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"><B>COMMISSION FILE NUMBER 1-12610</B></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.</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: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">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>
five 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, 2006 was:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><U>113,784,603,865</U> A Shares<BR>
<U>53,564,690,849</U> B Shares<BR>
<U>85,216,495,401</U> L Shares<BR>
<U>85,216,495,401</U> 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" style="font-size: 10pt">Large accelerated filer <FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer <FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer <FONT face="Wingdings">&#111;</FONT></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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="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">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">PART 1</A></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="#102"><B>Item&nbsp;1. </B>Identity of Directors, Senior Management and Advisers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103"><B>Item&nbsp;2. </B>Offer Statistics and Expected Timetable</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104"><B>Item&nbsp;3. </B>Key Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">Selected Financial Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#106">Dividends</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">Exchange Rate Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">Forward-Looking Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110"><B>Item&nbsp;4. </B>Information on the Company</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">History and Development of the Company</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#112">Capital Expenditures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Business Overview</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114"><B>Item&nbsp;5. </B>Operating and Financial Review and Prospects</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#115">Preparation of Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">Results of Operations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#117"><B>Item&nbsp;6. </B>Directors, Senior Management and Employees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118"><B>Item&nbsp;7. </B>Major Stockholders and Related Party Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#119">Major Stockholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#120">Related Party Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121"><B>Item&nbsp;8. </B>Financial Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#122"><B>Item&nbsp;9. </B>The Offer and Listing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#123">Trading History of CPOs and GDSs</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#124">Trading on the Mexican Stock Exchange</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#125"><B>Item&nbsp;10. </B>Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#126">Mexican Securities Market Law</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#127">Bylaws</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#128">Enforceability of Civil Liabilities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#129">Material Contracts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#130">Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#131">New York Stock Exchange Corporate Governance Standards</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#132">Exchange Controls</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#133">Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#134">Documents on Display</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#135"><B>Item&nbsp;11. </B>Quantitative and Qualitative Disclosures About Market Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#136"><B>Item&nbsp;12. </B>Description of Securities Other than Equity Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><A href="#137"><B>PART II</B></A></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="#138"><B>Item&nbsp;13. </B>Defaults, Dividend Arrearages and Delinquencies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#139"><B>Item&nbsp;14. </B>Material Modifications to the Rights of Security Holders and Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#140"><B>Item&nbsp;15. </B>Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#141"><B>Item&nbsp;16A. </B>Audit Committee Financial Expert</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#142"><B>Item&nbsp;16B. </B>Code of Ethics</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#143"><B>Item&nbsp;16C. </B>Principal Accountant Fees and Services</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#144"><B>Item&nbsp;16D. </B>Exemptions from the Listing Standards for Audit Committees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#145"><B>Item&nbsp;16E. </B>Purchases of Equity Securities by the Issuer and Affiliated Purchasers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><A href="#146"><B>PART III</B></A></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="#147"><B>Item&nbsp;17. </B>Financial Statements</A></DIV></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"><A href="#148"><B>Item&nbsp;18. </B>Financial Statements</A></DIV></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"><A href="#149"><B>Item&nbsp;19. </B>Exhibits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y35935exv1w1.htm">EX-1.1: ENGLISH TRANSLATION OF AMENDED AND RESTATED BYLAWS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y35935exv2w9.htm">EX-2.9: TENTH SUPPLEMENTAL INDENTURE</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y35935exv8w1.htm">EX-8.1: LIST OF SUBSIDIARIES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y35935exv12w1.htm">EX-12.1: CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y35935exv12w2.htm">EX-12.2: CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y35935exv13w1.htm">EX-13.1: CERTIFICATION</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y35935exv13w2.htm">EX-13.2: CERTIFICATION</A></FONT></TD></TR>
</TABLE>
</DIV>

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

<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>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</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;Unless otherwise indicated, (i)&nbsp;information included in this annual report is as of December
31, 2006 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>
<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;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;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, 2002, 2003, 2004, 2005 and 2006 has been derived from our audited
year-end financial statements, including the consolidated balance sheets as of December&nbsp;31, 2005
and 2006, and the related consolidated statements of income and changes in financial position for
the years ended December&nbsp;31, 2004, 2005 and 2006 and the accompanying notes appearing elsewhere in
this annual report. Unless otherwise indicated, all Peso information is stated in Pesos in
purchasing power as of December&nbsp;31, 2006. 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 free
market exchange rate, or the Interbank Rate, as reported by Banco Nacional de M&#233;xico, S.A.
(&#147;Banamex&#148;) as of December&nbsp;31, 2006, which was Ps.10.8025 per U.S. Dollar. This annual report
contains translations of certain Peso amounts into U.S. Dollars at specified rates solely for the
convenience of the reader. 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;Our year-end financial statements have been prepared in accordance with Mexican Financial
Reporting Standards (<I>Normas de Informaci&#243;n Financiera</I>), or Mexican FRS that became effective on
January&nbsp;1, 2006, which differ in some significant respects from U.S. GAAP. Note 24 to our year-end
financial statements provides a description of the relevant differences between Mexican FRS, the
accounting and reporting standards used in Mexico as of December&nbsp;31, 2006, and U.S. GAAP as they
relate to us, and a reconciliation to U.S. GAAP of net income and other items for the years ended
December&nbsp;31, 2004, 2005 and 2006 and stockholders&#146; equity at December&nbsp;31, 2005 and 2006. Any
reconciliation to U.S. GAAP may reveal certain differences between our stockholders&#146; equity, net
income and other items as reported under Mexican FRS and U.S. GAAP. See &#147;&#151; Risk Factors &#151; Risk
Factors Related to Mexico &#151; Differences Between Mexican FRS and U.S. GAAP May Have an Impact on the
Presentation of Our Financial Information&#148;.
</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;, or
FIN 46, which is applicable under Mexican FRS NIF A-8, &#147;Supplementary Financial Reporting
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 stockholders of Grupo
Televisa, S.A.B., or Televisa, held on April&nbsp;16, 2004, our stockholders approved the creation of a
new class of capital stock, the B Shares, and the distribution of new shares to our stockholders 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. Except where otherwise indicated, all
information in this annual report reflects our capital structure as of December&nbsp;31, 2006.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</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="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>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>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</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, 2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>or millions of U.S. Dollars)(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>(Mexican GAAP/FRS)</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">25,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">26,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">31,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">33,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">37,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$3,511</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">5,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,273</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(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring and non-recurring charges(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Loss) income from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(463</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(73</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative effect of accounting change, net</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="right">&nbsp;</TD>
    <TD align="right">(1,098</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(527</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">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Loss) income from continuing operations per
CPO(4)</DIV></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">1.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.96</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(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.96</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)(4)(5)</DIV></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">339,776</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(4)</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">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.36</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)(5)</DIV></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">337,782</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>(6)</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">25,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">26,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right"> 31,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">33,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">37,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$3,511</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">3,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,429</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">13,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255</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">119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">741</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">(1,449</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">Net (loss)&nbsp;income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,332</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">741</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(4)</DIV></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">1.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.76</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 (loss)&nbsp;income per CPO(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.45</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.76</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)(4)(5)</DIV></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">339,776</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)(5)</DIV></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">337,782</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/FRS)</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">10,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">13,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">17,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right"> 15,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">  15,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$1,464</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">66,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,686</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 and other
notes payable(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt, net of current portion(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,647</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">13,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,589</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">8,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">937</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">25,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)</B>(6)</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">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">11,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">17,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">15,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">14,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>U.S. $1,379</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">66,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of long-term debt and other
notes payable(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt, net of current portion(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,647</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">20,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,191</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican GAAP/FRS)</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(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">2,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">2,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">3,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)</B>(6)</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">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,098</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">1,166</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</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="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>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>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</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, 2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>or millions of U.S. Dollars)(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">Net cash provided by (used for) financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,997</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(678</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,071</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,453</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(412</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used for investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,519</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,458</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(649</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,305</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,918</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(733</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)(10)</DIV></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 nowrap align="right">&nbsp;</TD>
    <TD align="right">69.5</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)(10)</DIV></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">35.5</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)(11)</DIV></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">155</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">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">16,200</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)(12)</DIV></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">1,430</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)(13)</DIV></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">497</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 Esmas.com registered users (in
thousands at year end)(14)</DIV></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">4,447</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" align="left"><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 Certificado de Participaci&#243;n Ordinario, or 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
31, 2006, 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>

<TR style="font-size: 3pt"><TD>&nbsp;</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>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 FRS) 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">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>As of December&nbsp;31, 2004, 2005 and 2006, we had four classes of common
stock: A Shares, B 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 5 CPOs. Before March&nbsp;22, 2006, each GDS represented 20
CPOs.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>The number of CPOs and shares issued and outstanding for financial
reporting purposes under Mexican GAAP/FRS and U.S. GAAP is different
than the number of CPOs issued and outstanding for legal purposes,
because under Mexican GAAP/FRS 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.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>As of December&nbsp;31, 2006, for legal purposes, there were approximately
2,528&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&nbsp;million B Shares (not in the form of CPO units). See Note 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">(6)</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">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>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>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">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Capital expenditures are those investments made by us in property,
plant and equipment, which amounts are first translated from Mexican
Pesos into U.S. dollars at historical exchange rates, and the
resulting aggregate U.S. dollar amount is then translated to Mexican
Pesos at year-end exchange rate for convenience purposes only; the
aggregate amount of capital</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>expenditures in Mexican Pesos does not
indicate the actual amounts accounted for in our consolidated
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, 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. 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 FRS,
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, as we recognized equity in losses of Innova up
to the amount of our initial investment and subsequent capital
contributions in Innova. 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 of Cablevisi&#243;n 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>The results of operations of Esmas.com are 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; <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 Esmas.com.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="106"></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 Stockholders and Related Party Transactions &#151; The Major Stockholders&#148;. In February&nbsp;2003,
the Board of Directors proposed, and our stockholders approved at our annual general stockholders&#146;
meeting in April&nbsp;2003, the payment of a dividend in the 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 stockholders,
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 stockholders, equivalent to Ps.1.35 per CPO, equivalent to approximately Ps.4,250.0
million. On April&nbsp;29, 2005, at a general stockholders&#146; meeting, our stockholders 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 stockholders&#146; meeting, our stockholders approved a cash distribution to stockholders for up
to Ps.1,104&nbsp;million, equivalent to Ps.0.00299145 per share, or Ps.0.35 per CPO. On April&nbsp;27, 2007,
at a General Stockholders Meeting, our stockholders approved a cash distribution to stockholders
for up to Ps.4,401&nbsp;million, which includes the payment of an extraordinary dividend of Ps.1.10 per
CPO, which is in addition to our ordinary dividend of Ps.0.35 per CPO, for a total dividend of
Ps.1.45 per CPO, equivalent to Ps.0.01239316239 per share. 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 stockholders&#146; meetings. The agreements related
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</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">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="107"></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, 2005 and 2006. 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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>Period</B></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(1)</B></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><DIV style="margin-left:15px; text-indent:-15px">2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;9.0005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;9.663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">11.406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.7925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">11.635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">11.2897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">11.411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.8938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.6275</TD>
    <TD>&nbsp;</TD>
</TR>
<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="left">11.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.4315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.7055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.7995</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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="left">11.092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.9559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">11.0381</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="left">11.1575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">11.1575</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="left">11.1846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">11.013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">11.1144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">11.0427</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="left">11.0305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.9802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.9295</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="left">10.931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June
(through June&nbsp;22)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">10.795</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&nbsp;22, 2007,
the noon buying rate was Ps.10.795&nbsp;per&nbsp;U.S.$1.00.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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

<DIV align="left">
<A name="108"></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 other political, social and economic developments in
or affecting Mexico over which we have no control.
</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. Mexican gross domestic
product, or GDP, increased 4.2%, 2.8% and 4.8% in 2004, 2005 and 2006, respectively. Inflation in
2004, 2005 and 2006 was 5.2%, 3.3% and 4.1%, 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 2006; however, according to Mexican government
estimates, Mexican GDP is expected to grow by approximately 3.0% to 3.4%, while inflation is
expected to be less than 4.0%, in 2007. 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="2%" 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="2%" 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: 6pt"><B>Developments in Other Emerging Market Countries or in the U.S. May Adversely Affect the Mexican
Economy, the Market Value of Our Securities and Our Results of Operations</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. In recent years, for example,
prices of Mexican debt securities dropped substantially as a result of developments in Russia, Asia
and Brazil.
</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. As a result, an economic downturn in the United States could have a
significant adverse effect on the Mexican economy, which, in turn, could affect our financial
condition and results of operations.
</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 natural disasters, terrorist attacks and acts of war.
</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"><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 13&nbsp;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, there can be no assurance that
the Mexican government will not 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 or other currencies for the
purpose of making timely payments of interest and principal on indebtedness, including the notes,
as well as to obtain imported goods would be adversely affected. Devaluation or depreciation of the
Peso against the U.S. Dollar or other currencies may also adversely affect U.S. Dollar or other
currency prices for our debt securities or the cost of imported goods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 5.2% for 2004, 3.3% for 2005 and 4.1% in 2006. 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="2%" 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="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 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="2%" 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 6.8%, 9.2% and 7.2%
for 2004, 2005 and 2006, respectively. High interest rates in Mexico could increase our financing
costs and thereby impair our financial condition, results of operations and cash flow.
</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;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Presidential and federal congressional elections in Mexico were held in Mexico on July&nbsp;2,
2006. Felipe Calder&#243;n Hinojosa, a member of the incumbent party, the <I>Partido Acci&#243;n Nacional</I>, or
the National Action Party, was elected president in a highly contested election. As a result of the
federal congressional elections, the Mexican Congress is not controlled by any specific political
party. Therefore, the National Action Party will face opposition in Congress.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, as a result of the election of Felipe Calder&#243;n and new representatives to the
Mexican Congress, 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;National politicians are currently focused on crucial reforms regarding fiscal and labor laws
and policies, gas, electricity and oil, which have not been and may not be approved. The effects on
the social and political situation in Mexico could adversely affect the
</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">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: 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 <I>Ley Federal de Competencia Econ&#243;mica </I>or Federal Antitrust Law, and related
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 acquisitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Federal Antitrust Law and related 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. There can be no assurance that in
the future the Mexican Antitrust Commission will authorize our proposed complementary businesses or
joint ventures and acquisitions, which may adversely affect our business strategy, financial
condition and results of operations.
</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, including among others, tax laws, 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. Mexico&#146;s federal
antitrust law, or <I>Ley Federal de Competencia Econ&#243;mica</I>, has been amended by Congress. The
amendments to the Mexican Federal Antitrust Law approved by the Mexican Federal Congress have been
in full force and effect as of June&nbsp;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. 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 such amendments were unconstitutional and therefore null and void. This complaint
was resolved by the Supreme Court of Justice on June&nbsp;5, 2007, declaring several provisions of the
amendments to the <I>Ley Federal de Radio y Televisi&#243;n </I>and to the <I>Ley Federal de Telecomunicaciones</I>
unconstitutional and therefore null and void. Among the provisions declared as unconstitutional by
the Supreme Court of Justice are the ones referred to in Article&nbsp;28 of the <I>Ley Federal de Radio y
Televisi&#243;n</I>, pursuant to which holders of concessions had the ability to request authorization to
provide additional telecommunications services within the same concession spectrum without having
to submit a bid therefore and Article&nbsp;16 of the <I>Ley Federal de Radio y Televisi&#243;n</I>, pursuant to
which concessions were granted for a fixed term of 20&nbsp;years having the possibility to renew such
concessions by obtaining from the <I>Secretar&#237;a de Comunicaciones y Transportes</I>, or SCT, a
certification of compliance in connection with their obligations within the concession.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Supreme Court of Justice has already resolved, we cannot determine the full extent of
the impact that this resolution may have on our operations until the court publishes its final
opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Differences Between Mexican FRS 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;A principal objective of the securities laws of the United States, Mexico and other countries
is to promote full and fair disclosure of all material corporate information. However, there may be
less publicly available information about foreign issuers of securities listed in the United States
than is regularly published by or about domestic issuers of listed securities. In addition, our
financial statements are prepared in accordance with Mexican FRS, which differ from U.S. GAAP and
accounting procedures adopted in other countries in a number of respects. For example, most Mexican
companies, including our company, must incorporate the effects of inflation directly in accounting
records and in their published financial statements. Thus, financial statements and reported
earnings of Mexican companies may differ from those of companies in other countries with the same
financial performance. We are required, however, to file an annual report on Form 20-F containing
financial statements reconciled to U.S. GAAP. See Note 24 to our financial statements for a
description of the principal differences between Mexican FRS 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 style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Risk Factors Related to Our Major Stockholders</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 Stockholders</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 May
31, 2007, approximately 45.02% of the outstanding A Shares, 2.66% of the outstanding B Shares,
2.78% of the outstanding D Shares and 2.78% of the outstanding L Shares of our company are held
through a trust, including shares in the form of CPOs, or the Stockholder Trust. The largest
beneficiary of the Stockholder 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 Stockholder Trust.
The A Shares held through the Stockholder Trust constitute a majority of the A Shares whose holders
are entitled to vote, because non-Mexican holders of CPOs and 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 stockholders, including the
timing and payment of dividends, if he so chooses. See &#147;Major Stockholders and Related Transactions
&#151; The Major Stockholders&#148;.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>As Controlling Stockholder, 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 and on the respective concession title. 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. 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 such amendments
were unconstitutional and therefore null and void. This complaint was resolved by the Supreme Court
of Justice on June&nbsp;5, 2007, declaring several provisions of the amendments to the <I>Ley Federal de
Radio y Televisi&#243;n </I>and to the <I>Ley Federal de Telecomunicaciones </I>unconstitutional and therefore null
and void. Among the provisions declared as unconstitutional by the Supreme Court of Justice are the
ones referred to in Article&nbsp;28 of the <I>Ley Federal de Radio y Televisi&#243;n</I>, pursuant to which holders
of concessions had the ability to request authorization to provide additional telecommunications
services within the same concession spectrum without having to submit a bid therefore and Article
16 of the <I>Ley Federal de Radio y Televisi&#243;n</I>, pursuant to which concessions were granted for a fixed
term of 20&nbsp;years having the possibility to renew such concessions by obtaining from the <I>Secretar&#237;a
de Comunicaciones y Transportes</I>, or SCT, a certification of compliance in connection with their
obligations within the concession.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Supreme Court of Justice has already resolved, we cannot determine the full extent of
the impact that this resolution may have on our operations until the court publishes its final
opinion.
</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: 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. We expect increased competition
from Univision, as a result of the recent divestiture of our equity interest in Univision and the
termination of a certain participation agreement by and among Televisa, Univision, certain
principals of Univision, and Venevision, or the Participation Agreement in connection with the
acquisition of Univision by private equity investors. 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 &#151; Television Broadcasting&#148;. In addition, the entertainment and communications
industries in which we operate are changing rapidly because of evolving distribution technologies,
including online and digital networks. Our principal competitors in the gaming industry are
Corporaci&#243;n Interamericana de Entretenimiento, S.A.B. de C.V., or CIE, and Grupo Caliente S.A. de
C.V., or Grupo Caliente.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The telecommunications industry in Mexico is becoming highly competitive, and we face
significant competition from recent entrants. Cable operators, who were already authorized to
provide by-directional data and internet broadband services and who have been recently authorized by the
Mexican government to also provide voice services, including Voice
over Internet Protocol, or &#147;VoIP
services&#148;, pose a risk to us. As the cable operators&#146; telephony income may be seen as incremental
revenue, the price reduction and the vast coverage may prevent us from growing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;2, 2006, the federal government enacted a new set of regulations known as
Convergence Regulations (<I>Acuerdo de Convergencia de Servicios Fijos de Telefon&#237;a Local y Televisi&#243;n
y/o Audio Restringidos que se Proporcionan a Trav&#233;s de Redes P&#250;blicas Al&#225;mbricas e Inal&#225;mbricas</I>).
The Convergence Regulations allow certain concessionaires of telecommunication services to provide
other services not included in their original concessions. Cable television providers will now be
allowed to provide internet and telephone services. In addition, telephone operators, such as
Tel&#233;fonos de M&#233;xico, S.A.B. de C.V. or Telmex, will now be allowed to provide cable television
services. We believe that we may face significant competition from new entrance providing telephony
services, including cable television providers. See &#147;Information on the Company &#151; Business Overview
&#151; Cable Television&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2006, the Mexican Federal Power Commission or CFE (<I>Comisi&#243;n Federal de
Electricidad</I>), announced that they obtained an authorization from the Mexican government, through
the Ministry of Communications and Transportation, to use their power lines and infrastructure to
provide telecommunication services using a new technology model known as power line communications,
or PLC, and broadband over power lines communications, or BPL. We believe that this action will
result in a significant reduction in the lease prices for infrastructure, as the CFE owns
approximately 14,000 kilometers of power lines that could be used to transmit voice, data and
video. We are uncertain as to how the CFE authorization to render telecommunication services could
affect us, as well as the overall telecommunications landscape in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 2004, 2005 and 2006 we recognized 28.7%, 29.7% and 28.3%,
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>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Current Litigation We Are Engaged In With Univision and the Recent Sale of Univision May Affect Our
Relationship With Univision</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a Second Amended and Restated Program Licensing Agreement, or PLA with Univision
pursuant to which we have granted Univision an exclusive right to broadcast our television
programming in the United States, subject to certain 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;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;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005, Televisa, S.A. de C.V., a subsidiary of Televisa, filed a complaint (which was
subsequently amended) in the U.S. District Court for the Central District of California, or
District Court Action, alleging that Univision had breached the PLA as well as the December&nbsp;19,
2001 letter agreement between Televisa, S.A. de C.V. and Univision relating to soccer broadcast
rights, or the Soccer Agreement, among other claims. Univision filed related answers denying all
allegations and asserting affirmative defenses, as well as related counterclaims against Televisa,
S.A. de C.V. and Televisa. Univision also claimed that Televisa had breached other agreements
between the parties, including the Participation Agreement and a Telefutura Production Services
Agreement. In addition, Univision claimed that Televisa breached a Guaranty dated December&nbsp;19,
2001, by which, among other things, Televisa guaranteed that Televisa&#146;s affiliates (including
Televisa, S.A. de C.V.) would produce a specified minimum number of novelas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2006, Televisa, S.A. de C.V. and Televisa answered the counterclaims, denying them and
asserting affirmative defenses based on Univision&#146;s alleged breaches of the agreements, including
the PLA, the Guaranty and the Soccer Agreement. Televisa, S.A. de C.V. also amended its complaint
again, adding Televisa as a plaintiff. In their amended complaint, Televisa, S.A. de C.V. and
Televisa asked for a declaration by the court that they had the right to suspend their performance
under and to terminate the PLA, the Guaranty and the Soccer Agreement as a result of Univision&#146;s
alleged material breaches of those agreements. Univision filed amended counterclaims, seeking,
among other things, a declaration by the court that Televisa, S.A. de C.V. and Televisa do not have
the right to terminate or suspend performance of their obligations under the PLA or the Soccer
Agreement. Also, in 2006, Televisa, S.A. de C.V. filed a separate lawsuit in the Los Angeles
Superior Court, State of California seeking a judicial determination that on or after December&nbsp;19,
2006, Televisa, S.A. de C.V. may transmit or permit others to transmit any television programming
into the United States from Mexico by means of the Internet. That lawsuit was voluntarily stayed by
Televisa. In October&nbsp;2006, Univision added a new counterclaim in the District Court Action for a
judicial declaration that on or after December&nbsp;19, 2006, Televisa, S.A. de C.V. may not transmit or
permit others to transmit any television programming into the United States by means of the
Internet, while Televisa, S.A. de C.V. has added a claim asserting that it has such rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005 and 2006, after Televisa filed the District Court Action and commenced an audit of
Univision&#146;s payment performance under the PLA, Univision made payments to Televisa, S.A. de C.V.
and its consolidated entities under protest of certain of the disputed royalties and of other
license fees that Univision alleges have been overcharged, in the aggregate amount of approximately
U.S.$16&nbsp;million, and is seeking recovery of these amounts via its counterclaims. Televisa has
recognized these payments made by Univision as customer deposits and advances in its consolidated
balance sheets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2007, in the District Court Action, the court reset the discovery cut-off date for
August&nbsp;27, 2007, and the trial date for January&nbsp;15, 2008. Televisa and its consolidated entities,
including Televisa, S.A. de C.V., cannot predict how their overall business relationship with
Univision will be affected by this dispute. Televisa believes the counterclaims and affirmative
defenses asserted by Univision are without merit and is defending them vigorously.
</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 stockholder value. 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&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2006, Univision announced that it had entered into a definitive agreement with another
group to acquire Univision on the terms and subject to the conditions
of such agreement. That
acquisition of Univision was completed in March&nbsp;2007. As a result of the closing of the acquisition
of Univision, all of Televisa&#146;s shares and warrants in Univision have been cancelled and have been
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">converted into cash in an aggregate amount of approximately US$1,094.4&nbsp;million. In
addition, we lost our right to designate a member to the board of
directors of Univision. Accordingly, our former designee to the board of directors of Univision, Ricardo Maldonado Ya&#241;ez, resigned from
the board. We cannot predict how our overall business relationship with
Univision will be affected by the acquisition of Univision.
</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 May
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, has generated positive cash flow in 2004, 2005 and 2006, 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&#148;.
</DIV>

<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 39% 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 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>

<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 Stockholders 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>

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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"><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
stockholders. 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 Stockholders&#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
stockholders&#146; ability to approve transactions that may be in their best interests and discourage
transactions in which our stockholders 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 will
be able to forward those instructions and the appropriate proxy request to the CPO Trustee in a
timely manner. For stockholders&#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 Stockholders&#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>


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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 stockholders have preemptive rights. This means that in
the event that we issue new Shares for cash, our stockholders 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: 12pt"><B>The Protections Afforded to Minority Stockholders 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 stockholders 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 stockholders 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
stockholder derivative actions and there are different procedural requirements for bringing
stockholder lawsuits. As a result, in practice, it may be more difficult for our minority
stockholders to enforce their rights against us or our directors or major stockholders than it
would be for stockholders 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 stockholders,
such as (i)&nbsp;providing stockholders 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 stockholders and their
interests in an issuer or its operations.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</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="109"></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 stockholders, 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>projections of capital expenditures, dividends, or other
financial information;</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>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="2%" 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 online and wireless content venture, Televisa Digital;</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>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="2%" 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="2%" 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 the introduction of fixed
telephony service by Cablevisi&#243;n;</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>statements concerning our transactions with and involving Univision Communications, Inc.,
or 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our 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="2%" 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 the United Mexican States, or
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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements or 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;Key Information &#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. You should evaluate any statements made
by us in light of these important factors.
</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>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</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="110"></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="111"></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.B. is a <I>sociedad an&#243;nima burs&#225;til, </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 2105. 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)&nbsp;5261-2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa, S.A.B., is the largest media company in the Spanish-speaking world and a major
participant in the international entertainment business. We have interests in television production
and broadcasting, production of pay television networks, international distribution of television
programming, direct-to-home satellite services, publishing and publishing distribution, cable
television, radio production and broadcasting, professional sports and live entertainment, feature
film production and distribution, gaming, and the operation of a horizontal internet portal. Grupo
Televisa also owns an unconsolidated equity stake in La Sexta, a free-to-air television venture in
Spain.
</DIV>
<DIV align="left">
<A name="112"></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, 2004, 2005 and 2006 and our projected capital expenditures for the
year ended December&nbsp;31, 2007. 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="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,(1)</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>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2006</B></TD>
    <TD>&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>(Actual)</B></TD>
    <TD>&nbsp;</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>(Actual)</B></TD>
    <TD>&nbsp;</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(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S. $</TD>
    <TD align="right">174.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S. $</TD>
    <TD align="right">248.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S. $</TD>
    <TD align="right">298.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in DTH joint ventures(3)</DIV></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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">La Sexta(4)</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">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other acquisitions and investments(5)(6)</DIV></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">68.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437.7</TD>
</TR>
<TR style="font-size: 1px">
    <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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total capital expenditures and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S. $</TD>
    <TD align="right">216.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S. $</TD>
    <TD align="right">317.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S. $</TD>
    <TD align="right">868.6</TD>
</TR>
<TR style="font-size: 1px">
    <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>
</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 in respect of some of the capital expenditures, investments and acquisitions we
made in 2004, 2005 and 2006 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, 2006
and, in the case of data presented in U.S. Dollars, is translated at a rate of
Ps.10.8025 to one U.S. Dollar, the Interbank Rate as of December&nbsp;31, 2006, and (ii)
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.$35.1&nbsp;million in
2004, U.S.$51.1&nbsp;million in 2005 and U.S.$75.9&nbsp;million in 2006 for the expansion and
improvement of our cable business; and U.S.$57.6&nbsp;million in 2004, U.S.$109.2&nbsp;million in
2005 and U.S.$91.2&nbsp;million in 2006 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 2005 we made capital contributions of approximately U.S.$1.4&nbsp;million (1.2&nbsp;million
Euros). During 2006, we made additional capital contributions related to our 40%
interest in La Sexta in the amount of approximately U.S.$132.4&nbsp;million (104.6&nbsp;million
Euros). Our projected total investment in La Sexta for 2007 is approximately U.S.$101.0
million (76.5&nbsp;million Euros).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</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">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Additionally, in 2004 and 2005, we made capital contributions in the aggregate amount
of U.S.$2.0&nbsp;million in our pay television joint venture with Univision. In November
2005, we acquired Comtelvi, S. de R.L. de C.V., or Comtelvi, 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.3,445.7&nbsp;million that were used by us in the
fourth quarter of 2005. See &#147;&#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 part of 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%.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, 2005 and 2006, 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 2007, 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 2007 through available cash
from operations, cash on hand and/or borrowings. The amount of borrowings required to fund these
cash needs in 2007 will depend upon the timing of cash payments from advertisers under our
advertising sales plan.
</DIV>
<DIV align="left">
<A name="113"></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;Grupo Televisa, S.A.B., is the largest media company in the Spanish-speaking world and a major
participant in the international entertainment business. We have interests in television production
and broadcasting, production of pay television networks, international distribution of television
programming, direct-to-home satellite services, publishing and publishing distribution, cable
television, radio production and broadcasting, professional sports and live entertainment, feature
film production and distribution, gaming, and the operation of a horizontal internet portal. Grupo
Televisa also owns an unconsolidated equity stake in La Sexta, a free-to-air television venture in
Spain.
</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 and investments in Mexico, the United States and elsewhere.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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;<B><I>Continuing to Produce High Quality Programming. </I></B>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 2005 and 2006, our networks aired 81% and 84%,
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 Instituto Brasile&#241;o de
Opini&#243;n P&#250;blica y Estad&#237;stica, 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 and new series. 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;<B><I>Improving Our Sales and Marketing Efforts. </I></B>In 2005 and 2006, we outperformed Mexican economic
growth by increasing our television broadcasting revenues in real terms by 5.1% and 8.5%,
respectively, as compared to increases of 2.8% and 4.8%, respectively, in Mexican GDP during the
same periods. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Mexico &#151;
</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">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 a cost per rating point basis pricing system; (ii)&nbsp;implementing
differentiated pricing by quarter, by 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.
</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 City 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Improving Our Consolidated Operating Income Margin. </I></B>Our consolidated operating income margin
(consolidated operating income over consolidated net sales) increased in 2006, ending the year at
36.2% compared to 33.3% for 2005. We intend to continue improving our consolidated operating income
margin by increasing revenues and controlling costs and expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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;<B><I>DTH. </I></B>We believe that Ku-Band DTH satellite services offer an enhanced opportunity for
expansion of pay television services into cable households seeking to upgrade reception of our
broadcasting and in areas not currently serviced by operators of cable or multi-channel,
multi-point distribution services. We own a 58.7% interest in Innova,
or Sky Mexico, our joint venture
with DIRECTV. Innova is the only DTH company in Mexico, with approximately 1,430,100 subscribers,
of which 91,100 were commercial subscribers as of December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The key components of our DTH strategy include:</I>
</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>offering high quality and exclusive programming content, including rights to our four
over-the-air broadcast channels, exclusive broadcasts of sporting events, such as the 2006
FIFA World Cup, the Spanish Soccer League and a variety of Mexican Soccer League games,
reality shows and other programs produced by us, 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="2%" 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="2%" 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;</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>exploring alternatives to expand our DTH services in Central America and the Caribbean;</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>providing superior digital Ku-band DTH satellite services and emphasizing customer service quality; 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>we plan to continue leveraging our strengths and capabilities to develop new business
opportunities and expand through acquisitions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cable. </I></B>With a subscriber base of over 422,100 (of which 283,200 were digital subscribers) and
496,500 (all of which were digital subscribers) basic subscribers as of December&nbsp;31, 2005 and 2006,
respectively, and approximately 1,519,413 homes passed as of December&nbsp;31, 2006, 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. Cablevisi&#243;n&#146;s strategy aims to increase its subscriber base, average monthly
revenues per subscriber and penetration rate 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>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="2%" 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>

</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>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 and
telephony 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="2%" 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; 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>continuing leveraging our strengths and capabilities to develop new business
opportunities and expand through acquisitions.</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, 2006, Cablevisi&#243;n had 96,000 cable modem
customers compared to 61,000 at December&nbsp;31, 2005. 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 has concluded its plan to switch its analog subscriber base to the digital
service. In addition, Cablevisi&#243;n introduced VOD services and, in May&nbsp;2007 received governmental
approval to introduce IP and telephony services. Cablevisi&#243;n expects to launch its fixed telephony
service in the third quarter of 2007, subject to the availability of VoIP technology which shall
comply with the standards of data transmission over cable networks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 155&nbsp;million magazines during 2006, we believe
our subsidiary, Editorial Televisa, S.A. de C.V., or Editorial Televisa, is the largest
Spanish-speaking publishing company in the world, in number of magazines distributed. Editorial
Televisa publishes 78 titles, some of which have different editions for each different market.
Among the 78 titles, 51 are fully owned and produced in-house and the remaining 27 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. As a result of this strategy, according to
IBOPE, Editorial Televisa&#146;s market share in Mexico grew to 49% in 2006. According to Simmons (an
independent research company), five of the top ten Hispanic market magazines in the United States
are published and distributed by Editorial Televisa. We believe that Editorial Televisa leads at
least 14 of the other 20 markets in which we compete, in terms of readership.
</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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2006, we launched seven new titles of which four are fully-owned (namely, the Colombian
edition of Poder y Negocios, a fortnightly business magazine, TVyNovelas Ecuador, a fortnightly
entertainment magazine, Bike and Motociclismo Panamericano) and three are licensed from third
parties (namely, the Spanish version of OK magazine, pursuant to a license agreement with Northern
&#038; Shell PLC, Chivas, the official magazine of the Mexican Premiere League soccer team known as
Chivas, pursuant to a license agreement with Chivas de Coraz&#243;n, S.A. de C.V., and Atenci&#243;n M&#233;dica,
a medical magazine, pursuant to a license agreement with Intersistemas, S.A. de C.V.).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 2006, we licensed
48,927 hours of programming in over 108 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 42.7&nbsp;million, or approximately 14% of the U.S.
population according to U.S. Census estimates published July&nbsp;1, 2005, 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>

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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 intend to leverage our unique and exclusive content, media assets and long-term
associations with others 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 2006, Televisa provided 42% of
Univision Network&#146;s non-repeat broadcast hours, including most of its 7:00 p.m. to 10:00&nbsp;p.m.
weekday prime time programming, 19% 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 2004, 2005 and 2006, Univision paid Televisa U.S.$105.0&nbsp;million, U.S.$109.8
million and U.S.$126.9&nbsp;million, respectively, in royalties. 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 March&nbsp;2007, at the closing of the acquisition of Univision, all of Televisa&#146;s shares and
warrants in Univision were cancelled and converted into cash in an aggregate amount of
approximately U.S.$1,094.4&nbsp;million. As a result of such conversion, we no longer hold an equity
interest in Univision. We are also no longer bound by most of the provisions of the Participation
Agreement, which had formerly restricted our ability to enter into certain transactions involving
Spanish-language television broadcasting and a Spanish-language television network in the U.S.
without first offering Univision the opportunity to acquire a 50% economic interest, except in the
case that we enter into certain transactions involving direct broadcast satellite or direct to home
satellite to the U.S. market. Subject to certain restrictions which may continue to bind Televisa
by reason of the PLA and other limited exceptions, we can now engage in certain business
opportunities in the growing U.S. Hispanic marketplace relating to programming or otherwise without
offering Univision participation in such opportunities. See &#147;&#151; Univision&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain a joint venture, TuTv, with Univision through which we 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 2006, channels distributed by TuTv reached approximately 1.5&nbsp;million subscribers
through EchoStar, DIRECTV (PR), Cox, Charter and other smaller systems. See &#147;&#151; Univision&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 and investments in Mexico, the United States and
elsewhere. Any such acquisition or investment, which could be funded using cash on hand, our equity
securities and/or the issuance of debt securities, could be substantial in size.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second half of 2005, we entered into a series of agreements with EMI Group PLC, or EMI,
a world leading music recording company, by which a 50/50 joint venture music company, Televisa EMI
Music, was created in Mexico, and we became a 50/50 partner of EMI&#146;s U.S. Latin music operations,
or EMI Televisa Music, beginning September&nbsp;1, 2005. These joint ventures did not require any
significant capital funding by us during 2005 and 2006. Additionally, we may fund up to 50% of
certain working capital requirements of EMI Televisa Music during 2007, in the form of long-term
loans.
</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 nationwide free-to-air
analog television channel and two nationwide free-to-air digital television channels to Gestora de
Inversiones Audiovisuales La Sexta, S.A., or La Sexta, a consortium that included Televisa, holding
a 40% equity interest, and Grupo Arbol and the Mediapro Group controlling the remaining 60%,
indirectly, through their interest in GAMP Audiovisual, S.A., or GAMP. In November&nbsp;2006, GAMP
entered into a purchase agreement with Gala Capital Market, S.L., or Gala, whereby Gala acquired
from GAMP a 9% interest in La Sexta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the agreement with our partners to (i)&nbsp;complete funding the La Sexta business plan
in its entirety for the first three years of operations, and (ii)&nbsp;to acquire part of the capital
stock of Imagina Media Audiovisual, S.L., or Imagina (formerly &#147;Grupo Afinia&#148;), an entity which
resulted from the merger between the Mediapro Group and Grupo Arbol, we received, among other
rights, a call option under which we had the right to subscribe, at a price of 80.0&nbsp;million Euros,
a percentage of the capital stock of Imagina that was to be determined by the application of a
formula related to the enterprise value of Imagina at the time of the exercise of the call option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In exchange for the call option and certain other rights granted in connection therewith, we
agreed to grant Inversiones Mediapro Arbol S.L., or Mediapro Arbol, an indirect, wholly owned
subsidiary of Imagina, a credit facility for up to 80.0&nbsp;million Euros to be used exclusively for
equity contributions by Imagina to La Sexta; provided, among other obligations, that if a third
party acquired a portion of the capital stock of Imagina, and any borrowings had been made
thereunder, the Credit Facility would be cancelled and any outstanding amount would have to be
repaid to us with the proceeds from the acquisition by the third party.
</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 March&nbsp;2007, Torreal Sociedad de Capital de Riesgo de Regimen Simplificado, S.A., or
Torreal, acquired a 20% stake in Imagina. As a result of such acquisition, (i)&nbsp;the Credit Facility
has been cancelled and no repayment of the Credit Facility was necessary because no borrowings had
been made thereunder and (ii)&nbsp;our partners may elect to terminate the call option granted to us in
connection with the possible Imagina investment if they pay us a termination fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the investment in La Sexta, 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. La Sexta began broadcasting on March&nbsp;27, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006 we launched our gaming business. We opened 5 bingo and sports books halls under the
brand name &#147;Play City&#148;. We plan to open 65 bingo and sports books halls over the course of eight
years. In addition, we recently launched Multijuegos, an online lottery with access to a nationwide
network of electronic terminals. The bingo and sports books halls and Multijuegos are operated
under 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2006, we implemented the following internet services as part of Televisa Digital, our
online and wireless content venture:
</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>Video-on-demand service </I>With this service, internet users can download Televisa and third
party video content from the internet either free with advertising sponsorship or through
payment. The service will target to build the largest Hispanic video library in Latin
America, Canada and the United States with television programs, movies, and music videos,
among others.</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><I>Live online television service </I>With this service our internet users worldwide, except in
the United States, can watch a live stream of Televisa&#146;s four broadcast channels, which is
enhanced by a 15-day time-shifting archive.</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><I>Short-video streaming </I>Within our web pages we launched a new short-clip streaming service
with more than 1,500 videos, each less than 5 minutes long. Currently, we are streaming 1.7
million videos per week.</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><I>Tarabu </I>Tarabu is the leading Mexican online and wireless digital music store in Latin
America. Tarabu utilizes proprietary technology and offers more than 500,000 songs from most
of the major labels. Through this website we also cross-promote the artists of our joint
venture record label, EMI Televisa Music, post music content, generate social networks and
foster interactivity with some of our television programs.</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><I>Esmas Player </I>This desktop application enables users to manage their music, image, and
video libraries and access our podcasting, video, music, and live television services
through a simple user interface. Approximately 3.4&nbsp;million users downloaded the Esmas Player
from the Esmas website during 2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2006, our subsidiary, Corporativo Vasco de Quiroga, S.A. de C.V. or CVQ, acquired a
50% interest in Televisi&#243;n Internacional, S.A. de C. V., or TVI, in the amount of Ps.769.4&nbsp;million,
which was substantially paid in cash. We agreed to pay an additional purchase price adjustment in
the second quarter of 2006 in the amount of Ps.18.6&nbsp;million. In addition, as part of the agreement,
we agreed to provide funding to TVI in the form of a loan in the amount of Ps. 240.6&nbsp;million, which
has been converted into capital stock. The ownership structure of TVI was not changed after the
capitalization of the loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVI, a telecommunications company offering pay television, data and voice services in the
metropolitan area of Monterrey, serves more than 147,000 cable television subscribers, 53,000
high-speed internet subscribers and 1,300 telephone lines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVQ notified the Mexican Antitrust Commission of its intent to acquire a 50% interest in TVI,
and after appealing the decision of such authority at the first stage of the process on February
23, 2007, the Mexican Antitrust Commission authorized the intended acquisition, subject to
compliance with certain conditions in order to avoid restraints on competition. 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;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2006, we invested U.S.$258.0&nbsp;million dollars in long-term notes convertible, at
our option, into 99.99% of the equity of Alvafig S.A. de C.V., which holds 49% of the equity of
Cablem&#225;s, S.A. de C.V., or Cablem&#225;s. Cablem&#225;s operates in 48 cities. As of December&nbsp;31, 2006,
Cablem&#225;s cable network served 709,309 cable television subscribers, 176,182 high-speed internet
subscribers
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</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 25,089
IP-telephony lines, with approximately two million homes passed. The Company has notified the Mexican Antitrust Commission of its
intent to convert the long term notes into equity. The
Commission&#146;s resoluton is currently pending.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that in the future we may identify and evaluate opportunities for strategic
acquisitions of complementary businesses, technologies or companies. We may also consider joint
ventures and other collaborative projects and investments.
</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"><B><I>Television Industry in Mexico</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General. </I></B>There are ten television stations operating in Mexico City and approximately 457
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
ten 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 84 and 92 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 8 repeater stations, and Channel 22. There are
also 20 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 20.9&nbsp;million Mexican households have television sets,
representing approximately 86.1% of the total households in Mexico as of December&nbsp;31, 2006. 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;<B><I>Ratings and Audience Share. </I></B>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: 12pt"><B><I>Programming</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Programming We Produce. </I></B>We produce the most Spanish-language television programming in the
world. In 2004, 2005 and 2006, we produced approximately 54,800
hours, 57,500 hours and 64,700
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. In 2006, we successfully co-produced a
new primetime sitcom entitled &#147;Amor Mio&#148;, which captured 39.9% of the viewers across Mexico upon
its debut and 36.0% during its broadcast in Mexico.
</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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</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">Businesses &#151; Sports and Show Business Promotions&#148;. 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. In 2006, we broadcast the
2006 FIFA World Cup.
</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 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 today, the
term of such joint venture has concluded and we will continue to consider entering into future
business arrangements with Endemol, 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;<B><I>Foreign-Produced Programming. </I></B>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 32%, 33% and
40% of the programming broadcast on our four television networks in 2004, 2005 and 2006,
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;<B><I>Talent Promotion. </I></B>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: 12pt"><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, 2006.
</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</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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>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>Anchor</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>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 2004, 2005 and 2006, our networks aired 177, 162 and 168,
respectively, of the 200 most watched television programs throughout Mexico and produced 13, 17 and
22, 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>

<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;2004 through December&nbsp;2006, shown on a bi-monthly
basis.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</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>Average Audience Share<BR>
January&nbsp;2004 &#151; December&nbsp;2006(1)</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="y35935y3593501.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>

<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="center" style="font-size: 10pt; margin-top: 18pt"><B>Average Ratings<BR>
January&nbsp;2004 &#151; December&nbsp;2006(1)</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="y35935y3593501.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>

<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;<B><I>Channel 2 Network. </I></B>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 20.7&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 2004, 2005 and 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the <I>Pol&#237;tica Nacional para la Introducci&#243;n de los Servicios de Televisi&#243;n Digital
Terrestre </I>or the National Policy for the Introduction of Terrestrial Digital Television Services in
Mexico dictated by the SCT, in May&nbsp;2005, Mexico City&#146;s Channel 2 obtained a new license to transmit
DTV services on Channel 48 as its second channel throughout the transition period from analog to
digital television, which is estimated to end by the year 2021. Also, six repeaters of the Channel
2 network located in Guadalajara, Monterrey, and four cities along the border with the United
States of America have obtained similar licenses. As of December&nbsp;2005, these DTV stations are in
place and fully operational.
</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>


<P>&nbsp;&nbsp;
<P>&nbsp;&nbsp;
<P>&nbsp;&nbsp;
<P>&nbsp;&nbsp;


<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>2004(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006(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">Prime time hours</DIV></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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.8</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">32.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37.3</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">29.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31.8</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;<B><I>Channel 5 Network. </I></B>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 19.4&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>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</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;According to the <I>Pol&#237;tica Nacional para la Introducci&#243;n de los Servicios de Televisi&#243;n Digital
Terrestre </I>or the National Policy for the Introduction of Terrestrial Digital Television Services in
Mexico dictated by the SCT, in September&nbsp;2005, Mexico City&#146;s Channel 5 obtained a new license to
transmit DTV services in Channel 50 as its second channel during the transition period estimated to
end by the year 2021. Also, three repeaters of the Channel 5 network had obtained similar license.
As of December&nbsp;2005, these DTV stations are in place and fully operational.
</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>2004(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006(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">Prime time hours</DIV></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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16.9</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">19.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.9</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">21.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.1</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 2006, 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;<B><I>Channel 4 Network. </I></B>Channel 4 broadcasts in the Mexico City metropolitan area and, according
to our estimates, reaches over 5.0&nbsp;million households, representing approximately 23.9% of
television households in Mexico in 2006. As described above, as part of our plan to attract
medium-sized and local Mexico City advertisers, we focused 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the <I>Pol&#237;tica Nacional para la Introducci&#243;n de los Servicios de Televisi&#243;n Digital
Terrestre </I>or the National Policy for the Introduction of Terrestrial Digital Television Services in
Mexico dictated by the SCT, in September&nbsp;2005, Mexico City&#146;s Channel 4 obtained a new license to
transmit DTV services in Channel 49 as its second channel during the transition period estimated to
end by the year 2021. As of December&nbsp;2005, this DTV station is installed, and fully operational.
</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 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>2004(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006(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">Prime time hours</DIV></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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.1</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">7.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.5</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">8.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.5</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;<B><I>Channel 9 Network. </I></B>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 15.3&nbsp;million households, representing
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</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">approximately 72.8% of households with television sets in Mexico. Channel 9 broadcasts in 26
of the 27 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;According to the <I>Pol&#237;tica Nacional para la Introducci&#243;n de los Servicios de Televisi&#243;n Digital
Terrestre </I>or the National Policy for the Introduction of Terrestrial Digital Television Services in
Mexico dictated by the SCT, in October&nbsp;2006, Mexico City&#146;s Channel 9 obtained a new license to
transmit DTV services in Channel 44 as its second channel during the transition period estimated to
end by the year 2021. As of January&nbsp;2007, this DTV station is in place and fully operational.
</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>2004(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006(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">Prime time hours</DIV></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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.7</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">9.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.4</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">11.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.6</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;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;<B><I>Local Affiliates. </I></B>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 2004, 2005 and 2006, the local television stations owned by us produced 39,800 hours,
38,900 hours and 43,300 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;According to the <I>Pol&#237;tica Nacional para la Introducci&#243;n de los Servicios de Televisi&#243;n Digital
Terrestre </I>or the National Policy for the Introduction of Terrestrial Digital Television Services in
Mexico dictated by the SCT, four of the 18 local stations wholly owned have obtained new licenses
to transmit DTV services in their service area during the transition period estimated to end by
year 2021. These four DTV stations are in place and fully operational.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Border Stations. </I></B>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 through a
station operating agreement with Bay City Television, a U.S. corporation indirectly owned by
Televisa. 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 was renewed in December&nbsp;2006 for a five-year term expiring
November&nbsp;1, 2011, and the Fox affiliation agreement for XETV expires in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Advertising Sales Plan. </I></B>Our sales force is organized into separate teams, each of which
focuses on a particular segment of our business. We sell advertising to our customers on a cost per
rating point basis. 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 66%, 66% and 63% of total available national advertising time on our
networks during prime time broadcasts in 2004, 2005 and 2006, respectively, and approximately 55%,
56% and 52% of total available national advertising time during all time periods in 2004, 2005 and
2006, respectively. See &#147;Operating and Financial
</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">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 2004, 2005 and 2006, we produced approximately 6,400 hours, 7,900 hours and 10,100 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, Canal 2 Delay-2hrs and Clasico TV.</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 54,500 hours, 52,900
hours and 48,927 hours of programming in 2004, 2005 and 2006, 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, 2006, we had approximately 198,974 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"><B><I>Publishing</I></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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a total circulation of approximately 155&nbsp;million copies in 2006, we publish 78 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
U.S.A. </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
</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">agreement with Rodale Press, Inc.; <I>ESPN Magazine </I>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>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>and
<I>Padres e Hijos </I>pursuant to a license agreement with GyJ Espa&#241;a Ediciones, S.L.C. en C.; <I>Ocean
Drive</I>, pursuant to a license agreement with Sobe News, Inc.; <I>Disney Princesas</I>, <I>Disney Winnie Pooh,
Power Rangers </I>and <I>W.I.T.C.H</I>., pursuant to a license agreement with Disney Consumer Products Latin
America, Inc.; <I>Nick </I>pursuant to a license agreement with MTV Networks 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 2006, we launched seven new titles of which: four are fully-owned (namely, <I>Poder y
Negocios</I>, a fortnightly business magazine &#151; Colombian Edition, <I>TVyNovelas Ecuador</I>, a fortnightly
entertainment magazine, Bike and Motociclismo Panamericano); and three are licenses (namely, the
Spanish version of <I>OK </I>magazine pursuant to a license agreement with Northern &#038; Shell PLC, <I>Chivas</I>,
the official magazine of the Mexican Premiere League soccer team known as Chivas pursuant to a
license agreement with Chivas de Coraz&#243;n, S.A. de C.V., <I>Atenci&#243;n M&#233;dica</I>, a medical magazine
pursuant to a license agreement with Intersistemas, S.A. de C.V.
</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.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate that we distribute approximately 60%, 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 2005 and 2006,
approximately 68% and 75%, respectively, of the publications distributed by our company were
published by our Publishing division. 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>

<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;<B><I>The Cable Television Industry in Mexico. </I></B>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 953 cable concessions in Mexico as of December&nbsp;31,
2006, serving approximately 3.8&nbsp;million subscribers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mexico City Cable System. </I></B>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, 2005 and 2006, Cablevisi&#243;n had over 422,100 and
496,500 basic subscribers, respectively. As of December&nbsp;31, 2004, 2005 and 2006, approximately
123,000, 283,200 and 496,500 subscribers, respectively, were digital subscribers. CPOs, each
representing two series A shares and one series B share of Cablevisi&#243;n, are traded on the Mexican
Stock Exchange under the ticker symbol &#147;CABLE&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cable Television Services. </I></B>Cablevisi&#243;n&#146;s basic service package offers up to 75 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.360.00 to
Ps.635.00, in each case, including the Ps.275.00 basic service fee. Cablevisi&#243;n&#146;s five premium
digital service packages offer up to 218 channels, including 50 audio channels, which provide
access to a variety of additional channels, including CNN International, HBO, Cinemax, Cinecanal
and Movie City, and 22 pay-per-view channels.
</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>Pay-Per-View Channels. </I></B>Cablevisi&#243;n currently offers 22 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;<B><I>Cable Television Revenues. </I></B>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.275.00 to Ps.635.00. 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;<B><I>Cable Television Initiatives. </I></B>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 services through cable modems.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 VoIP
technology which shall comply with the standards of data transmission over cable networks,
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="2%" 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 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IP and/or telephony services.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2007, Cablevisi&#243;n received a concession to offer fixed telephony services through its
network. Subject to the availability of certain technology, Cablevisi&#243;n intends to introduce its
fixed telephony service in the third quarter of 2007.
</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 11,100
kilometers with over 1.5&nbsp;million homes passed. In 2006, Cablevisi&#243;n expanded its network by over
400 kilometers. As of December&nbsp;31, 2006, 100% of Cablevisi&#243;n&#146;s network runs at least at 450 MHz,
approximately 53% of Cablevisi&#243;n&#146;s network runs at least at 750 MHz, approximately 14% runs at
least at 870 MHz, and approximately 72% of Cablevisi&#243;n&#146;s network has bi-directional capability.
</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;<B><I>Radio Stations. </I></B>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 stockholder 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 stockholder approval. We also have the right to appoint Radi&#243;polis&#146;s Chief
Financial Officer. The election of Radi&#243;polis&#146;s 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 AM station in
Monterrey, one FM radio station in Mexicali and repeater radio stations of XEW-AM in 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 76 stations. After giving effect to the transaction with Radiorama, we estimate that Radi&#243;polis&#146;
radio stations 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>

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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;According to Investigadores Internacionales Asociados, S.C., or INRA, in 2004, 2005 and 2006,
XEW-AM ranked, on average, twelve, ninth and eighth, respectively, among the 34 stations in the
Mexico City metropolitan area AM market, XEQ-FM, ranked, on average, tenth, eleventh and sixth,
respectively, among the 29 stations in the Mexico City metropolitan area FM market, and XEBA
ranked, on average, second, second and first, 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. We believe that no other independent surveys of this nature are
routinely conducted in Mexico.
</DIV>

<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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The successful exclusive radio broadcasting of the 2004 Olympic games and 2006 Soccer World
Cup placed Radi&#243;polis among the highest rating sports-broadcasting radio stations in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the last four years, Radi&#243;polis has organized 14 massive live musical events with
leading artists in both musical formats, gathering a record attendance of approximately 50,000
people at each event. The last seven events were performed at the Estadio Azteca in Mexico City
before an average attendance of approximately 70,000 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;<B><I>Radio Advertising. </I></B>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;<B><I>Televisa Digital. </I></B>Televisa Digital is our online and wireless content venture. This venture
includes Esmas, our Spanish-language horizontal Internet portal; Esmas M&#243;vil, our wireless value
added service unit; Gyggs, our social networking site; and Esmas Player, our new media business
unit that operates our music on demand, video on demand, live TV and media manager for our users.
Televisa Digital 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 165&nbsp;million page views, and approximately
4.4&nbsp;million monthly unique users in 2006, we believe that Televisa Digital has positioned itself as
one of the leading digital entertainment portals in Mexico and Hispanic territories. Currently, 55%
of our traffic is from Mexico and the rest comes from the U.S. and Latin America. 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 the previous Program License Agreement such that, for
a five-year period ending in December&nbsp;2006, we agreed to limit our rights to transmit over the
Internet our programming to which Univision had television rights in the United States. For a
description of current litigation we filed against Univision relating to our rights with respect to
Internet distribution, see &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151;
Current Litigation We Are Engaged In With Univision and the Recent Sale of Univision May Affect Our
Relationship With 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 message 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 2006, <I>Esmas.com </I>sent approximately 220&nbsp;million
messages to approximately 9.5&nbsp;million mobile phone users.
</DIV>

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

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Sports and Show Business Promotions. </I></B>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;<B><I>Soccer. </I></B>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 2004, 2005 and 2006, we broadcasted 87, 95 and 113 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;<B><I>Promotions. </I></B>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;<B><I>Live Entertainment. </I></B>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 assurance
can be given in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Feature Film Production and Distribution. </I></B>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 feature films in 2003, two in 2004, two in 2005 and none in 2006. 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 assurance 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 2004, 2005 and 2006, we released one, two and two,
respectively, of our feature films through movie theaters, including <I>La &#218;ltima Noche </I>and <I>Pu</I>&#241;<I>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 CIE 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, 2005 or 2006.
</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, 2005, and 2006 we distributed 53,
47, 52 and 40 feature films, respectively, including several U.S. box office hits. We also
distribute independently produced non-Mexican and Mexican films in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2006, we owned or had rights to approximately 678 Spanish-language films and
164 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Nationwide Paging. </I></B>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;<B><I>Gaming Business. </I></B>In May&nbsp;2005, we obtained the Gaming Permit from the <I>Secretar&#237;a de
Gobernaci&#243;n </I>and in 2006 we launched our gaming business. As of December&nbsp;31,
2005, we had 5 bingo and sports books halls open and operating
under the brand name &#147;Play City&#148;. We plan to open 65 bingo and sports books halls in total over the
course of eight years. In addition, we recently launched Multijuegos, an online lottery with access
to a nationwide network of electronic terminals. Our principal competitors in the gaming industry
are CIE and Grupo Caliente.
</DIV>


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<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;<B><I>OCEN. </I></B>In October&nbsp;2002, we acquired a 40% stake in Ocesa Entretenimiento, S. A. de C. V. , or
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 a
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 a company named Audiencias Cautivas, producer in
Mexico of corporate events, for U.S.$2&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mutual Fund Venture. </I></B>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 138 funds managed by eleven entities. The company operates under a license
granted by the CNBV. On June&nbsp;1, 2004, CVQ one of our subsidiaries, 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 Fernando Azc&#225;rraga Jean. The total consideration that Servicios Profesionales paid in
connection with this acquisition was Ps.500,000. As a result of the sale, we had a 46% interest. We
received authorization for this transaction from the CNBV on June&nbsp;28, 2004. We currently have a
40.84% interest in M&#225;s Fondos. For a description of the transaction, see &#147;Major Stockholders and
Related Party Transactions &#151; 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;<B><I>Volaris. </I></B>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 Vuela, pursuant to which we made a capital contribution in the amount
of U.S.$25.0&nbsp;million. During 2006, we made capital contributions
of U.S.$7.5&nbsp;million in Volaris related our 25%&nbsp;interest in
Vuela. We are not obligated to make any further capital contributions to Vuela.
Vuela 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;<B><I>La Sexta. </I></B>In November&nbsp;2005, the government of Spain granted a concession for a nationwide
free-to-air analog television channel and two nationwide free-to-air digital television channels to
La Sexta, a consortium that included Televisa, holding a 40% equity interest, and Grupo Arbol and
the Mediapro Group controlling the remaining 60%, indirectly, through their interest in GAMP. In
November&nbsp;2006, GAMP entered into a purchase agreement with Gala, whereby Gala acquired from GAMP a
9% interest in La Sexta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the agreement with our partners to (i)&nbsp;complete funding the La Sexta business plan
in its entirety for the first three years of operations, and (ii)&nbsp;to acquire part of the capital
stock of Imagina (formerly &#147;Grupo Afinia&#148;), an entity which resulted from the merger between the
Mediapro Group and Grupo Arbol, we received, among other rights, a call option under which we had
the right to subscribe, at a price of 80.0&nbsp;million Euros, a percentage of the capital stock of
Imagina that was to be determined by the application of a formula related to the enterprise value
of Imagina at the time of the exercise of the call option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In exchange for the call option and certain other rights granted in connection therewith, we
agreed to grant Mediapro Arbol, an indirect, wholly owned subsidiary of Imagina, a credit facility
for up to 80.0&nbsp;million Euros to be used exclusively for equity contributions by Imagina to La
Sexta; provided, among other obligations, that if a third party acquired a portion of the capital
stock of Imagina, and any borrowings had been made thereunder, the Credit Facility would be
cancelled and any outstanding amount would have to be repaid to us 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;In March&nbsp;2007, Torreal acquired a 20% stake in Imagina. As a result of such acquisition, (i)
the Credit Facility has been cancelled and no repayment of the Credit Facility was necessary
because no borrowings had been made thereunder and (ii)&nbsp;our partners may elect to terminate the
call option granted to us in connection with the possible Imagina investment if they pay us a
termination fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the investment in La Sexta, 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. La Sexta began broadcasting on March&nbsp;27, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of our commitments of capital contributions in 2007 and 2008 related to this
investment, See &#147;Operating and Financial Review and Prospects &#151; Contractual Obligations and
Commercial Commitments &#151; Contractual Obligations Off the Balance Sheet.&#148;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Walmex. </I></B>In January&nbsp;2006, we entered into an agreement with Wal-Mart de M&#233;xico, or Walmex,
pursuant to which we will deploy, in almost 300 of their stores, a digital signage network
considered by Walmex to be the first of its kind in Mexico. Digital signage is a form of
out-of-home advertising in which content and messages are displayed on an electronic screen,
typically with the goal of delivering targeted messages to specific locations at specific times.
During 2006 we installed more than 6,000 liquid-crystal display, or LCD, screens at Walmex &#147;Bodega
Aurrera&#148; and &#147;Supercenter&#148; format stores, with an average of 21 LCD displays in each Bodega Aurrera
and 29 LCD displays in each Supercenter nationwide. The network uses IP to broadcast, at every
venue, tailor- made content we produce for the shopping centers. All the content is designed and
produced by Televisa specifically for this kind of point-of-purchase private television network
which includes news, entertainment, and the production of the advertisement spots for Walmex&#146;s
suppliers. We view this venture as an opportunity to better serve our clients by complementing
their mass-media campaigns with this out-of-home advertisement alternative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>TVI</I></B>. In March&nbsp;2006, our subsidiary CVQ, acquired a 50% interest in TVI, in the amount of
Ps.769.4&nbsp;million, which was substantially paid in cash. We agreed to pay an additional purchase
price adjustment in the second quarter of 2006 in the amount of Ps.18.6&nbsp;million. In addition, as
part of the agreement, we agreed to provide funding to TVI in the form of a loan in the amount of
Ps. 240.6&nbsp;million, which has been converted into capital stock. The ownership structure of TVI was
not changed after the capitalization of the loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVI, a telecommunications company offering pay television, data and voice services in the
metropolitan area of Monterrey, serves more than 147,000 cable television subscribers, 53,000
high-speed internet subscribers and 1,300 telephone lines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVQ notified the Mexican Antitrust Commission of its intent to acquire a 50% interest in TVI,
and after appealing the decision of such authority at the first stage of the process on February
23, 2007, the Mexican Antitrust Commission authorized the intended acquisition, subject to
compliance with certain conditions in order to avoid restraints on competition. 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;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Alvafig. </I></B>In November&nbsp;2006,
we invested U.S.$258.0&nbsp;million dollars in long-term notes
convertible, at our option, into 99.99% of the equity of Alvafig S.A.
de C.V., which holds 49% of the equity of Cablem&#225;s, S.A. de C.V., or
Cablem&#225;s. Cablem&#225;s operates in 48 cities. As of December 31, 2006,
Cablem&#225;s cable network served 709,309 cable television subscribers,
176,182 high&#45;speed internet subscribers and 25,089 IP-telephony
lines, with approximately two million homes passed. The Company has
notified the Mexican Antitrust Commission of its intent to convert
the long term notes into equity. The Commission's resolution is
currently pending.
</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;<B><I>Background. </I></B>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 assurance can be given that the DTH
joint venture 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 May Continue to Experience
Substantial Losses as a Result of Our Participation in Innova, Which Would Adversely Affect Our Net
Income&#148;.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a description of capital contributions and loans we have made to date to those ventures, 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 Stockholders and Related Party Transactions &#151; Related Party
Transactions &#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="2%" 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.641.5&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>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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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, 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="2%" 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>

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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;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="2%" 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)
DIRECTV agreed to purchase all of our indirect equity interests in MCOP, and (iii)&nbsp;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="2%" 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. Lucie,
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="2%" 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="2%" 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="2%" 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="2%" 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 U.S.$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="2%" 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="2%" 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 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mexico. </I></B>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, 2004, 2005 and 2006, Innova&#146;s DTH
satellite pay-television service had approximately 1,002,500, 1,250,600 and 1,430,100 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, and during
2006, due to exclusive broadcasting of 34 out of the 64 matches of the 2006 Soccer World Cup. 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 2006, Sky also added new exclusive content such as over 50% of 2006 Soccer World Cup
matches, every game of the Spanish soccer league, the reality show &#147;El Bar,&#148; the NFL Sunday ticket,
the Major League Baseball, as well as several new channels
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to its line-up, including Sky One (an exclusive channel produced by Sky for its subscribers
base), TCM and MGM (movie channels), Fox Life, and MTV Hits and MTV Jams (musical video channels).
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, E! Entertainment, The Disney Channel, National
Geographic, Canal Fox, Fox Sports, Fox News, MTV, VH1, Nickelodeon, TNT, CNN, The Cartoon Network
and ESPN. Sky also has arrangements with the following studios to show films on an as-needed basis:
20th Century Fox, Universal Studios International, Buenavista International, MGM, Warner Bros., and
Independent Studios.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky currently offers 222 digital channels through five programming packages: Basic (77 video
channels, 50 audio channels and 26 pay-per-view); Fun (113 video channels, 50 audio channels and 33
pay-per-view); Movie City (121 video channels, 50 audio channels and 33 pay-per-view); HBO/Max (125
video channels, 50 audio channels and 33 pay-per-view); and Universe (139 video channels, 50 audio
channels and 33 pay-per-view) for a monthly fee of Ps.228.00, Ps.288.00, Ps.428.00, Ps.478.00 and
Ps.618.00, 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.381.00, HBO/Max Ps.431.00 and Universe Ps.571.00. 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.999.00, which is reduced to Ps.799.00 if the subscriber
pays the monthly programming fees via an automatic charge to a debit card or Ps.299.00 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 eight 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The installation fee is based on the number of set 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;<B><I>Programming. </I></B>We and News Corp. are major sources of programming content for our DTH joint
venture and have granted our DTH joint venture 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 and other limited exceptions. In addition to
sports, news and general entertainment programming, we provide our DTH joint venture 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;We 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
</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">record sales in the United States. 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;Until recently, we owned shares and warrants representing an approximate 11.3% equity interest
in Univision, on a fully diluted basis. On March&nbsp;29, 2007, Univision was acquired by a group of
investors, and, as a result, all of Televisa&#146;s shares and warrants in Univision have been cancelled
and have been converted into cash in an aggregate amount of approximately US$1,094.4&nbsp;million. As a
result of the closing of the acquisition of Univision, we lost our
right to designate a member to the board of directors of Univision.
Accordingly, our former designee to the board of
directors of Univision, Ricardo Maldonado Ya&#241;ez, resigned from the board.
</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, including the PLA, 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
exceptions, including certain 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 a 12% programming 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;Risk Factors &#151; Risk Factors
Related to Our Business &#151; Current Litigation We Are Engaged In With Univision and the Recent Sale
of Univision May Affect Our Relationship With Univision&#148; for a description of our current disputes
with Univision relating to royalties under the PLA and relating to our Internet distribution
rights, and our claim in such disputes that we believe we have the right to terminate the PLA due
to uncured and uncurable material breaches. In 2006, Televisa programming represented approximately
45% of Univision&#146;s and 19% of TeleFutura Networks&#146; non-repeat broadcast hours, respectively. The
PLA, by its terms, survives the Univision Merger.
</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. Over the first three years of the venture, we contributed the amount of U.S.$3,500,000.
</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 under this agreement. We have the exclusive right
to broadcast, among others, programs produced before October 2, 1996
(&#147;Grandfathered Program&#148;) 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 the Grandfathered Programs in all other territories
(other than the United States, but including Puerto Rico). As for
programs other than Grandfathered Programs (&#147;New Programs&#148;), we and Venevisi&#243;n have the exclusive broadcast
and related merchandising rights for Mexico and Venezuela respectively, but Univision retains all
rights for the rest of the world. The rights to
the Grandfathered Programs and New Programs granted to us and Venevisi&#243;n will continue until the termination of the relevant
program license agreement and will revert back to Univision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;31, 2005, we 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. We also
had an option to acquire a 10% interest in these stations, but we decided not to exercise this
option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the closing of the acquisition of Univision, we are no longer bound by the
provisions of the Participation Agreement, except in the case that we enter into certain
transactions involving direct broadcast satellite or direct-to-home satellite to the U.S. market.
The Participation Agreement had formerly restricted our ability to enter into certain transactions
involving Spanish-language television broadcasting and a Spanish-language television network in the
U.S. without first offering Univision the opportunity to
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">acquire a 50% economic interest. Subject to compliance with the limited restrictions of the
surviving terms of the Participation Agreement and the terms of the PLA, we can now engage in
business opportunities in the growing U.S. Hispanic marketplace relating to programming and other
businesses without offering Univision participation in such opportunities. We cannot predict how
our overall business relationship with Univision will be affected by the recent acquisition of
Univision by an investor acquiring group. We are engaged in litigation with Univision, as described
in &#147;Risk Factors &#151; Risk Factors Related to Our Business &#151; Current Litigation We Are Engaged In With
Univision and the Recent Sale of Univision May Affect Our Relationship With Univision&#148; and &#147;Legal
Proceedings.&#148; The Company expects to explore with Univision the possibility of a resolution of
issues between them in the litigation potentially including possible joint endeavors or interests.
There is no assurance that any such agreement will be reached. See &#147;Information on the Company &#150;
Business Overview&#151; Business Strategy &#151; Developing New Businesses and Expanding Through
Acquisitions.&#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><I>Television Broadcasting</I></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 199 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 2004, 2005
and 2006 the combined average audience share throughout Mexico of both the Channel 7 and 13
networks was 31.1%, 31.5% and 30.5%, respectively, during prime time, and 28.7%, 29.8% and 29.0%,
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 8 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"><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"><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 953 cable
concessions in Mexico as of December&nbsp;31, 2006 serving approximately 3.8&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
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 22 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
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 Internet access services and other new products and multimedia
communications services, cable operators, such as Cablevisi&#243;n, who were already authorized to
provide bi-directional data and Internet broadband services, have been recently authorized by the
Mexican government to also provide voice services, including
&#147;Voice over Internet Protocol&#148;, or
VoIP services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;2, 2006, the Mexican government enacted a new set of regulations known as the
Convergence Regulations. The Convergence Regulations allow certain concessionaires of
telecommunication services to provide other services not included in their original concessions.
Cable television providers will now be allowed to provide internet and telephone services. In
addition, telephone operators, such as Telmex, will now be allowed to provide cable television
services. We believe that we may face significant competition from new entrants providing telephony
services, including cable television providers. See &#147;Key Information &#151; Risk Factors &#151; Risk Factors
Related to our Business &#151; We Face Competition in Each of Our Markets That We Expect Will
Intensify&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in November&nbsp;2006, the CFE announced that it had obtained an authorization from
the Mexican government, through the Ministry of Communications and Transportation to use their
power lines and infrastructure to provide telecommunication services using the new technology model
known as power line communications, or PLC, and broadband over power lines communications, or BPL.
We believe that this action will result in a significant reduction in the lease prices for
infrastructure, as the CFE owns approximately 14,000 kilometers of power that could be used to
transmit voice, data and video.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the aforementioned, Cablevisi&#243;n will face competition from several media and
telecommunications companies throughout Mexico, including Internet service providers, DTH services
and other personal communications and telephone companies, including us and our affiliates.
</DIV>

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

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
principal competitors in the gaming industry are CIE and Grupo
Caliente.
</DIV>


<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 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 federal, state and local governmental
authorities. The material Mexican federal, state and local statutes, rules, regulations, policies
and procedures to which our business, activities and investments are subject are summarized below.
Station XETV, Tijuana, which broadcasts Fox television network programming in the San Diego
television market, is also subject to certain regulatory requirements of the U.S. Federal
Communications Commission, or FCC, including the obligation to obtain permits for cross-border
transmission of programming broadcast to the United States and to obtain licenses to operate
microwave and/or satellite earth station transmitting equipment within the U.S. 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"><B><I>Television</I></B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Concessions. </I></B>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. In May 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 such amendments were unconstitutional and therefore
null and void. This complaint was resolved by the Supreme Court
of Justice on June&nbsp;5, 2007, declaring several provisions of the amendments to the <I>Ley Federal de
Radio y Televisi&#243;n </I>and to the <I>Ley Federal de Telecomunicaciones </I>unconstitutional and therefore null
and void. Among the provisions declared as unconstitutional by the Supreme Court of Justice are the
ones referred to in Article&nbsp;28 of the Ley Federal de Radio y Televisi&#243;n, pursuant to which holders
of concessions had the ability to request authorization to provide additional telecommunications
services within the same concession spectrum without having to submit a bid therefore and Article
16 of the Ley Federal de Radio y Televisi&#243;n, pursuant to which concessions were granted for a fixed
term of 20&nbsp;years having the possibility to renew such concessions by obtaining from the SCT, a
certification of compliance in connection with their obligations within the concession.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either the SCT and the Federal Telecommunications Commission shall provide notice in the <I>Diaro
Oficial de la Federaci&#243;n</I>, or the Official Gazette of the Federation, of the call for bids and the
available television frequencies, and make available the prerequisites for bids from interested
parties for a maximum of 30&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bidders shall comply with the following requirements:
</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proof of Mexican nationality.</TD>
</TR>

</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submission of a business plan;</TD>
</TR>

</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submission of technical specifications and descriptions;</TD>
</TR>

</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submission of a plan for coverage;</TD>
</TR>

</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submission of an investment program;</TD>
</TR>

</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submission of a financial program;</TD>
</TR>

</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submission of plans for technical development and actualization;</TD>
</TR>

</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submission of plans for production and programming;</TD>
</TR>

</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receipt of a guaranty to ensure the continuation of the process until the concession is
granted or denied; and</TD>
</TR>

</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A request for a favorable opinion from the Mexican Antitrust Commission.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before granting the concession, the Federal Telecommunications Commission shall review the
plans and programs submitted and the goals expressed by the bidder for consistency, as well as the
results of the call for bids through the public auction. Within 30&nbsp;days of the determination of a
winning bid, such bidder has to provide proof of the required payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concessions may be granted for a term of up to 20&nbsp;years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the SCT determines that (i)&nbsp;the bidders&#146; applications do not guarantee the best conditions
for the rendering of radio and television services, or (ii)&nbsp;that the offered payment proposals are
not sufficient, or, that (iii)&nbsp;the submitted applications do not fulfill the requirements
established under the bidding call or the bidding bases, it may terminate the bidding process and
not grant the concession to any of the applicants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
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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="1%" 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>

</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="1%" 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>

</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="1%" 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>

</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="1%" 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>

</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="1%" 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>

</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="1%" 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>

</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="1%" 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;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;<B><I>Supervision of Operations. </I></B>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;<B><I>Networks. </I></B>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;<B><I>Restrictions on Advertising. </I></B>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;<B><I>Broadcast Tax. </I></B>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;<B><I>Foreign Ownership. </I></B>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 stockholders). See &#147;&#151; Satellite Communications &#151; Mexican
Regulation of DTH Satellite Services&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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, 2006, 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>



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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: 12pt"><B><I>Cable Television</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Concessions. </I></B>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 obtained a telecommunications concession, which expires in
2029, and its concession to transmit the over-the-air UHF restricted television channel 46 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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 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 <I>Ley
Federal de Radio y Televisi&#243;n </I>and the
<I>Reglamento de la Ley Federal de Radio y Televisi&#243;n.</I>
</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;<B><I>Supervision of Operations. </I></B>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>


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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;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;<B><I>Restrictions on Advertising. </I></B>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;<B><I>Government Participation. </I></B>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;<B><I>Forfeiture of Assets. </I></B>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"><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>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mexican Regulation of DTH Satellite Services. </I></B>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="2%" 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="2%" 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="2%" 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="2%" 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="2%" 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>
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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;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;<B><I>Regulation of DTH Satellite Services in Other Countries. </I></B>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>

<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>, or
Gaming Law, and its accompanying regulations, the <I>Reglamento de la Ley Federal de Juegos y Sorteos</I>,
or Gaming Regulations, 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. In January&nbsp;2007, the Supreme Court of Justice
declared the Gaming Regulations constitutional.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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&nbsp;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;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="2%" 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>

</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>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="2%" 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;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="2%" 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="2%" 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, 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="2%" 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="2%" 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="2%" 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;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, 2006.
</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="3"><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" colspan="3"><B>Organization or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage</B></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" colspan="3" 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>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.(2)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">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.(2)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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.(3)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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.B. de C.V.(3)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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:15px; text-indent:-15px">Editorial Televisa, S.A. de C.V.(3)(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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">Factum Mas, S.A. de C.V.(3)(7)(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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">Sky DTH, S. de R.L. de C.V.(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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:45px; text-indent:-15px">Innova, S. de R.L. de C.V. (Innova)(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">58.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Distribuidoras Intermex, S.A. de C.V.(3)(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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">Campus Am&#233;rica, S.A. de C.V.(11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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">Linking
Media, S.A. de C.V.(12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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">Sistema
Radi&#243;polis, S.A. de C.V.(3)(13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telesistema
Mexicano, S.A. de C.V.(14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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">G-Televisa-D, S.A. de C.V.(15)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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">Televisa,
S.A. de C.V.(16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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">Televisa
Juegos, S.A. de C.V.(3)(17)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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.(3)(14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">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 three direct subsidiaries through which we conduct the operations of our Other Businesses
segment, excluding Internet</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>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
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.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Indirect 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&nbsp;2002, see &#147;&#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>Direct 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">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>One of two subsidiaries through which we own our equity interest in Innova.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Direct subsidiary through which we own equity interests in and conduct our Internet business.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Consolidated 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>Campus leases real property  to Apuestas Internacionales,&nbsp;S.A.&nbsp;de&nbsp;C.V., Sistema Radi&#243;polis,&nbsp;S.A.&nbsp;de&nbsp;C.V.
and Cablevisi&#243;n,&nbsp;S.A.&nbsp;de&nbsp;C.V., all of which are subsidiaries of Grupo Televisa. Campus
also leases real property to Club de Futbol America, a professional soccer team, for its training facilities.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Grupo Televisa held a majority of its ownership stake of Univision Communications&nbsp;Inc. through Linking. Due
to the sale of its shares of Univision, Linking currently has no operations.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(13)</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 FRS. 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">(14)</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">(15)</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">(16)</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>

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

<TR valign="top">
    <TD nowrap align="left">(17)</TD>
    <TD>&nbsp;</TD>
    <TD>Direct subsidiary through which we conduct the operations of our Gaming Business.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;29, 2007,
shareholders will vote on  the merger of Campus Am&#233;rica,&nbsp;S.A.&nbsp;de&nbsp;C.V., and Linking
Media,&nbsp;S.A.&nbsp;de&nbsp;C.V. with and into Grupo Televisa,&nbsp;S.A.B. The main purpose
of the merger will be to simplify the corporate structure of Grupo Televisa,
reducing unnecessary administrative costs. The merger will have no effect on the
securities of Grupo Televisa, including its CPOs.
</DIV>

<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;<B><I>Broadcasting, Office and Production Facilities. </I></B>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 4.4&nbsp;million square feet of
space, of which over 3.1&nbsp;million square feet are located in Mexico City and the surrounding areas,
and approximately 1.3&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>

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</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;We also own or lease over a total of 545,253 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>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&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="35%">&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><DIV style="margin-left:15px; text-indent:-15px"><B>Television and news activities </B><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Owned properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Diego, California<br></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madrid, Spain (2)<br></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 align="left" valign="top">San Diego, California (1)<br></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 align="left" valign="top">Miami, Florida (1)<br></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 align="left" valign="top">Zug, Switzerland (1)<br></TD>
</TR>
<TR valign="bottom" style="background: #cceeff"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Publishing activities</B><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Owned properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida (1)<br></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beverly Hills, California (1)<br></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 align="left" valign="top">New York, New York (1)<br></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 align="left" valign="top">Medell&#237;n, Colombia (2)<br></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 align="left" valign="top">Cali, Colombia (2)<br></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 align="left" valign="top">Quito, Ecuador (2)<br></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 align="left" valign="top">Lima, Per&#250; (1)<br></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 align="left" valign="top">Santiago, Chile (1)<br></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 align="left" valign="top">Chacao, Venezuela (1)<br></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 align="left" valign="top">San Juan, Puerto Rico (1)</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>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Publishing distribution and other activities</B><br></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Owned properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buenos Aires, Argentina (1)<br></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 align="left" valign="top">Baranquilla, Colombia (1)<br></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 align="left" valign="top">Guayaquil, Ecuador (3)<br></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quito, Ecuador (1)<br></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 align="left" valign="top">Guayaquil, Ecuador (1)<br></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 align="left" valign="top">Buenos Aires, Argentina (1)<br></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 align="left" valign="top">Panam&#225;, Panam&#225; (1)</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 align="left" valign="top">Santiago, Chile (1)<br></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Satellites. </I></B>We currently use transponder capacity on five satellites: Satmex V, which reaches
Mexico, the United States, Latin America, except Brazil, and the Caribbean; Intelsat 3-R (formerly
PAS 3-R), which reaches North America, Western Europe, Latin America and the Caribbean; Solidaridad
II, which reaches Mexico; and Galaxy 16 (formerly Galaxy IVR), which reaches Mexico, the U.S. and
Canada. The Intelsat 9 (formerly PAS-9) satellite is currently functioning and its period of
operation is expected to last 15&nbsp;years (life expectancy through 2019). With Intelsat, we are
evaluating alternatives to replace Intelsat 9. Intelsat 9 provides coverage of Central America,
Mexico, the Southern United States and the Caribbean. Intelsat 9 is currently evaluating the launch
of a back-up satellite for such satellite. 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
U.S. 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 16 (formerly 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
million.
</DIV>

<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 (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>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->
</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;On
June&nbsp;19, 2006, the U.S. Federal Communications Commission (FCC)&nbsp;announced that it has approved
the merger of Intelsat, Ltd., or Intelsat, with PanAmSat Holding Corporation, or PanAmSat. Intelsat
and PanAmSat announced the conclusion of their 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. As of
today, the merger has not 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;On August&nbsp;14, 2006, Televisa&#146;s main network broadcast operation was successfully relocated
from satellite Galaxy IVR to Galaxy 16. Televisa&#146;s broadcast was formerly conducted through Galaxy
IVR, which experienced an irreparable damage that shortened its expected operational life.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;1, 2007, Intelsat renamed some of their satellite fleet recently acquired with the
merger with PanAmSat: current names for PAS-9 and PAS-3R are IS-9 and IS-3R respectively. Intelsat
kept the name of Galaxy 16.
</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 assurance can be given in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Insurance. </I></B>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"><!-- Folio -->51<!-- /Folio -->
</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="114"></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.</I>
</DIV>
<DIV align="left">
<A name="115"></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 FRS, which
differ in some significant respects from U.S. GAAP. Note 24 to our year-end financial statements
describes certain differences between Mexican FRS and U.S. GAAP as they relate to us through
December&nbsp;31, 2006. 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="116"></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="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,(1)</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>2006</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>Operating 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">56.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">55.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">53.8</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">2.7</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">Programming Exports</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.4</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">7.0</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">7.4</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">5.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico(2)</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.1</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">3.7</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">5.1</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">1.0</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">1.1</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">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6</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>&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">(2.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.8</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">97.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">96.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">97.2</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>&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>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of Sales(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling Expenses(3)</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">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative Expenses(3)</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</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">7.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.1</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:15px; text-indent:-15px">Consolidated Operating Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.2</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</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 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">(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 FRS NIF A-8, &#147;Supplementary Financial
Reporting Standards&#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>Excluding depreciation and amortization.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</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>Summary of Business Segment Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the net sales and operating segment income (loss)&nbsp;of each of
our business segments and intersegment sales and corporate expenses for the years ended December
31, 2004, 2005 and 2006. 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, 2005 and 2006, include Sky
Mexico as a segment. Effective April&nbsp;1, 2004, we adopted the guidelines of FIN 46 in accordance
with Mexican FRS NIF A-8 &#147;Supplementary Financial Reporting 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,(1)</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>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="10"><B>(millions of Pesos in purchasing power as of December) 31, 2006</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>Operating 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"> 18,388.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 19,323.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 20,972.1</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">861.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,156.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,329.0</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">2,061.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,952.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,110.9</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">2,250.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,607.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,885.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,692.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">418.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,910.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,229.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,452.7</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">1,212.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,462.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,984.7</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">318.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">444.6</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">1,610.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,377.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,408.1</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">32,305.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,885.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,021.1</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">(786.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,087.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,089.3</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"> 31,519.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 33,797.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 37,931.8</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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating Segment Income (Loss)</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">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">  8,343.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">  9,211.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">  10,598.0</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">320.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">682.3</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">786.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">695.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869.3</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">456.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">555.8</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(27.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,439.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,618.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,555.5</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">383.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">509.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">816.8</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">34.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94.6</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(137.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(187.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(311.4</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">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Operating Segment Income(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,600.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,947.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,878.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate Expenses(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(167.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(189.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(450.9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,231.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,517.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,679.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Consolidated Operating Income(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 9,201.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 11,240.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 13,748.9</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 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 certain key terms of
substantially all our contracts with publishers for the distribution
of magazines, books and newspapers. As a result, we changed our
accounting treatment in our Publishing Distribution segment&#146;s net
sales and cost of sales, and began recognizing our net sales as the
marginal revenue from the products we distribute. Before October&nbsp;2004,
we recognized revenue on a gross basis.</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 FRS NIF A-8,
&#147;Supplementary Financial Reporting Standards&#148;.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</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">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The operating segment income (loss), and total operating segment
income data set forth in this annual report do not reflect corporate
expenses or depreciation and amortization in any period presented, but
are presented herein to facilitate the discussion of segment results.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Total consolidated operating income reflects corporate expenses and
depreciation and amortization 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 2004, 2005 and 2006, we recognized 28.7%, 29.7% and 28.3%,
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 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, 2006<BR>
Compared to the Year Ended December&nbsp;31, 2005</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"><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.4,134.2&nbsp;million, or 12.2%, to Ps.37,931.8&nbsp;million for the year
ended December&nbsp;31, 2006 from Ps.33,797.6&nbsp;million for the year ended December&nbsp;31, 2005. This
increase reflects a revenue growth in all of our business segments, partially offset by a decrease
in our feature films distribution and internet businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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.832.5&nbsp;million, or 5.4%, to Ps.16,182.8&nbsp;million for the year
ended December&nbsp;31, 2006 from Ps.15,350.3&nbsp;million for the year ended December&nbsp;31, 2005. This
increase was due to higher costs in the Television Broadcasting, Sky Mexico, Cable Television,
Publishing, Radio, Pay Television Networks, Publishing Distribution and Other Businesses segments.
These increases were partially offset by lower cost of sales in our Programming Exports segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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.243.3&nbsp;million, or 8.8%, to Ps.3,016.8&nbsp;million for the year
ended December&nbsp;31, 2006 from Ps.2,773.5&nbsp;million for the year ended December&nbsp;31, 2005. This increase
was attributable to higher selling expenses in our Publishing, Television Broadcasting, Sky Mexico,
Programming Exports, Cable Television, Radio, Pay Television Networks and Other Businesses
segments, as a result of increases in promotional and advertising expenses and commissions paid.
These increases were partially offset by lower selling expenses in our Publishing Distribution
segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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.388.1&nbsp;million, or 20.3%, to Ps.2,304.2&nbsp;million for the
year ended December&nbsp;31, 2006, from Ps.1,916.1&nbsp;million for the year ended December&nbsp;31, 2005. This
increase reflects the administrative expense growth in our Sky Mexico, Cable Television, Television
Broadcasting, Publishing, Radio, Publishing Distribution and Other Businesses segments, as well as
the increase in corporate expenses due to the adoption of the guidelines of the International
Financial Reporting Standard 2, &#147;Share-based Payment&#148; at
the end of 2005, for which we recognized in 2006 a
share-based compensation expense of approximately Ps.235.0&nbsp;million. These increases were partially
offset by lower administrative expenses in our Pay Television Networks and Programming Exports
segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 2005 and 13.5% in 2006. No Television Broadcasting
advertiser accounted for more than 10% of Television Broadcasting advertising sales in any of these
years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television Broadcasting net sales, representing 55.4% and 53.8% of our total segment net sales
for the years ended December&nbsp;31, 2005 and 2006, respectively, increased by Ps.1,648.6&nbsp;million, or
8.5%, to Ps.20,972.1&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.19,323.5&nbsp;million for the
year ended December&nbsp;31, 2005. This increase was attributable to the broadcast of the 2006 FIFA
World Cup, political advertising related to the presidential election in Mexico and higher ratings
in our telenovelas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television Broadcasting operating segment income increased by Ps.1,386.6&nbsp;million, or 15.1%, to
Ps.10,598.0&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.9,211.4&nbsp;million for the year ended
December&nbsp;31, 2005. This increase was due to the increase in net sales, partially offset by an
increase in cost of sales due to the transmission rights of the 2006 FIFA World Cup and an increase
in operating expenses driven by higher commissions paid and provision for doubtful trade accounts.
</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>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 sell advertising to our
customers on a cost per rating point basis.
</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 daytime
hours, and the same price increases have not been implemented for all programs, with higher
increases in certain programs as a result of high demand for advertising during certain hours.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005 and 2006, we increased our nominal advertising rates. During prime time
broadcasts, we sold an aggregate of 1,574 hours of advertising time in 2005 and 1,493 hours in
2006. During sign-on to sign-off hours, we sold 3,425 hours of advertising time in 2005 and 3,216
hours in 2006. 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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2005 and December&nbsp;31, 2006, we had received Ps.14,232.7&nbsp;million (nominal)
and Ps.15,946.0&nbsp;million (nominal), respectively, of advertising deposits for television advertising
time during 2006 and 2007, representing approximately U.S.$1,339.4&nbsp;million and U.S.$1,476.1&nbsp;million
at the applicable year-end exchange rates. Approximately 57.5% and 61.9% of these deposits as of
December&nbsp;31, 2005 and 2006, respectively, were in the form of short-term, non-interest bearing
notes, with the remainder in each of these years consisting of cash deposits. The weighted average
maturity of these notes at December&nbsp;31, 2005 and 2006 was 3.1&nbsp;months and 3.6&nbsp;months, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 an interest. 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay Television Networks net sales, representing 3.3% and 3.4% of our total segment net sales
for the years ended December&nbsp;31, 2005 and 2006, respectively, increased by Ps.172.8&nbsp;million, or
14.9%, to Ps.1,329.0&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.1,156.2&nbsp;million for the
year ended December&nbsp;31, 2005. This increase reflects higher revenues from signals sold in Mexico
and Latin America, higher sales of TuTv, and an increase in advertising sales in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay Television Networks operating segment income increased by Ps.143.2&nbsp;million, or 26.6%, to
Ps.682.3&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.539.1&nbsp;million for the year ended
December&nbsp;31, 2005, primarily due to higher sales and a decrease in operating expenses, partially
offset by an increase in cost of sales mainly by costs of programs produced by us and higher costs
from transmission rights of programs produced by third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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. In 2005 and 2006, approximately
64.7% and 67.0%, respectively, of net sales for this segment were attributable to programming
licensed under our program license agreement with Univision. In 2005 and 2006, we received
U.S.$109.8&nbsp;million and U.S.$126.9&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.$5.0&nbsp;million in respect of
TeleFutura for 2003, increasing by U.S.$2.5&nbsp;million for each subsequent year up to U.S.$12.5
million. See &#147;Information on 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">Company &#150; 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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming Exports net sales, representing 5.6% and 5.4% of our total segment net sales for
the years ended December&nbsp;31, 2005 and 2006, respectively, increased by Ps.158.9&nbsp;million, or 8.1%,
to Ps.2,110.9&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.1,952.0&nbsp;million for the year
ended December&nbsp;31, 2005. This increase was primarily due to higher royalties paid to us under the
Program License Agreement entered into with Univision in the amount of U.S.$126.9&nbsp;million, for the
year ended December&nbsp;31, 2006, as compared to U.S.$109.8&nbsp;million, for the year ended December&nbsp;31,
2005, as well as an increase in export sales to Latin America and Europe. These increases were
partially offset by lower export sales to Asia and Africa and a negative translation effect on
foreign-currency denominated sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming Exports operating segment income increased by Ps.173.5&nbsp;million, or 24.9%, to
Ps.869.3&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.695.8&nbsp;million for the year ended
December&nbsp;31, 2005. This increase was primarily due to the increase in net sales, as well as a
decrease in cost of sales primarily due to lower programming costs. This increase was partially
offset by an increase in operating expenses primarily due to higher market research and advertising
expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing net sales, representing 7.5% and 7.4% of our total segment net sales for the years
ended December&nbsp;31, 2005 and 2006, respectively, increased by Ps.278.4&nbsp;million, or 10.7%, to
Ps.2,885.5&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.2,607.1&nbsp;million for the year ended
December&nbsp;31, 2005. This increase reflects sales of Editora Cinco (which we began to consolidate
beginning January&nbsp;2006) in the amount of Ps.129.3&nbsp;million, and higher revenues from magazine
circulation and advertising pages sold both in Mexico and abroad, partially offset by a negative
translation effect on foreign-currency denominated sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing operating segment income increased by Ps.56.3&nbsp;million, or 11.3%, to Ps.555.8
million for the year ended December&nbsp;31, 2006, from Ps.499.5&nbsp;million for the year ended December&nbsp;31,
2005. This increase primarily reflects the increase in net sales and was partially offset by
increases in cost of sales and operating expenses due to the consolidation of Editora Cinco, as
well as increases in costs of supplies, 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"><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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the total volume of magazines we distributed, approximately, 68.0% in 2005 and 75.0% in
2006 were published by our Publishing segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing Distribution net sales, representing 1.2% and 1.1% of our total segment net sales
for the years ended December&nbsp;31, 2005 and 2006, respectively, increased by Ps.15.0&nbsp;million, or
3.6%, to Ps.433.5&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.418.5&nbsp;million for the year
ended December&nbsp;31, 2005. This increase was primarily attributable to higher distribution sales
abroad of magazines published by us and by third parties, and was partially offset by lower
circulation in Mexico of magazines published by third parties and the negative translation effect
of foreign-currency denominated sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing Distribution operating segment income increased by Ps.11.1&nbsp;million, or 160.9%, to
Ps.18.0&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.6.9&nbsp;million for the year ended
December&nbsp;31, 2005. This increase was attributable to the increase in net sales as well as a
decrease in operating expenses, driven by lower provision for doubtful trade accounts; partially
offset by higher cost of sales primarily due to higher charges related to the distribution of
magazines.
</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: 12pt"><B><I>Sky Mexico</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky Mexico net sales representing 17.9% and 19.1% of our total segment net sales for the years
ended December&nbsp;31, 2005 and 2006, respectively, increased by Ps.1,223.5&nbsp;million or 19.6% to
Ps.7,452.7&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.6,229.2&nbsp;million for the year ended
December&nbsp;31, 2005. This increase was primarily due to a 14.4% increase in its subscriber base,
which as of December&nbsp;31, 2006 reached 1,430,100 gross active subscribers (including 91,100
commercial subscribers) compared to 1,250,600 gross active subscribers as of December&nbsp;31, 2005 (of
which 70,100 were commercial subscribers) and higher advertising revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky Mexico operating segment income increased by Ps.936.7&nbsp;million or 35.8% to Ps.3,555.5
million for the year ended December&nbsp;31, 2006, from Ps.2,618.8&nbsp;million for the year ended December
31, 2005. This increase was due to the increase in net sales, partially offset by higher
programming and activation costs, associated with our larger subscriber base as well as an increase
in operating expenses due to higher promotion and personnel expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 Stockholders and Related Party Transactions &#151; Related Party Transactions &#151; Transactions
and Arrangements With Affiliates and Related Parties of Our Directors, Officers and Major
Stockholders&#148;. 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. 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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Television net sales, representing 4.2% and 5.1% of our total segment net sales for the
years ended December&nbsp;31, 2005 and 2006, respectively, increased by Ps.522.6&nbsp;million, or 35.7%, to
Ps.1,984.7&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.1,462.1&nbsp;million for the year ended
December&nbsp;31, 2005. This increase was primarily due to a 17.6% increase in the subscriber base
during 2006, to 496,500, all of which were digital subscribers at December&nbsp;31, 2006, from a
subscriber base of 422,100, of which 283,200 were digital subscribers, at the same date of 2005;
also we had a 57.5% increase in our broadband subscriber base to 96,000 at December&nbsp;31, 2006,
compared with 61,000 at December&nbsp;31, 2005, and a 6% rate increase in Cablevisi&#243;n video service
packages effective March&nbsp;1, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Television operating segment income increased by Ps.307.4&nbsp;million, or 60.3%, to Ps.816.8
million for the year ended December&nbsp;31, 2006, from Ps.509.4&nbsp;million for the year ended December&nbsp;31,
2005. This increase primarily reflects the increase in net sales, partially offset by an increase
in cost of sales due to higher signal costs associated with the subscriber base growth, and an
increase in operating expenses primarily in personnel costs as well as maintenance and advertising
expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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. Given the size of our Radio segment relative to our consolidated results,
starting January&nbsp;1, 2007, we are classifying the results of operations of our Radio segment in our
Other Businesses segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio net sales, representing 1.0% and 1.1% of our total segment net sales for the years ended
December&nbsp;31, 2005 and 2006, respectively, increased by Ps.85.9&nbsp;million, or 23.9%, to Ps.444.6
million for the year ended December&nbsp;31, 2006 from Ps.358.7&nbsp;million for the year ended December&nbsp;31,
2005. This increase primarily reflects an increase in advertising time sold primarily due to the
broadcast of the 2006 FIFA World Cup and political advertising related to the presidential election
in Mexico. These increases were partially offset by lower sales generated by our affiliation
agreement with Radiorama.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio operating segment income increased by Ps.40.3&nbsp;million or 74.2% to Ps.94.6&nbsp;million for
the year ended December&nbsp;31, 2006 from Ps.54.3&nbsp;million for the year ended December&nbsp;31, 2005. This
increase was primarily due to the increase in net sales, 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 and personnel expenses.
</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: 12pt"><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, 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 the sale in the first quarter of 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Businesses net sales, representing 3.9% and 3.6% of our total segment net sales for the
years ended December&nbsp;31, 2005 and 2006, respectively, increased by Ps.30.3&nbsp;million, or 2.2%, to
Ps.1,408.1&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.1,377.8&nbsp;million for the year ended
December&nbsp;31, 2005. This increase was primarily due to higher sales related to our sport events
productions and our gaming business. This increase was partially offset by lower sales in our
feature films distribution business as well as in our internet business due to lower sales related
to our SMS messaging service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Businesses operating segment loss increased by Ps.123.8&nbsp;million, or 66.0%, to Ps.311.4
million for the year ended December&nbsp;31, 2006, from Ps.187.6&nbsp;million for the year ended December&nbsp;31,
2005. This increase reflects an increase in cost of sales and operating expenses related to our
gaming business, partially offset by the increase in net sales and lower cost of sales in our
feature films distribution and internet 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.162.0&nbsp;million, or 6.4%, to Ps.2,679.1
million for the year ended December&nbsp;31, 2006, from Ps.2,517.1&nbsp;million for the year ended December
31, 2005. This change was due to higher depreciation expense for decoders in connection with the
increase in the subscriber bases in our Sky Mexico and Cable Television segments, installation of
new digital decoder equipment, as well as an increase in depreciation expenses in our Other
Businesses segment related to our new gaming business.
</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"><B><I>Integral Cost of Financing, Net</I></B>

</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 FRS, 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>

<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>interest expense, including the restatement of our Mexican Investment Units (<I>Unidades de
Inversi&#243;n</I>) or UDI-denominated notes;</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 expense attributable to the integral cost of financing decreased by Ps.754.6&nbsp;million, or
40.7%, to Ps.1,099.7&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.1,854.3&nbsp;million for the
year ended December&nbsp;31, 2005. This decrease reflected primarily a Ps.566.5&nbsp;million decrease in net
foreign-exchange loss resulting primarily from the difference between the spot rate and the
foreign-exchange rate of the cross-currency interest rate swap agreements, or coupon swaps, we
entered into; 1.66% depreciation of the Mexican Peso against the U.S. dollar in 2006 compared with
a 4.69% appreciation of the Mexican Peso against the U.S. dollar in 2005; a Ps.283.5&nbsp;million
decrease in interest expense, primarily due to both a lower average amount of outstanding debt and
a
</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">reduction in the weighted-average interest rate; and a Ps.124.4&nbsp;million increase in interest
income primarily in connection with a higher average amount of temporary investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These favorable variances were partially offset by a Ps.219.8&nbsp;million increase in loss from
monetary position resulting primarily from a higher net monetary asset position, and a higher
annual inflation rate in 2006 (4.05%) compared with 2005 (3.3%).
</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 increased by Ps.375.2&nbsp;million to Ps.614.4&nbsp;million for
the year ended December&nbsp;31, 2006, compared to Ps.239.2&nbsp;million for the year ended December&nbsp;31,
2005. This increase reflected primarily the recognition of certain non-recurring expenses incurred
in connection with the tender offer made by Sky Mexico in the second quarter of 2006 for most of
its Senior Notes due 2013.
</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.272.0&nbsp;million, or 56.3%, to Ps.211.0&nbsp;million for the year
ended December&nbsp;31, 2006, as compared with Ps.483.0&nbsp;million for the year ended December&nbsp;31, 2005.
This decrease reflected primarily the absence of loss on disposition of both investments and fixed
assets in 2006, which effect was partially offset by an increase in advisory and professional
services. In 2006, other expense, net, primarily includes donations and advisory and professional
services.
</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 taxes and employees&#146; profit sharing increased by Ps.1,244.8&nbsp;million, to Ps.2,047.2
million for the year ended December&nbsp;31, 2006, from Ps.802.4&nbsp;million for the year ended December&nbsp;31,
2005. This increase reflected both a higher income tax base and a higher effective income tax rate.
</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 Mexican subsidiaries up to 100% of their share ownership in
such subsidiaries (through December&nbsp;31, 2004, such percentage was 60%).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and our Mexican subsidiaries are also subject to an assets tax, at a tax rate of 1.8%
through December&nbsp;31, 2006, 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. As of January&nbsp;1,
2007, the rate was lowered to 1.25% and the asset base to which the
rate is applied has increased. The rate will now be applied to gross
assets versus an adjusted book value of assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican corporate income tax rate in 2004, 2005 and 2006 was 33%, 30% and 29%,
respectively. In accordance with the current Mexican Income Tax Law, the corporate income tax rate
in 2007 and subsequent years will be 28%.
</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
recognized equity in losses 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 results of affiliates, net, decreased by Ps.768.9&nbsp;million to an equity in losses of
affiliates of Ps.602.2&nbsp;million for the year ended December&nbsp;31, 2006, compared with an equity in
earnings of affiliates of Ps.166.7&nbsp;million for the year ended December&nbsp;31, 2005. This decrease
reflected primarily an equity in loss of La Sexta, our 40% interest in a free-to-air television
channel in Spain, which began operations in March&nbsp;2006. In addition, beginning July&nbsp;1, 2006, we
reclassified our investment in Univision as a current available-for-sale financial asset.
Therefore, this line item does not reflect any results from our investment in Univision since that
date.
</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 loss of accounting change of Ps.526.6&nbsp;million, reflected (i)&nbsp;the
cumulative loss effect of Ps.336.7&nbsp;million, in connection with the initial accrual of share-based
compensation expense for benefits granted to executives and employees under the terms of our Stock
Purchase Plan and Long-term Retention Plan, in accordance with the guidelines of IFRS 2,
&#147;Share-based
</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">Payment&#148;, issued by the International Accounting Standards Board; and (ii)&nbsp;the cumulative
loss effect of Ps.189.9&nbsp;million, net of income taxes, in connection with the initial accrual of
certain severance payments, in accordance with the guidelines of revised Bulletin D-3, &#147;Labor
Obligations&#148;, issued by the Mexican Institute of Public Accountants.
</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 of 2004) businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interest in consolidated net income decreased by Ps.539.8&nbsp;million, or 47.9%, to
Ps.588.2&nbsp;million for the year ended December&nbsp;31, in 2006, from Ps.1,128.0&nbsp;million from the year
ended December&nbsp;31, 2005. This decrease reflected primarily a lower portion of net income
attributable to the interest held by minority equity owners in the Sky Mexico business.
</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.8,586.2&nbsp;million in 2006, as compared to net income
of Ps.6,373.8&nbsp;million in 2005. The net increase of Ps.2,212.4&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.2,508.3&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.754.6&nbsp;million decrease 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.272.0&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.526.6&nbsp;million decrease in cumulative loss of accounting change; 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.539.8&nbsp;million decrease in minority interest.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">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.375.2&nbsp;million increase 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.1,244.8&nbsp;million increase in income tax and employees&#146; profit sharing; 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.768.9&nbsp;million decrease in equity in results of affiliates, net.</TD>
</TR>

</TABLE>
</DIV>

<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"><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.2,278.6&nbsp;million, or 7.2%, to Ps.33,797.6&nbsp;million for the year
ended December&nbsp;31, 2005, from Ps.31,519.0&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: 12pt"><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.599.1&nbsp;million, or 3.8%, to Ps.15,350.3&nbsp;million for the year
ended December&nbsp;31, 2005, from Ps.15,949.4&nbsp;million for the year ended December&nbsp;31, 2004. This
decrease was due to lower costs in the Publishing Distribution
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: 12pt"><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.406.9&nbsp;million, or 17.2%, to Ps.2,773.5&nbsp;million for the year
ended December&nbsp;31, 2005, from Ps.2,366.6&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: 12pt"><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.145.6&nbsp;million, or 8.2%, to Ps.1,916.1&nbsp;million for the
year ended December&nbsp;31, 2005, from Ps.1,770.5&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: 12pt"><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 increased by Ps.935.3&nbsp;million, or 5.1%, to Ps.19,323.5
million for the year ended December&nbsp;31, 2005, from Ps.18,388.2&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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television Broadcasting operating segment income increased by Ps.867.6&nbsp;million, or 10.4%, to
Ps.9,211.4&nbsp;million for the year ended December&nbsp;31, 2005, from Ps.8,343.8&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"><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 increased by Ps.295.2&nbsp;million, or 34.3%, to Ps.1,156.2
million for the year ended December&nbsp;31, 2005, from Ps.861.0&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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay Television Networks operating segment income increased by Ps.218.2&nbsp;million, or 67.9%, to
Ps.539.1&nbsp;million for the year ended December&nbsp;31, 2005, from Ps.320.9&nbsp;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"><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 decreased by Ps.109.5&nbsp;million, or 5.3%, to Ps.1,952.0&nbsp;million
for the year ended December&nbsp;31, 2005, from Ps.2,061.5&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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programming Exports operating segment income decreased by Ps.91.0&nbsp;million, or 11.6%, to
Ps.695.8&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.786.8&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>

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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: 12pt"><B><I>Publishing</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing net sales increased by Ps.356.3&nbsp;million, or 15.8%, to Ps.2,607.1&nbsp;million for the
year ended December&nbsp;31, 2005, from Ps.2,250.8&nbsp;million for the year ended December&nbsp;31, 2004. This
increase was primarily due to an 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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing operating segment income increased by Ps.42.9&nbsp;million, or 9.4%, to Ps.499.5&nbsp;million
for the year ended December&nbsp;31, 2005, from Ps.456.6&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"><B><I>Publishing Distribution</I></B>
</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
the operating segment&#146;s results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing Distribution net sales decreased by Ps.1,273.9&nbsp;million, or 75.3%, to Ps.418.5
million for the year ended December&nbsp;31, 2005, from Ps.1,692.4&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.22.0&nbsp;million, or 5.5%, to Ps.418.5&nbsp;million for
the year ended December&nbsp;31, 2005, from Ps.396.5&nbsp;million for the year ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing Distribution operating segment income increased by Ps.34.2&nbsp;million, to an income of
Ps.6.9&nbsp;million for the year ended December&nbsp;31, 2005, from a loss of Ps.27.3&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"><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 FRS NIF A-8, &#147;Supplementary
Financial Reporting Standards&#148;.
</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.1,101.5&nbsp;million or 21.5% to Ps.6,229.2
million for the year ended December&nbsp;31, 2005, from Ps.5,127.7&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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sky Mexico operating segment income increased, on a pro forma basis, by Ps.748.4&nbsp;million, or
40.0%, to Ps.2,618.8&nbsp;million for the year ended December&nbsp;31, 2005 from Ps.1,870.4&nbsp;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"><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 increased by Ps.249.3&nbsp;million, or 20.6%, to Ps.1,462.1&nbsp;million for
the year ended December&nbsp;31, 2005, from Ps.1,212.8&nbsp;million for the year ended December&nbsp;31, 2004.
This increase was primarily due to an 18.9% increase in the subscriber
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable Television operating segment income increased by Ps.126.0&nbsp;million, or 32.9%, to Ps.509.4
million for the year ended December&nbsp;31, 2005, from Ps.383.4&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)
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"><B><I>Radio</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio net sales increased by Ps.40.7&nbsp;million, or 12.8%, to Ps.358.7&nbsp;million for the year ended
December&nbsp;31, 2005, from Ps.318.0&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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radio operating segment income increased by Ps.20.2&nbsp;million, or 59.1%, to Ps.54.3&nbsp;million for
the year ended December&nbsp;31, 2005, from Ps.34.1&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"><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 decreased by Ps.232.3&nbsp;million, or 14.4%, to Ps.1,377.8&nbsp;million for
the year ended December&nbsp;31, 2005, from Ps.1,610.1&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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Businesses operating segment loss increased by Ps.50.2&nbsp;million, or 36.6%, to Ps.187.6
million for the year ended December&nbsp;31, 2005, from Ps.137.4&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.286.1&nbsp;million, or 12.8%, to Ps.2,517.1
million for the year ended December&nbsp;31, 2005, from Ps.2,231.0&nbsp;million for the year ended December
31, 2004. This change primarily reflects an increase in our Sky Mexico and Cable Television
segments, which was due to an increase in their subscriber bases, 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"><B><I>Integral Cost of Financing, Net</I></B>
</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 FRS, 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>

<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>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>

</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>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 expense attributable to integral cost of financing increased by Ps.224.1&nbsp;million, or
13.7%, to Ps.1,854.3&nbsp;million for the year ended December&nbsp;31, 2005, from Ps.1,630.2&nbsp;million for the
year ended December&nbsp;31, 2004. This increase primarily reflected a Ps.658.0&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.31.9&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.264.0&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.138.0&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.185.8&nbsp;million, or 43.7%, to Ps.239.2
million for the year ended December&nbsp;31, 2005, compared to Ps.425.0&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.70.7&nbsp;million, or 12.8%, to Ps.483.0&nbsp;million for the year
ended December&nbsp;31, 2005, as compared with Ps.553.7&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.462.4&nbsp;million, or 36.6%, to Ps.802.4&nbsp;million for the year ended
December&nbsp;31, 2005, from Ps.1,264.8&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 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 through December&nbsp;31, 2006. 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. As of January&nbsp;1, 2007, the
assets tax rate was 1.25%.
</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 was 29%, and in 2007 and subsequent years will be 28%.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</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>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.494.5&nbsp;million, or 74.8%, to equity in income
of affiliates of Ps.166.7&nbsp;million for the year ended December&nbsp;31, 2005, compared to Ps.661.2
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.336.7&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.189.9&nbsp;million, net of an
income-tax benefit of Ps.81.4&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.1,098.4&nbsp;million, net of an income-tax benefit of Ps.332.3&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 in consolidated net income increased by Ps.878.8&nbsp;million to Ps.1,128.0
million for the year ended December&nbsp;31, 2005, from Ps.249.2&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 stockholders in Sky Mexico, which we began consolidating in our financial statements in
April&nbsp;2004.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</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.6,373.8&nbsp;million in 2005, as compared to net income
of Ps.4,641.4&nbsp;million in 2004. The net increase of Ps.1,732.4&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.2,039.1&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.185.8&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.70.7&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.462.4&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.571.8&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">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.224.1&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.494.5&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.878.8&nbsp;million increase in minority interest.</TD>
</TR>

</TABLE>
</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>

<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 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="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"><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></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>2006</B></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 Peso as compared to the U.S. Dollar(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.7</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4.7</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican inflation rate(2)</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</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">3.3</TD>
    <TD>&nbsp;</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">3.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in Mexican GDP(3)</DIV></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">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.8</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.11.1490 per U.S.
Dollar as of December&nbsp;31, 2004; Ps.10.6265 per U.S. Dollar as of
December&nbsp;31, 2005; and Ps.10.8025 per U.S. Dollar as of December&nbsp;31,
2006.</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: 112.5 in 2004; 116.3
in 2005; and 121.0 in 2006.</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 2004,
2005 and 2006, 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /Folio -->
</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">

<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><B><I>Advertising and Other Revenues. </I></B>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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>U.S. Dollar-denominated Revenues and Operating Costs and Expenses. </I></B>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 2004, 2005
and 2006:</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="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>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>2006</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 U.S. Dollars)</B></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.$435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$470</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">443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529</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, 2005 and 2006, 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><B><I>Depreciation and Amortization Expense. </I></B>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>

<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><B><I>Integral Cost of Financing. </I></B>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;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 connection with our net investment in shares of Univision, we designated as
an effective hedge of foreign exchange exposure a portion of the U.S. dollar principal amount with
respect to our outstanding Senior Notes due 2011, 2025 and 2032, which amounted to U.S.$775.5
million and U.S.$971.9&nbsp;million as of December&nbsp;31, 2005 and 2006, respectively (see Notes 1(c), 5
and 9 to our year-end financial statements). As long as we maintained our net investment in shares
of Univision, a hedge of the designated principal amounts of our debt was effective, and any
foreign exchange gain or loss attributable to this hedging long-term debt was credited or charged
directly to equity (accumulated other comprehensive result) for Mexican FRS purposes. On March&nbsp;29,
2007, we sold our investment in shares of Univision, and the hedge of the designated principal
amount of our Senior Notes was discontinued on that date. See &#147;Key Information &#151; Risk Factors &#151;
Risk Factors Related to Mexico&#148;, &#147;&#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;<B><I>Inflation Under Mexican FRS. </I></B>Mexican FRS 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 stockholders&#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 FRS
and U.S. GAAP as they relate to us through December&nbsp;31, 2006, see Note 24 to our year-end financial
statements.
</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>Recently Issued U.S. Accounting Standards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No.&nbsp;155, &#147;Accounting for certain hybrid financial instruments-and amendment of FASB
Statements Nos. 133 and 140&#148; was issued on February&nbsp;2006. This Statement amends FASB Statements No.
133, &#147;Accounting for Derivative Instruments and Hedging Activities, and No.&nbsp;140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities&#148;. This Statement
resolves issues addressed in Statement 133 Implementation Issue No.&nbsp;D1, &#147;Application of Statement
133 to Beneficial Interests in Securitized Financial Assets&#148;. This Statement permits fair value
remeasurement for any hybrid financial instrument that contains an embedded derivative that
otherwise would require bifurcation, clarifies which interest-only strips and principal-only strips
are not subject to the requirements of Statement 133, establishes a requirement to evaluate
interests in securitized financial assets to identify interests that are freestanding derivatives
or that are hybrid financial instruments that contain an embedded derivative requiring bifurcation,
clarifies that concentrations of credit risk in the form of subordination are not embedded
derivatives and amends Statement 140 to eliminate the prohibition on a qualifying special-purpose
entity from holding a derivative financial instrument that pertains to a beneficial interest other
than another derivative financial instrument. This Statement is effective for all financial
instruments acquired or issued after the beginning of an entity&#146;s first fiscal year that begins
after September&nbsp;15, 2006. The Company does not expect that the adoption of this Statement will have
a material impact on the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No.&nbsp;156, &#147;Accounting for servicing of financial assets-an amendment of FASB Statement No.
140&#148; was issued on March&nbsp;2006. This Statement amends FASB Statement No.&nbsp;140, &#147;Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities&#148;, with respect to
the accounting for separately recognized servicing assets and servicing liabilities. This Statement
requires that all separately recognized servicing assets and servicing liabilities be initially
measured at fair value, if practicable. This Statement permits, but does not require, the
subsequent measurement of servicing assets and servicing liabilities at fair value. This Statement
permits an entity to reclassify certain available-for-sale securities to trading securities,
regardless of the restriction in paragraph 15 of Statement 115, provided that those
available-for-sale securities are identified in some manner as offsetting the entity&#146;s exposure to
changes in fair value of servicing assets or servicing liabilities that a servicer elects to
subsequently measure at fair value. This option is available only once, as of the beginning of the
fiscal year in which the entity adopts this Statement. An entity should adopt this Statement as of
the beginning of its first fiscal year that begins after September&nbsp;15, 2006. Earlier adoption is
permitted as of the beginning of an entity&#146;s fiscal year, provided that the entity has not yet
issued financial statements, including interim financial statements, for any period of that fiscal
year. The effective date of this Statement is the date an entity adopts the requirements of this
Statement. An entity should apply the requirements for recognition and initial measurement of
servicing assets and servicing liabilities prospectively to all transactions after the effective
date of this Statement. We do not expect that the adoption of this Statement will have a material
impact on the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No.&nbsp;157 &#147;Fair Value Measurements&#148; was issued in September&nbsp;2006. This Statement defines
fair value, establishes a framework for measuring fair value in generally accepted accounting
principles (GAAP), and expands disclosures about fair value measurements. This Statement applies
under other accounting pronouncements that require or permit fair value measurements, the Board
having previously concluded in those accounting pronouncements that fair value is the relevant
measurement attribute. Accordingly, this Statement does not require any new fair value
measurements. However, for some entities, the application of this Statement will change current
practice. The definition of fair value retains the exchange price notion in earlier definitions of
fair value. This Statement clarifies that the exchange price is the price in an orderly transaction
between market participants to sell the asset or transfer the liability in the market in which the
reporting entity would transact for the asset or liability, that is, the principal or most
advantageous market for the asset or liability. The transaction to sell the asset or transfer the
liability is a hypothetical transaction at the measurement date, considered from the perspective of
a market participant that holds the asset or owes the liability. Therefore, the definition focuses
on the price that would be received to sell the asset or paid to transfer the liability (an exit
price), not the price that would be paid to acquire the asset or received to assume the liability
(an entry price). This Statement also emphasizes that fair value is a market-based measurement, not
an entity-specific measurement. This Statement shall be effective for financial statements issued
for fiscal years beginning after November&nbsp;15, 2007. Earlier application is encouraged. We do not
expect that the adoption of this Statement will have a material impact on the consolidated
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;13, 2006, the FASB released FASB Interpretation No.&nbsp;48, &#147;Accounting for Uncertainty in
Income Taxes, an interpretation of FASB Statement No.&nbsp;109&#148; (FIN 48). FIN 48 clarifies the
accounting and reporting for income taxes where interpretation of the tax law may be uncertain. FIN
48 prescribes a comprehensive model for the financial statement recognition, measurement,
presentation and disclosure of income tax uncertainties with respect to positions taken or expected
to be taken in income tax returns. FIN 48 will be applicable to us on January&nbsp;1, 2007. We are
evaluating the requirements and the impact that this Statement may have on the consolidated
financial statements.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2007, the FASB issued SFAS No.&nbsp;159, &#147;The Fair Value Option for Financial Assets
and Financial Liabilities &#151; Including an Amendment of FASB Statement No.&nbsp;115&#148;, which provides a
fair value option to measure many financial instruments and certain other assets and liabilities at
fair value on an instrument-by-instrument basis. SFAS No.&nbsp;159 is effective for the Company
beginning in the 2008 first quarter. We do not expect that the adoption of this Statement will have
a material impact on the consolidated financial statements.
</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 in June&nbsp;2004, the Mexican Board for Research and Development of Financial Reporting
Standards, or Consejo Mexicano para la Investigaci&#243;n y Desarrollo de Normas de Informaci&#243;n
Financiera, or CINIF, assumed the responsibility for setting financial reporting standards in
Mexico. Before that date, the Mexican Institute of Public Accountants, or MIPA, was responsible for
issuing accounting principles generally accepted in Mexico. In November&nbsp;2005, the CINIF issued the
first Mexican FRS, which became effective in January&nbsp;2006, and included a new conceptual framework
to achieve the convergence with International Financial Reporting Standards, or IFRS, issued by the
International Accounting Standards Board, or IASB. Under this revised conceptual framework, the
hierarchy of Mexican FRS is set up as follows: (i)&nbsp;NIF and NIF Interpretations; (ii)&nbsp;Bulletins of
Mexican FRS issued by the MIPA that have not been modified, replaced or superseded by new NIF; and
(iii)&nbsp;those IFRS issued by the IASB and recognized as supplementary in Mexico when no general or
specific guidance is provided by Mexican FRS. The provisions of the new conceptual framework issued
by the CINIF did not have a significant effect on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2005, The CINIF issued NIF B-1, &#147;Accounting Changes and Error Corrections&#148;, which
became effective on January&nbsp;1, 2006. 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 FRS 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2006, the CINIF issued four new standards: (i)&nbsp;NIF B-3, &#147;Statement of Income&#148;,
which indicates the sections and captions that should be included in an income statement,
classifying income, costs and expenses into ordinary and non-ordinary, considering two approaches
to present ordinary costs and expenses: by function or by nature, and eliminating from the
statement of income the cumulative effect of accounting change; (ii)&nbsp;NIF B-13, &#147;Events After the
Date of Financial Statements&#148;, which sets forth a revised accounting treatment for events
subsequent to the date of financial statements, indicating if these events should be recognized or
disclosed in such financials; (iii)&nbsp;NIF C-13, &#147;Related Parties&#148;, which provides amended guidance
for disclosure of transactions with related parties; and (iv)&nbsp;NIF D-6, &#147;Capitalization of the
Integral Financing Result&#148;, which establishes the guidelines for capitalization of the financing
integral result attributable to those assets that require a long-term period for acquisition before
their intended use. The provisions of these new NIF became effective on January&nbsp;1, 2007, and are
not expected to have a significant effect on the Televisa&#146;s consolidated financial statements.
</DIV>

<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 FRS 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;<B><I>Accounting for Programming. </I></B>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 FRS, 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
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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;<B><I>Equity Investments. </I></B>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 FRS 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.
</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, among
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;<B><I>Goodwill and Other Indefinite-lived Intangible Assets. </I></B>Under Mexican FRS, 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 FRS, which
is similar to U.S. GAAP in this regard except that Mexican FRS 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
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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;<B><I>Long-lived Assets. </I></B>Under both Mexican FRS 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 FRS 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;<B><I>Deferred Income Taxes. </I></B>Under both Mexican FRS 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>

<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;<B><I>Liquidity. </I></B>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, 2006, December&nbsp;31, 2005, and December&nbsp;31, 2004, we had received Ps.15,946.0&nbsp;million
(nominal), Ps.14,232.7&nbsp;million (nominal), and Ps.13,615.3&nbsp;million (nominal)&nbsp;respectively, of
advertising deposits for television advertising during 2007, 2006 and 2005, respectively,
representing U.S.$1.5&nbsp;billion, U.S.$1.3&nbsp;billion, and U.S.$1.2&nbsp;billion, respectively, at the
applicable year-end exchange rates. The deposits as of December&nbsp;31, 2006, represented a 12.0%
(nominal)&nbsp;increase, or 8.3% in real terms, as compared to year-end 2005, and 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. Approximately 61.9%, 57.5% and 60.9% of the advanced payment deposits as of each of
December&nbsp;31, 2006, December&nbsp;31, 2005, and December&nbsp;31, 2004, 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, 2006, December&nbsp;31,
2005, and December&nbsp;31, 2004, was 3.6&nbsp;months, 3.1&nbsp;months and 3.5&nbsp;months, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect to fund our operating cash needs during 2007, other than cash needs in connection
with any potential investments and acquisitions, through a combination of financing, cash from
operations and cash on hand. We intend to finance our potential investments or acquisitions in 2007
through available cash from operations, cash on hand and/or borrowings. The amount of borrowings
required to fund these cash needs in 2007 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;<B><I>Net
income adjusted for non-cash items. </I></B>Non-cash items represent primarily depreciation and amortization, deferred income taxes,
stock-based compensation 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, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2006, we generated positive net income adjusted for non-cash items of Ps.14,088.2&nbsp;million, as compared to a
positive net income adjusted for non-cash items of Ps.9,838.7&nbsp;million during 2005. This change was due primarily to the
following:
</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.2,905.3&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.820.7&nbsp;million decrease in income and assets taxes and employees&#146; profit sharing;</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>a Ps.752.7&nbsp;million decrease in integral cost of financing, which was due primarily to a
decrease in foreign exchange loss and interest expense; 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.75.0&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 net income adjusted for non-cash items 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.304.2&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 2005, we generated positive net income adjusted for non-cash items of Ps.9,838.7&nbsp;million, as compared to a
positive net income adjusted for non-cash items of Ps.8,641.5&nbsp;million during 2004. This change was due primarily to the
following:
</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.2,325.2&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.117.2&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 net income adjusted for non-cash items 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.1,012.9&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.208.2&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.24.1&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 net income adjusted for non-cash items of Ps.8,641.5&nbsp;million, as compared to a
positive net income adjusted for non-cash items of Ps.5,661.9&nbsp;million during 2003. This change was due primarily to the
following:
</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.2,869.3&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.580.1&nbsp;million decrease in income and assets taxes and employees&#146; profit sharing; 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.579.7&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 net income adjusted for non-cash items 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.901.1&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.148.4&nbsp;million increase in other expense, net.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Capital Expenditures, Acquisitions and Investments, Distributions and Other Sources of Liquidity.</I></B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2006, 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 totaling U.S.$298.5&nbsp;million, including U.S.$75.9
million for our cable television segment, U.S.$91.2&nbsp;million for Sky Mexico, U.S.$22.5
million for gaming, and U.S.$108.9&nbsp;million in our television broadcasting and other business
segments;</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>made investments related to our 40% interest in La Sexta for an aggregate amount of
U.S.$132.4&nbsp;million (<font face="times new roman,times">&#128;</font>104.6&nbsp;million), and capital contributions of U.S.$7.5&nbsp;million in
Volaris related to our 25% interest in this venture;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /Folio -->
</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquired a 50% interest in TVI, a cable television company in Mexico, in the amount of
Ps.769.4&nbsp;million, which was substantially paid in cash, and provided funding to TVI in the
form of a loan in the amount of Ps. 240.6&nbsp;million; 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>invested U.S.$258&nbsp;million in long-term notes convertible, at our option, into 99.99% of
the equity of Alvafig S.A. de C.V., which holds 49% of the equity of Cablem&#225;s the second
largest cable operator in Mexico, with a coupon rate of 8% in the first year and 10% in the
four remaining years.</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 <I>Concesionaria Vuela Compa&#241;&#237;a de
Aviaci&#243;n, S.A. de C.V., </I>or Vuela, which owns and operates Volaris, a new, low-cost-carrier
airline with a concession to operate in Mexico, and made a capital contribution of U.S.$1.4
million (<font face="times new roman,times">&#128;</font>1.2&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: 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 &#150; Business Overview&#151; Television &#151; Programming&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Refinancings. </I></B>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&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 our U.S.$300&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. 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&nbsp;million
for an aggregate principal amount of U.S.$600&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 its U.S.$300.0
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;In May&nbsp;2007, we issued Ps.4,500&nbsp;million aggregate principal amount of 8.49% Senior Notes due
2037. We used the net proceeds from the issuance to replenish our cash position following the
payment, with cash on hand, of approximately Ps.992.9&nbsp;million of our 8.15 UDI-denominated notes
that matured in April&nbsp;2007 and for the repurchase of our shares. We intend to use the remaining
net proceeds from this issuance for general corporate purposes, including the repayment of other
outstanding indebtedness and the continued repurchase of our shares, subject to market conditions
and other factors. See Note 25 to our year-end financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Indebtedness. </I></B>As of December&nbsp;31, 2006, our consolidated long-term portion of debt amounted to
Ps.18,781.7&nbsp;million, and our consolidated current portion of debt was Ps.986.4&nbsp;million. As of
December&nbsp;31, 2005, our consolidated long-term portion of debt amounted to Ps.19,226.6&nbsp;million, and
our consolidated current portion of debt was Ps.354.3&nbsp;million. As of December&nbsp;31, 2004, our
consolidated long-term portion of debt amounted to Ps.23,913.7million, and our consolidated current
portion of debt was Ps.3,545.1&nbsp;million. The following table sets forth a description of our
outstanding indebtedness as of December&nbsp;31, 2006, on a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /Folio -->
</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">historical, actual basis. Information in following table is presented in millions of constant
Pesos in purchasing power as of December&nbsp;31, 2006:
</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="15" style="border-bottom: 1px solid #000000"><B>Debt Outstanding(1)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maturity</B></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="3" style="border-bottom: 1px solid #000000"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Rate(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Denomination</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Debt</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>Long-term 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>
    <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">8% Senior Notes(2)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">777.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.5% Senior Notes(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,240.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6 5/8% Senior Notes(2)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,481.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova&#146;s 9 3/8% Senior Notes(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.375</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2013</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UDI-denominated notes(3)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">980.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">UDIs (Peso-Indexed)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">2010 and 2012</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.925</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova&#146;s Santander Serfin loan(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.98</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova&#146;s Banamex loan(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other debt(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Various</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2007-2010</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>&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">Total debt (including current maturities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,781.7</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 colspan="3" align="center">13.40 years(8)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: current maturities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">986.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Various</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">December 2007</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>&nbsp;</TD>
    <TD>&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,795.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 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>&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>U.S. Dollar-denominated debt is translated into Pesos at an exchange rate
of Ps.10.8025 per U.S. Dollar, the Interbank Rate, as reported by
Banamex, as of December&nbsp;31, 2006.</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 2011, 2025 and 2032,
including additional amounts payable in respect of certain Mexican
withholding taxes, is 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 SEC.</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>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>These Senior Notes are unsecured and unsubordinated obligations of Sky
Mexico. Interest on these Senior Notes, including additional amounts
payable in respect of certain Mexican withholding taxes, is 9.8580%, and
is payable semi-annually. The indentures of these Senior Notes contain
certain restrictive covenants for Sky Mexico on additional indebtedness,
liens, sales and leasebacks, restricted payments, asset sales, and
certain mergers, consolidations and similar transactions. Sky Mexico 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, Sky Mexico 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. In March and April
2006, Sky Mexico entered into two 10-year loans with Mexican banks in the
aggregate principal amount of</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /Folio -->
</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Ps.3,500,000 to fund, together with cash on
hand, a tender offer and consent solicitation made in March&nbsp;2006 and
expired in April&nbsp;2006 for any or all of the Senior Notes due 2013, and
prepaid a principal amount of approximately U.S.$288.7&nbsp;million or 96.2%
of these securities. The total aggregate amount paid by Sky Mexico in
connection with this tender offer was of approximately U.S.$324.3
million, which included related consents and accrued and unpaid interest.
The 10-year Sky Mexico&#146;s indebtedness is guaranteed by the Company and
includes a Ps.2,100,000 loan with an annual interest rate of 8.74% and a
Ps.1,400,000 loan with an annual interest rate of 8.98% for the first
three years, and the Mexican interbank interest rate or &#147;TIIE&#148; plus 24
basis points for the remaining seven years. Interest on these two 10-year
loans is payable on a monthly basis.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Notes denominated in UDIs, representing 258,711,400 UDIs at December&nbsp;31,
2005 and 2006, respectively. Interest on these notes is payable
semi-annually. The balance as of December&nbsp;31, 2005 and 2006 includes
restatement of Ps.235,581 and Ps.265,578, respectively. The UDI value as
of December&nbsp;31, 2006, was of Ps.3.788954 per UDI. The 8.15%
UDI-denominated notes matured on April&nbsp;13, 2007.</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, in 2005 and 2006, outstanding balances of long-term loans in
the principal amount of Ps.800,000, Ps.1,162,500 and Ps.2,000,000,
respectively, in connection with certain credit agreements entered into
by the Company with a Mexican bank, with various maturities through 2012.
Interest on these loans is, in a range of 8.925% to 10.35% per annum, and
is payable on a monthly basis. 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)&nbsp;certain financial coverage ratios related to
indebtedness and interest expense; and (b)&nbsp;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">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes secured 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, 2006 are various from 2007 to 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Actual weighted average maturity of long-term debt as of
December&nbsp;31, 2006.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest Expense. </I></B>Interest expense for 2006 was Ps.1,937.6&nbsp;million, Ps.39.8&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,(1)(2)</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>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="10"><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">Interest payable in U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right" nowrap>$110.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right" nowrap> $118.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right">$95.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amounts currently payable under Mexican withholding taxes(3)</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.2</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 align="left">U.S.</TD>
    <TD align="right"> $115.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right">$124.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right">$99.8</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>
<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">1,435.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,433.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,114.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest payable in Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">632.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">754.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">783.3</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">185.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.8</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(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,253.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,221.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,937.6</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>
    <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, 2006.</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; Federal Mexican Taxation&#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;<B><I>Guarantees. </I></B>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.$104.8&nbsp;million as
of December&nbsp;31, 2006, related to Innova. In October&nbsp;2005, in a series of related transactions, we
disposed of our 30% interest in DTH Techco Partners, or 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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->76<!-- /Folio -->
</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 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&nbsp;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;Major Stockholders and Related Party
Transactions &#151; Related Party Transactions&#148;, &#147;Information on the Company &#150; Business Overview&#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, 2006 (these amounts do not include interest):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="40%">&nbsp;</TD>
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    <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</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,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>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>2007 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</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>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</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>(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">8% Senior Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right"> $71,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="left"> $</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="left"> $</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right" nowrap>  $71,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">300,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">11,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">11,251</TD>
    <TD>&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">90,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Banamex loan II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,434</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">44,434</TD>
    <TD>&nbsp;</TD>
    <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">Banamex loan III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,610</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">107,610</TD>
    <TD>&nbsp;</TD>
    <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">Banamex loan IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">92,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova&#146;s Banamex loan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">194,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova&#146;s Santander Serf&#237;n loan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">129,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">567</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">2,524</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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</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">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,738,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,327,822</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,891</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,632</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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</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 contractual obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right">$1,934,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right">$153,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right">$199,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right" nowrap>   $193,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.</TD>
    <TD align="right" nowrap>  $1,388,713</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>


<P align="center" style="font-size: 10pt"><!-- Folio -->77<!-- /Folio -->
</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><I>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, 2006:
</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</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,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>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>2007 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</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>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2011</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">Satellite transponder commitments(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right" nowrap>U.S. $63,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right" nowrap>U.S. $14,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right" nowrap>U.S. $24,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right" nowrap>U.S. $10,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right" nowrap>U.S. $13,726</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures commitments(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,765</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">Guarantees(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,426</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">Lease commitments(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,887</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,929</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>&nbsp;</TD>
    <TD align="right" nowrap>U.S.     $402,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>U.S.  $160,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>U.S. $82,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>U.S.  $26,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>U.S. $132,613</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 minimum commitments for the use of satellite transponders under operating lease contracts.</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 commitments for capital expenditures include U.S.$7,900, which are related to
improvements to leasehold facilities of our Gaming 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>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 is expected to be terminated in 2007.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Our minimum lease commitments for facilities under operating lease contracts, which are
primarily related to our Gaming Business, and which relate to leases with maturities between
2021 and 2046. See Note 11 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>We have commitments of capital contributions in 2007 and 2008 related to our 40% equity
interest in La Sexta in the aggregate amount of approximately 76.5&nbsp;million euros
(U.S.$101,003) and 31.0&nbsp;million euros (U.S.$40,929), respectively.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->78<!-- /Folio -->
</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="117"></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
stockholders at our April&nbsp;27, 2007 annual stockholders&#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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&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 Fernando Azc&#225;rraga<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Board of Banco
Nacional de M&#233;xico, S.A., former
Member of the Board of Tel&#233;fonos de
M&#233;xico, S.A.B. de C.V. and former
Vice Chairman of the Board of
Univision</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>December 1990</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Alfonso de Angoitia Noriega<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 1998</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mar&#237;a Asunci&#243;n<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramburuzabala Larregui<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(05/02/63)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer of Tresalia Capital,
S.A. de C.V.
</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.B. 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.B. de C.V.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2000</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pedro Aspe Armella (07/07/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and Chief Executive
Officer of Evercore/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 2003</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Julio Barba Hurtado (05/20/33)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Advisor to the Board, Member of the
Executive Committee and Secretary to the Audit
and Corporate Practices Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Assistant Secretary of the
Board and Legal Advisor to Televisa,
S.A. de C.V.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">December 1990</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Antonio Bast&#243;n Pati&#241;o<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 1998</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alberto Bailleres Gonz&#225;lez<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(08/22/31)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Grupo Bal, S.A. de C.V.
</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.B. de C.V., Fomento
Econ&#243;mico Mexicano, S.A.B. de C.V.
(FEMSA), Grupo Financiero BBVA
Bancomer, S.A. de C.V., Industrias
Pe&#241;oles, S.A.B. de C.V., Grupo
Nacional Provincial, S.A.B., Grupo
Palacio de Hierro, S.A.B. 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 2005</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->79<!-- /Folio -->
</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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&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" nowrap><DIV style="margin-left:0px; text-indent:-0px">Manuel Jorge Cutillas Covani<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(03/01/32)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Grupo Bacardi Limited
</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" nowrap>April 1994</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Antonio Fern&#225;ndez<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carbajal (2/15/54)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and Chief Executive
Officer of Fomento Econ&#243;mico Mexicano, S.A.B.
de C.V. and Coca-Cola Femsa, S.A.B. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards of BBVA
Bancomer, S.A., Grupo Industrial
Saltillo, S.A.B. de C.V., Industrias
Pe&#241;oles, S.A.B. de C.V., and Grupo
Industrial Bimbo, S.A.B. de C.V.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">April 2007</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.B. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards of
Anheuser-Busch Companies, Inc.,
Grupo Financiero Santander, S.A.B.
de C.V. and Emerson Electric, Co.
Member of the Board and Partner of
Finacless Mexico, S.A.B. de C.V. and
Partner and CEO of Tenedora San
Carlos, S.A. de C.V.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2000</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(07/24/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, 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 1999</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Claudio X. Gonz&#225;lez Laporte<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.B. 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.B. de C.V.,
Grupo Carso, S.A.B. de C.V., Am&#233;rica
M&#243;vil, S.A.B. 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 1997</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.B. 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 1992</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Enrique Krauze Kleinbort<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(09/17/47)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Partner of Editorial Cl&#237;o Libros
y Videos, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Partner of Editorial Vuelta, S.A. de C.V.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">April 1996</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Germ&#225;n Larrea Mota Velasco<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.B. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and Chief
Executive Officer of Southern Copper
Corporation and Grupo Ferroviario
Mexicano, S.A. de C.V., former
Chairman of the Board and former
Chief Executive Officer of Asarco
Incorporated 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 1999</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Gilberto P&#233;rezalonso Cifuentes<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(03/06/43)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Audit and Corporate Practice Committee of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Chief Executive Officer of
Aerovias de Mexico, S.A. de C.V., and former Chief Executive Officer of
Corporaci&#243;n GEO, S.A.B. de C.V. Former
Member of the Boards of Grupo
Gigante, S.A.B. de C.V. Southern Peru Copper
Corporation and Afore Banamex, S.A. Member of the Boards of Consorcio Aerom&#233;xico S.A.B de C.V. and Telef&#243;nica M&#243;viles M&#233;xico</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">April 1998</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alejandro Quintero I&#241;iguez<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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">Stockholder 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 1998</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->80<!-- /Folio -->
</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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&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">Fernando Senderos Mestre<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.B. 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.B. de C.V., Alfa, S.A.B.
de C.V., Kimberly-Clark de M&#233;xico,
S.A.B. de C.V. and Industrias
Pe&#241;oles, S.A.B. de C.V.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>April 1992</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Enrique Francisco Jos&#233; Senior<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards of Pics Retail
Networks, Coca-Cola Femsa, S.A.B. de
C.V., Cinemark USA Inc. and Non
Traditional Media</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">April 2001</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lorenzo H. Zambrano Trevi&#241;o<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.B. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Boards of Alfa, S.A.B. de
C.V., IBM, Citigroup, Allianz, Grupo
Financiero Bancomer, S.A. de C.V.
Empresas ICA, Sociedad Controladora,
S.A.B. de C.V., Fomento Econ&#243;mico
Mexicano, S.A.B. de C.V. and Vitro,
S.A.B. de C.V.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">April 1999</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<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>&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>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Herbert A. Allen III (06/08/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Allen &#038; Company LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Executive Vice President and
Managing Director of Allen &#038; Company
Incorporated, Member of the Board of
Convera Corporation</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">April 2002</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Juan Pablo Andrade Frich<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(06/05/64)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Asset Manager of Tresalia Capital, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Member of the Boards of Televicentro
and Empresas Cablevisi&#243;n, S.A.B. de C.V.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2000</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lucrecia Aramburuzabala<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Larregui de Fernandez<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(03/29/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Private Investor
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former employee of Tresalia Capital,
S.A. de C.V. and Member of the Board
of Grupo Modelo, S.A.B. de C.V. and
former Member of the Board of
Televicentro</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2000</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(03/20/51)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of Televisa Regional
</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 2002</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joaqu&#237;n Balc&#225;rcel Santa Cruz<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Vice President and General
Counsel of Television, Former Legal
Director 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 2000</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rafael Carabias Pr&#237;ncipe<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 1999</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Francisco Jos&#233; Ch&#233;vez Robelo<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 and
Corporate Practices Committee of Grupo
Televisa and Empresas Cablevisi&#243;n, S.A.B.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Board of Empresas
Cablevisi&#243;n, S.A.B. de C.V. and
former Partner of Ch&#233;vez, Ru&#237;z,
Zamarripa y C&#237;a., S.C.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">April 2003</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Jos&#233; Luis Fern&#225;ndez Fern&#225;ndez<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(05/18/59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner of Ch&#233;vez, Ru&#237;z, Zamarripa y C&#237;a., 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 2002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /Folio -->
</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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&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">Salvi Rafael Folch Viadero<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 M&#225;s,
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" nowrap>April 2002</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD NOWRAP valign="top"><DIV style="margin-left:0px; text-indent:-0px">Leopoldo G&#243;mez Gonz&#225;lez Blanco <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 2003</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Jorge Agust&#237;n Lutteroth Echegoyen<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (01/24/53)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Corporate 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 2000</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alberto Javier Montiel Castellanos <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 and Corporate Practices
Committees of Grupo Televisa and Empresas
Cablevisi&#243;n, S.A.B.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Tax Vice President of Grupo
Televisa and Former Tax Director of
Wal-Mart de M&#233;xico, S.A.B. de C.V.</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">April 2002</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 align="left" valign="top">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ra&#250;l Morales Medrano<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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 stockholders through the
ownership of 5.15% of the total issued and outstanding Shares. These Shares were then held in the
Stockholder Trust. See &#147;Major Stockholders and Related Party Transactions &#151; The Major
Stockholders&#148;. Pursuant to the Stockholder 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
Stockholder Trust constituted more than 2% of the total issued and outstanding Shares. See &#147;Major
Stockholders and Related Party Transactions &#151; The Major Stockholders&#148; for a further discussion of
the rights of the Investor Trust.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->82<!-- /Folio -->
</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>Our Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General. </I></B>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), with the same number of alternate
directors. The Mexican Securities Market Law provides that the following persons, among others, do
not qualify as independent:
</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 principals, employees or managers, as well as the statutory auditors, or <I>comisarios</I>,
of our subsidiaries, including those individuals who have occupied any of the described
positions within a period of 12&nbsp;months preceding the appointment;</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>individuals who have significant influence over our decision making processes;</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>controlling stockholders, in our case, the beneficiaries of the Stockholder 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>partners or employees of any company which provides advisory services to us or any
company which is part of the same economic group as we are and 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>significant clients, suppliers, debtors or creditors, or members of the Board or executive officers of any such entities; 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>spouses, family relatives up to the fourth degree, or cohabitants of any of the aforementioned individuals.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Election of Directors. </I></B>A majority of the members of our Board of Directors must be Mexican
nationals and must be elected by Mexican stockholders. At our annual stockholders&#146; meeting on April
27, 2007 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 stockholders&#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 for one-year terms by
our stockholders at each annual stockholders&#146; meeting, and each serves for up to a 30&nbsp;day term once
the one-year appointment has expired or upon resignation; in this case, the Board of Directors is
entitled to appoint provisional directors, without the approval of the stockholders meeting. All of
the current and alternate members of the Board of Directors were elected by our stockholders at our
2007 annual stockholders&#146; special and general meetings, which were held on April&nbsp;27, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Quorum; Voting. </I></B>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. 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;<B><I>Meetings; Actions Requiring Board Approval. </I></B>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 the Chairman of the Audit and Corporate Practices Committee may call for a Board meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Mexican Securities Market Law and our bylaws, our Board of Directors must
approve, among other 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 general strategy;</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>with input from the Audit and Corporate Practices Committee, on an individual basis: (i)
any transactions with related parties, subject to certain limited exceptions, (ii)&nbsp;the
appointment of our Chief Executive Officer, his compensation and removal for justified
causes; (iii)&nbsp;our financial statements and those of our subsidiaries, (iv)&nbsp;unusual or
non-recurrent transactions and any transactions or series of related transactions during any
calendar year that involve (a)&nbsp;the acquisition or sale of assets with a value equal to or
exceeding 5% of our consolidated assets; or (b)&nbsp;the giving of collateral or guarantees or
the assumption of liabilities, equal to or exceeding 5% of our consolidated assets, (v)
agreements with our external auditors; and (vi)&nbsp;accounting policies, within GAAP;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->83<!-- /Folio -->
</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>creation of special committees and granting them the power and authority, provided that
the committees will not have the authority which by law or under our by-laws is expressly
reserved for the stockholders or the Board;</TD>
</TR>

</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>matters related to antitakeover provisions provided for in our bylaws; 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 exercise of our general powers in order to comply with our corporate purpose.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Duty of Care and Duty of Loyalty. </I></B>The Mexican Securities Market Law imposes a duty of care
and a duty of loyalty on directors. The duty of care requires our directors to act in good faith
and in the best interests of the company. In carrying out this duty, our directors are required to
obtain the necessary information from the Chief Executive Officer, the executive officers, the
external auditors or any other person to act in the best interests of the company. Our directors
are liable for damages and losses caused to us and our subsidiaries as a result of violating their
duty of care.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The duty of loyalty requires our directors to preserve the confidentiality of information
received in connection with the performance of their duties and to abstain from discussing or
voting on matters in which they have a conflict of interest. In addition, the duty of loyalty is
breached if a stockholder or group of stockholders is knowingly favored or if, without the express
approval of the Board of Directors, a director takes advantage of a corporate opportunity. The duty
of loyalty is also breached, among other things, by (i)&nbsp;failing to disclose to the Audit and
Corporate Practices Committee or the external auditors any irregularities that the director
encounters in the performance of his or her duties; or (ii)&nbsp;disclosing information that is false or
misleading or omitting to record any transaction in our records that could affect our financial
statements. Directors are liable for damages and losses caused to us and our subsidiaries for
violations of this duty of loyalty. This liability also extends to damages and losses caused as a
result of benefits obtained by the director or directors or third parties, as a result of actions
of such directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our directors may be subject to criminal penalties of up to 12&nbsp;years&#146; imprisonment for certain
illegal acts involving willful misconduct that result in losses to us. Such acts include the
alteration of financial statements and records.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability actions for damages and losses resulting from the violation of the duty of care or
the duty of loyalty may be exercised solely for our benefit and may be brought by us, or by
stockholders representing 5% or more of our capital stock, and criminal actions only may be brought
by the Mexican Ministry of Finance, after consulting with the Mexican National Banking and
Securities Commission. As a safe harbor for directors, the liabilities specified above (including
criminal liability) will not be applicable if the director acting in good faith (i)&nbsp;complied with
applicable law, (ii)&nbsp;made the decision based upon information provided by our executive officers or
third-party experts, the capacity and credibility of which could not be subject to reasonable
doubt, (iii)&nbsp;selected the most adequate alternative in good faith or if the negative effects of
such decision could not have been foreseeable, and (iv)&nbsp;complied with stockholders&#146; resolutions
provided the resolutions do not violate applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the board are liable to our stockholders only for the loss of net worth
suffered as a consequence of disloyal acts carried out in excess of their authority or in violation
of our bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the Mexican Securities Market Law, supervision of our management is
entrusted to our Board of Directors, which shall act through an Audit and Corporate Practices
Committee for such purposes, and to our external auditor. The Audit and Corporate Practices
Committee (together with the Board of Directors) replaces the statutory auditor (<I>comisario</I>) that
previously had been required by the Mexican Companies Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Audit and Corporate Practices Committee. </I></B>The Audit and Corporate Practices Committee is
currently composed of three members: Francisco Jos&#233; Ch&#233;vez Robelo, the Chairman, Alberto Montiel
Castellanos and Gilberto P&#233;rezalonso Cifuentes. These members were elected at our ordinary
stockholders&#146; meeting held on April&nbsp;27, 2007 and Board of Directors Meeting held on October&nbsp;27,
2006. The Chairman of the Audit and Corporate Practices Committee is appointed at our stockholders&#146;
meeting, and the board of directors appoints the remaining members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit and Corporate Practices Committee is responsible for, among other things: (i)
supervising our external auditors and analyzing their reports, (ii)&nbsp;analyzing and supervising the
preparation of our financial statements, (iii)&nbsp;informing the Board of Directors of our internal
controls and their adequacy, (iv)&nbsp;requesting reports of our Board of Directors and executive
officers whenever it deems appropriate, (v)&nbsp;informing the Board of any irregularities that it may
encounter, (vi)&nbsp;receiving and analyzing recommendations and observations made by the stockholders,
directors, executive officers, our external auditors or any third party and taking the necessary
actions, (vii)&nbsp;calling stockholders&#146; meetings, (viii)&nbsp;supervising the activities of our Chief
Executive Officer, (ix)&nbsp;providing an annual report to the Board of Directors, (x)&nbsp;providing
opinions to our Board of Directors, (xi)&nbsp;requesting and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->84<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">obtaining opinions from independent third parties and (xii)&nbsp;assisting the Board in the
preparation of annual reports and other reporting obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the Audit and Corporate Practices Committee, shall prepare an annual report to
our Board of Directors with respect to the findings of the Audit and Corporate Practices Committee,
which shall include, among other things (i)&nbsp;the status of the internal controls and internal audits
and any deviations and deficiencies thereof, taking into consideration the reports of external
auditors and independent experts, (ii)&nbsp;the results of any preventive and corrective measures taken
based on results of investigations in respect of non-compliance of operating and accounting
policies, (iii)&nbsp;the evaluation of external auditors, (iv)&nbsp;the main results from the review of our
financial statements and those of our subsidiaries, (v)&nbsp;the description and effects of changes to
accounting policies, (vi)&nbsp;the measures adopted as result of observations of stockholders,
directors, executive officers and third parties relating to accounting, internal controls, and
internal or external audits; (vii)&nbsp;compliance with stockholders&#146; and directors&#146; resolutions; (viii)
observations with respect to relevant directors and officers; (ix)&nbsp;the transactions entered into
with related parties; and (x)&nbsp;the remunerations paid to directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Committees of Our Board of Directors. </I></B>Our Board of Directors has an Executive Committee. Each
member is appointed for a one-year term at each annual general stockholders&#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.
</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="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&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 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" colspan="1" style="border-bottom: 1px solid #000000"><B>First Appointed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Emilio Fernando Azc&#225;rraga Jean <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Board of Banco Nacional
de M&#233;xico, S.A., former Member of the
Board of Tel&#233;fonos de M&#233;xico, S.A.B. de
C.V. and former Vice Chairman of the
Board of Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;1997</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 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"><!-- 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 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 Noriega <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"><!-- 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 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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (03/20/51)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Telesistema
Mexicano, S.A. de C.V.; Vice
President of Televisa Regional
</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"><!-- 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 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 Carlebach<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->85<!-- /Folio -->
</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="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&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 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" colspan="2" 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">Jos&#233; Antonio Bast&#243;n
Pati&#241;o<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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"><!-- 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 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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"><!-- 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 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 Rafael Folch
Viadero <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 M&#225;s, 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>
<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 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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"><!-- 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 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (03/03/71)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer of
Editorial Televisa and Vice
President of Editorial Televisa
International
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice President of Operations of
Editorial Televisa International
Former General Director &#150; Grupo Semana
Former Project Director &#150; McKinsey &#038; Co.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2002</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 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
Orozco <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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"><!-- 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 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 I&#241;iguez<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (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,
Stockholder 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"><!-- 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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Francisco Javier
M&#233;rida Guzm&#225;n<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(07/31/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer of
Sistema Radi&#243;polis
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former General Director of Cadena SER
Former National Sales Manager of Cadena
SER
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;2006</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 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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2006, we paid our directors, alternate directors and executive
officers for services in all capacities aggregate compensation of approximately nominal Ps. 402
million (U.S.$36.5&nbsp;million using the Interbank Rate, as reported by Banamex, as of December&nbsp;31,
2006).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We made Ps.92.1&nbsp;million in contributions to our pension and seniority premium plans on behalf
of our directors, alternate directors and executive officers in 2006. Projected benefit obligations
as of December&nbsp;31, 2006 were approximately Ps.56.3&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we have granted our executive officers and directors rights to
purchase CPOs under the Stock Purchase Plan and the Long Term
Retention Plan. See &#151;"Stock Purchase Plan'' and "Long Term Retentions
Plan."
</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.&nbsp;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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->86<!-- /Folio -->
</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">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 of Directors and Officers&#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 of Directors and Officers&#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
stockholders 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 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;2004, 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.$1.01 to U.S.$1.73) 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
million CPOs vested in July&nbsp;2005, approximately 18.7&nbsp;million vested in March&nbsp;2006, approximately
10.7&nbsp;million vested in July&nbsp;2006, approximately 3.7&nbsp;million vested in November&nbsp;2006 and
approximately 0.7&nbsp;million vested in March&nbsp;2007. 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, included elsewhere in this annual report.
</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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->87<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, 2006, approximately 69&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, 2007, and will continue to take place during or after 2007.
</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 stockholders&#146; meeting held on April&nbsp;30, 2002, our
stockholders authorized the creation and implementation of a Long-Term Retention Plan, which
supplements our existing stock purchase plan. At the meeting, our stockholders 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
stockholders 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 133.8&nbsp;million CPOs or CPO equivalents, of which approximately 50% are in the form of
CPOs and the remaining 50% are in the form of A, B, D and L Shares. During 2006, approximately 9.7
million CPOs were early vested. We estimate that the remaining 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 stockholders, 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 committee of the special purpose trust, until these
securities are transferred to plan participants or otherwise sold in the open market. As of
December&nbsp;31, 2006, approximately 1.9&nbsp;million CPOs transferred to employee plan participants have
been sold in the open market. Additional sales took place during the three months ended on March
31, 2007, and will continue to take place during or after 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April 2007, the Board of Directors, with the input from the Audit and
Corporate Practices Committee, reviewed the compensation of our Chief
Executive Officer and determined to include our Chief Executive
Officer in the Long-Term Retention Plan of the Company as well as in
any other plan to be granted by the Company to its employees in the
future. See &#147;&#151;Compensation of Directors and Officers.&#148;
As a consequence thereof, as of May 2007, the Chief Executive
Officer was awarded, under the Long-Term Retention Plan,
approximately 5.5 million CPOs or CPO equivalents, either in the form
of CPOs or shares, to be exercised at a price of approximately
Ps.60.65 per CPO (subject to adjustments depending on the result of
operations of the Company). The CPOs granted to the Chief Executive
Officer may be exercised in 2010, 2011 and 2012. Pursuant to the
resolutions adopted by our stockholders, we have not,
and do not intend to, register shares under the Securities Act that
are allocated to the Long-Term Retention Plan.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of May 2007, awards under the Long-Term Retention Plan have been granted or
reserved with respect to approximately 51.3&nbsp;million CPOs or CPO equivalents, either in the form of
CPOs or Shares, of which rights with respect to approximately 37.7&nbsp;million CPOs or CPO equivalents
shall vest between 2008 and 2010 at a price of approximately Ps.13.45
per CPO and rights with respect to approximately 6&nbsp;million CPOs
or CPO equivalents shall vest between 2010 and 2012 as described in
the above paragraph. 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 stockholders&#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.
</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 Stockholders and Related Party Transactions &#151; 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>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, 2006:
</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>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>2006</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">14,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,205</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">14,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,170</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">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</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>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->88<!-- /Folio -->
</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="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>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>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Latin America (other than Mexico)</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Spain</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</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, 2004, 2005 and 2006, 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->89<!-- /Folio -->
</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="118"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Major Stockholders 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,
2007. 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: 6pt" 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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" 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: 6pt" 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: 6pt" 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: 6pt" 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: 6pt" 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: 6pt" valign="bottom">
    <TD nowrap align="left" 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:15px; text-indent:-15px">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">43.7</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">0.1</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">0.1</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">0.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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">1.4</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">2.5</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">2.7</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">2.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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">0.0</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">0.0</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">0.0</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">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Morgan Stanley Investment Management Inc.(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,677,147,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,235,889,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,148,006,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,148,006,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital Research and Management Co. (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,250,400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,860,352,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,550,560,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,550,560,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cascade Investment, L.L.C.(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,173,600,000</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">2,792,768,000</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">4,443,040,000</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">4,443,040,000</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, 2007. The number of shares issued and outstanding for legal
purposes as of May&nbsp;31, 2007 was 62,461,173,050 series A Shares, 54,965,832,284 series B Shares, 87,445,642,270
series D Shares and 87,445,642,270 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 FRS only, the number of shares authorized, issued and
outstanding as of May&nbsp;31, 2006 was 60,007,307,400 series A Shares, 52,806,430,512 series B Shares, 84,010,230,360
series D Shares and 84,010,230,360 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 FRS as of May
31, 2007 does not include: (i)&nbsp;31,319,122 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;66,835,504 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 Stockholder 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;Management &#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 Stockholder Trust, see &#147;&#151; The Major Stockholders&#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, 2007 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, 2007 by Capital Research and
Management Co.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Based solely on information included in the Report on Form&nbsp;13F filed on March&nbsp;31, 2007 by Cascade Investment, LLC.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="119"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 45.02% of the outstanding A Shares, 2.66% of the outstanding B Shares, 2.78% of
the outstanding D Shares and 2.78% of the outstanding L Shares are held through the Stockholder
Trust, including shares in the form of CPOs. The beneficiaries of the Stockholder Trust are a trust
for the benefit of Emilio Azc&#225;rraga Jean, or the Azc&#225;rraga Trust, and a trust for the benefit of
Promotora Inbursa, S.A. de C.V., or the Inbursa Trust. Promotora Inbursa, S.A. de C.V. is an
indirect subsidiary of Grupo Financiero Inbursa, S.A.B. 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 Stockholder Trust, which represented 19.84% of the Shares held then through the Stockholder
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->90<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trust. On July&nbsp;1, 2005 the Inbursa Trust released 15,514,667,113 Shares from the
Stockholder Trust, which represent two-thirds of the Shares it held through the Stockholder Trust
before July&nbsp;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
Stockholder Trust and the Inbursa Trust beneficially owns 12.71% of the Televisa shares held
through the Stockholder Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Televisa shares held through the Stockholder 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 Stockholder 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 Stockholder Trust. In elections of directors, the Technical Committee will
instruct the trustee to vote the A Shares held through the Stockholder Trust for individuals
designated by Mr.&nbsp;Azc&#225;rraga Jean. The A Shares held through the Stockholder 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 Stockholder Trust regulates the manner in which stockholders
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 Stockholder Trust, the five
nominees for which the trustee will vote the B Shares held by the Stockholder Trust are proposed by
the stockholdrers participating in the Stockholders 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 Stockholder 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
Stockholder Trust; and (iii)&nbsp;until the Inbursa Trust is entitled to release all its Televisa shares
from the Stockholder Trust, and so long as the shares it holds through the Stockholder 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 Stockholder 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 Stockholder Trust constitute only 2.66% of the total B
Shares outstanding, there can be no assurance that individuals nominated by the Stockholder 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 Stockholder 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 Stockholder Trust on matters specifically set forth in the Stockholder Trust agreement,
including increases or reductions in the capital stock of 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 Stockholder 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
Stockholder Trust. These consultation rights will terminate if the Inbursa Trust ceases to be party
to the Stockholder 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 Stockholder 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 Stockholder 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 Stockholder 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 Stockholder Trust. On August&nbsp;17,
2005 the Investor Trust released all its Shares held in the Stockholder Trust. On January&nbsp;13, 2006,
a group of stockholders led by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->91<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mar&#237;a Asunci&#243;n Aramburuzabala Larregui, sold approximately 60&nbsp;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 Stockholder Trust and beginning on July&nbsp;1, 2009 it will be allowed to
release or sell its remaining Shares held in the Stockholder Trust. On July&nbsp;1, 2005 the Inbursa
Trust released 15,514,667,113 Shares from the Stockholders Trust which represented two-thirds of
the Shares it held through the Stockholders 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 Stockholder Trust Agreement, and Mr.
Azc&#225;rraga Jean declines to do so, the Inbursa Trust may immediately release its Shares.
</DIV>
<DIV align="left">
<A name="120"></A>
</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 2004, 2005 and 2006, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Capital Contributions and Loans. </I></B>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="2%" 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="1%" 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="1%" 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;&#151; Information on the Company &#150; Business Overview&#151; DTH Joint
Ventures&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Programming. </I></B>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.385.0&nbsp;million, Ps.405.0&nbsp;million and Ps.658.6&nbsp;million for
these rights in 2004, 2005 and 2006, 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, purchased from Televisa certain rights to the 2006 Soccer World Cup, including
the rights to air all 64 games of the World Cup, out of which 34 were exclusively available to Sky
subscribers. The cost of these rights plus production costs amounted to U.S.$19.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Advertising Services. </I></B>Innova purchased magazine advertising space and television and radio
advertising time from us in connection with the promotion of its DTH satellite services in 2004,
2005 and 2006, 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.136.9&nbsp;million, Ps.143.0&nbsp;million and Ps.150.0&nbsp;million for
advertising services in 2004, 2005 and 2006, respectively.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Guarantees. </I></B>We have guaranteed a portion of Innova&#146;s payments to PanAmSat for transponder
services on satellite IS-9 (formerly 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 IS-9 satellite through September&nbsp;2015. As of December&nbsp;31, 2004, 2005 and 2006,
we had guaranteed payments in the amount of U.S.$111.8&nbsp;million, U.S.$101.4&nbsp;million and U.S.$104.8
million respectively, which represented 51% of Innova&#146;s obligations to PanAmSat at the end of each
of 2004 and 2005 and 58.7% of Innova&#146;s obligations to PanAmSat at the end of 2006. See &#147;Information
on the Company &#150; Business Overview&#151; DTH Joint Ventures&#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&nbsp;billion, 10-year bank loan with Banamex, as well as the
Ps. 1.4&nbsp;billion, 10-year bank loan with Banco Santander Serfin, S.A., or Santander.
</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. In November&nbsp;2006, Innova prepaid the Ps.500&nbsp;million outstanding
amount of this loan. No penalties were incurred and the payment was done with Innova&#146;s cash on
hand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax Sharing Agreement. </I></B>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;&#151; 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 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;<B><I>Capital Contributions and Loans. </I></B>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;<B><I>Programming. </I></B>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;<B><I>Guarantees. </I></B>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.371.7&nbsp;million.
</DIV>

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<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;<B><I>Capital Contributions and Loans. </I></B>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;<B><I>Guarantees.
</I></B>Until October&nbsp;2005, we 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 Note 2 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 2004, 2005 and 2006 we engaged in, and we
expect that we will continue to engage in, certain transactions with Univision. Until recently, we
owned 39,289,534 shares and warrants representing an approximate 11.3% 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;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Total Segment Results &#151;
Programming Exports&#148;, &#147;&#151; Information on the Company &#150; 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;In April&nbsp;2006, we designated Ricardo Maldonado Ya&#241;ez, Secretary to our Board of Directors, as
a director of Univision. As of the closing of the acquisition of Univision on March&nbsp;29, 2007,
we lost our right to designate a member to the board of directors of
Univision. Accordingly, Ricardo Maldonado Ya&#241;ez resigned from the Univision board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transactions
and Arrangements With Vuela. </I></B>
Pursuant to a license agreement between Televisa and Vuela, we granted Vuela the right to
broadcast some of our television programs in the audio and video systems installed in Vuela&#146;s
aircrafts, facilities, and vehicles. Under this license agreement Vuela pays Televisa a monthly
royalty in the amount of Ps.100,000. In addition, Televisa entered into an agreement with Vuela
pursuant to which Televisa sells airplane screen advertising to be aired in the audio and video
systems installed in Vuela&#146;s aircrafts. Televisa pays Vuela a monthly fixed consideration of
Ps.100,000 and a variable consideration of 15% of the revenues obtained by Televisa from such
airplane screen sales. During 2006, Televisa paid Vuela the amount of Ps.389,935 as variable
consideration under such agreement. We believe that such amount is comparable to those paid to
third parties in these types of transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
entered into a lease agreement with Vuela pursuant to which Vuela
leases approximately 2000 meters of the real estate adjacent to our
principal headquarters in Santa Fe, Mexico City. Under this lease
agreement, Vuela pays Televisa a monthly fixed consideration of
U.S.$8,000 and an additional variable consideration of approximately
U.S.$7,500 depending on the total fraction actually used by Vuela
during each month. We believe that such amounts are comparable to
those paid to third parties in these types of transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transactions
and Arrangements With Our Directors and Officers. </I></B>
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 at that time. 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;&#151; Information on the
Company &#150; 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. Certain of our executive officers
and directors participate in our stock purchase plan and Long-Term Retention Plan. See &#147;&#151;Directors, Senior
Management and Employees&#151;Stock Purchase Plan&#148; and
&#147;&#151;Long-Term Retention Plan.&#148;

</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Transactions and Arrangements With Affiliates and Related Parties of Our Directors, Officers and
Major Stockholders</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Production Services. </I></B>FV Productions, LLC., a television production company owned by Ultra
Enterprises, Inc. and Ultra Enterprises II, LLC, provides, from time to time, production services
as required by Televisa, S.A. de C.V. Ultra Enterprises, Inc. and Ultra Enterprises II, LLC are
currently controlled by Grupo Televicentro, S.A. de C.V., or Televicentro, where Mr.&nbsp;Emilio
Azc&#225;rraga Jean, our Chief Executive Officer, President and Chairman of the Board, acts as a
stockholder. 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; (ii)&nbsp;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; and (iii)&nbsp;during 2006 and
ending in 2007, production services for the production of a <I>telenovela </I>entitled &#147;Las Dos Caras de
Ana&#148;, which consisted of 120 episodes and had a cost of U.S.$7,711,682.00. As of today, FV
Productions, LLC provides Televisa production services for the production of a <I>telenovela </I>entitled
&#147;Quiero Contigo&#148;, which consists of 120 episodes and has a cost of U.S.$7.2&nbsp;million. 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&nbsp;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 U.S.A, LLC at the time of exercise of the option. The options may be exercised at any
time prior to June&nbsp;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;<B><I>Consulting Services. </I></B>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 2004, 2005 and 2006 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 2006 and we expect to continue
these arrangements through 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Loans from Banamex. </I></B>From time to time in the past and in 2003, 2004, 2005 and 2006, Banamex
made loans to us, Televicentro and several other of our affiliates, including Innova, and we expect
that this will continue to be the case in the future. These loans were made to us, Televicentro and
our affiliates, including Innova, 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 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;<B><I>Advertising Services. </I></B>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 of, as well as stockholders of, Grupo Modelo, S.A.B. 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 2004, 2005 and 2006,
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 stockholders
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.B. de C.V., Grupo Financiero Santander, S.A.B. de
C.V. and Tel&#233;fonos de M&#233;xico, S.A.B. 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
2004, 2005 and 2006, 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.B. and our Corporate Vice President of Sales and Marketing, is a stockholder 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
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 stockholder, as the case may be.
During 2006, TV Promo purchased unsold advertising from Televisa for a total of Ps.160.7&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Agency Services. </I></B>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.B. and our
Corporate Vice President of Sales and Marketing jointly with other members of his family, are
majority stockholders 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 stockholder. During 2005 and
2006, Televisa and the aforementioned affiliates, paid Maximedios the amount of Ps.19.8&nbsp;million and
Ps.109.8&nbsp;million, respectively, 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;<B><I>Legal and Advisory Services. </I></B>During 2004, 2005 and 2006, 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 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Potential Sale of Property. </I></B>We recently entered into a Letter of Intent with Icon Servicios
Administrativos, S. de R.L. de C.V., or Icon, related to a possible sale to Icon of a portion of
the real estate adjacent to our principal headquarters in Santa Fe, Mexico City for a purchase
price preliminarily estimated to be approximately U.S.$80&nbsp;million. A stockholder of Icon is Mr.
Adolfo Fastlicht Kurian, the brother-in-law of Mr.&nbsp;Emilio Azc&#225;rraga Jean, our Chief Executive
Officer and Chairman of the Board. This potential sale is subject to a number of closing conditions
and regulatory approvals as well as obtaining a third party appraisal, and no assurances can be
given that this potential sale will be consummated.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->96<!-- /Folio -->
</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="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-63, 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="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="7" style="border-bottom: 1px solid #000000"><B>Nominal Pesos per CPO(1)</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">2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right" NOWRAP>&nbsp;&nbsp;&nbsp;22.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right" NOWRAP>&nbsp;&nbsp;&nbsp;12.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">23.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</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">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">34.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">22.22</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">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:30px; 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:30px; 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:30px; 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:45px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.71</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">Ps.</TD>
    <TD align="right">44.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">29.20</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">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:30px; 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:30px; 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:30px; 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:45px; 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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">60.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">37.67</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">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">Second Quarter</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">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.89</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">60.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.17</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">60.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007
(through June&nbsp;22, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">68.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">58.50</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">66.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.50</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">64.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.50</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">66.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.10</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">65.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second
Quarter (through June&nbsp;22, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.64</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">68.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.50</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">65.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">June
(through June&nbsp;22, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.64</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"><!-- Folio -->97<!-- /Folio -->
</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="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="7" style="border-bottom: 1px solid #000000"><B>U.S. Dollars per GDS(1)</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">2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">12.1625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">&nbsp;&nbsp;6.075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">10.5675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">&nbsp;&nbsp;5.815</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.$</TD>
    <TD align="left">15.6625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">&nbsp;&nbsp;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="left">11.835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">11.915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;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="left">13.225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">15.6625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">15.6625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">14.3825</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.$</TD>
    <TD align="left">20.775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">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="left">16.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">15.5225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">18.165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">20.775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">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="left">20.775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">19.935</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">28.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">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="left">21.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">18.77</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="left">22.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">16.38</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="left">21.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">18.11</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="left">28.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">21.13</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="left">28.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">26.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007
(through June&nbsp;22, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">31.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="left">26.35</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="left">30.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">26.35</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="left">29.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">27.00</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="left">30.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">27.23</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="left">29.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">26.35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second
Quarter (through June&nbsp;22, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">31.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">26.76</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="left">31.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">28.05</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="left">30.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">27.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">June
(through June&nbsp;22, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">28.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">26.76</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&nbsp;13, 2007,
approximately 367,756,285&nbsp;GDSs were held
of record by 113&nbsp;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
Stockholders 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"><!-- Folio -->98<!-- /Folio -->
</DIV>
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<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;In June&nbsp;2001, the Mexican Securities Market Law required issuers to increase the protections
offered to minority stockholders and to impose corporate governance controls on Mexican listed
companies in line with international standards. The Mexican Securities Market Law then in effect
expressly permitted Mexican listed companies, with prior authorization from the CNBV, to include in
their bylaws anti-takeover defenses such as stockholder rights plans, or poison pills. We amended
our bylaws to include certain of these protections at our general extraordinary stockholders&#146;
meeting, which was held on April&nbsp;30, 2002. See &#147;Additional Information <FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">4</FONT> Bylaws <FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">4</FONT> Other Provisions
<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">4</FONT> Appraisal Rights and Other Minority Protections&#148; and &#147;Additional Information <FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">4</FONT> Bylaws <FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">4</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 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->99<!-- /Folio -->
</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 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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 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
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->100<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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>

<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>

<P align="center" style="font-size: 10pt"><!-- Folio -->101<!-- /Folio -->
</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;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, stockholders of issuers listed on the Mexican
Stock Exchange must disclose any transactions through or outside of the Mexican Stock Exchange that
result in exceeding 10% ownership stake of an issuer&#146;s capital stock. These stockholders must also
inform the CNBV of the results of these transactions the day after their completion. 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;Additionally, related parties of an issuer who increase or decrease their ownership stake, in
one or more transactions, by 5% or more, shall disclose such transactions. The Mexican Securities
Market Law also requires stockholders 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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->102<!-- /Folio -->
</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;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
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 stockholders 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
allowed 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 stockholders 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)&nbsp;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 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>stockholders 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 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 stockholders. 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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->103<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 stockholders 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 offer rules (lack of voting rights, possible annulment of purchases, etc.) and other
rights available to prior stockholders 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
stockholders or third parties, may be prevented, if such provisions (i)&nbsp;are approved by
stockholders without the negative vote of stockholders representing 5% or more of the outstanding
shares, (ii)&nbsp;do not exclude any stockholder or group of stockholders, 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 Audit and Corporate Practices Committee, 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 burs&#225;til</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 stockholders. Our stockholders 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 Stockholders&#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
stockholder approval at any general stockholders&#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
stockholder approval at any general stockholders&#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 stockholders&#146; meeting that must be held within the first four months after the end of
each year beginning in 2006.
</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>

<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>our dissolution before our prescribed duration (which is currently December);</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->104<!-- /Folio -->
</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>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
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 stockholders
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 Stockholders</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 stockholder action
requires a class vote on these grounds could initially be made by the Board of Directors or other
party calling for stockholder action. In some cases, under the Mexican Securities Market Law and
the Mexican Companies Law, the Board of Directors, the Audit Committee, the Corporate Practices
Committee, or a Mexican court on behalf of those stockholders representing 10% of our capital stock
could call a special meeting. A negative determination would be subject to judicial challenge by an
affected stockholder, 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 stockholder 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 stockholders&#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,
its Secretary, or members of our Audit and Corporate Practices Committee. 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 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 each year within four months following the end of each fiscal
year. Stockholders may be represented at any stockholders&#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 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
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 stockholders&#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 Stockholders and Related Party Transactions,&#148; A Shares held through the
Stockholder 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 Stockholder Trust generally will determine how
the A Shares underlying our CPOs are voted. B Shares held through the Stockholder Trust constitute
2.66% 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 five 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 stockholders&#146; meetings to all holders of GDRs. At
least six business days prior to the relevant stockholders&#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 stockholders&#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 Shares represented by CPOs or attend stockholders&#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 stockholders&#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 stockholders&#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>

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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;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 stockholders&#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 stockholders
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 stockholders
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>

<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 theoretical value of their D Shares as set forth in our bylaws. See &#147;&#151; 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 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, 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. Stockholders must
exercise their preemptive rights within the time period fixed by our stockholders 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, stockholders cannot waive their
preemptive rights in advance or be represented by an instrument that is negotiable separately from
the corresponding share.
</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;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 stockholders&#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>

<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
stockholder 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>



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

<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 stockholders 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to comply is subject to a penalty of forfeiture of such a stockholders&#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 stockholder 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 stockholders&#146; rights as a stockholder, 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 stockholder 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 federal 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 2105.
</DIV>

<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
stockholders will appoint one or more liquidators at an extraordinary general stockholders&#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 stockholders 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 stockholder resolution at an extraordinary
stockholders&#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 stockholders;</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 stockholders&#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 stockholders at a ordinary general stockholders&#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 stockholders&#146; meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conflicts of Interest</I>. Under Mexican Law, any stockholder 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
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may be liable for damages. The Securities Market Law also imposes a duty of care and a duty of
loyalty on directors as has been described in Item&nbsp;6. In addition, pursuant to the Mexican
Securities Market Law, the Board of Directors, with input from the Audit and Corporate Practices
Committee, must review and approve transactions and arrangements with related parties. See
&#147;Directors, Senior Management and Employees &#150; Our Board of Directors &#150; Meetings; Actions Requiring
Board Approval.&#148;
</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 stockholders approve a change in
our corporate purpose or jurisdiction of organization or our transformation from one type of
company to another, any stockholder 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, stockholders must exercise their appraisal
rights within fifteen days after the stockholders&#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 Stockholders&#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 stockholders&#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
stockholders&#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;The Mexican Securities Market Law and 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 request our Chairman of the
Board or of the Audit and Corporate Practices Committee to call a stockholders&#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 5% 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
stockholders&#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 stockholder
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 Stockholders 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, a corporate
practices committee, and to elect independent directors. The protections afforded to minority
stockholders 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
stockholders. Mexican civil procedure does not contemplate class actions or stockholder derivative
actions, which permit stockholders in U.S. courts to bring actions on behalf of other stockholders
or to enforce rights of the corporation itself. Stockholders in Mexico also cannot challenge
corporate actions taken at stockholders&#146; meetings unless they meet stringent procedural
requirements. See &#147;&#151; Voting Rights and Stockholders&#146; Meetings.&#148; As a result of these factors, it is
generally more difficult for our minority stockholders to enforce rights against us or our
directors or Major Stockholders than it is for stockholders 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
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 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 stockholders, 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
stockholders 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 stockholders&#146; meeting as described below in &#147;Stockholder 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>Stockholder 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 stockholders at a general extraordinary stockholders&#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 stockholders&#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. 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 stockholders&#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
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#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 stockholders&#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 stockholders&#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 stockholders&#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 stockholders at a general extraordinary stockholders&#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 stockholders 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 stockholders&#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 stockholders&#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 stockholders 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>
<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>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<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. In April&nbsp;2007, we paid all of the remaining UDI-denominated notes, which matured in
April&nbsp;2007. In May&nbsp;2007 we issued Ps.4,500.00&nbsp;million aggregate principal amount of 8.49% Senior
Notes due 2037. 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, our 6 5/8% Senior Notes due 2025, and our 8.49% Senior Notes
due 2037, 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 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 Stockholders
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&nbsp;million plus approximately
Ps.658.7&nbsp;million of penalties and surcharges. 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. On August&nbsp;31,
</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">2006 the Federal Tax Court confirmed the assessment in the first instance. We challenged the
resolution of the Federal Tax Court before the Collegiate Administrative Tribunals. Currently the
second 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;In October&nbsp;2001, a claim for damages was filed in connection with an alleged copyright
infringement on a technical written work titled <I>La Lupa</I>, or Catch the Clue. 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., or Welk, 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 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 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 sought 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 asserted
claims for monetary damages against the DIRECTV Defendants and News Corp. based on fraud and
tortuous interference with contract. The DIRECTV Defendants moved to stay the action pending
arbitration on the grounds that disputes between the DIRECTV Defendants and Darlene were 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. On January&nbsp;1, 2007 Darlene filed a notice of voluntary dismissal of action therefore
terminating the above-mentioned proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005, Televisa, S.A. de C.V., a subsidiary of Televisa, filed a complaint (which was
subsequently amended) in the U.S. District Court for the Central District of California alleging
that Univision breached the PLA, and the Soccer Agreement, among other claims. Univision filed
related answers denying all allegations and asserting affirmative defenses, as well as related
counterclaims against Televisa, S.A. de C.V. and Televisa. Univision also claimed that Televisa had
breached other agreements between the parties, including the Participation Agreement and a
Telefutura Production Services Agreement. In addition, Univision claimed that Televisa breached a
Guaranty dated December&nbsp;19, 2001, by which, among other things, Televisa guaranteed that Televisa&#146;s
affiliates (including Televisa, S.A. de C.V.) would produce a specified minimum number of novelas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2006, Televisa, S.A. de C.V. and Televisa answered the counterclaims, denying them and
asserting affirmative defenses based on Univision&#146;s alleged breaches of the agreements, including
the PLA, the Guaranty and the Soccer Agreement. Televisa, S.A. de C.V. also amended its complaint
again, adding Televisa as a plaintiff. In their amended complaint, Televisa, S.A. de C.V. and
Televisa asked for a declaration by the court that they had the right to suspend their performance
under and to terminate the PLA, the Guaranty and the Soccer Agreement as a result of Univision&#146;s
alleged material breaches of those agreements. Univision filed amended counterclaims, seeking,
among other things, a declaration by the Court that Televisa, S.A. de C.V. and Televisa do not have
the right to terminate or suspend performance of their obligations under the PLA or the Soccer
Agreement. Also, in 2006, Televisa, S.A. de C.V. filed a separate lawsuit in the Los Angeles
Superior Court, State of California seeking a judicial determination that on or after December&nbsp;19,
2006, Televisa, S.A. de C.V. may transmit or permit others to transmit any television programming
into the United States from Mexico by means of the Internet. That lawsuit was voluntarily stayed by
Televisa. In October&nbsp;2006, Univision added a new counterclaim in the District Court Action for a
judicial declaration that on or after December&nbsp;19, 2006, Televisa, S.A. de C.V. may not transmit or
permit others to transmit any television programming into the United States by means of the
Internet, while Televisa, S.A. de C.V. has added a claim asserting that it has such rights.
</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;During 2005 and 2006, after Televisa filed the District Court Action and commenced an audit of
Univision&#146;s payment performance under the PLA, Univision made payments to us and Televisa, S.A. de
C.V. under protest of certain of the disputed royalties and of other license fees that Univision
alleges have been overcharged, in the aggregate amount of approximately U.S.$16&nbsp;million, and is
seeking recovery of these amounts via its counterclaims. We have recognized these payments made by
Univision as customer deposits and advances in its consolidated balance sheets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2007, in the District Court Action, the court reset the discovery cut-off date in the
case for August&nbsp;27, 2007, and the trial date for January&nbsp;15, 2008. Televisa believes the
counterclaims and affirmative defenses asserted by Univision are without merit and is defending
them vigorously.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company expects to explore with Univision the possibility of a resolution of issues
between them in the litigation potentially including possible joint endeavors or interests. There
is no assurance that any such agreement will be reached.
</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 Business &#151; Current
Litigation We Are Engaged In With Univision and the Recent Sale of Univision May Affect Our
Relationship With 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 their unilateral refusal to provide certain pay and free
television signals to a cable provider in Piedras Negras, Coahuila. On May&nbsp;9, 2006, the Mexican
Antitrust Commission notified us that it had determined that the two subsidiaries had committed
violations of the Mexican Antitrust Laws. On June&nbsp;20, 2006, we filed a request for review of the
ruling at the Mexican Antitrust Commission. On September&nbsp;18, 2006, the Commission revoked its prior
decision, ruling that neither of our subsidiaries had engaged in monopolistic practices. This
decision is final and binding.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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>

<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="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&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 stockholder&#146;s meeting
is 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</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="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">being an employee or
officer of the company or a
stockholder that may have influence
over our officers, relevant clients
and contractors, as well as certain
relationships between the independent
director 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
six members, and there are no
applicable Mexican rules 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"><!-- 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>
</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 required to have
a corporate practices committee.</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>
</TR>
<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"><!-- 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>
</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"><!-- 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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-management directors must meet at regularly scheduled 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"><!-- 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>
</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
disclose 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
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
</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">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="4%" 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="4%" 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="4%" 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>

<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="4%" 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 stockholders, 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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="4%" 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->117<!-- /Folio -->
</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;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 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="4%" 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="4%" 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="4%" 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="4%" 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 on or
before December&nbsp;31, 2006 and foreign source &#147;general category income&#148; for taxable years beginning
after December&nbsp;31, 2006.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->118<!-- /Folio -->
</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 stockholders 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="4%" 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; 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="4%" 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="4%" 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="4%" 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>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Mexican Taxation</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, Federal Tax Code and rules as currently in effect (the &#147;Mexican Tax
Legislation&#148;), all of which are subject to change or interpretation, and under the U.S.-Mexico Tax
Treaty, 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 underlying shares. Holders should consult with their tax advisors as to
their entitlement to the benefits afforded by these treaties.
</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;This discussion does not constitute, and shall not be considered as, legal or tax advice to
holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the Mexican Tax Legislation:
</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 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)&nbsp;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="4%" 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 maintains the main
administration of its head office, business, or the effective location of its management
in 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="4%" 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 Tax Legislation for income attributable to
such permanent establishment; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a foreign person without a permanent establishment in Mexico will be required to
pay taxes in Mexico in respect of revenues proceeding from sources of wealth located in
national territory.</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 2007, if dividends are not paid from our &#147;previously taxed net earnings account,&#148;
we will be required to pay a 28% Mexican corporate income tax (&#147;CIT&#148;) on the dividends multiplied
by 1.3889.
</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>

<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 Tax Legislation.
</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
U.S.-Mexico 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;<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>


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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;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 stockholders&#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>

<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 FRS basis in constant Pesos in purchasing power as
of December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Risk Management. </I></B>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 foreign
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 2004, 2005 and 2006 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"><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, from June&nbsp;2004 through February&nbsp;2005, we entered
into forward exchange contracts on a notional amount of U.S.$185.0&nbsp;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>

<P align="center" style="font-size: 10pt"><!-- Folio -->121<!-- /Folio -->
</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, 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;In connection with our net investment in shares of Univision, we designated as an effective
hedge of foreign exchange exposure a portion of the U.S. dollar principal amount with respect to
our outstanding Senior Notes due 2011, 2025 and 2032, which amounted to U.S.$775.5&nbsp;million and
U.S.$971.9&nbsp;million as of December&nbsp;31, 2005 and 2006, respectively (see Notes 1(c), 5 and 9 to our
year-end financial statements). As long as we maintained our net investment in shares of Univision,
a hedge of the designated principal amounts of our debt was effective, and any foreign exchange
gain or loss attributable to this hedging long-term debt was credited or charged directly to equity
(accumulated other comprehensive result) for Mexican FRS purposes. On March&nbsp;29, 2007, we cashed out
our investment in shares of Univision, and the hedge of the designated principal amount of our
Senior Notes was discontinued on that date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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, 2025 and 2032 and Innova&#146;s Senior Notes due
2013, we entered into cross-currency interest rate swap agreements, or coupon swaps, 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;coupon 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, and May&nbsp;2007, in connection with and ahead of the issuance and
reopening of the Senior Notes due 2025, and ahead of the issuance of the Senior Notes due 2037, we
entered into agreements that allow us to hedge against increases in the U.S. Treasury interest
rates, and to hedge against increases on the M Bono interest rates on the pricing date for a
notional amount of U.S.$500.0&nbsp;million and $2,000.00&nbsp;million
Pesos, respectively. These hedges resulted in a net loss of U.S.$1.7&nbsp;million dollars and a net
gain of $45.1&nbsp;million Pesos, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with Innova&#146;s variable rate bank loans guaranteed by Televisa, in December&nbsp;2006,
we entered into a forward starting interest rate swap agreement on a notional amount of Ps.1,400
million. These agreements involve the exchange of amounts based on a variable interest rate for an
amount based on fixed rates, without exchange of the notional amount upon which the payments are
based. These agreements allow us to fix the interest payments for a period of seven years starting
on April, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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"><B><I>Common Stock Price Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 2002 to 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. 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>



<P align="center" style="font-size: 10pt"><!-- Folio -->122<!-- /Folio -->
</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>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, 2005 and
2006. 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="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>Fair Value at 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>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>
    <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="10"><B>(millions of Pesos in purchasing power 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="10"><B>December 31, 2006 or millions of U.S. Dollars)(1)</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary investments(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps</TD>
    <TD align="right" nowrap>. 14,810.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps</TD>
    <TD align="right" nowrap>. 15,134.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>U.S.$1,401.0</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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.5</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">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Senior Notes due 2011(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">932.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Senior Notes due 2032(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,960.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,034.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">373.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Innova&#146;s Senior Notes due 2013(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,662.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Senior Notes due 2025(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,844.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,795.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629.0</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(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,043.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">996.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Long-term notes payable to
Mexican Banks(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,124.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,323.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">677.9</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.10.8025 per U.S. Dollar, the Interbank Rate as of December&nbsp;31,
2006.</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, 2006, our temporary investments consisted of
fixed rate short-term deposits in commercial banks (primarily
Peso- and U.S. Dollar-denominated in 2005 and 2006). 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, 2006, fair value exceeded the carrying value of
these notes by approximately Ps.71.7&nbsp;million (U.S.$6.6&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.156.6&nbsp;million (U.S.$14.5&nbsp;million) at
December&nbsp;31, 2006.</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, 2006, fair value exceeded the carrying value of
these notes by approximately Ps.794.0&nbsp;million (U.S.$73.5
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.1,197.5&nbsp;million
(U.S.$110.8&nbsp;million) at December&nbsp;31, 2006.</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, 2006, fair value exceeded the carrying value of
these notes by approximately Ps.6.7&nbsp;million (U.S.$0.8&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.19.5&nbsp;million (U.S.$2.0&nbsp;million) at
December&nbsp;31, 2006.</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, 2006, fair value exceeded the carrying value of
these notes by approximately Ps.181.2&nbsp;million (U.S.$16.8
million). At December&nbsp;31, 2006, a hypothetical 10% increase in
Mexican interest rates would increase the fair value of these
notes by approximately Ps.913.5&nbsp;million (U.S.$84.6&nbsp;million) at
December&nbsp;31, 2006.</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, 2006, fair value exceeded the carrying value of
these notes by approximately Ps.313.6&nbsp;million (U.S.$29.0
million). An increase in the fair value of these notes due to a
hypothetical 10% increase in the quoted market price of these
notes would amount to approximately Ps.993.1&nbsp;million (U.S.$91.9
million) at December&nbsp;31, 2006.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2006, fair value exceeded carrying value of
amounts outstanding under this loan by approximately Ps.16.3
million (U.S.$1.5&nbsp;million). At December&nbsp;31, 2006, a hypothetical
10% increase in the Mexican inflation rate to 3.6% for the year
2006 would increase principal amounts outstanding under this
UDI-denominated long-term loan facility by approximately
Ps.115.90&nbsp;million (U.S.$10.7&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>





<P align="center" style="font-size: 10pt"><!-- Folio -->123<!-- /Folio -->
</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;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>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="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>&nbsp;</TD>
    <TD align="right">U.S.$682.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.  $2,462.5</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">1,563.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,289.0</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: 1px solid #000000">&nbsp;</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">880.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,173.5</TD>
    <TD nowrap>)</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">(6.3</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">Net liability (asset)&nbsp;position</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$872.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">U.S.$(1,179.8</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;At December&nbsp;31, 2006, a hypothetical 5.0% depreciation in the U.S. Dollar to Peso exchange
rate would result in a gain in earnings of Ps.495.4&nbsp;million and a decrease in other comprehensive
loss of Ps.141.9&nbsp;million. This depreciation rate is based on the December&nbsp;31, 2006 forecast of the
U.S. Dollar to Peso exchange rate for 2007 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" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;15.
Controls and Procedures</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Evaluation of Disclosure Controls and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the evaluation as
of December&nbsp;31, 2006, the Chief Executive Officer and the Chief Financial
Officer of the Company have concluded that the Company&#146;s disclosure controls and
procedures (as defined in the Exchange Act Rules&nbsp;13a-15(e) and&nbsp;15d-15(e)) are
effective to ensure that the information required to be disclosed by the&nbsp;Company
in the reports that it files or submits under the Securities Exchange Act of&nbsp;1934 is
recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission
rules and forms and that such information is accumulated and communicated to
management, including our Chief Executive Officer and the
Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Management&#146;s Report on Internal Control Over Financial Reporting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s management,
including our Chief Executive Officer and Chief Financial Officer,
is responsible for establishing and maintaining adequate internal
control over financial reporting and for the assessment of the
effectiveness of internal control over financial reporting as defined in Rule&nbsp;13a-15(f) of the
Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
assessed the effectiveness of the Company&#146;s internal control over financial reporting
as of December&nbsp;31, 2006. In making this assessment,
management used the criteria established in <I>Internal
Control&nbsp;&#151;&nbsp;Integrated Framework</I> issued by the Committee
of Sponsoring Organizations of the Treadway Commission&nbsp;(COSO). Based on this
assessment, management has concluded that the Company&#146;s internal control over
financial reporting was effective as of December&nbsp;31, 2006.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of
its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers,
an independent registered public accounting firm, has audited the
effectiveness of the Company&#146;s internal control over financial reporting as of December&nbsp;31, 2006,
as stated in their report which is included herein.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->124<!-- /Folio -->
</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="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>
<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.B.<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: 6pt"><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, 2005 and 2006.
</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 2005 and 2006, 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="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>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="6"><B>(in 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="6"><B>as of December 31, 2006)</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">Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">41.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">51.8</TD>
    <TD>&nbsp;</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 align="right">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</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 align="right">3.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD>&nbsp;</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 align="right">12.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.7</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>
</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">60.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">79.2</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;&#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>

<P align="center" style="font-size: 10pt"><!-- Folio -->125<!-- /Folio -->
</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;&#147;Other Fees&#148; are fees charged by our independent auditor primarily for performing royalty
compliance reviews for certain revenue reported in our Programming Exports segment, and due
diligence reviews in connection with potential acquisitions and business combinations in Spain.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have 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>

<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 2005 and 2006, 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->126<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<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&#093;</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: 6pt"><B>Purchases of Equity Securities by Televisa(3)</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="left" 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 (2)</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">2,244,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.490840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,494,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">            1,933,286,837</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">&#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">80,494,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,933,286,837</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">1,434,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.386854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,928,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,873,925,671</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">&#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">81,928,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,873,925,671</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">&#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">81,928,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,873,925,671</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">&#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">81,928,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,873,925,671</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">7,670,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.264132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,598,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,557,429,764</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">21,373,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.631392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,972,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">667,604,567</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">15,052,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.488780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,025,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,293,676,390</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">3,400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.962657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,425,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,134,003,451</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">3,310,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.644110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,735,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,953,125,988</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">2,900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.676881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,635,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,780,063,039</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">57,385,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right" nowrap>          44.337741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>135,635,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right" nowrap>            1,780,063,039</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
31, 2008. Our share repurchase program is limited to a total amount of U.S.$400&nbsp;million. The
total amount of our share repurchase program was updated in accordance with the resolution of the Grupo Televisa
S.A.B.&#146;s general stockholders meeting, held on April&nbsp;28, 2006.</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"><!-- Folio -->127<!-- /Folio -->
</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(1)</B>
</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 nowrap align="center" colspan="3"><B>Total Number of</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>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">725,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right" nowrap>            42.801465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>56,079,000</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>February 1 to February 29</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.624000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,229,000</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">325,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.609883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,554,000</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 align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.150000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,574,000</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">&#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">56,574,000</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">&#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">56,574,000</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">1,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.236002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,674,000</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">1,128,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.830454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,802,300</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">&#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">58,802,300</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">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.500000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,803,300</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">&#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">58,803,300</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">360,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.634361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,163,300</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>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,810,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>Ps.</B></TD>
    <TD align="right"><B>43.211105</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>59,163,300</B></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>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-63, 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>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Exhibits.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->128<!-- /Folio -->
</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="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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</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:15px; text-indent:-15px">1.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 December 21, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture relating to Senior Debt
Securities, dated as of August 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 4.1 to the
Registrant&#146;s Registration Statement on Form F-4 (File number 333-12738), as amended (the &#147;2000 Form F-4&#148;), and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Supplemental Indenture
relating to the 8% Senior Notes due 2011, dated as of September 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 4.4 to the Registrant&#146;s Registration Statement on Form F-4 (File
number 333-14200) (the &#147;2001 Form F-4&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 4.5 to the
Registrant&#146;s Registration Statement on Form F-4 (the &#147;2002
Form F-4&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 4.5 to the 2001 Form F-4 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 4.7 to the 2002 Form F-4 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 18, 2005 (previously filed with the
Securities and Exchange Commission as Exhibit 2.8 to the Registrant&#146;s Annual Report on Form 20-F for the year ended December 31, 2004 (the &#147;2004 Form 20-F&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 26, 2005 (previously filed with the Securities and Exchange Commission as Exhibit 2.9 to the 2004 Form 20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 6, 2005 (previously filed with the Securities and Exchange Commission as Exhibit 2.8 to the
Registrant&#146;s Annual Report on Form 20-F for the year ended December 31, 2005 (the &#147;2005 Form 20-F&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tenth Supplemental Indenture
related to the 8.49% Senior Notes due 2037 between Registrant, as
Issuer, The Bank of New York and The Bank of New York (Luxembourg) S.A., dated as of May 9, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">2.10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 F-6 (File number 333-99195) (the &#147;Form F-6&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">4.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 10.1 to
the Registrant&#146;s Registration Statement on Form F-4 (File number 33-69636), as amended, (the &#147;1993 Form F-4&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">4.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 20-F for the
year ended December 31, 2001 (the &#147;2001 Form 20-F&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">4.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Program
License Agreement, dated as of December 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 10.7 to the 2001 Form F-4 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&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 align="right" valign="top"><DIV style="margin-left:15px; text-indent:-15px">4.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participation Agreement, dated as
of October 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 10.8 to</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->129<!-- /Folio -->
</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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</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 valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Univision&#146;s Registration
Statement on Form S-1 (File number 333-6309) (the &#147;Univision Form S-1&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated International
Program Rights Agreement, dated as of December 19, 2001, by and among Univision, Venevision and the Registrant (previously filed with the Securities
 and Exchange Commission as Exhibit 10.9 to the 2001 Form F-4 and
incorporated herein by reference).</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Production Agreement, dated as
of March 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 10-K for the
year ended December 31, 1997 and incorporated herein by reference).</TD>
</TR>
    <TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Program License Agreement, dated as
of May 31, 2005, between Registrant and Univision (previously filed
with the Securities and Exchange Commission as Exhibit 4.7 to the 2005 Form 20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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 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"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</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. (previously filed
with the Securities and Exchange Commission as Exhibit 4.7 to the 2005 Form 20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.1,162.5
million credit agreement, dated as of May 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 4.9 to the 2004 Form 20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.11</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of amendment to the
May Credit Agreement and the amendment to the May 2004 Credit
Agreement (in Spanish) (previously filed with the Securities and Exchange Commission as Exhibit 4.10 to the 2004 Form 20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.12</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.2,000.0
million credit agreement, dated as of October 22, 2004, between the
Registrant and Banamex (the &#147;October 2004 Credit
Agreement&#148;) and the October Credit Agreement (in Spanish) (previously filed with the Securities and Exchange Commission as Exhibit 4.11 to the 2004 Form 20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.13</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English translation of Ps.2,100.0
million credit agreement, dated as of March 10, 2006, by and among
Innova, the Registrant and Banamex (previously filed with the
Securities and Exchange Commission as Exhibit 4.7 to the 2005 Form 20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.14</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.1,400.0
million credit agreement, dated as of April 7, 2006, by and among
Innova, the Registrant and Banco Santander Serfin, S.A. (the &#147;April 2006 Credit Agreement&#148;) and the April Credit Agreement (in Spanish) (previously filed with the
 Securities and Exchange Commission as Exhibit 4.7 to the 2005 Form
20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">4.15</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administration Trust Agreement
relating to Trust No. 80375, dated as of March 23, 2004, by and among
Nacional Financiera, S.N.C., as trustee of Trust No. 80370, Banco
Inbursa, S.A., as trustee of Trust No. F/0553, Banco Nacional de M&#233;xico, S.A., as trustee of Trust No. 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.,
Grupo Televisa, S.A.B. 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"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">8.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">List of Subsidiaries of Registrant.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">12.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CEO Certification pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002, dated June&nbsp;26, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">12.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CFO Certification pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002, dated June&nbsp;26, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">13.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CEO Certification pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, dated June&nbsp;26, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right"><DIV style="margin-left:15px; text-indent:-15px">&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" align="right"><DIV style="margin-left:15px; text-indent:-15px">13.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CFO Certification pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, dated June&nbsp;26, 2007.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(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"><!-- Folio -->130<!-- /Folio -->
</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="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="left" style="font-size: 10pt; margin-top: 12pt">Date
June&nbsp;26, 2007
</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="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>GRUPO TELEVISA, S.A.B.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" 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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:<BR>
Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Salvi Folch Viadero<br>
Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 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>
    <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">Name:<BR>
Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Joaqu&#237;n Balc&#225;rcel Santa Cruz<BR>
Vice President &#151; Legal and General Counsel
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->131<!-- /Folio -->
</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>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF<BR>
GRUPO TELEVISA, S.A.B.</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="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>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 align="left" valign="bottom">F-1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">Report of Independent Registered Public Accounting Firm of Univision Communications Inc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">F-2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#302">Consolidated Balance Sheets as of December&nbsp;31, 2005 and 2006</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">F-3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#303">Consolidated Statements of Income for the Years Ended December&nbsp;31, 2004, 2005 and 2006</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">F-4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#304">Consolidated Statements of Changes in Stockholders&#146; Equity for the Years Ended December&nbsp;31, 2004, 2005 and 2006</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">F-5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#305">Consolidated Statements of Changes in Financial Position for the Years Ended December&nbsp;31, 2004, 2005 and 2006</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">F-6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#306">Notes to Consolidated Financial Statements for the Years Ended December&nbsp;31, 2004, 2005 and 2006</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">F-7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">To the Board of Directors and Stockholders of Grupo Televisa, S.A.B.:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have completed an integrated audit of Grupo Televisa, S.A.B.&#146;s 2006 consolidated financial
statements and of its internal control over financial reporting as of December&nbsp;31, 2006, and audits
of its 2005 and 2004 consolidated financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Our opinions, based on our audits and
the report of other auditors, are presented below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Consolidated financial statements</U>
</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 consolidated financial
statements listed in the index appearing under Item&nbsp;18 present fairly, in all material respects,
the financial position of Grupo Televisa, S.A.B. and its subsidiaries at December&nbsp;31, 2006 and
2005, and the results of their operations and changes in their financial position for each of the
three years in the period ended December&nbsp;31, 2006, in conformity with Mexican Financial Reporting
Standards. 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;), which was
accounted for as an equity method investment until June&nbsp;30, 2006 and as an available-for-sale
financial asset thereafter. The consolidated financial statements of Grupo Televisa, S.A.B. (the
&#147;Company&#148;) include the investment in Univision of Ps.5,912&nbsp;million as of December&nbsp;31, 2005, and an
equity in earnings of Univision in the consolidated income statements of the Company of Ps.291
million and Ps.200&nbsp;million for the years ended December&nbsp;31, 2004 and 2005, respectively. The
financial statements of Univision were audited by other auditors whose report thereon has been
furnished to us, and our opinion expressed herein, insofar as it relates to that investment, is
based solely on the report of the other auditors. We conducted our audits of these statements 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 of financial
statements includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting standards used and significant estimates made by
management, and evaluating the overall financial statement presentation. We believe that our audits
and the report of other auditors provide a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mexican Financial Reporting Standards vary in certain significant respects from accounting
principles generally accepted in the United States of America. Information relating to the nature
and effect of such differences is presented in Note 24 to the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As discussed in Note 1(b) 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: 12pt"><U>Internal control over financial reporting</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also, in our opinion, management&#146;s assessment, included in Management&#146;s Report on Internal Control
Over Financial Reporting appearing under Item&nbsp;15, that the Company maintained effective internal
control over financial reporting as of December&nbsp;31, 2006 based on criteria established in <I>Internal
Control-Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO), is fairly stated, in all material respects, based on those criteria.
Furthermore, in our opinion, the Company maintained, in all material respects, effective internal
control over financial reporting as of December&nbsp;31, 2006, based on criteria established in <I>Internal
Control-Integrated Framework </I>issued by the COSO. The Company&#146;s management is responsible for
maintaining effective internal control over financial reporting and for its assessment of the
effectiveness of internal control over financial reporting. Our responsibility is to express
opinions on management&#146;s assessment and on the effectiveness of the Company&#146;s internal control over
financial reporting based on our audit. We conducted our audit of internal control over financial
reporting 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 effective internal control over financial reporting was
maintained in all material respects. An audit of internal control over financial reporting includes
obtaining an understanding of internal control over financial reporting, evaluating management&#146;s
assessment, testing and evaluating the design and operating effectiveness of internal control, and
performing such other procedures as we consider necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A company&#146;s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
company&#146;s internal control over financial reporting includes those policies and procedures that (i)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company;
and (iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the
financial statements. Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PricewaterhouseCoopers, S.C.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C.P.C. Jos&#233; Miguel Arrieta M&#233;ndez<BR>
Audit Partner<BR>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

M&#233;xico, D. F.<BR>
June&nbsp;21, 2007

</DIV>


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


<!-- 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>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">We have audited the 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 the years ended
December&nbsp;31, 2005 and 2004 (not presented separately herein). These financial statements are the
responsibility of Univision&#146;s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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">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 the years ended December&nbsp;31, 2005 and 2004 in conformity with U.S. generally accepted accounting
principles.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 18pt; margin-right: 110px">/s/ Ernst &#038; Young LLP
</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"><!-- Folio -->F-2<!-- /Folio -->
</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="301"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO
TELEVISA, S.A.B.</B>
</DIV>

<DIV align="left">
<A name="302"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Consolidated Balance Sheets<BR>
As of December&nbsp;31, 2005 and 2006<BR>
(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2006)<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="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" 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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><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"><!-- 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">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">566,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">675,840</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">14,810,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,134,908</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">15,376,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,810,748</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, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,459,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,597,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">593,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,488,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 16)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">336,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">3,246,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,053,174</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">664,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">772,890</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,821,932</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; 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">601,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,083</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:60px; 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">35,279,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,500,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">4,079,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,428,848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">7,895,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,710,663</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">20,528,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,975,939</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">10,419,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,390,082</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,408</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:60px; 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">78,221,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">83,030,490</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>

<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><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: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">354,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">986,368</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">78,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,176</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">3,074,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,450,753</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">16,168,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,893,604</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">1,098,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,179,477</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">348,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due to affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(Note 16)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">810,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">1,645,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,047,737</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: 1px solid #000000">&nbsp;</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">23,577,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,944,312</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">18,872,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,795,330</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">1,235,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,120,415</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">2,609,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268,200</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">480,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522,047</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">172,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,488,778</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">199,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,035</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>&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:60px; 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">47,147,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,426,117</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">
    <TD align="center"><DIV style="margin-left:15px; 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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; 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">10,290,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,126,212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; 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">4,383,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,383,180</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">14,673,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,509,392</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">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:30px; 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">1,871,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,058,060</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">5,977,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,459,258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; 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">12,313,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,715,254</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; 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">6,373,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,586,188</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">26,536,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,818,760</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive loss, net</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">(3,690,105</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,703,701</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; 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">(7,330,702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,603,171</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">15,515,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,511,888</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>&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:60px; 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">30,189,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,021,280</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 nowrap colspan="3" align="center">(Note 15)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">885,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,583,093</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:60px; 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">31,074,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,604,373</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:60px; 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">78,221,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">83,030,490</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: 18pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->F-3<!-- /Folio -->
</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.</B>
</DIV>


<DIV align="left">
<A name="303"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Consolidated Statements of Income<BR>
For the Years Ended December&nbsp;31, 2004, 2005 and 2006<BR>
(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2006,<BR>
except per CPO amounts)<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="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" 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>

<!-- 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 colspan="3" align="left">(Note 23)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,518,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">33,797,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">37,931,841</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">15,949,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,350,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,182,882</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">2,366,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,773,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,016,828</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">1,770,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,916,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,304,171</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">2,231,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,517,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,679,066</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">9,201,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,240,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,748,894</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">1,630,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,854,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,099,691</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">424,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">614,354</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">553,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211,041</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 income taxes and employees&#146; profit sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,592,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,664,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,823,808</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 taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(Note 20)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,257,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">781,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,016,671</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">7,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,502</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">1,264,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">802,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,047,173</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>&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 results of affiliates and
cumulative loss of accounting change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,327,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,861,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,776,635</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in earnings (losses)&nbsp;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">661,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(602,206</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative loss of accounting change, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="left">(Note 1(b)(n)(r))</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,098,423</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(526,592</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>&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: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">4,890,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,501,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,174,429</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 colspan="3" align="left">(Note 15)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(249,181</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,127,959</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(588,241</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">
    <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">4,641,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,373,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,586,188</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" style="background: #cceeff">
    <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">1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.96</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: 250pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-4<!-- /Folio -->
</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.</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 Stockholders&#146; Equity<BR>
For the Years Ended December&nbsp;31, 2004, 2005 and 2006<BR>
(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2006)<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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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>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</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">Balance at January&nbsp;1, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,282,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,383,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,959,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,537,465</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(7,175,060</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">29,912,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,219,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,132,876</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">(4,280,816</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">(4,280,816</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">(4,280,816</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">1,007,508</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">(1,007,508</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">(138,276</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">(738,472</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(876,748</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">(876,748</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of repurchase shares</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">(515,169</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">1,145,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630,276</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">630,276</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">(1,349,582</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,349,582</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">4,641,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(217,291</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">4,424,113</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">4,424,113</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">Balance at December&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,290,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,383,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,659,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,754,756</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,768,087</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,809,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(129,611</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,680,119</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">(4,480,311</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">(4,480,311</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">(4,480,311</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">(1,242,838</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,242,838</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">(1,242,838</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of repurchase shares</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">(352,915</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">680,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,308</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">327,308</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">1,014,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,014,970</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">336,648</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">336,648</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">336,648</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">6,373,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(935,349</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">5,438,473</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">5,438,473</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">Balance at December&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,290,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,383,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,536,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,690,105</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,330,702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,189,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">885,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,074,369</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">(1,119,749</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">(1,119,749</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">(1,119,749</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">(164,090</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">(1,518,164</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">1,682,254</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>&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">(3,107,697</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,107,697</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">(3,107,697</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of repurchase shares</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">(586,984</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">1,152,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565,990</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">565,990</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">697,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">697,734</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefit from capital contribution of minority interest in Sky Mexico</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">371,627</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">371,627</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">371,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on minority interest acquisition of Sky Mexico</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">(685,540</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">(685,540</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">(685,540</TD>
    <TD nowrap>)</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">235,047</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">235,047</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">235,047</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">8,586,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,596</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">8,572,592</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">8,572,592</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</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, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,126,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,383,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,818,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,703,701</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(7,603,171</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">35,021,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,583,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">36,604,373</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: 18pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->F-5<!-- /Folio -->
</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.</B>
</DIV>


<DIV align="left">
<A name="305"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Consolidated Statements of Changes in Financial Position<BR>
For the Years Ended December&nbsp;31, 2004, 2005 and 2006<BR>
(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2006)<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="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>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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating activities:</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">Consolidated net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,890,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,501,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,174,429</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:45px; text-indent:-15px">Equity in (earnings)&nbsp;losses of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(661,247</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(166,649</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">602,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,231,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,517,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,679,066</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Write-off of long-lived assets and other amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">295,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,476</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">655,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(819,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,245,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss (gain)&nbsp;on disposition of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,848</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; 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">235,047</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cumulative loss effect of accounting changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,098,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526,592</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>&nbsp;</TD>
    <TD align="right">8,641,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,838,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,088,191</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; 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"><!-- 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">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">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">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Trade notes and accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,384,961</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">861,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,016,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,871</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(117,001</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(108,739</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; 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">(397,446</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">828,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,064,187</TD>
    <TD nowrap>)</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:45px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,323,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,616,083</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(650,988</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376,269</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other liabilities, taxes payable and deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(187,786</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(772,626</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">540,377</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pension plans and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,086</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(294,848</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,916,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(173,430</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:30px; text-indent:-15px">Resources provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,346,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,754,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,914,761</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"><B>Financing activities:</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">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">6,634,328</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">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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,909,836</TD>
    <TD nowrap>)</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">Prepayments of Senior Notes due 2013</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">(3,195,625</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other increase in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,498,598</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">3,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">(2,476,846</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,598,073</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(856,431</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">(246,474</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(915,528</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,541,707</TD>
    <TD nowrap>)</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">(4,280,816</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,480,311</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,119,749</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">115,983</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">Gain on valuation of available-for-sale investments</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">(578,656</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss on minority interest acquisition of Sky Mexico</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">(685,540</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Benefit from capital contribution of minority interest in Sky Mexico</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">371,627</TD>
    <TD>&nbsp;</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,290</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,988</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,493</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">(52,380</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,575</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 financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,497,225</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,265,652</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,980,013</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"><B>Investing activities:</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">Due from affiliated companies, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,105</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(621,063</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(257,183</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,250,054</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,726,247</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposition of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,933,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">(2,179,428</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,849,075</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,304,323</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">159,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513,378</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">(228,575</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,725,838</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,180,338</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">281,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">702,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,709,746</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale investment in shares of Univision</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">(11,821,932</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,855</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,880</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:30px; text-indent:-15px">Resources used for investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,329,829</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,005,223</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,500,934</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 increase (decrease)&nbsp;in cash and temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,519,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,515,999</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase in cash and temporary investments upon Sky Mexico&#146;s consolidation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503,046</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">Cash and temporary investments at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,870,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,892,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,376,934</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">Cash and temporary investments at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,892,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,376,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,810,748</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: 18pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->F-6<!-- /Folio -->
</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.</B>
</DIV>

<DIV align="left">
<A name="306"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Notes to Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2004, 2005 and 2006<BR>
(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2006,<BR>
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.B. (the &#147;Company&#148;) and its
consolidated entities (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: 12pt"><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 in accordance with
Mexican Financial Reporting Standards (&#147;Mexican FRS&#148;) issued by the Mexican Financial Reporting
Standards Board (&#147;Consejo Mexicano para la Investigaci&#243;n y Desarrollo de Normas de Informaci&#243;n
Financiera&#148; or &#147;CINIF&#148;), 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;In June&nbsp;2004, the CINIF assumed the responsibility for setting accounting and reporting
standards in Mexico. Before that date the Mexican Institute of Public Accountants (&#147;MIPA&#148;) was
responsible for issuing accounting principles generally accepted in Mexico (&#147;Mexican GAAP&#148;). In
November&nbsp;2005, the CINIF issued the first Mexican FRS, which became effective in January&nbsp;2006, and
included a new conceptual framework to 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 FRS is set up as follows: (i)&nbsp;Financial
Reporting Standards (&#147;Normas de Informaci&#243;n Financiera&#148; or &#147;NIF&#148;) and NIF Interpretations; (ii)
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 and recognized as supplementary in Mexico when no
general or specific guidance is provided by Mexican FRS. The provisions of the new conceptual
framework issued by the CINIF did not have a significant effect on the Group&#146;s consolidated
financial statements.
</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 FRS 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
consolidated financial statements were authorized for issuance on
June 19, 2007, by the
Group&#146;s Vice President Controller Office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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, 2006, 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="65%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><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 Entities</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000" colspan="2"><B>Ownership(1)</B></TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Business Segments(2)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Telesistema
Mexicano, S.A. de C.V. and subsidiaries, including Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Television Broadcasting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pay Television Networks</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Programming Exports</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Televisi&#243;n Independiente de M&#233;xico, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Television Broadcasting</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Campus Am&#233;rica, S.A. de C.V. and subsidiaries, including TuTv, LLC<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Television Broadcasting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-0px">(&#147;TuTv&#148;)(3) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pay Television Networks</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Editorial Televisa, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Publishing</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Publishing Distribution</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Innova, S. de R. L. de C.V. and subsidiaries (collectively, &#147;Sky Mexico&#148;)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">58.7%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sky Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Empresas Cablevisi&#243;n, S. A. B. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">51%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cable Television</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Sistema Radi&#243;polis, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">50%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Radio</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Corporativo Vasco de Quiroga, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Businesses</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">CVQ Espect&#225;culos, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Businesses</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Televisa Juegos, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Businesses</TD>
</TR>










<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->F-7<!-- /Folio -->
</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">
<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>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 FRS NIF A-8, &#147;Supplementary Financial Reporting Standards.&#148; FIN 46, which became
effective in 2004, requires the primary beneficiary of a VIE 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 on April&nbsp;1, 2004, 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, the Group recognized a
consolidated cumulative loss effect of Ps.1,098,423, net of income tax in the amount of
Ps.332,340, in its consolidated statement of income for the year ended December&nbsp;31, 2004. TuTv
is a 50% joint venture with Univision Communications Inc. (&#147;Univision&#148;), engaged in the
distribution of the Group&#146;s Spanish-speaking programming packages in the United States.</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. Also, the Group&#146;s Gaming business, which is reported in the
Other Businesses segment, require a permission granted by the Mexican Federal Government for a
fixed term. At December&nbsp;31, 2006, the expiration dates of the Group&#146;s concessions and permission
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="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&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>Expiration Dates</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">Television Broadcasting
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In 2021</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sky Mexico
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In 2020 and 2026</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cable Television
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In 2029</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Radio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Various from 2008 to 2016</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gaming
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In 2030</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 FRS, 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 FRS 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;In connection with its net investment in shares of Univision, the Group has designated as an
effective hedge of foreign exchange exposure the outstanding principal amount of a portion of its
U.S.-dollar-denominated Senior Notes due 2011, 2025 and 2032, which total principal amount was of
U.S.$775.5&nbsp;million and U.S.$971.9&nbsp;million as of December&nbsp;31, 2005 and 2006, respectively.
Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term
debt, is credited or charged directly to equity (other comprehensive income or loss) (see Notes 5
and 9).
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-8<!-- /Folio -->
</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 of December&nbsp;31, 2005 and 2006, temporary investments consisted of fixed short-term deposits
in commercial banks (primarily Mexican pesos and U.S. dollars), with an average yield of
approximately 3.30% for U.S. dollar deposits and 9.60% for Mexican peso deposits in 2005, and
approximately 4.69% for U.S. dollar deposits and 7.38% for Mexican peso deposits in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 annual period and amortize them over the expected period of future program revenues based on
the Company&#146;s historical 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: 12pt"><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: 12pt"><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;Investments in debt securities that the Group has the ability and intent to hold to maturity
are classified as investments &#147;held-to-maturity,&#148; and reported at amortized cost. Investments in
debt securities not classified as held-to-maturity are classified as &#147;available-for-sale,&#148; and are
recorded at fair value with unrealized gains and losses included in consolidated stockholders&#146;
equity as accumulated other comprehensive result (see Note 5).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments are accounted for at cost.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-9<!-- /Folio -->
</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;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, from 5 to 20&nbsp;years for buildings
improvements, from 3 to 17&nbsp;years for technical equipment and from 3 to 10&nbsp;years for other property
and equipment.
</DIV>

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

<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 principally from three to 20&nbsp;years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs consist of fees and expenses incurred in connection with the issuance
of long-term debt. These financing costs are amortized over the period of the related debt (see
Note 7).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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;The Group reviews for impairment the carrying amounts of its long-lived assets, tangible and
intangible, including goodwill (see Note 7), at least once a year, or whenever events or changes in
business circumstances indicate that these carrying amounts may not be recoverable. 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: 12pt"><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 for television advertising services 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: 12pt"><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, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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"><!-- Folio -->F-10<!-- /Folio -->
</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>Revenues from magazine subscriptions are initially deferred and recognized
proportionately as products are delivered to subscribers. Revenues from the sales of
magazines are recognized on the date of circulation of delivered merchandise, 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 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>

<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>Gaming revenues consist of the net win from gaming activities, which is the difference
between amounts wagered and amounts paid to winning patrons.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 indemnities to dismissed personnel were charged to income
in the year in which they were incurred. Beginning January&nbsp;1, 2005, severance indemnities to
dismissed personnel, other than those arising from restructurings, are recognized based upon
actuarial calculations. In connection with this accounting change, resulting from the provisions of
revised Mexican GAAP Bulletin D-3, &#147;Labor Obligations,&#148; the Group recognized a severance liability
of Ps.271,349 as of that date, and a cumulative loss effect of accounting change in the amount of
Ps.189,944, net of an income tax benefit of Ps.81,405, for the year ended December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>o) Income Taxes and Employees&#146; Profit Sharing</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The income tax, the asset tax and the employees&#146; profit sharing are recognized in income as
they are incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recognition of deferred income taxes 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: 12pt"><B><I>p) Derivative Financial Instruments</I></B>
</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 Mexican GAAP Bulletin C-10,
&#147;Derivative Financial Instruments and Hedge Operations&#148;. 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 result) 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 these
provisions in 2005 did not have a significant impact in the Group&#146;s financial statements. As of
December&nbsp;31, 2005 and 2006, none of the Group&#146;s derivatives qualified for hedge accounting.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-11<!-- /Folio -->
</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>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: 12pt"><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 IFRS 2, &#147;Share-based payment,&#148; issued by the
IASB. 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 of accounting change at
December&nbsp;31, 2005, in the amount of Ps.336,648, 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 FRS
NIF A-8, &#147;Supplementary Financial Reporting Standards&#148;. The Group recognized a stock-based
compensation expense of Ps.235,047 for the year ended December&nbsp;31, 2006, which was accounted for in
consolidated income as a corporate expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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, 2006, by using a restatement factor derived from the change in
the NCPI, which for 2004 and 2005 was 1.0752 and 1.0405, respectively. Had the alternative weighted
average factor allowed under Mexican FRS 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 2004 and 2005 would have been 1.0746 and 1.0407, 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="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">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">
    <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" style="background: #cceeff">
    <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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121.015</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;Reclassifications have been made to the 2004 and 2005 consolidated financial statements to
make them comparable with the 2006 presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>t) New Mexican FRS</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2005, the CINIF issued the NIF B-1, &#147;Accounting Changes and Error Corrections,&#148;
which became effective on January&nbsp;1, 2006. 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, former 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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2006, the CINIF issued four new standards: (i)&nbsp;NIF B-3, &#147;Statement of Income,&#148;
which indicates the sections and captions that should be contained in a statement of income,
classifying income, costs and expenses in ordinary and non-ordinary, considering two approaches to
present ordinary costs and expenses: by function or by nature, and eliminating from the statement
of income the cumulative effect of accounting change; (ii)&nbsp;NIF B-13, &#147;Events After the Date of
Financial Statements,&#148; which sets forth a revised accounting treatment for events subsequent to the
date of financial statements, indicating if these events should be recognized or disclosed in such
financials; (iii)&nbsp;NIF C-13, &#147;Related Parties,&#148; which provides an amended guidance for disclosure of
transactions with related parties; and (iv)&nbsp;NIF D-6, &#147;Capitalization of the Integral Financing
Result,&#148; which establishes the guidelines for capitalization of integral financing result
attributable to those assets that require a long-term period for acquisition before their intended
use. The provisions of these new NIF became effective on January&nbsp;1, 2007, and are not expected to
have a significant effect on the Group&#146;s consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-12<!-- /Folio -->
</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>2. Acquisitions, Investments and Dispositions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 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.124,989) in cash. As a result of this disposal, the Company recognized a net loss of
approximately 8.0&nbsp;million euros (Ps.131,665) 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 Corporation (&#147;News Corp.&#148;), 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 the Liberty Media Corp. (&#147;Liberty Media&#148;) 10% equity interest in Sky Mexico; and (d)
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.
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 Mexico to Sky
Mexico in the aggregate amount of Ps.641,538. As a result of these transactions, the Group&#146;s equity
stake in Sky Mexico was reduced from 60% to 52.7%, and DIRECTV became the owner of the remaining
47.3% stake. In April&nbsp;2006, the Group exercised its right to acquire two-thirds of the equity
interest in Sky Mexico that DIRECTV acquired from Liberty Media. This minority interest acquisition
amounted to approximately U.S.$58.7&nbsp;million (Ps.674,535), and was financed with cash on hand. After
this transaction, the Group (i)&nbsp;increased its equity stake in Sky Mexico from 52.7% to 58.7%, and
DIRECTV became the owner of the remaining 41.3% (see Note 11); and (ii)&nbsp;recognized the excess of
the purchase price over the carrying value of this minority interest as a capital distribution made
to DIRECTV in the amount of Ps.685,540.
</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.5,489 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.352,156 (Ps.247,982 in cash and Ps.104,174 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.3,369,913, of which Ps.2,708,619 and Ps.442,390 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 2004, the Group provided funding to DTH TechCo Partners (&#147;TechCo&#148;), a general partnership
that provided technical services to DTH ventures in Latin America through September&nbsp;2005, in the
aggregate amount of approximately U.S.$5.4&nbsp;million (Ps.64,104), in the form of long-term notes
receivable (U.S.$4.5&nbsp;million) and as a capital contribution (U.S.$0.9&nbsp;million). In October&nbsp;2005, in
a series of related transactions, the Group disposed its 30% interest in TechCo, 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.166,632 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 Note 19).
</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. (&#147;La Sexta&#148;) for an aggregate amount of approximately 1.2
million euros (Ps.15,942). In November&nbsp;2005, the government of Spain granted a concession to La
Sexta to operate for 10&nbsp;years a free-to-air television channel, which started operations in March
2006. During 2006, the Group made additional capital contributions related to its 40% interest in
La Sexta in the amount of approximately 104.6&nbsp;million euros (Ps.1,479,559). The Group&#146;s investment
in La Sexta is accounted for using the equity method (see Notes 5 and 11).
</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 low-cost carrier airline with a concession to
operate in Mexico. In 2005 and 2006, the Group made initial capital contributions in Volaris in the
amount of U.S.$25.0&nbsp;million (Ps.281,818) and U.S.$7.5&nbsp;million (Ps.84,241), respectively. The
Group&#146;s investment in Volaris is accounted for using 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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-13<!-- /Folio -->
</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">instrument assets and liabilities, as well as tax losses of approximately Ps.3,445,750 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.441,622).
</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 magazine publishing trademarks and related rights in Mexico, Colombia, Chile and the
United States, in an aggregate amount of approximately U.S.$15.0&nbsp;million (Ps.166,201), of which
U.S.$13.6&nbsp;million (Ps.149,205) are related to trademarks. This acquisition was completed by the
Group in February&nbsp;2006. In the first quarter of 2006, the Group allocated the purchase price to
these intangible assets, including goodwill, based upon a preliminary valuation. Upon completion of
a final valuation, the Group recorded a related impairment charge of approximately U.S.$8.2&nbsp;million
(Ps.90,078) in consolidated income for the year ended December&nbsp;31, 2006 (see Notes 7).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2006, the Group acquired a 50% interest in Televisi&#243;n Internacional, S. A. de C. V.
(&#147;TVI&#148;), a cable television company in Mexico, in the amount of Ps.769,383, which was substantially
paid in cash. An additional purchase price adjustment was agreed with to be paid by the Group in
the second quarter of 2006 in the amount of Ps.18,588. The aggregate purchase price exceeded the
Group&#146;s proportionate share of TVI&#146;s underlying net assets acquired by approximately Ps.719,501 at
the time of acquisition. The Group allocated the excess purchase price to its proportionate share
of TVI&#146;s tangible (Ps.77,639) and intangible (Ps.239,020) assets and recognized a goodwill in the
amount of Ps.402,842, based upon a preliminary valuation. The Group expects to complete its final
valuation and purchase price allocation in the first half of 2007. This transaction is subject to
certain conditions required by the Mexican regulatory authorities (see Note 5 and 7).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2006, the Group invested U.S.$258&nbsp;million (Ps.2,837,331) in debentures issued by
Alvafig, S.A. de C.V. (&#147;Alvafig&#148;) and convertible into 99.99% of the equity of Alvafig, which holds
49% of the equity of Cablem&#225;s, S.A. de C.V. (&#147;Cablem&#225;s&#148;). These debentures have a five-year
maturity with an annual interest of 8% in the first year and 10% in the remaining four years, which
is payable on a quarterly basis. Cablem&#225;s is the second largest cable operator in Mexico operating
in 48 cities. The conversion of these debentures into equity of Alvafig is subject to approval by
the Mexican regulatory authorities (see Note 5).
</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, 2005 and 2006, 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>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>

<!-- 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">.12,797,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps</TD>
    <TD align="right">.11,957,311</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">2,802,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,672,873</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">(1,141,186</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,032,615</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">.14,459,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps</TD>
    <TD align="right">.13,597,569</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: 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>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, 2005 and 2006, 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>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>

<!-- 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">.3,914,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps</TD>
    <TD align="right">.3,586,580</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">3,412,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,895,442</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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</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">7,326,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,482,022</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">2,060,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,880,148</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">2,019,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,548,700</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">4,079,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,428,848</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">.3,246,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps</TD>
    <TD align="right">.3,053,174</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: 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"><!-- Folio -->F-14<!-- /Folio -->
</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>5. Investments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005 and 2006, 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 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>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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</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">Accounted for by the equity method:</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(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,887,752</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">&nbsp;</TD>
    <TD align="right">9.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ocesa Entretenimiento, S. A. de C. V. (&#147;OCEN&#148;)(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">521,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503,868</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">La Sexta (see Notes 2 and 11)</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">729,735</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" 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">250,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">257,298</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">TVI(c)</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">97,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</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">101,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,913</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">6,760,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,684,547</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">Other investments:</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">Convertible debentures due 2011(d)</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">2,837,331</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 debt securities (see Note 1(g))(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">931,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">906,175</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">Deposit in escrow(f)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,593</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants to acquire shares of Univision common stock(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,612</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">TVI(c)</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">256,727</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">40,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,883</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">1,134,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,026,116</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">7,895,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,710,663</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>Through June&nbsp;30, 2006, this investment was accounted for under the
equity method. Beginning in the third quarter of 2006, the Group
announced its intention to have its shares and warrants of Univision
common stock cashed out in connection with the merger contemplated by
a related agreement entered into by Univision and an acquiring
investor group. Accordingly, beginning July&nbsp;1, 2006, the Group (i)
classified its investment in shares of Univison common stock as a
current available-for-sale financial asset; (ii)&nbsp;discontinued the
recognition of any equity method result related to this investment;
(iii)&nbsp;recorded this financial asset at fair value, with unrealized
gains and losses included in the Group&#146;s consolidated stockholders&#146;
equity as accumulated other comprehensive result; and (iv)&nbsp;this
financial asset is being hedged by the Group&#146;s outstanding Senior
Notes due 2011, 2025 and 2032, in the aggregate amount of
approximately U.S.$971.9&nbsp;million (see Notes 1 (c), 9 and 11). As of
December&nbsp;31, 2005 and 2006, 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
of December&nbsp;31, 2005 and 2006, the Group also owned 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, most of which had an exercise price of
U.S.$38.261 per share, and expired in December&nbsp;2017 (see Note 9). The
warrants to purchase 9,000,000 shares of Univision common stock were
assigned a zero value since they were acquired by the Group as a
non-cash consideration for surrendering certain governance rights
previously held by the Group in Univision. The warrants to acquire
100,000 shares of Univision common stock were accounted for at
acquisition cost and classified as other investments. At December&nbsp;31,
2006, the carrying value of the 100,000 warrants was written off since
the exercise price was greater than the tender offer price. The
carrying value of the Group&#146;s net investment in Univision at December
31, 2005, also included goodwill in the amount of Ps.5,701,000 (see
Note 7), which in 2006 has been reclassified to become part of the
basis of the available-for-sale financial asset. The proposed merger
was concluded by Univision on March&nbsp;29, 2007, and the 30,107,534
shares of Univision common stock owned by the Group were converted,
like all shares of Univision common stock, into cash at U.S.$36.25 per
share. Also, under the terms of the merger agreement, all of the
Group&#146;s warrants to acquire shares of Univision common stock were
cancelled. The aggregate cash amount received by the Group in
connection with the closing of this merger was of approximately
U.S.$1,094.4&nbsp;million (Ps.11,821,932 at the year-end exchange
rate).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>OCEN is a majority-owned subsidiary of Corporaci&#243;n Interamericana de
Entretenimiento, S. A. de C. V. (&#147;CIE&#148;), and is engaged in the live
entertainment business in Mexico. In the third quarter of 2006, OCEN
paid dividends to the Group related to its 40% interest in the
aggregate amount of Ps.102,573 (see Notes 7 and 16).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>Cable television company with a license to operate in the city of
Monterrey and surrounding areas, which expires in 2026. In March&nbsp;2006,
in connection with the acquisition of a 50% interest in this venture,
the Group provided funding to TVI in the form of a short-term loan in
the principal amount of Ps.240,589, with an annual interest rate equal
to the Mexican inter-bank rate plus 150 basis points, and maturity in
March&nbsp;2007. The accrued interest receivable from this loan was of
Ps.16,138, as of December&nbsp;31, 2006 (see Note 2).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-15<!-- /Folio -->
</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>Available-for-sale debt securities that are convertible into 2,838
million shares, or 99.99%, of authorized common stock of Alvafig. The
Group can convert all or a portion of these debentures into shares of
Alvafig common stock (i)&nbsp;when a non-compliance occur with any payment
obligation set up in the debenture issuance agreement; or (ii)&nbsp;at any
time after the first anniversary of the debt issuance and prior to
maturity. The debentures cannot be called before maturity by the
issuer, and are secured by substantially all of the outstanding shares
of common stock of Alvafig, which are held by a designated trust. This
investment is classified as an available-for-sale debt security, and
is recorded at fair value, with unrealized gains and losses included
in the Group&#146;s consolidated stockholders&#146; equity as accumulated other
comprehensive result (see Note 2).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(e)</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">(f)</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, 2005 and 2006, of
short-term securities of approximately U.S.$12.5&nbsp;million (Ps.138,593 )
and U.S.$11.4&nbsp;million (Ps.123,429), respectively. After the expiration
of applicable tax statutes of limitations, the collateral will be
reduced to a de minimus amount. The Group classified this deposit in
escrow as temporary investments in its consolidated balance sheet as
of December&nbsp;31, 2006, since the collateral agreement is expected to be
terminated in 2007 (see Note 11).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, 2005 and 2006, the Group recognized, in the consolidated statements of income, equity
in earnings (losses)&nbsp;of affiliates of Ps.661,247, Ps.166,649, and Ps.(602,206), respectively, and
in the consolidated other comprehensive income or loss (see Note 14), equity in the gain (loss)
from holding non-monetary assets of affiliates of Ps.12, Ps.(925), and Ps.(6,902), respectively,
equity in the translation (loss)&nbsp;gain effect of affiliates of Ps.(156,404), Ps.(302,149) and
Ps.557,524, respectively, and in 2005 and 2006, equity in the (loss)&nbsp;gain on issuance of shares of
associates of Ps.(197,076) and Ps.55,831, 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, 2005 and 2006, 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>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>

<!-- 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">8,287,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,394,388</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">1,646,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,632,675</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">18,698,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,118,867</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">1,702,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,694,099</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">520,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576,030</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">1,150,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,263,059</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">1,471,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,594,073</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">33,477,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,273,191</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">(17,870,662</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,449,494</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">15,606,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,823,697</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">3,975,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,988,747</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">945,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,163,495</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">20,528,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,975,939</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 and 2006, the Group&#146;s Mexican subsidiaries had technical, transportation
and computer equipment of non-Mexican origin totaling Ps.4,664,100 and Ps.4,840,985, 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, 2005 and 2006 would have been Ps.21,584,248 and
Ps.21,234,629, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation charged to income in 2004, 2005 and 2006 was Ps.1,945,925, Ps.2,168,828 and
Ps.2,349,901, respectively.
</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 Intelsat Corporation (&#147;Intelsat&#148;,
formerly PanAmSat Corporation) for 12 KU-band transponders on Intelsat&#146;s satellite IS-9 (see Note
8). As of December&nbsp;31, 2005 and 2006, satellite transponders, net of accumulated depreciation,
amounted to Ps.1,097,146 and Ps.978,813, respectively.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-16<!-- /Folio -->
</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>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" 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="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">7,491,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">2,184,945</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing and TVI 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">473,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">580,905</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">627,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">627,033</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Concession TVI</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">141,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <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">1,180,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(825,743</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">814,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(458,416</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">356,195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subscriber list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(142,812</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(291,099</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75,894</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(192,255</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,405</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred financing costs (see Note 8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,102,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(208,204</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">894,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,046,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(232,867</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">813,724</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,079,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,252,653</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,419,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,030,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,174,637</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,390,082</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>
    <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 2004, 2005 and 2006, was Ps.333,175, Ps.441,944 and
Ps.409,563, respectively, of which Ps.34,112, Ps.50,023 and Ps.48,043 in 2004, 2005 and 2006,
respectively, were recorded as interest expense (see Note 17) and Ps.13,923, Ps.43,735 and
Ps.32,355 in 2004, 2005 and 2006, 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, 2006, 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>&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">&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>&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 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>Adjustments/</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>2005</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>Reclassifications</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>2006</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">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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">1,353,012</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 nowrap align="left">Ps.</TD>
    <TD align="right">(340</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,352,672</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">24,630</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">(975</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">23,655</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">37,978</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">37,978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity-method investees(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,076,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402,842</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">(5,708,431</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">770,640</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">7,491,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">402,842</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">(5,709,746</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">2,184,945</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(2):</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">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">473,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">149,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">43</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">(90,078</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">532,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TVI</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">48,198</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">48,198</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">473,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">197,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">43</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">(90,078</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">580,905</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 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">
<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 Note 5.</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 Notes 2 and 18.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-17<!-- /Folio -->
</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>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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S.$5.3&nbsp;million 11.875% Series &#147;B&#148; Senior Notes due 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">59,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S.$75.5&nbsp;million in 2005 and U.S.$72&nbsp;million in 2006 of 8% Senior Notes due 2011(1)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">834,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">777,251</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S.$300&nbsp;million 8.50% Senior Notes due 2032(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,317,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,240,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S.$600&nbsp;million 6.625% Senior Notes due 2025(1)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,634,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,481,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S.$300&nbsp;million in 2005 and U.S.$11.3&nbsp;million in 2006 of 9.375% Senior Notes due 2013(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,317,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,539</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other U.S. dollar debt(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.15% UDI-denominated Notes due 2007(2)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">979,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">980,246</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican peso long-term loans(3)(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,039,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,142,460</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Mexican peso bank loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464</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 currency debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">420</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">Total long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,226,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,781,698</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">354,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">986,368</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">Long-term debt, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,872,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,795,330</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 style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder lease obligation(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,313,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,206,591</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,176</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">Satellite transponder lease obligation, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,235,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,120,415</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"><!-- Folio -->F-18<!-- /Folio -->
</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">
<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 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 2011, 2025 and 2032, including additional amounts
payable in respect of certain Mexican withholding taxes, is
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">(2)</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
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
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>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>These Senior Notes are unsecured and unsubordinated obligations
of Sky Mexico. Interest on these Senior Notes, including
additional amounts payable in respect of certain Mexican
withholding taxes, is 9.8580%, and is payable semi-annually. The
indentures of these Senior Notes contain certain restrictive
covenants for Sky Mexico on additional indebtedness, liens, sales
and leasebacks, restricted payments, asset sales, and certain
mergers, consolidations and similar transactions. Sky Mexico 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, Sky Mexico 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. In
March and April&nbsp;2006, Sky Mexico entered into two 10-year loans
with Mexican banks in the aggregate principal amount of
Ps.3,500,000 to fund, together with cash on hand, a tender offer
and consent solicitation made in March&nbsp;2006 and expired in April
2006 for any or all of the Senior Notes due 2013, and prepaid a
principal amount of approximately U.S.$288.7&nbsp;million or 96.2% of
these securities. The total aggregate amount paid by Sky Mexico
in connection with this tender offer was of approximately
U.S.$324.3&nbsp;million, which included related consents and accrued
and unpaid interest. The 10-year Sky Mexico&#146;s indebtedness is
guaranteed by the Company and includes a Ps.2,100,000 loan with
an annual interest rate of 8.74% and a Ps.1,400,000 loan with an
annual interest rate of 8.98% for the first three years, and the
Mexican interbank interest rate or &#147;TIIE&#148; plus 24 basis points
for the remaining seven years. Interest on these two 10-year
loans is payable on a monthly basis.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</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, 2006 are various from
2007 to 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Notes denominated in Mexican Investment Units (&#147;Unidades de
Inversi&#243;n&#148; or &#147;UDIs&#148;), representing 258,711,400 UDIs at December
31, 2005 and 2006. Interest on these notes is payable
semi-annually. The balance as of December&nbsp;31, 2005 and 2006
includes restatement of Ps.235,581 and Ps.265,578, respectively.
The UDI value as of December&nbsp;31, 2006, was of Ps.3.788954 per
UDI.</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 in 2005 and 2006, outstanding balances of long-term
loans in the principal amount of Ps.800,000, Ps.1,162,500 and
Ps.2,000,000, respectively, in connection with certain credit
agreements entered into by the Company with a Mexican bank, with
various maturities through 2012. Interest on these loans is, in a
range of 8.925% to 10.35% per annum, and is payable on a monthly
basis. 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)&nbsp;certain financial coverage ratios
related to indebtedness and interest expense; and (b)&nbsp;certain
restrictive covenants on indebtedness, dividend payments,
issuance and sale of capital stock, and liens. The 2006 balance
also includes the Sky Mexico long-term loans discussed in
paragraph (3)&nbsp;above.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-19<!-- /Folio -->
</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">(7)</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 Intelsat
Corporation (formerly PanAmSat Corporation) February&nbsp;1999 for
satellite signal reception and retransmission service from 12
KU-band transponders on satellite IS-9, which became operational
in September&nbsp;2000. The service term for IS-9 will end at the
earlier of (a)&nbsp;the end of 15&nbsp;years or (b)&nbsp;the date IS-9 is taken
out of service. The obligations of Sky Mexico under the IS-9
agreement are proportionately guaranteed by the Company and the
other Sky Mexico equity owners in relation to their respective
ownership interests (see Notes 6 and 11).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2005, Sky Mexico prepaid all of the outstanding amounts of its U.S.$88&nbsp;million
12.875% Senior Notes originally due in 2007, 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.1,088,114 (Ps.1,012,000 nominal) with a partial maturity (50%) in 2010 and
the reminder 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 such 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Maturities of Debt and Satellite Transponder Lease Obligation</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, 2006, 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">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">986,368</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483,835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,163,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,027,267</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">777,251</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">14,343,789</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">18,781,698</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, 2006, 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">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">220,371</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,371</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,371</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,371</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,371</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">809,023</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">1,910,878</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">704,287</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>
</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">1,206,591</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.
&nbsp;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, the available-for-sale investment in Univision
classified as a current financial asset beginning July&nbsp;1, 2006 (see Note 5), debt securities
classified as held-to-maturity and available-for-sale investments, 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
available-for-sale investment in Univision and the debt securities classified as available-for-sale
investments are recorded at fair value. 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 common stock 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying and estimated fair values of the Group&#146;s financial instruments at December&nbsp;31,
2005 and 2006 were as follows:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-20<!-- /Folio -->
</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="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="7" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2006</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>Carrying Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Carrying Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-derivative financial instruments:</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">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>
    <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-for-sale investment in Univision (see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">11,821,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">11,821,932</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>&nbsp;</TD>
    <TD align="right">24,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,371,760</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">Held-to-maturity securities (see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">930,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">919,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,980,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,980,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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>
    <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 2011, 2025 and 2032</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10,786,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">11,737,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10,499,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">11,678,800</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">3,376,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,722,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,203</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">979,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,043,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">980,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">996,533</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">4,039,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,124,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,142,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,323,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments:</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">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>
    <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(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">710</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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>
    <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(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">76,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">76,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency forwards(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,502</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">Interest rate swaps(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">315,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">315,634</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 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.$11.3&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.123,047 at an annual rate of
10.25%. These transactions will terminate in September&nbsp;2008. As of
December&nbsp;31, 2006, 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">(b)</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
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.154,992 in 2005, 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">(c)</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 U.S.$890&nbsp;million as of December&nbsp;31, 2005
and 2006, at an average annual rate of 7.37%, and the Company makes
semi-annual payments based on an aggregate notional amount of
approximately Ps.9,897,573 as of December&nbsp;31, 2005 and 2006, at an
average annual rate of 8.28%, without an exchange of the notional
amount upon which the payments are based. In the years ended December
31, 2005 and 2006, the Company recorded a loss of Ps.383,275 and Ps.
88,233, respectively, in the integral cost of financing (foreign
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&nbsp;million.</TD>
</TR>

</TABLE>



<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 used a 4% discount rate and
2% salary scale for 2004, 2005 and 2006. The Group used a 5%, 5% and 9.67% return on assets rate
for 2004, 2005 and 2006,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-21<!-- /Folio -->
</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">respectively. 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 2004 and
2005, the Group made cash contributions 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 debt and equity securities (including shares of the Company) as of
December&nbsp;31, 2005 and 2006. 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, 2005 and 2006, 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>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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD>&nbsp;</TD></TR>
<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">159,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">140,341</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,999</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">242,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241,340</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">19,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,963</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">261,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,303</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">468,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">528,489</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">Plan assets in excess of projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268,186</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 an average 9-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">123,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,957</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">(113,292</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(111,533</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrecognized net gain from experience differences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,700</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(89,095</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">1,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(98,671</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">Net projected asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,515</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">284,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">306,640</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">306,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,987</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">591,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">646,627</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">150,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,277</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">742,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">803,904</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">1,014,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,209,151</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">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets in excess of projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,247</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 an average 18-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">128,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,167</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">(15,324</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,349</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrecognized net gain from experience differences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(492,259</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(621,270</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">(378,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(518,452</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">(105,737</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,205</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"><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">Non-vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,065</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">276,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,065</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">26,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,896</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">302,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">356,961</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: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</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">Projected benefit obligation in excess of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(302,831</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(356,961</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">Items to be amortized over an
average 6-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">Unrecognized net loss from experience difference</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">13,616</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">Net projected liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(302,831</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(343,345</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 labor liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(199,949</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(287,035</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: 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">&nbsp;</div>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-22<!-- /Folio -->
</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 net pension, seniority premium and severance indemnities cost for 2004, 2005 and 2006 was
Ps.91,151, Ps.93,365 and Ps.73,825, 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, 2006, the Group had commitments in an aggregate amount of Ps.256,725, of which
Ps.85,345 were commitments related to gaming operations, Ps.79,027 were commitments to acquire
television technical equipment, Ps.37,237, were commitments for the acquisition of software and
related services, and Ps.55,116 were construction commitments for building improvements and
technical facilities.
</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 and 2006. The Group may fund up to 50% of certain working capital
requirements of EMI Televisa Music during 2007, 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.$11.4&nbsp;million (Ps.123,429) of short-term
securities as of December&nbsp;31, 2006.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-23<!-- /Folio -->
</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;At December&nbsp;31, 2006, 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">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">14,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,477</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,898</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">63,486</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;The Group has guaranteed a 58.7% of Sky Mexico&#146;s minimum commitments for use of satellite
transponders over a period ending in 2015. As of December&nbsp;31, 2006, this guarantee is estimated to
be an aggregate of approximately U.S.$104.8&nbsp;million (undiscounted)&nbsp;as of December&nbsp;31, 2006 (see
Notes 2, 8 and 9).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has guaranteed the obligation of Sky Mexico for direct loans in an aggregate
amount of Ps.3,500,000, which are reflected in the December&nbsp;31, 2006 balance sheet as liabilities
(see Note 8).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Group leases facilities, primarily for its Gaming business, under operating leases
expiring through 2046. The Group&#146;s Gaming business started operations in the second quarter of
2006. As of December&nbsp;31, 2006, minimum annual lease commitments (undiscounted)&nbsp;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">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">105,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,035</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,467</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">1,284,281</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">1,743,560</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;At December&nbsp;31, 2006, the Group had commitments of capital contributions in 2007 and 2008
related to its 40% equity interest in La Sexta in the aggregate amount of approximately 76.5
million euros and 31.0&nbsp;million euros, respectively (see Notes 2 and 5). Also, in connection with
this investment and the framework agreement entered into by the Group in March&nbsp;2006 with the
Mediapro group and the Arbol group (the controlling partners of the company that holds a 51% equity
interest in La Sexta), the Group received: (i)&nbsp;a call option under which the Group may subscribe,
at a price of 80&nbsp;million euros, a percentage of the capital stock of Imagina Media Audiovisual, S.
A. (&#147;Imagina&#148;), the parent company that holds all of the shares of the Mediapro group and the Arbol
group, that will be determined as a result of the application of a formula related to the
enterprise value of Imagina at the time of exercise of the option by the Group; (ii)&nbsp;an exclusivity
to acquire up to 20% of the capital stock of Imagina for a period that ended in December&nbsp;2006;
(iii)&nbsp;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 ending of the exclusivity period; and (iv)&nbsp;a right of first refusal
until June&nbsp;2011 to acquire a certain percentage of the capital stock of Imagina. Additionally, as
part of the framework agreement and in exchange for the call option and rights granted in
connection with the Imagina investment, the Group agreed to grant Inversiones Mediapro Arbol, S.L.,
a wholly-owned subsidiary of Imagina, a line of credit for up to 80&nbsp;million euros to be used
exclusively for equity contributions by the Mediapro group and the Arbol group in La Sexta,
provided that, in the event the Group exercise the call option, or a third party acquires a portion
of the capital stock of Imagina, Imagina and its stockholders have undertaken that the amounts
outstanding under the line of credit will be either credited towards the subscription price or
repaid with the proceeds from the acquisition by the third party. At December&nbsp;31, 2006, the line of
credit granted by the Group had not been used by Inversiones Mediapro Arbol, S. L.
</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;As of December&nbsp;31, 2006, the Group has accrued Ps.23,333 representing the Group&#146;s estimate of
state income tax and other tax liabilities in connection with audits of a former U.S. subsidiary of
the Company for fiscal periods ended in 1995, 1996 and 1997.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-24<!-- /Folio -->
</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 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;During 2006 and 2007, the Group filed petitions with Mexican Federal Courts in response to
assertions made by the Mexican tax authorities that the Group owed income taxes in connection with
certain acquisition of exclusivity rights of soccer players from foreign entities in 1999, 2000,
2001 and 2002. The Group believes it has certain meritorious defenses on these claims and
sufficient amounts for the account of such income taxes have been provided.
</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><I>Univision</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005, Televisa, S.A. de C.V. (&#147;Televisa&#148;), a subsidiary of the Company, filed a
complaint (which was subsequently amended) in the U.S. District Court for the Central District of
California alleging that Univision breached the Second Amended and Restated Program License
Agreement entered into as of December&nbsp;19, 2001 (the &#147;PLA&#148;) between Televisa Internacional, S.A. de
C.V., a predecessor company, and Univision, as well as the December&nbsp;19, 2001 letter agreement
between Televisa and Univision relating to soccer broadcast rights (the &#147;Soccer Agreement&#148;), among
other claims (&#147;District Court Action&#148;). Univision filed related answers denying all allegations and
asserting affirmative defenses, as well as related counterclaims against Televisa and the Company.
Univision also claimed that the Company had breached other agreements between the parties,
including a Participation Agreement entered into as of October&nbsp;2, 1996 and a Telefutura Production
Services Agreement. In addition, Univision claimed that the Company breached a Guaranty dated
December&nbsp;19, 2001, by which, among other things, the Company guaranteed that the Company&#146;s
affiliates (including Televisa) would produce a specified minimum number of novellas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2006, Televisa and the Company answered the counterclaims, denying them and asserting
affirmative defenses based on Univision&#146;s alleged breaches of the agreements, including the PLA,
the Guaranty and the Soccer Agreement. Televisa also amended its complaint again, adding the
Company as a plaintiff. In their amended complaint, Televisa and the Company asked for a
declaration by the court that they had the right to suspend their performance under and to
terminate the PLA, the Guaranty and the Soccer Agreement as a result of Univision&#146;s alleged
material breaches of those agreements. Univision filed amended counterclaims, seeking, among other
things, a declaration by the Court that Televisa and the Company do not have the right to terminate
or suspend performance of their obligations under the PLA or the Soccer Agreement. Also, in 2006,
Televisa filed a separate lawsuit in the Los Angeles Superior Court, State of California seeking a
judicial determination that on or after December&nbsp;19, 2006, Televisa may transmit or permit others
to transmit any television programming into the United States from Mexico by means of the Internet.
That lawsuit was stayed. In October&nbsp;2006, Univision added a new counterclaim in the District Court
Action for a judicial declaration that on or after December&nbsp;19, 2006, Televisa may not transmit or
permit others to transmit any television programming into the United States by means of the
Internet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2005 and 2006, in connection with the Company&#146;s complaint in the District Court Action,
Univision made payments to the Group under protest of the disputed royalties and of other license
fees that Univision alleges have been overcharged, in the aggregate amount of approximately U.S.$16
million, and is seeking recovery of these amounts via its counterclaims. The Group has recognized
these payments made by Univision as customer deposits and advances in its consolidated balance
sheets (see Note 16).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June&nbsp;2007, the U.S. District Court for the Central District of California reset the
discovery cut-off date in the case for August&nbsp;27, 2007, and the
trial date for January &nbsp;18, 2008 in
the District Court Action. The Group cannot predict how its overall business relationship with
Univision will be affected by this dispute. The Group believes the counterclaims and affirmative
defenses made by Univision are without merit and will defend vigorously.
</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"><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>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-25<!-- /Folio -->
</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;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 five CPOs (before March&nbsp;22, 2006 each GDS was represented by 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2006, 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="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>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 a</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>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 (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Company (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trust (3)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Subsidiary (4)</B></TD>
    <TD>&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">123,478,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,342,667</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,164,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,185,988</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,784,605</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">59,162,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,181,547</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,806,726</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(609,484</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,564,692</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">90,372,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,879,735</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,339,243</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(936,741</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,216,494</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">90,372,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,879,735</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,339,243</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(936,741</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,216,494</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">363,384,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,283,684</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,649,976</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,668,954</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337,782,285</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>&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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares in the form of CPOs(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,100,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,283,684</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,819,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,131,390</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,865,773</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>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CPOs(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,582,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(53,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(66,835</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,434,750</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
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.
1,007,508 (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 stockholder.</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 2004, 2005 and 2006, the Company repurchased 1,813,102 thousand,
3,645,463 thousand, and 6,714,057 thousand shares, respectively, in the
form of 15,497 thousand, 31,158 thousand, and 57,385 thousand CPOs,
respectively, in the amount of Ps. 419,446, Ps. 1,108,338 and Ps.
2,595,366, respectively, in connection with a share repurchase program
that was approved by the Company&#146;s stockholders and exercised at the
discretion of management. In 2004, the Company resold 468 thousand shares
in the form of four thousand CPOs, repurchased under this program, in the
amount of Ps. 109. In April&nbsp;2006, the Company&#146;s stockholders approved (i)
the cancellation of 5,888,469.6 thousand shares of capital stock in the
form of 50,328.8 thousand CPOs, which were repurchased by the Company
under this program in 2004, 2005 and 2006; and (ii)&nbsp;up to 15% of the
outstanding shares of the Company&#146;s common stock as the amount of shares
that can be repurchased by the Company.</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 connection with the Company&#146;s Long-Term Retention Plan described 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>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 2004 and 2005, the Company issued an aggregate of 392,841 thousand
additional CPOs by combining Series &#147;A&#148; Shares, Series &#147;B&#148; Shares, Series
&#147;D&#148; Shares and Series &#147;L&#148; Shares, not in the form of CPOs, which were
owned by certain stockholders (312,880 thousand CPOs) or acquired
primarily by trusts designated for purposes of the Group&#146;s stock purchase
plans (79,961 thousand CPOs).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;21, 2006, the Company&#146;s stockholders approved certain changes to the Company&#146;s
bylaws to conform with applicable regulations for Mexican public companies in accordance with the
new Mexican Stock Market law, which became effective in June&nbsp;2006. These changes included, among
others, the creation of a corporate practice committee, additional duties for the audit committee,
more specific responsibilities for members of the board of directors and the corporate executive
officer, and a new name for the nature of company under which the Company&#146;s is incorporated, which
changed from &#147;Sociedad An&#243;nima&#148; or &#147;S.A.&#148; (limited liability company) to &#147;Sociedad An&#243;nima
Burs&#225;til&#148; or &#147;S.A.B.&#148; (public limited liability company).
</DIV>

<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;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-26<!-- /Folio -->
</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">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 stockholders
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;
Shares, 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, 2006, the restated tax value of the Company&#146;s common stock was Ps. 22,457,650.
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 13).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Stock Purchase Plan</I></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, 2006, the Company
had assigned approximately 117.5&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 2004, 2005 and 2006, approximately 42.5&nbsp;million CPOs, 26.9&nbsp;million CPOs, and 33.1&nbsp;million
CPOs, respectively, were exercised pursuant to this Plan in the amount of Ps. 630,168, Ps. 325,561
and Ps. 427,858, respectively, and transferred to the Plan participants. In 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 designated Plan trust, were exchanged for approximately 3.4&nbsp;million
CPOs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Long-term Retention Plan</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company adopted 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. Pursuant to the Retention Plan, as of December&nbsp;31,
2005 and 2006, the Company had assigned approximately 46.8&nbsp;million CPOs and 47.4&nbsp;million CPOs,
respectively, at an exercise price of Ps.13.45 per CPO, subject to certain conditions, including a
vesting period between 2008 and 2010. During 2006, approximately 9,675 thousand CPOs were early
exercised pursuant to this Retention Plan in the amount of Ps. 113,686.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2006, the designated Retention Plan trust owned approximately 133.8&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 be granted at a price of approximately Ps. 28.05 per
CPO, subject to certain conditions, in vesting periods between 2008 and 2023. In 2004, as a result
of the Recapitalization described above and other related transactions, the designated Retention
Plan trust 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. Also, in 2004, certain Series &#147;A&#148;, Series &#147;B&#148;, Series &#147;D&#148;
and Series &#147;L&#148; Shares, held by the Retention Plan trust, were exchanged for approximately 76.5
million CPOs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in 2005, in connection with the Company&#146;s Plan and Retention Plan, 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 arrangements and 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="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="7"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Long-term</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>Purchase Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Retention Plan</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arrangements:</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:37px; text-indent:-15px">Year of grant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Number of CPOs granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Contractual life</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">3-5 years</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">1-3 years</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">4-6 years</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumptions:</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:37px; 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" style="background: #cceeff">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Expected volatility(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22.12</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.99</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Expected life of awards (in years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">4.01 years</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">2.62 years</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">4.68 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>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-27<!-- /Folio -->
</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;A summary of the stock awards for employees as of December&nbsp;31, 2005 and 2006, 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="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="7" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2006</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-</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-</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>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>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">Stock Purchase Plan:</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:37px; text-indent:-15px">Outstanding at beginning of year</DIV></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">14.36</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">14.99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.81</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:37px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23,455</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29,050</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(716</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.07</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: 0px 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: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Outstanding at beginning 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">14.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.30</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: 0px 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: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:37px; 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">16.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.80</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: 0px 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: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long &#151; Term Retention Plan:</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:37px; text-indent:-15px">Outstanding at beginning of 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">13.45</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">12.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Exercised</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Forfeited</DIV></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">12.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(734</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</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: 0px 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: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Outstanding at beginning of year</DIV></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">12.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</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: 0px 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: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:37px; text-indent:-15px">Exercisable at end of year</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">9,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</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: 0px 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: 0px 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 of December&nbsp;31, 2006, the weighted-average remaining contractual life of the awards under
the Stock Purchase Plan and the Long-term Retention Plan is 0.3 and 2.10&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 2004, 2005 and 2006, the Company&#146;s
stockholders approved increases to the legal reserve amounting to Ps.203,392, Ps.232,070 and
Ps.186,781, 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.7,483,296 for the repurchase of shares, at the discretion of management.
Through December&nbsp;31, 2006, this reserve has been used in an amount of Ps.3,024,038, 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, 2005 and 2006 are comprised of (i)&nbsp;accumulated
earnings from prior years for an amount of Ps.14,710,965 and Ps.19,778,257, 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.2,410,847 and Ps.2,762,784, respectively;
and (iii)&nbsp;other unappropriated earnings in an amount of Ps.13,694, and other cumulative charges in
an amount of Ps.300,219, respectively.
</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.4,280,816 (nominal Ps.3,850,000), which consisted of nominal Ps.1.21982800845 per CPO
and nominal Ps.0.40660933615 per Share of former Series &#147;A,&#148; not in the form of a CPO, and was paid
in cash in May&nbsp;2004.
</DIV>

<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.1,007,508 (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.4,480,311 (nominal Ps.4,214,750), which consisted of nominal Ps.1.35 per CPO and
nominal Ps.0.01153846153 per Share of Series &#147;A&#148;, &#147;B&#148;, &#147;D&#148; and &#147;L,&#148; not in the form of a CPO, 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;In April&nbsp;2006, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps.1,119,749 (nominal Ps.1,087,049), which consisted of nominal Ps.0.35 per CPO and
nominal Ps.0.00299145 per Share of Series &#147;A&#148;, &#147;B&#148;, &#147;D&#148; and &#147;L,&#148; not in the form of a CPO, and was
paid in cash in May&nbsp;2006.
</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
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-28<!-- /Folio -->
</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">the provisions of the Mexican Income Tax Law. In this case, dividends will be taxable by
multiplying such dividends by a 1.3889 factor and applying to the resulting amount the income tax
rate of 28%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2006, cumulative earnings that have been subject to income tax and can be
distributed by the Company free of Mexican withholding tax were approximately Ps.49,976. 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 (Loss)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income (loss)&nbsp;related to the majority interest for the years ended December&nbsp;31,
2004, 2005 and 2006, 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>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>

<!-- 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">4,641,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,373,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,586,188</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">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(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(208,784</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(185,393</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574,099</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Result from holding non-monetary assets, net(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(137,107</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(552,880</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(64,870</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Result from available for-sale investments, net(3)</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">(578,656</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain (loss)&nbsp;on equity accounts of investees, net(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(197,076</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,831</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 other comprehensive loss, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(217,291</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(935,349</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,596</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">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,424,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,438,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,572,592</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: 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 2004, 2005 and 2006 include the foreign exchange gain
(loss)&nbsp;of, Ps.45,850, Ps.433,752 and Ps.(572,738), respectively, which
were hedged in connection with the Group&#146;s net investment in Univision
as a foreign entity investment through June&nbsp;30, 2006 (see Notes 1(c),
5 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.58,952, Ps.221,285 and Ps.30,300 for the years ended December&nbsp;31,
2004, 2005 and 2006, 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>The amount for 2006 includes a foreign exchange loss of Ps.(97,668),
net of foreign exchange gain of Ps.539,563, which was hedged in
connection with the Group&#146;s available-for-sale investment in Univision
beginning July&nbsp;1, 2006 (see Notes 1(c), 5 and 17); loss on monetary
position of Ps.(434,153); and other fair value loss of Ps.(46,835).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</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, 2004, 2005 and 2006, 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="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&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>Gain</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>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"><B>Cumulative</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>(Loss) 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>Available-</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>Result from</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>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>Equity</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>For-Sale</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>Deferred</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>Accounts 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>Financial</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>Income</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>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>Taxes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>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">Balance at January&nbsp;1, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,090,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(33,912</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,809,554</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,676,422</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,107,621</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,537,465</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">128,600</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">(137,107</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(208,784</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">(217,291</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>
    <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">4,218,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33,912</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">(1,946,661</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,885,206</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,107,621</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,754,756</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">(197,076</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">(552,880</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(185,393</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">(935,349</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>
    <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>&nbsp;</TD>
    <TD align="right">4,021,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33,912</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">(2,499,541</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,070,599</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,107,621</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,690,105</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">55,831</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">(578,656</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(64,870</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574,099</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">(13,596</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>
    <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, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,077,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(33,912</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(578,656</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,564,411</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,496,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,107,621</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,703,701</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>
    <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, 2004, 2005 and 2006
is net of a deferred income tax benefit of Ps.124,685, Ps.345,970 and Ps.376,270, respectively.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-29<!-- /Folio -->
</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, 2005 and 2006, 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>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>

<!-- 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">3,944,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,820,887</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">(3,811,048</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,435,414</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">(317,491</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(332,534</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">(885</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(502</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">(57,585</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,585</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">1,127,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">588,241</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">885,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,583,093</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>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>

<!-- 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)(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,181,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,152,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,413,430</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">76,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Programming production and transmission rights(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administrative services(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,588</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">963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advertising(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,643</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">1,666,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,456,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,702,386</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">99,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">110,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">102,064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administrative services(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,212</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">80,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,942</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">185,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">380,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">190,218</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: 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 2004, 2005 and 2006.</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 for the three months ended March&nbsp;31, 2004,
and Endemol and other affiliates in 2004, 2005 and 2006.</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 for the three months ended
March&nbsp;31, 2004, to Univision in 2004, to OCEN in 2004, 2005 and 2006,
and Volaris in 2006.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other transactions with related parties carried out by the Group in the normal course of
business include the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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. Some members of the Group&#146;s Board serve
as board members of this bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Two of the Group&#146;s directors and one of the Group&#146;s alternate directors are members of
the board as well as stockholders of a Mexican company, which is a producer, distributor and
exporter of beer in Mexico. Such company purchases advertising
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-30<!-- /Folio -->
</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%">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Several other members of the Group&#146;s current board serve as members of the boards
and/or stockholders of other companies, some of which purchased advertising services from the
Group in connection with the promotion of their respective products and services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) During 2004, 2005 and 2006, a professional services firm in which a current director
maintains interest provided legal advisory services to the Group in connection with various
corporate matters. Total fees for such services amounted to Ps.19,962, Ps.18,435 and Ps.16,631,
respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A television production company, indirectly controlled by a company where a member of
the board and executive of the Company is a stockholder, provided production services to the
Group in 2004, 2005 and 2006, in the amount of U.S.$5.6&nbsp;million, U.S.$11.3&nbsp;million and U.S.$8.1
million, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) During 2005 and 2006, the Group paid sale commissions to a company where a member of
the board and executive of the Company is a stockholder, in the amount of Ps. 19,770 and Ps.
109,843, respectively.
</DIV>

<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,
2005 and 2006, 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>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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Receivables:</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">CIE (see Notes 5 and 7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">199,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</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">92,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editorial Cl&#237;o, Libros y Videos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,922</TD>
    <TD>&nbsp;</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">33,129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OCEN (see Notes 5 and 7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,954</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">26,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,604</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">336,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">184,814</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payables:</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">DIRECTV (payable in connection with the acquisition of a subscriber list, see Notes 2 and 7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(733,438</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</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">(48,191</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,513</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,026</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,620</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">Ps.</TD>
    <TD align="right">(810,655</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(38,133</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
2004, 2005 and 2006, average interest rates of 6.9%, 9.6% and 7.5% 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, 2005 and 2006, included deposits and
advances from affiliates and other related parties, which were primarily made by Univision (see
Note 11), OCEN, Editorial Cl&#237;o, Libros y Videos, S.A. de C.V., and CIE in 2005 and 2006, and
Volaris in 2006, in an aggregate amount of Ps. 133,098 and Ps. 287,124, respectively.
</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>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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,252,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,221,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,937,591</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">(705,888</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(969,905</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,094,266</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange loss, net(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,516</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Gain) loss from monetary position(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,939</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(153,887</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,850</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,630,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,854,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,099,691</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: 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 2004, 2005 and 2006, includes Ps. 217,713, Ps.
39,620 and Ps. 39,843, 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. 32,659</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-31<!-- /Folio -->
</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>and Ps. 6,557, in
2004 and 2005, 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 loss in 2004, 2005 and 2006, includes a net loss
from foreign currency derivative contracts of Ps. 103,500, Ps. 741,128
and Ps. 57,745, respectively. A foreign exchange gain in 2004 and 2005
of Ps. 45,850 and Ps. 433,752, respectively, and a foreign exchange
loss of Ps. 33,175 in 2006, 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 2004, 2005 and 2006
of Ps.195,412, Ps.138,620 and Ps.107,607, respectively, arising from
temporary differences of non-monetary items in calculating deferred
income tax (see Note 20).</TD>
</TR>

</TABLE>



<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>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>

<!-- 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:15px; text-indent:-15px">Severance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">157,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">43,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">45,282</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:15px; text-indent:-15px">Impairment adjustments(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,078</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses of debt placement(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">478,994</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">6,432</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">424,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">239,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">614,354</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>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. 204,178 and Ps. 43,120, respectively. During 2006,
the Group tested for impairment the carrying value of certain
trademarks of its Publishing segment. As a result of such testing, an
impairment adjustment was made to these intangible assets of
Ps.90,078. 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">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Related to Senior Notes due 2011 and Notes denominated in Mexican UDIs
due 2007 in 2005 and Senior Notes due 2013 in 2006 (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 expense (income)&nbsp;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>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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss (gain)&nbsp;on disposition of investments, net (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">143,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">179,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(18,848</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <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">40,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,530</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">177,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial advisory and professional services(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,149</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">71,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,593</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 expense (income), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,686</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630</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">553,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">483,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">211,041</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 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 Taxes 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
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-32<!-- /Folio -->
</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">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 2004, 2005 and 2006 was 33%, 30% and 29%,
respectively. In accordance with the current Mexican Income Tax Law, the corporate income tax rate
in subsequent years will be 28%.
</DIV>

<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, 2004, 2005 and 2006, 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>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>

<!-- 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">602,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,601,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">770,856</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>&nbsp;</TD>
    <TD align="right">655,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(819,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,245,815</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">1,257,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">781,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,016,671</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="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>%</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>2006</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">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</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">1</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">Hedge</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>
</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">3</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">Special tax consolidation items</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">(2</TD>
    <TD nowrap>)</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">Unconsolidated income tax</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">&#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">Minority interest</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">(2</TD>
    <TD nowrap>)</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">Excess in tax provision of prior years</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">(1</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">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:15px; text-indent:-15px">Asset tax</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">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax loss carryforwards</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">(9</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">(2</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recoverable income tax from repurchase of shares</DIV></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>
    <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">Use of tax losses(a)</DIV></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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16</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:15px; text-indent:-15px">Provision for income tax and the asset tax</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</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 2004, this amount represents the effect of the use of tax loss
carryforwards arising from the acquisition of 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). In 2006, this amount represents
the effect of the use of tax deductions related to certain
transactions made by the Group inconnection with a corporate
reorganization.</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, 2006, 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="3" style="border-bottom: 1px solid #000000"><B>Expiration</B></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:30px; text-indent:-15px">Mexican subsidiaries(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,226,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">From 2007 to 2016</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Mexican subsidiaries(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">991,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">From 2007 to 2025</TD>
</TR>
<TR style="font-size: 1px">
    <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">5,218,023</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 subsidiaries(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left">From 2007 to 2010</TD>
</TR>
<TR style="font-size: 1px">
    <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">5,621,681</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 2004, 2005 and 2006, certain Mexican subsidiaries utilized unconsolidated operating tax loss
carryforwards of Ps. 2,275,247, Ps. 465,795 and Ps. 3,161,005, respectively. In 2005 and 2006, 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.$91.8&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 subsidiaries.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-33<!-- /Folio -->
</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 asset tax rate was 1.8% in 2004, 2005 and 2006. In 2007, the asset tax rate decreased from
1.8% to 1.25%; however, those asset tax deductions that were permitted in prior years are not
longer allowed beginning 2007. 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, 2006, the Company had Ps. 1,111,591 of asset tax
subject to be credited and expiring between 2007 and 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deferred taxes as of December&nbsp;31, 2005 and 2006, 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>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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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>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">839,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">647,742</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">833,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778,200</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">1,295,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,296,464</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">429,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,974</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">1,434,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,194,001</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">230,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,163</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">(225,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(618,652</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">(1,040,005</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,072,480</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">(1,351,651</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,246,859</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">(1,375,773</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(890,301</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">1,071,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">528,252</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(58,595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,354</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">1,440,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,402,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Valuation allowances(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,659,111</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,304,334</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">(206,239</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,488,778</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">33,868</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">Deferred income tax liability, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(172,371</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,488,778</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. 292,268
and Ps. 344,792 at December&nbsp;31, 2005 and 2006, 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 2006 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">(1,015,642</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(809,683</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(833,786</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,659,111</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(398,901</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(301,908</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">(700,809</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">&#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">55,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,586</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">(1,414,543</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,111,591</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(778,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,304,334</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, 2006,
representing a credit of Ps. 1,316,407 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(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">100,892</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,300</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charge to the provision for deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,245,815</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">1,316,407</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. 107,607, 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"><!-- Folio -->F-34<!-- /Folio -->
</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, 2004, 2005 and 2006, 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="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>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>2006</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">345,205,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,158,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,776,222</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">2,293,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,463,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,451,792</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">55,524,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,915,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,915,849</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">5,305,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</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">6,645,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</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">6,645,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</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, 2004, 2005 and 2006, 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>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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" 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>&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>
    <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>
    <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 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;, &#147;B&#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>Series &#147;A&#148;, &#147;B&#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>Series &#147;A&#148;, &#147;B&#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>&#147;D&#148; and &#147;L&#148; 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>&#147;D&#148; and &#147;L&#148; 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>&#147;D&#148; and &#147;L&#148; 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">1.97</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">2.37</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">2.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative loss of accounting change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.37</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">(0.18</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 style="font-size: 1px">
    <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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.60</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">2.19</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">2.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.03</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, 2006, 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="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>Foreign</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>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"><B>Mexican</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>(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>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">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">U.S. dollars(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,424,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10.8025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">26,189,624</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">96,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.2626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,383,059</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">8,989,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Colombian pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,860,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,928</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">133,606</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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:30px; text-indent:-15px">U.S. dollars(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,311,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10.8025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">14,168,970</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">9,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.2626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,916</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">10,068,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,378</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Colombian pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,710,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,009</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">92,805</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 assets in the amount of U.S.$1,094.4&nbsp;million and U.S.$262.7
million, related to the available-for-sale investment in shares of
Univision and the investment in convertible debentures of Alvafig,
respectively, which foreign exchange result is recognized as a gain or
loss in accumulated other comprehensive result (see Note 1(c)).</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 liabilities in the amount of U.S.$971.9&nbsp;million, related to
the Senior Notes due in 2011, 2025 and 2032, which are partially
hedging the available-for-sale investment in shares of Univision (see
Note 1(c)).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-35<!-- /Folio -->
</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, 2006, 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="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>Foreign</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>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"><B>Mexican</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>(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>Pesos(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">Property, plant and equipment:</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">393,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10.8025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">4,249,758</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">3,676,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">333,848</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">17,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.2626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,707</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">199,484</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">315,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">10.8025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">3,413,147</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 2006 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</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>of 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>
</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>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</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>U.S. Dollar</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mexican</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>(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>Pesos(1)</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:</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">$</TD>
    <TD align="right">404,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">64,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">469,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,074,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471,551</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">453,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">73,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">527,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,695,014</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchases, costs and expenses:</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">$</TD>
    <TD align="right">254,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">278,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,005,720</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">82,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,018,362</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">339,355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,158,517</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">383,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,848,664</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">98,442</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">98,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,064,802</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">1,157,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">239,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,397,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,096,065</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. 10.8025 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, 2006 the exchange rate was Ps.10.8025 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 April&nbsp;2, 2007, the exchange rate was Ps.11.0270 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 Information</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>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-36<!-- /Folio -->
</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><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 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: 12pt"><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 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: 12pt"><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: 12pt"><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: 12pt"><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: 12pt"><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: 12pt"><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: 12pt"><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: 12pt"><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, beginning in the second quarter of 2006, gaming operations.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-37<!-- /Folio -->
</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 information by segment and a reconciliation to consolidated total for
the years ended December&nbsp;31, 2004, 2005 and 2006.
</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>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>Segment</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 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>Profit (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">2004:</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">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,388,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">440,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,947,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,343,836</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">861,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">740,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,974</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">2,061,507</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">2,061,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">786,757</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">2,250,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,245,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">456,677</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">1,692,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,732</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,683,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,290</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,910,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,864,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,439,253</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">1,212,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,208,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383,367</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">318,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,134</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">1,610,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,502,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(137,468</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">Segment totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,305,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">786,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,518,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,600,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reconciliation to consolidated amounts:</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:15px; text-indent:-15px">Eliminations and corporate expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(786,279</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(786,279</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">(167,706</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization expense</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,231,065</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">Consolidated total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,518,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,518,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">9,201,469</TD>
    <TD nowrap>(1)</TD>
</TR>
<TR style="font-size: 1px">
    <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">2005:</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:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">19,323,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">570,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,752,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,211,431</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">1,156,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">851,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539,072</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">1,951,951</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">1,951,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">695,785</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">2,607,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,566,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,525</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">418,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">407,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,869</TD>
    <TD>&nbsp;</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">6,229,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,195,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,618,809</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">1,462,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,459,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">509,403</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">358,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,316</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">1,377,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,306,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(187,682</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,885,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,087,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,797,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,947,528</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reconciliation to consolidated amounts:</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">Eliminations and corporate expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,087,514</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,087,514</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">(189,867</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization expense</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,517,015</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">33,797,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">33,797,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">11,240,646</TD>
    <TD nowrap>(1)</TD>
</TR>
<TR style="font-size: 1px">
    <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" style="background: #cceeff">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,972,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">558,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,413,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,597,965</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">1,329,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,050,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">682,251</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">2,110,923</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">2,110,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869,289</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">2,885,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,866,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">555,785</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">433,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">422,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,452,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,362,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,555,478</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">1,984,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,979,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">816,823</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">444,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">401,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,565</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">1,408,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,324,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(311,316</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">Segment totals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,021,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,089,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,931,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,878,839</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reconciliation to consolidated amounts:</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:15px; text-indent:-15px">Eliminations and corporate expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,089,320</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,089,320</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">(450,879</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization expense</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,679,066</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">Consolidated total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">37,931,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">37,931,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">13,748,894</TD>
    <TD nowrap>(1)</TD>
</TR>
<TR style="font-size: 1px">
    <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>Consolidated totals represents consolidated operating income.</TD>
</TR>

</TABLE>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->F-38<!-- /Folio -->
</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><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: 12pt"><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>

<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, 2004, 2005 and 2006.
</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 nowrap align="center" colspan="2"><B>Segment</B></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>Property,</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>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Liabilities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Plant and</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>at Year-End</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>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">2004:</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(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">49,815,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">22,178,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">898,251</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">2,136,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,301</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">1,077,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,866,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,790,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">704,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,176,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430,549</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,619</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,565,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">597,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,733</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 align="left">Ps.</TD>
    <TD align="right">64,128,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,680,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,179,428</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">2005:</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(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">48,296,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">23,234,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">910,648</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">2,147,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,005</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">952,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,738,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,219,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,235,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,427,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">488,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579,218</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,863</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,737,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,808</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 align="left">Ps.</TD>
    <TD align="right">62,835,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,283,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,849,075</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">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>
</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(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">57,845,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">23,414,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,108,412</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">2,106,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,184</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">966,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">456,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,212,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,416,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000,911</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable Television</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,940,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">736,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">829,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,568,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">837,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,211</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 align="left">Ps.</TD>
    <TD align="right">75,134,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,303,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,304,323</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>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-39<!-- /Folio -->
</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;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="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>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>

<!-- 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">62,835,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">75,134,882</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,731,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,674,503</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">885,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,057,367</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,353,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,352,642</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">24,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,689</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">391,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">787,407</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">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">78,221,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">83,030,490</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>Includes goodwill attributable to equity investments of Ps. 5,722,211
and Ps.39,616 in 2005 and 2006, respectively.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity method income (loss)&nbsp;for the years ended December&nbsp;31, 2004, 2005 and 2006 attributable
to television operations, equity investments approximated Ps.274,260, Ps.186,489 and Ps.(607,259),
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="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>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>

<!-- 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">31,283,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,303,910</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">15,864,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,122,207</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" 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">47,147,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">46,426,117</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><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 nowrap align="center" colspan="2"><B>Total</B></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>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"><!-- 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">2004:</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">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">26,668,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">55,515,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,117,738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,850,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,612,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,690</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">31,518,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">64,128,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,179,428</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">2005:</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">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">29,881,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">56,175,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,818,179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,915,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,659,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,896</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">33,797,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">62,835,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,849,075</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">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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">33,532,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">69,584,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,268,797</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,398,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,550,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,526</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">37,931,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">75,134,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,304,323</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"><!-- Folio -->F-40<!-- /Folio -->
</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 FRS 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 FRS (see
Note 1 (a)), 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 FRS and U.S.
GAAP as they relate to the Group, are presented below, together with explanations of the
adjustments that affect net income and shareholders&#146; equity as of December&nbsp;31, 2005 and 2006 and
for the years ended December&nbsp;31, 2004, 2005 and 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Reconciliation of net 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="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>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>

<!-- 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 FRS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 4,641,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 6,373,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 8,586,188</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)&nbsp;Capitalization of financing costs, net of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,267</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)&nbsp;Deferred costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,886</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)&nbsp;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">(582,743</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,259</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d)&nbsp;Equipment inflation restatement, net of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(500,117</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(116,669</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(e)&nbsp;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:45px; text-indent:-15px">Amortization of network
affiliation agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,900</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation of fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,679</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,679</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,679</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,601</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,852</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,822</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of subscribers 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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(100,405</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(f)&nbsp;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" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Reversal of Mexican FRS impairment of goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,770</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">(g)&nbsp;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:45px; text-indent:-15px">Innova</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,401,192</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">SMCP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(488,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,357,516</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">(i)&nbsp;Derivative financial instruments<sup>(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,207,403</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(255,780</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,347,150</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(j)&nbsp;Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,905</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">(k)&nbsp;Employee stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(331,330</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,448</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">(l)&nbsp;Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(71,057</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(m)&nbsp;Deferred income taxes and employees&#146; 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">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred income taxes<SUP style="font-size: 85%; vertical-align: text-top"> (1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,461</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; 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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(71,504</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,968</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(n)&nbsp;Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,645</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(o)&nbsp;Reversal of hedge accounting for investment in Univision</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">539,563</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(p)&nbsp;Minority interest on U.S. GAAP adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,683</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,832</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,093</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 under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 4,525,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 7,101,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 8,007,090</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>Net of inflation effects</TD>
</TR>

</TABLE>










<DIV align="left" style="font-size: 10pt; margin-top: 96pt">&nbsp;</div>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-41<!-- /Folio -->
</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>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="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>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>

<!-- 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 FRS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps. </TD>
    <TD align="right"> 31,074,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps. </TD>
    <TD align="right"> 36,604,373</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)&nbsp;Capitalization of financing costs, net of accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(884,322</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(818,055</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)&nbsp;Deferred costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(127,834</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(109,379</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)&nbsp;Deferred debt refinancing costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(582,743</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(552,484</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d)&nbsp;Equipment inflation restatement, net of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(e)&nbsp;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:60px; text-indent:-15px">Broadcast license and network affiliation agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,493</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Goodwill on acquisition of Bay City</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,064,817</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,064,817</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Goodwill on acquisition of minority interest in Editorial Televisa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,309,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,309,215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Subscribers 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">502,023</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Goodwill on acquisition of minority interest in Innova</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">83,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(f)&nbsp;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">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Reversal of Mexican FRS goodwill amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">775,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,294</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Reversal of Mexican FRS amortization of intangible assets with
indefinite lives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,003</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(g)&nbsp;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"  style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,357</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,357</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(h)&nbsp;Univision investment:</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:60px; text-indent:-15px">Equity method adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,486</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">Goodwill on acquisition of additional interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(634,024</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">Adjustment to gain on sale of music recording business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(312,276</TD>
    <TD nowrap>)</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)&nbsp;Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,347,150</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">(j)&nbsp;Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(l)&nbsp;Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,754,030</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,482,924</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"  style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(m)&nbsp;Deferred income taxes and employees&#146; 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:60px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">454,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374,901</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"  style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Deferred employees&#146; profit sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(120,828</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110,860</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(n)&nbsp;Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,214</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"  style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(p)&nbsp;Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(930,406</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,627,047</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 U.S. GAAP adjustments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,593,029</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,135,495</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"> 29,481,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps. </TD>
    <TD align="right">34,468,878</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="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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>Changes in U.S. GAAP stockholders&#146; equity</B></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>

<!-- 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,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps. </TD>
    <TD align="right">28,112,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps. </TD>
    <TD align="right"> 29,481,340</TD>
    <TD>&nbsp;</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">7,101,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,007,090</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,242,838</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,107,697</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,480,311</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,119,749</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of capital stock under stock-based compensation plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565,990</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,047</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefit from capital contribution of minority interest in Sky M&#233;xico</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">371,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; 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:30px; text-indent:-15px">Changes in other comprehensive income of equity investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(197,077</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576,369</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net
unrealized loss on available-for-sale financial asset, net of tax</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">(1,446,642</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Result from
holding non-monetary assets, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(248,496</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(69,702</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(182,505</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">573,781</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustment to initially adopt FASB Statement 158, net of tax<sup>(1)</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">401,424</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">Balance at December&nbsp;31,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps. </TD>
    <TD align="right"> 29,481,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps. </TD>
    <TD align="right">34,468,878</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>2006 Comprehensive Income does not include the adjustment to initially adopt FASB Statement 158.
</TD>
</TR>

</TABLE>












<DIV align="left" style="font-size: 10pt; margin-top: 48pt">&nbsp;</div>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-42<!-- /Folio -->
</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 reconciliation to U.S. GAAP includes a reconciling item for the effect of applying
the option provided by the Mexican FRS 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 FRS 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 FRS 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 FRS 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: 12pt">&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 FRS 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 either U.S. GAAP or
Mexican FRS for any of the periods
represented. The U.S. GAAP net income adjustments reflect the difference in depreciation expense
related to amounts capitalized prior to 2003. There have been no significant projects subject to
capitalization since then.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&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 FRS, 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 FRS, net of the reversal
of any amortization which is reflected under Mexican FRS.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-43<!-- /Folio -->
</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>(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, under Mexican FRS, 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.
</DIV>

<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 old creditors 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 FRS, net of the related amortization
while the 2006 adjustment reflects the reversal of amortization expense recorded under Mexican
FRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;Equipment inflation 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 price-level accounting restated balances under Mexican FRS.
</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 FRS 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 result from holding non-monetary assets adjustment recognized in stockholders&#146; equity
under Mexican FRS related to fixed assets totaling Ps.422,761 and Ps.6,711 for the years ended
December&nbsp;31, 2005 and 2006, 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 net income adjustment includes a catch-up adjustment of
Ps.382,776, 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: 12pt">&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 FRS, 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. Effective January&nbsp;1, 2004, under Mexican FRS, goodwill is no
longer amortized but subject to annual impairment tests.
</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. 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 FRS versus U.S. GAAP as it relates to
consolidated subsidiaries.
</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 FRS, 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 of SFAS 142 on January&nbsp;1, 2002, the Group ceased amortizing the broadcast license, as it
was considered to have an indefinite life, as well as the amount allocated to goodwill. The U.S.
GAAP net income adjustment for each of the periods presented represents 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 2000, the Group acquired all of the interest owned by a minority shareholder in Editorial
Televisa by issuing treasury shares of capital stock. Under Mexican FRS, this acquisition was
accounted for as a purchase, with the purchase price equal to the carrying value of the Group&#146;s
</DIV>









<DIV align="left" style="font-size: 10pt; margin-top: 96pt">&nbsp;</div>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-44<!-- /Folio -->
</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">treasury shares
at the acquisition date (which were used to effect the transaction), with a related goodwill of
Ps.84,591 being recognized. Under U.S. GAAP, this acquisition was
also 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 purchase price adjustment under U.S. GAAP
was allocated to goodwill. There is no net income adjustment related to this transaction as
goodwill is no longer amortized for either Mexican FRS and
U.S.&nbsp;GAAP purposes. Therefore, the U.S.&nbsp;GAAP
stockholders&#146; equity adjustment for each of the periods
represents (i)&nbsp;the total amount of goodwill measured and
recorded under U.S.&nbsp;GAAP versus Mexican&nbsp;FRS; (ii)&nbsp;as
well as the difference in amortization of goodwill for
Mexican&nbsp;FRS purposes from&nbsp;2002 through December&nbsp;31,
2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2006, the Group exercised its right to acquire two-thirds of the equity interest in
Innova that DIRECTV acquired from Liberty Media. This minority interest acquisition amounted to
approximately U.S.$58.7&nbsp;million (Ps.674,535). After this transaction, the Group (i)&nbsp;increased its
equity stake in Innova from 52.7% to 58.7% (see Note 11); and (ii)&nbsp;under Mexican FRS, recognized
the excess of the purchase price over the carrying value of this minority interest totaling
Ps.685,540 within stockholders&#146; equity, as transactions between shareholders are not subject to
purchase accounting. Under U.S. GAAP, the acquisition of minority interest should be accounted for
using the purchase method of accounting. The Group has recognized an intangible asset related to
the subscribers list that should be amortized on a straight-line basis over its estimated
subscriber period. For the difference between the purchase price, and the fair value of the net
assets acquired, including identifiable intangible assets, the Group has recorded goodwill in the
amount of Ps.83,112. The 2006 U.S. GAAP net income adjustment reflects only the amortization of
the subscribers list recognized for U.S.&nbsp;GAAP purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&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;In 2004, the Group recognized for Mexican FRS purposes impairment
charges totaling Ps.185,770 related to the Publishing Distribution segment. Given that the
Publishing Distribution segment impairment charge had been previously recognized for U.S. GAAP
purposes upon adoption of SFAS 142 in 2002, this Mexican FRS impairment adjustment has been
reversed in the 2004 U.S. GAAP 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, 2005
and 2006, 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="1%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%"></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>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>

<!-- 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></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD></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">325,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">324,882</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">1,340,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,339,198</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">66,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,601</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity method investees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,834,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">834,068</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,565,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,647,749</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;The U.S. GAAP net carrying value of intangible assets as of December&nbsp;31, 2005 and 2006
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="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>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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trademarks (2) (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">    490,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">   598,238</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television network concession (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">715,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">715,702</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TVI concession(4) </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">141,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Network affiliation agreements (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Licenses and software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">356,195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subscriber list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">853,120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred financing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Broadcast license</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,924</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lease hold
improvements</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">147,388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other TVI</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">77,639</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">2,456,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,277,793</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"><!-- Folio -->F-45<!-- /Folio -->
</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">
<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>Beginning July&nbsp;1, 2006, the Group&#146;s investment in Univision both for Mexican FRS and U.S.
GAAP purposes, no longer qualifies for accounting under the equity method since the Group&#146;s
ability to exercise significant influence over operating and financial policies of Univision
no longer exists. The carrying value of the Group&#146;s net investment in Univision at December
31, 2005 included goodwill in the amount of Ps. 5,395,406, which in 2006 has been reclassified
to become part of the basis of the available-for-sale financial asset.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</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">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes translation effect, impairment adjustments and acquisitions (see Note 7)</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents a cable television company with a license to operate in the city of
Monterrey and surrounding areas. The license expires in 2026. The Group acquired a 50%
interest in this venture.</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.413,967 for each of the next five fiscal years.
</DIV>

<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
2005 income statement adjustment represents the reversal of the
amount recorded in the 2004 balance sheet related to SMCP. This equity method investment was sold in
2005, with a gain equaling the difference in the carrying value of the
investment upon disposal.</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, 2004 and 2005, and balance sheet information as of December&nbsp;31, 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&nbsp;S-X were separately disclosed. Amounts of equity method investees for 2006 were not
significant and hence, not presented below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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="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, 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"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
    <TD nowrap align="center" colspan="2"><B>Equity</B></TD>

<TD></TD>
<TD></TD>
    <TD nowrap align="center" colspan="2"><B>Total Equity</B></TD>
<TD></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"> 21,420,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps. </TD>
    <TD align="right">  5,892,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps. </TD>
    <TD align="right"> 27,313,331</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">16,380,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,258,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,639,452</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">5,040,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(366,356</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,673,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax provision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,972,834</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(175,056</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,147,890</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">3,067,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(541,412</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,525,989</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">(3,246</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,246</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">   3,067,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">   (544,658</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">  2,522,743</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">    291,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right"> (148,855</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">   142,913</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"><!-- Folio -->F-46<!-- /Folio -->
</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, 2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>

    <TD nowrap align="center" colspan="2"><B>Other </B></TD>

<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>

    <TD nowrap align="center" colspan="2"><B>Equity </B></TD>

<TD></TD>
<TD></TD>
  <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Total Equity </B></TD>
<TD></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">21,589,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,525,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 25,115,247</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">17,507,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,718,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,225,656</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">4,082,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(192,534</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,889,591</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax provision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,012,446</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41,652</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,054,098</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">2,069,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(234,186</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,835,493</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"> 2,069,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right"> (234,186</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 1,835,493</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: 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">    199,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">  (32,981</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">    166,650</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="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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD valign="bottom"><b>Condensed Balance Sheets</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 0px solid #000000"><B>&nbsp;</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>As of 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 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"> 7,005,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 2,571,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 9,577,551</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">82,870,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,777,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,648,445</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"> 89,876,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,349,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 94,225,996</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 align="right">Ps.</TD>
    <TD align="right">10,056,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,355,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">11,412,458</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">23,528,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,816,554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,291,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,705,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,996,984</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"> 89,876,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,349,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 94,225,996</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">6,001,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">909,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,910,551</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">As noted in Note 5, the Group ceased applying equity method over Univision in July&nbsp;1, 2006, and
therefore, there were no investments as of December&nbsp;31, 2006 which exceeded the 10% threshold test
under Rule&nbsp;4-08 of Regulation&nbsp;S-X.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(h)&nbsp;Univision</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican FRS, effective January&nbsp;1, 2004, goodwill is no longer amortized but subject to
an annual impairment test. For U.S. GAAP purposes, goodwill is no longer amortized upon adoption of
SFAS 142 in 2002. As a result, the U.S. GAAP stockholders&#146; equity adjustment reflects the reversal
of the Mexican FRS goodwill amortization from the date of acquisition through December&nbsp;31, 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Goodwill on acquisition of additional interests</I>
</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 FRS, the Group
recognized the cost of the additional
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-47<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 and therefore goodwill was recognized.
Therefore, the U.S. GAAP equity adjustment for each of the periods presented represents the difference in
the amount of goodwill recognized, less the amortization of goodwill for Mexican FRS purposes from 2002 through December&nbsp;31, 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Adjustment to gain on sale of music recording business</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note 5, 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 FRS and U.S. GAAP. The fair value of the proceeds exceeded the carrying value of music
recording business and, under Mexican FRS, 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 FRS
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;<I>Available-for-sale financial asset in 2006</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning July&nbsp;1, 2006, the Group&#146;s investment in Univision both for Mexican FRS and U.S. GAAP
purposes, no longer qualifies for accounting under the equity method since the Group&#146;s ability to
exercise significant influence over operating and financial policies of Univision no longer exists.
Therefore, the Group has reclassified its carrying value in Univision, consisting of its investment
in shares, and warrants to acquire shares of Univison common stock, goodwill and other cumulative
U.S.&nbsp;GAAP adjustments described above, as a current available-for-sale equity security and as the
beginning cost basis upon the change in the investment to &#147;available for sale&#148;. Subsequently, the
carrying value is adjusted to fair value, with unrealized gains and losses included in the Group&#146;s
consolidated stockholders&#146; equity within accumulated other
comprehensive income (see Notes 5 and
14). As a result, the U.S. GAAP stockholders&#146; equity reconciliation as of December&nbsp;31, 2006 no
longer includes a reconciling item for goodwill as the carrying value of the investment is the same
under U.S.&nbsp;GAAP and Mexican FRS although there is a difference in accumulated other comprehensive
income due to the difference in the carrying value of the investments upon reclassification to
available for sale.
</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">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 2004, under Mexican FRS, 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 were 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
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 and 2006, 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 FRS and therefore no U.S. GAAP equity adjustment related to the
accounting for derivatives as of December&nbsp;31, 2005 and 2006.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-48<!-- /Folio -->
</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, 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 FRS, 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 2004 and 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2006, as described in Note 5, the Group announced its intention to have its shares and
warrants to acquire shares of Univision common stock cashed out in connection with the merger
contemplated by a related agreement entered into by Univision and an acquiring investor group. As
of December&nbsp;31, 2006, the Group&#146;s warrants to acquire shares of Univision&#146;s common stock have zero
fair value since the per share exercise price of the warrants exceed the U.S.$36.25 per share
amount to be received under the merger agreement. As a result, U.S. GAAP stockholders&#146; equity
reconciliation as of December&nbsp;31, 2006 no longer includes a reconciling item for derivative
instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&nbsp;31, 2006, the U.S. GAAP net income adjustment reflects the
reversal of the carrying value of the warrants.
</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, periodic pension plan costs and periodic seniority premiums costs 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 FRS purposes, the
Group adopted Bulletin D-3, &#147;Labor Obligations,&#148; effective
January&nbsp;1, 1993. The differing implementation dates resulted in a difference in amortization periods between
Mexican FRS and U.S. GAAP. In 2006, the Company revised the Mexican FRS remaining amortization
periods and therefore is no longer a U.S GAAP difference. 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;In September&nbsp;2006, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards (&#147;SFAS&#148;) 158, &#147;Employers&#146; Accounting for Defined Benefit Pension
and Other Postretirement Plans &#151; an amendment of SFAS 87, 88, 106, and 132(R)&#148;. SFAS 158 requires,
as of December&nbsp;31, 2006, the Group to recognize the overfunded or underfunded status of a defined
benefit postretirement plan, including pension plans, as an asset or liability in its balance sheet
and to recognize changes in that funded status in the year in which the changes occur through
other comprehensive income. The Group adopted the recognition provisions of SFAS 158 and has recognized
the effects of adoption within its financial statements as of December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, SFAS 158 requires, for fiscal years ending after December&nbsp;15, 2008, that
companies measure plan assets and benefit obligations as of the date of the employer&#146;s fiscal
year-end statement of financial position. The Group has early adopted this provision and has used
December&nbsp;31, 2006 as the measurement date for all of its plans.
</DIV>

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

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</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="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>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>

<!-- 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"> 69,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 64,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 65,931</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">37,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,382</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">(47,905</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(78,088</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">8,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,196</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6,261</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 cost under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32,486</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cost
under Mexican FRS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,486</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">Reduction&nbsp;of net
cost that would be recognized
under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right"> (24,685</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right"> (34,905</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</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>
</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&nbsp;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="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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>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>2006</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="left">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&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="left">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&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="left">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<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
points 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, 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&nbsp;31, 2005 and 2006, 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="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>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>

<!-- 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"> 1,003,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">  1,064,207</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">(1,483,739</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,737,640</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>
</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">(480,250</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(673,433</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">(61,191</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">Unrecognized net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">378,969</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317,778</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">Prepaid pension asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(162,472</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(673,433</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">302,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">343,345</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 liability (asset)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 140,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">   (330,088</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>
<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"> 931,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">   1,003,489</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">64,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,931</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">35,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,382</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>&nbsp;</TD>
    <TD align="right">938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,725</TD>
    <TD nowrap>)</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">(28,496</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,870</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"> 1,003,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">    1,064,207</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: 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"><!-- Folio -->F-50<!-- /Folio -->
</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>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>

<!-- 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"> 1,201,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">  1,483,739</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">294,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,811</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">5,273</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">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,406</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,910</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"> 1,483,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 1,737,640</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="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>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>

<!-- 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">65.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">72.5</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">34.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27.5</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>
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included within plan assets at December&nbsp;31, 2005 and 2006 are shares held by the trust
in the Group with a fair value of Ps.957,018 and Ps.1,259,447, 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
required, at the onset of the plan, an initial investment of 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 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, 2006,
accordingly, the Group does not expect to make significant contributions to its plan assets
in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below shows the effects within the statement of financial position of adopting
SFAS 158.
</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"><B>Before</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>After</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>Application</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>Application</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>of SFAS 158</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>of SFAS 158</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"><I>Consolidated Balance Sheet Data</I></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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepaid pension plans and seniority premiums</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">  330,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">330,088</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">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,116,251</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">88,116,251</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"><!-- 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">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">88,116,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">330,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">88,446,339</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">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,428,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">156,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,584,164</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">Pension plans and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">227,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(227,446</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</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">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,766,250</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">46,766,250</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"><!-- 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">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,421,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(71,336</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,350,414</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">Minority
interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,627,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,627,047</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">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">34,067,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">401,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">34,468,878</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"><!-- 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">Total
liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">88,116,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">330,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">88,446,339</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: 48pt">&nbsp;</div>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-51<!-- /Folio -->
</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
amounts recognized in accumulated other comprehensive income as of
December&nbsp;31, 2006 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">Net gain, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 437,690</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prior service costs, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,266</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>
</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">  401,424</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;<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 FRS, 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), &#147;Share Based Payment,&#148; 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)), &#147;Share Based Payment,&#148; 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
period 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2005, the U.S. GAAP net income adjustment
relates to the reversal of compensation expense recorded in&nbsp;2006
for Mexican&nbsp;FRS purposes upon the adoption of IFRS&nbsp;2, that
was previously expensed under SFAS&nbsp;123&nbsp;(R) as part of the modified
retrospective application method. This is partially offset by
additional compensation expense of those awards granted between
January&nbsp;1, 1995, and November&nbsp;7, 2002, and unvested at the
date of the adoption of SFAS 123 (R), which were out-of-scope under IFRS 2, but were considered for
purposes of applying SFAS 123
(R). As of December&nbsp;31, 2005, these awards were fully vested.
Therefore, there is no U.S.&nbsp;GAAP net income adjustment recorded in 2006 for employee stock-based compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Note 12 for details regarding outstanding stock awards, as well as the assumptions used in
calculating the fair value of these awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation expense recorded for these plans for U.S. GAAP purposes for the fiscal years
ended December&nbsp;31, 2004, 2005 and 2006 amounted to Ps.331,330, Ps. 291,199 and Ps.120,309,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2006, there was Ps.432,863 of unrecognized compensation expense related to
these plans, which is expected to be recognized over a period of 2&nbsp;years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate intrinsic value of options outstanding and vested was 3.5&nbsp;years and Ps.
3,826,784, respectively, at December&nbsp;31, 2006.
</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 FRS, 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 FRS
purposes, royalty agreements that are not individual film-specific are considered in projecting
program revenues to capitalize related production costs.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-52<!-- /Folio -->
</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;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 FRS 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 and
subsequent write-offs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(m)&nbsp;Deferred
income taxes and employees' profit sharing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican FRS, 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 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="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>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>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>

<!-- 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
FRS on Mexican FRS balances (see Note 20)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right"> (172,371</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right"> (1,488,778</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">1,375,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">890,301</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 109 applied to
Mexican FRS balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,203,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(598,477</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">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">247,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,056</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">35,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equipment inflation restatement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(106,979</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,433</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">(69,601</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,961</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">87,438</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">Pension plan and seniority premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,685</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(172,795</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">(377,202</TD>
    <TD nowrap>)</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">Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">491,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">415,219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">(5,940</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(140,566</TD>
    <TD nowrap>)</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">163,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,695</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">454,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374,901</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 (liability)&nbsp;under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,658,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(223,576</TD>
    <TD nowrap>)</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 109 applied to
Mexican FRS balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,203,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(598,477</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">454,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">      374,901</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"><!-- Folio -->F-53<!-- /Folio -->
</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">For purposes of the U.S. GAAP, the change in the deferred income tax liability for the year
ended December&nbsp;31, 2006, representing a charge of Ps.1,881,648 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>
<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>2006</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">Charge to the provision for deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right"> (1,757,717</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">32,179</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charge to the provision for deferred income tax to
initially adopt FASB Statement 158</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(156,110</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right"> (1,881,648</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<!-- 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 align="left">Ps.</TD>
    <TD align="right">      2,130</TD>
    <TD>&nbsp;</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">(120,080</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,264</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">(59,845</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,291</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>&nbsp;</TD>
    <TD align="right">78,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,152</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">(21,466</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,504</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">(120,828</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right"> (110,860</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 asset 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="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>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>

<!-- 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"> 538,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 1,083,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 92,228</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">4,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,157</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">542,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,290,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,385</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"><!-- 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">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">29,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(757,939</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,754,658</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">1,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,059</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">30,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(755,869</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,757,717</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"> 573,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 534,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">   2,043,102</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"><!-- Folio -->F-54<!-- /Folio -->
</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>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 FRS 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 FRS, the monetary gain or loss
generated by the monetary deferred tax 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 2004, 2005 and 2006, the Ps.130,981, Ps.47,564 and Ps.6,715, respectively, of
monetary gain reflected within integral result of financing under Mexican FRS 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>(n)&nbsp;Maintenance reserve</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican FRS, 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;Reversal of hedge accounting for investment in Univision</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through June&nbsp;30, 2006, the investment in Univision was accounted for under the equity method
due to the Group&#146;s intention to hold its shares of Univision common stock as a permanent
investment, and the Group&#146;s ability to exercise significant influence over Univision&#146;s operations.
The Group managed the currency exposure related to the net assets of Univision through the U.S.
dollar-denominated debt agreements that the Group enters into (its U.S.$300&nbsp;million Senior Notes
due 2011 and its U.S.$300&nbsp;million Senior Notes due 2032). The Group hedged the total
beginning-period amount of the net investment up to the total amount of hedging U.S.
dollar-denominated debt and measures ineffectiveness of such hedge based upon the change in the
spot foreign exchange rate. Gains and losses in Group&#146;s net investment in Univision both for
Mexican FRS and U.S. GAAP purposes, were offset by exchange losses and gains in the Group&#146;s debt
obligations, which are charged or credited to other comprehensive income or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning July&nbsp;1, 2006, the Group has classified its investment in shares of Univision common
stock, both for Mexican FRS and U.S. GAAP purposes, as a current available-for-sale equity
security and has re-designated this financial asset under Mexican FRS, as being hedged by the
Group&#146;s outstanding Senior Notes due 2011, 2025 and 2032, in the aggregate amount of approximately
U.S.$971.9&nbsp;million (see Note 5). Therefore, gains and losses in the Group&#146;s net investment in
Univision  continued to be offset by exchange losses and gains in the Group&#146;s debt obligations,
which are charged or credited to other comprehensive income or loss under Mexican FRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
U.S. GAAP, a nonderivative financial instrument (in this case a U.S. dollar denominated
debt) cannot be designated as a hedging instrument in a foreign currency cash flow hedge of an
available-for-sale investment. Therefore, the 2006 U.S. GAAP net income reconciliation includes the
reversal of the exchange losses and gains in the Group&#146;s debt
obligations, from the date that equity method accounting, for the
Univision investment, was discontinued, which were charged or
credited to other comprehensive income or loss under Mexican FRS. There is no equity adjustment at
December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(p)&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 FRS, 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"><!-- Folio -->F-55<!-- /Folio -->
</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>Additional disclosure requirements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&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 FRS, 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 primarily to the Television Broadcasting and
Publishing segments. Operating income of the Television Broadcasting segment would have been
Ps.7,532,083, Ps.8,554,776 and Ps.12,032,027 and operating income of the Publishing segment would
have been Ps.411,716, Ps.449,201 and Ps.431,165 for the years ended December&nbsp;31, 2004, 2005 and
2006, 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, 2004, 2005 and 2006 under U.S. GAAP in a format consistent with the presentation of
U.S. GAAP consolidated statements of operations, after reflecting the
adjustments described in (a)&nbsp;to (p)&nbsp;above:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-56<!-- /Folio -->
</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></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>2006</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"> 31,518,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 33,797,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 37,931,841</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">15,995,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,992,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,914,421</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">4,932,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,262,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,544,317</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">2,161,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,128,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,915,217</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">8,429,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,414,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,557,886</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,803,480</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,743,828</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,207,078</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">(393,021</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">937,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(111,262</TD>
    <TD>)</TD>
</TR>
<TR style="font-size: 1px">
    <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">5,232,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,608,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,239,546</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">(573,052</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(534,816</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,043,102</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">4,659,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,073,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,196,444</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">(276,865</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,138,790</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(587,148</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in
earnings (losses) of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(602,206</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 income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,525,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 7,101,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,007,090</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">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">339,776</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"><I>Presentation in the financial statements &#151; 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. Series &#147;A&#148; and Series &#147;B&#148; shares, not in the form of a CPO, and CPOs all participate in income available to common
shareholders. Due to this, for purposes of U.S. GAAP, the &#147;two-class&#148; method has been
used to present both basic and diluted 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 are presented in constant pesos for
the years ended December&nbsp;31, 2004, 2005 and 2006, 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>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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" 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>&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>
    <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>and &#147;B&#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>and &#147;B&#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>and &#147;B&#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>Shares</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>Shares</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>Shares</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>Basic EPS</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">Income from continuing operations available to common shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,552,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">814,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,984,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,101,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,760,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,246,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income available to common shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,552,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">814,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,984,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,101,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,760,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,246,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average number of common shares outstanding</DIV></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">60,830,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,463,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,915,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,451,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,916,036</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic earnings per share (continuing operations)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.55</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">2.43</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">2.76</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">Basic earnings per share (net income)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.55</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">2.43</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">2.76</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>
<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>
    <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>Diluted EPS</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">Dilutive Potential Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,150</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">63,064</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">47,354</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">Total Diluted weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,358,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,830,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,526,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,915,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,499,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,916,036</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted earnings per share (continuing operations)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.51</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">2.37</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">2.71</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted earnings per share (net income)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1.51</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">2.37</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">2.71</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"><!-- Folio -->F-57<!-- /Folio -->
</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, 2005 and 2006, 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;to (p)&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="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>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>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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:45px; 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">15,259,794</td>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">     14,901,209</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">117,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">909,539</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">14,459,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,597,569</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">593,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,488,340</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">307,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">441,541</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">3,246,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,053,174</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">664,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">772,890</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale investments</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">11,821,932</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,052,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,344,365</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 align="right">601,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,083</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">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,302,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,101,642</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>&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 and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,325,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,945,924</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,910,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,708,073</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">20,090,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,469,123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,565,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,647,749</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,456,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,277,793</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">4,344,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,152,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,304,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,743,506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepaid
pension 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">330,088</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">210,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,219</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">85,509,529</td>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">88,446,339</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 align="center"><DIV style="margin-left:30px; 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" style="background: #cceeff">
    <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">
    <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"> 354,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 986,368</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of satellite transponder lease obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,074,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,450,753</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">16,168,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,893,604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,098,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,179,477</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,351,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,246,859</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,621,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,026,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">781,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,133</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">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,876,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,169,957</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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" 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">18,872,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,795,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder lease obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,235,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,120,415</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">2,609,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,855,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,412,348</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">5,507,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,584,164</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">140,359</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"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,097,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,350,414</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>&nbsp;</TD>
    <TD align="right">930,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,627,047</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">29,481,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,468,878</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">85,509,529</td>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">88,446,339</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"><!-- Folio -->F-58<!-- /Folio -->
</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 FRS 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 2004, 2005 and 2006) of Mexican financial institutions, to be cash equivalents.
</DIV>

<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>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-59<!-- /Folio -->
</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="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">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2006</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="right">Ps.</TD>
    <TD align="right"> 4,525,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right"> 7,101,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">8,007,090</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:15px; text-indent:-15px">Equity in
(income) loss of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(142,913</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(166,650</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">602,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,138,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">587,148</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">2,161,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,128,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,915,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization
of deferred debt refinancing</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">(30,259</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">


    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,078</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <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">66,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,809</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">Deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(755,869</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,757,717</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss (gain)&nbsp;on disposal of investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,179,310</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18,848</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized foreign exchange gain, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(76,779</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(633,736</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(327,345</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employee stock option plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">331,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235,047</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,558</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,151</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,645</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss
(income) from monetary position</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(185,529</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(56,422</TD>
    <TD nowrap>)</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: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">
    <TD><DIV style="margin-left:15px; 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">55,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(456,559</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,317,735</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(117,515</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(108,739</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights, programs and films and production talent
advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accounts and notes receivable and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(436,838</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">724,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,110,745</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(439,064</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">861,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities and taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(840,032</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pension plan 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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,086</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,363,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,098,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,600,413</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &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:15px; 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">6,925,573</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">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 nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,660,730</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepayment
of Senior Notes due 2013
</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">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(2,924,600</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other
increase in debt
</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">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred debt refinancing costs</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">582,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other changes in notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,845,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,685,031</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,097,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(724,847</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,476,605</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repurchase of capital stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(876,748</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,242,838</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,107,697</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of
repurchased shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">630,276</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">327,308</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">565,990</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,280,816</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,480,311</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,119,749</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">(93,217</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(112,989</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,493</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(677,611</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,071,122</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,453,168</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,836,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">647,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(796,962</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(57,756</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(862,246</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity investments and other advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(191,290</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">538,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(2,605,902</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,015,848</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,530,918</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,783,265</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(220,346</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,517,166</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(870,004</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;  &#151;  &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used for investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(649,239</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,305,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,918,379</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" nowrap align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">6,036,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,278,223</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Translation effect on cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,159</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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="right">&nbsp;</TD>
    <TD align="right">(687,936</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(551,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(594,417</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <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">503,045</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">Cash and cash equivalents at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,244,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,102,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,259,794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right"> 17,102,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right"> 15,259,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right"> 14,901,209</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-60<!-- /Folio -->
</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;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="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>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>

<!-- 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"> 1,760,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 2,077,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 1,825,717</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">773,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">557,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,091,387</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;</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="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>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>

<!-- 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"> 10,981,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 12,797,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right"> 11,957,311</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;</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;SFAS No.&nbsp;155, &#147;Accounting for Certain Hybrid Financial Instruments-an Amendment of FASB
Statements Nos. 133 and 140&#148; was issued on February&nbsp;2006. This Statement amends FASB Statements No.
133, &#147;Accounting for Derivative Instruments and Hedging Activities, and No.&nbsp;140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities&#148;. This Statement
resolves issues addressed in Statement 133 Implementation Issue No.&nbsp;D1, &#147;Application of Statement
133 to Beneficial Interests in Securitized Financial Assets&#148;. This Statement permits fair value
remeasurement for any hybrid financial instrument that contains an embedded derivative that
otherwise would require bifurcation, clarifies which interest-only strips and principal-only strips
are not subject to the requirements of Statement 133, establishes a requirement to evaluate
interests in securitized financial assets to identify interests that are freestanding derivatives
or that are hybrid financial instruments that contain an embedded derivative requiring bifurcation,
clarifies that concentrations of credit risk in the form of subordination are not embedded
derivatives and amends SFAS 140 to eliminate the prohibition on a qualifying special-purpose
entity from holding a derivative financial instrument that pertains to a beneficial interest other
than another derivative financial instrument. This Statement is effective for all financial
instruments acquired or issued after the beginning of an entity&#146;s first fiscal year that begins
after September&nbsp;15, 2006. The Company does not expect that the adoption of this Statement will have
a material impact on the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No.&nbsp;156, &#147;Accounting for servicing of financial assets-an amendment of FASB Statement No.
140&#148; was issued on March&nbsp;2006. This Statement amends SFAS Statement No.&nbsp;140, &#147;Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities&#148;, with respect to
the accounting for separately recognized servicing assets and servicing liabilities. This Statement
requires that all separately recognized servicing assets and servicing liabilities be initially
measured at fair value, if practicable. This Statement permits, but does not require, the
subsequent measurement of servicing assets and servicing liabilities at fair value. This Statement
permits an entity to reclassify certain available-for-sale securities to trading securities,
regardless of the restriction in paragraph 15 of SFAS 115, provided that those
available-for-sale securities are identified in some manner as offsetting the entity&#146;s exposure to
changes in fair value of servicing assets or servicing liabilities that a servicer elects to
subsequently measure at fair value. This option is available only once, as of the beginning of the
fiscal year in which the entity adopts this Statement. An entity should adopt this Statement as of
the beginning of its first fiscal year that begins after September&nbsp;15, 2006. Earlier adoption is
permitted as of the beginning of an entity&#146;s fiscal year, provided that the entity has not yet
issued financial statements, including interim financial statements, for any period of that fiscal
year. The effective date of this Statement is the date an entity adopts the requirements of this
Statement. An entity should apply the requirements for recognition and initial measurement of
servicing assets and servicing liabilities prospectively to all transactions after the effective
date of this Statement. We do not expect that the adoption of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-61<!-- /Folio -->
</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">this Statement will have a material impact on the consolidated
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS
No.&nbsp;157, &#147;Fair Value Measurements,&#148; was issued in September&nbsp;2006. This Statement defines
fair value, establishes a framework for measuring fair value in U.S.&nbsp;GAAP, and expands disclosures about fair value measurements. This Statement applies
under other accounting pronouncements that require or permit fair value measurements, the Board
having previously concluded in those accounting pronouncements that fair value is the relevant
measurement attribute. Accordingly, this Statement does not require any new fair value
measurements. However, for some entities, the application of this Statement will change current
practice. The definition of fair value retains the exchange price notion in earlier definitions of
fair value. This Statement clarifies that the exchange price is the price in an orderly transaction
between market participants to sell the asset or transfer the liability in the market in which the
reporting entity would transact for the asset or liability, that is, the principal or most
advantageous market for the asset or liability. The transaction to sell the asset or transfer the
liability is a hypothetical transaction at the measurement date, considered from the perspective of
a market participant that holds the asset or owes the liability. Therefore, the definition focuses
on the price that would be received to sell the asset or paid to transfer the liability (an exit
price), not the price that would be paid to acquire the asset or received to assume the liability
(an entry price). This Statement also emphasizes that fair value is a market-based measurement, not
an entity-specific measurement. This Statement shall be effective for financial statements issued
for fiscal years beginning after November&nbsp;15, 2007. Earlier application is encouraged. We do not
expect that the adoption of this Statement will have a material impact on the consolidated
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;13, 2006, the FASB released FASB Interpretation No.&nbsp;48, &#147;Accounting for Uncertainty in
Income Taxes, an interpretation of FASB Statement No.&nbsp;109&#148; (FIN 48). FIN 48 clarifies the
accounting and reporting for income taxes where interpretation of the tax law may be uncertain. FIN
48 prescribes a comprehensive model for the financial statement recognition, measurement,
presentation and disclosure of income tax uncertainties with respect to positions taken or expected
to be taken in income tax returns. FIN 48 will be applicable to us on January&nbsp;1, 2007. We are
evaluating the requirements and the impact that this Interpretation may have on the consolidated
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2007, the FASB issued SFAS No.&nbsp;159, &#147;The Fair Value Option for Financial Assets
and Financial Liabilities &#151; Including an Amendment of FASB Statement No.&nbsp;115&#148;, which provides a
fair value option to measure many financial instruments and certain other assets and liabilities at
fair value on an instrument-by-instrument basis. SFAS No.&nbsp;159 is effective for the Company
beginning in the 2008 first quarter. We do not expect that the adoption of this Statement will have
a material impact on the consolidated financial statements.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June
2006, the EITF ratified the consensus on EITF Issue No.&nbsp;06-3
(EITF 06-03), How Taxes Collected from Customers and Remitted to
Governmental Authorities Should Be Presented in the Income Statement
(That Is, Gross versus Net Presentation). EITF 06-03 concluded that
the presentation of taxes assessed by a governmental authority that
is directly imposed on a revenue-producing transaction between a
seller and a customer, such as sales, use, value-added and certain
excise taxes in an accounting policy decision that should be
disclosed in a company&#146;s financial statements. In addition,
companies that record such taxes on a gross basis should disclose the
amounts of those taxes in interim and annual financial statements for
each period for which an income statement is presented if those
amounts are significant. EITF 06-03 is effective for interim and
annual reporting periods beginning after December&nbsp;15, 2006. The
Company does not anticipate that the adoption of EITF 06-03 will have
an impact on its financial condition or results of operations.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&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="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>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 nowrap align="center" colspan="3"><B>Balance at</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beginning</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 nowrap align="center" colspan="3"><B>End</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Additions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Deductions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Year</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>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, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">    12,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">      1,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">Ps.</TD>
    <TD align="right">     (5,647</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">         9,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">9,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,437</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">11,469</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, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,469</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">(4,753</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,716</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, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,002,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right"> 560,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">Ps.</TD>
    <TD align="right"> (272,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right"> 1,291,306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">1,291,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(357,851</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,257,033</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, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,257,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">571,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(621,838</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,206,252</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>Include allowances for trade and non-trade doubtful accounts.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-62<!-- /Folio -->
</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>25. Subsequent events</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April 2007, the Company&#146;s stockholders approved (i)&nbsp;the
payment of a dividend for an aggregate nominal amount of up to
Ps.4,400,924, which consisted of nominal Ps.1.45 per CPO and nominal
Ps.0.01239316239 per share, not in the form of a CPO, which was paid
in cash in May 2006; and (ii)&nbsp;the cancellation of approximately
8,275.8&nbsp;million shares of capital stock in the form of
approximately 70.7&nbsp;million CPOs, which were repurchased by the
Company in 2006 and 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&nbsp;2007, we issued Ps.4,500&nbsp;million aggregate principal amount of 8.49% Senior Notes due 2037.
We used the net proceeds from this issuance to replenish our cash position following the payment,
with cash on hand, of approximately Ps.992.9&nbsp;million of our 8.15 UDI-denominated notes that matured
in April&nbsp;2007 and for the repurchase of our shares. We intend to use the remaining net proceeds
from this issuance for general corporate purposes, including the repayment of other outstanding
indebtedness and the continued repurchase of our shares, subject to market conditions and other
factors. Interest on these Senior Notes, including additional amounts payable in respect of certain
Mexican withholding taxes is 8.93% per annum, and is payable semi-annually. The Company may, at its
own option, redeem these Senior Notes, in whole or in part, at any time at a redemption price equal
to the greater of the principal amount of the Senior Notes or the present value of future cash
flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at
a fixed rate of comparable Mexican Government Bonds. Also, these Senior Notes will be redeemable at
the option of the Company in the event of certain changes in law affecting the Mexican withholding
tax treatment of certain payments on the securities. The agreement of these Senior Notes contains
certain covenants similar to those applicable to the Company&#146;s outstanding Senior Notes due 2011,
2025 and 2032. These Senior Notes are intended to be registered in June&nbsp;2007 with the U.S.
Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the period from January&nbsp;1 through June&nbsp;15, 2007, the Group
made additional equity investments related to its 40% interest in La
Sexta, in the aggregate amount of 42.8&nbsp;million Euros.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-63<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>y35935exv1w1.htm
<DESCRIPTION>EX-1.1: ENGLISH TRANSLATION OF AMENDED AND RESTATED BYLAWS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;1.1<BR>
Translation
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.B.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BY-LAWS<BR>
CORPORATE NAME, DOMICILE, CORPORATE EXISTENCE,<BR>
CORPORATE PURPOSE AND NATIONALITY</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE ONE. </B>The corporate name of the Company shall be &#147;GRUPO TELEVISA&#148;. This corporate name
must always be followed by the words &#147;SOCIEDAD AN&#211;NIMA BURS&#193;TIL&#148; (Limited Liability Stock
Corporation) or by the initials &#147;S.A.B.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE TWO. </B>The corporate domicile of the Company shall be MEXICO CITY, FEDERAL DISTRICT;
nevertheless, the Company may establish agencies and branches anywhere else in the Mexican Republic
or abroad, and it may agree upon any other contractual domiciles, without this being understood as
a change of its corporate domicile.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE THREE. </B>The corporate existence of the Company shall be NINETY-NINE years, as from the
date of execution of this Deed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE FOUR. </B>The corporate purpose of the Company shall be:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;To promote, incorporate, organize, exploit and acquire any participations in the capital
stock and assets of any kind of national or foreign mercantile or civil companies, associations or
industrial, commercial, or service companies, as well as to participate in their management or
liquidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To purchase, dispose of and in general negotiate with all type of shares, corporate
participations or interest as well as with respect to any other type of titles or securities
allowed by the law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To issue, subscribe, accept, endorse and guarantee any negotiable instruments or real
estate securities as allowed by the law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;To borrow or lend, conferring and accepting specific guarantees; to issue debentures and
commercial paper; to accept, draw, endorse or guarantee all kinds of negotiable instruments and to
grant bonds or sureties of any nature whatsoever, with respect to any obligations contracted or
instruments issued or accepted by third parties engaged in any business with the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;To acquire, dispose of, enjoy and grant the enjoyment and use in any form whatsoever
permitted by the Law of real estate and personal property, as well as real rights thereon, when
deemed necessary or appropriate in order to comply with the corporate purpose of the Company or for
any operations of the civil or mercantile companies in which the Company has acquired any share or
interest.
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;To obtain, acquire, use, dispose of and grant, under any title, any patents, certificates
of invention, trademarks and trade names, options and preferences, as well as any copyright and
concessions for any kind of activity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;To render, receive or contract all kind of technical, advisory and consulting services, as
well as to enter into all kinds of contracts or agreements to attain said purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;To act as commission agent and to mediate and accept the representation in all kind of
negotiations whatsoever.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To carry out, supervise or contract on its own account or on the account of third parties,
any kind of constructions, buildings, subdivision of urban areas as well to manufacture, purchase
and dispose, under any title, of any construction materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;To carry out any other acts of commerce in which it may be involved in accordance with the
Law and its corporate purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE FIVE. </B>The capital stock will be represented by Series &#147;A&#148;, &#147;B&#148;, &#147;D&#148; and &#147;L&#148;, pursuant
to Article&nbsp;Six of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Series &#147;A&#148;, &#147;B&#148; and &#147;D&#148; can only be acquired by:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ONE. Individuals of Mexican nationality;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TWO. Mexican companies whose corporate by-laws contain a foreign investment exclusion clause, in
which only Mexican individuals and corporations whose by-laws include a foreign investment
exclusion clause can become shareholders;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THREE. Mexican credit, bonding and insurance institutions, financial leasing companies, financial
factoring companies, credit unions and Mexican investment corporations, all of which shall have
clauses of foreigner exclusion in their statutes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FOUR. Credit institutions, acting as trustees in trusts for share assignment funds or retirement
plans and share acquisition plans for Mexican employees, executives and workers; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FIVE. Credit institutions, acting as trustees in terms of the Foreign Investment Law and the Rules
of the Foreign Investment Law and the National Registry of Foreign Investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall not directly or indirectly admit as shareholders of Series &#147;A&#148;, &#147;B&#148; or &#147;D&#148;,
foreign investors or companies whose by-laws include a foreign investment admission clause. In case
the aforesaid investors or companies should acquire Series &#147;A&#148;, &#147;B&#148; or &#147;D&#148;, in no event shall the
Company recognize them any right whatsoever as shareholders. The above, in the understanding,
however, that such investors and companies may be holders of ordinary certificates of participation
issued based on shares of the Company, regardless of the series they represent, as long as the
trust to
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which the same are transferred, is considered and has been authorized as a neutral investment in
accordance with the applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Series &#147;L&#148; shares shall be considered neutral investment and may be acquired by Mexican investors
and by foreign individuals, companies and economic entities or by individuals, companies or
entities referred to in sections II and III of article Two of the Foreign Investment Law. Series
&#147;L&#148; shares would not be taken into account in order to determine the amount and proportion of the
participation of foreign investors in the capital stock, pursuant to the applicable legal
provisions. If any foreign investor of the Company has or may further acquire Series &#147;L&#148; shares,
such foreign investor binds itself before the Ministry of Foreign Affairs to consider itself as a
national in regard to the Series &#147;L&#148; shares which it acquires or holds, and of its goods, rights,
authorizations, participations or interests that the Company may hold, as well as any rights and
obligations arising from the agreements, and therefore, not invoke the protection by its
Government, under the penalty, in case of not honoring such commitment, of forfeiting the corporate
participation they may have acquired to the benefit of the Nation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Holders of ordinary participation certificates issued based on Series &#147;A&#148;, &#147;B&#148;, &#147;D&#148; and &#147;L&#148; of the
Company, who are foreigners or Mexican companies whose by-laws include a foreign investment
admission clause, may only and exclusively exercise the corporate rights with respect to Series
&#147;L&#148;, which under no circumstances may grant holders the right to appoint more than two members of
the Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In no event shall foreign Governments or States be admitted as shareholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Control of the Company may at no time and by no means be held, individual or jointly, <I>de jure
or de facto</I>, by foreign individuals, entities of foreign nationality and/or Mexican companies with
majority of foreign capital. For purposes of this paragraph, &#147;control&#148; shall have the meaning set
forth in Section&nbsp;Two of Article&nbsp;Ninth of these by-laws.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CHAPTER II<BR>
CAPITAL STOCK AND SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE SIX. </B>Capital stock is fixed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subscribed and paid capital is Ps$2,483,922,913.34 (two billion four hundred eighty-three million
nine hundred twenty-two thousand nine hundred thirteen with thirty-four CENTS, MEXICAN CURRENCY) ,
represented by 363,384,899,631 (three hundred sixty-nine billion three hundred eighty-four million
eight hundred ninety-nine thousand six hundred thirty-one) registered shares, without par value,
divided into four series, 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="1%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Series &#147;A&#148; consisting of up to 123,478,023,925 ordinary shares;</TD>
</TR>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>


<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="1%" nowrap align="left">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Series &#147;B&#148; consisting of up to 59,162,448,976 ordinary shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Series &#147;D&#148; consisting of up to 90,372,213,365 shares with limited
voting rights and preferred dividend, issued pursuant to Article&nbsp;One
hundred Thirteen of the Mexican Companies 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="1%" nowrap align="left">iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Series &#147;L&#148; consisting of up to 90,372,213,365 shares with limitations
to voting and other corporate rights.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Series &#147;A&#148; and &#147;B&#148; will consist of ordinary shares, with full voting rights that will represent, at
any time, 100% (One hundred percent) of the total of the ordinary shares. The aggregate of the
Series &#147;A&#148; and &#147;B&#148; shall represent, at least, 50% (Fifty percent) plus one share of the capital
stock of the Company; therefore, at no time and under no circumstance, can the total amount of
ordinary shares be equal to or less than the aggregate of the Series &#147;D&#148; and &#147;L&#148; shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Series &#147;D&#148; will consist of shares with limited voting rights and preferred dividend, issued in
terms of Article&nbsp;One Hundred Thirteen of the Mexican Companies Law, which at no time, together with
Series &#147;L&#148; shares, shall represent an equal or larger number than the total ordinary outstanding
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Series &#147;L&#148; will consist of shares with limitations to voting and other corporate rights, which at
no time will represent, together with Series &#147;D&#148;, an equal or larger number than the total ordinary
outstanding shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company may place under trust the shares that represent its capital stock and/or its ordinary
certificates of participation, with credit institutions, with the purpose of establishing option
plans for the acquisition or subscription of these shares, for the benefit of its officers and
employees, or the officers or employees of its subsidiaries, or persons who render their services
to the Company, to its subsidiaries or to companies in which it participates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company may issue non-subscribed shares, to be kept by its Treasury Department and delivered as
they are subscribed and paid for.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, the Company may issue non-subscribed shares for placement among the investor public
according to the terms, and as long as the conditions provided in Article&nbsp;53 (fifty-three) of the
Securities Market Law and other applicable legal provisions are observed, including obtaining
authorization granted for the public offering by the National Banking and Securities Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE SEVEN. </B>Within its respective Series, each share shall grant equal rights and obligations to
the holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Series &#147;A&#148; and &#147;B&#148; ordinary share shall grant the right to 1 (one)&nbsp;vote at Shareholders
Meetings.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
 <DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I.&nbsp;Holders of Series &#147;A&#148;, shall have the right to appoint and remove eleven members of the Board of
Directors and their respective alternate members, as well as the Chairman of the Board of
Directors, to name or ratify the appointment of the Chairman or General Manager of the Company and
the Secretary and Alternate Secretary of the Board of Directors, according to the provisions of
Article&nbsp;Twenty Two of these by-laws. Holders of Series &#147;A&#148; shall have the monetary and economic
rights conferred by law and these by-laws, including, but not limited to, the participation in any
profits and the preferential right to subscribe the new shares of such series to be issued in such
proportion as may correspond to them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II.&nbsp;Holders of Series &#147;B&#148;, shall have the right to appoint and remove five members of the Board of
Directors and their respective alternates, pursuant to Article&nbsp;Twenty Two herein. Holders of Series
&#147;B&#148; shall have the monetary and economic rights conferred by law and these by-laws, including, but
not limited to, the participation in any profits and the preferential right to subscribe the new
shares of such series to be issued in such proportion as may correspond to them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">III. Series &#147;D&#148; shares shall grant their holders the right to vote at the rate of one vote per
share, under the terms of article One Hundred and Thirteen of the Mexican Companies Law, that is,
when shareholders are called to deal with any of the matters referred to in sections I, II, IV, V,
VI and VII of article One Hundred and Eighty Two of the Mexican Companies Law, and shall be
entitled to the privileges provided for in said Article. Thus, Series &#147;D&#148; shares grant their
holders the right to vote, at the rate of one vote per share, when the General Extraordinary
Shareholders Meeting is held to deal with any of 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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Extension of the corporate existence of the Company;</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Advance dissolution of the Company;</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Change in the corporate purpose of the Company;</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Change of nationality of the Company;</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transformation of the Company; 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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Merger of the Company with another company or legal entity.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Series &#147;D&#148; shareholders, by resolution passed at a Special Meeting called for said purpose, shall
be entitled to appoint and remove two members of the Board of Directors and their respective
alternates, by means of the favorable vote of at least fifty percent of the outstanding Series &#147;D&#148;
shareholders, and such resolution shall be reported to the General Ordinary Shareholders Meeting
through the person that have acted as secretary of the respective Special Meeting. The Regular
Board Members and their Alternate Members who, as the case may be, were appointed by holders of
Series &#147;D&#148;,, shall comply with the requirements provided for in Article&nbsp;Twenty First of these
By-laws.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
 <DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as provided for in Article&nbsp;Twenty Seven of these By-laws, the removal of Board Members
appointed by holders of Series &#147;D&#148; shall be resolved at a Special Shareholders Meeting and later
reported to the General Ordinary Shareholders Meeting in the same form as the designations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, Series &#147;D&#148; shareholders shall be entitled to vote, regarding the cancellation of the
listing of Series &#147;D&#148; shares of the Company or other securities issued regarding said shares in the
National Securities Registry and in other national or foreign stock exchanges where they are
registered or listed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Holders of Series &#147;D&#148; shall enjoy the preferential right to subscribe the new shares of such series
to be issued in such proportion as may correspond to them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Holders of Series &#147;D&#148; shall also be entitled to the payment of dividends referred to in Article
Sixteen, Section&nbsp;I, Article&nbsp;One Hundred Twelve and article One Hundred Seventeen of the Mexican
Companies Law, in the same terms as the other shareholders of the Company, once the minimum
preferred dividend paid under the terms of the second paragraph of Article&nbsp;One Hundred and Thirteen
of the Mexican Companies Law has been discounted , according to the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a.&nbsp;In terms of Article&nbsp;One Hundred of the Mexican Companies Law, dividend may not be assigned to
the holders of ordinary shares, without paying beforehand to the Series &#147;D&#148; of limited vote, an
annual dividend of $0.00034177575 Mexican Pesos per share, equal to five percent of the theoretical
value of Series &#147;D&#148; shares that amounts to $0.00683551495 Mexican Pesos, per share. If in a fiscal
year no dividends are declared or such dividends are lower than the above-mentioned five percent,
the dividend will be paid in the following years with the priority indicated above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">b.&nbsp;Once dividend provided for in section a. above has been paid, if the General Shareholders
Meeting shall declares payment of additional dividends, Series &#147;A&#148;, &#147;B&#148; and &#147;L&#148; shareholders must
receive the same amount of dividend as received by Series &#147;D&#148; shareholders according to section a.
above, in order that all shareholders receive the same amount of dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">c.&nbsp;If the Company pays any additional dividends, holders of all Series &#147;A&#148;, &#147;B&#148;, &#147;D&#148;, and &#147;L&#148; shall
receive, per share, the same amount of dividends, in order that each Series &#147;D&#148; receive payment of
additional dividends in the manner and in an amount identical to those received by each of Series
&#147;A&#148;, &#147;B&#148; or &#147;L&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IV.&nbsp;Holders of Series &#147;L&#148; shares, with limitations to voting and other corporate rights, shall have
the right to attend and cast one vote per each share, solely and exclusively at the Special
Meetings of such Series, and at any Extraordinary Shareholders Meetings held to deal with the
following matters: (i)&nbsp;transformation of the Company; (ii)&nbsp;merger with another company or
companies, in the event that the Company is merged; and (iii)&nbsp;cancellation of the listing of
Series &#147;L&#148; of the Company or of other securities issued with respect to such shares in the National
Securities Registry. . Holders of Series &#147;L&#148;,
</DIV>

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by means of resolution passed at a Special Meeting called for such purpose, shall be entitled to
appoint and remove two members of the Board of Directors and their respective alternates,
appointment that shall be held through the favorable vote of at least fifty percent of the
outstanding Series &#147;L&#148; shareholders; resolution that shall be notified to the General Ordinary
Shareholders Meeting through the person who acted as secretary of the corresponding Special
Meeting. The Regular and Alternate Board Members which are appointed by holders of Series &#147;L&#148;
shares, shall comply with the requirements provided for in Article&nbsp;Twenty First of these By-laws.
Except as provided for in Article&nbsp;Twenty Seventh of these By-laws, the removal of Directors
appointed by Series &#147;L&#148; shareholders must be convened at a Special Shareholders Meeting and later
notified to the General Ordinary Shareholders Meeting in the same form as the designations. Holders
of Series &#147;L&#148; shall have the same monetary or economic rights as Series &#147;A&#148; and &#147;B&#148; ordinary
shareholders, including participation in any profits of the Company and the preferential right to
subscribe the new shares to be issued of such Series &#147;L&#148; in the proportion that may correspond to
them in such Series &#147;L&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE EIGHT. </B>The Company may acquire shares representing its capital stock or negotiable
instruments representing such shares, without being subject to the prohibition referred to in the
first paragraph of Article&nbsp;134 (one hundred thirty-four) of the Mexican Companies Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The acquisition of its shares shall be carried out according to the terms and provisions of Article
56 (fifty-six) of the Securities Market Law and other provisions in effect at the moment of the
transaction, including those issued by the National Banking and Securities Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE NINE. </B>Section&nbsp;First. According to articles One Hundred and Twenty-Eight and One Hundred and
Twenty-Nine of the Mexican Companies Law, either directly or pursuant to Article&nbsp;57 paragraph IV
section b) of the Securities Market Law, the Company shall keep and maintain a Stock Registry,
which may be kept by the Secretary of the Board of Directors of the Company, a securities deposit
institution, a credit institution, or the person appointed by the Board of Directors to act as
Registrar, on behalf of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a term that will expire precisely on December&nbsp;10, 2008, the Company&#146;s shares will be documented
in certificates that represent one or more shares of Series &#147;A&#148;, Series &#147;B&#148;, Series &#147;D&#148;, Series
&#147;L&#148;, and if applicable, of the other series that the shareholders meeting may so determine. In
this manner, immediately after the shares representing the capital stock are organized through such
certificates, the Company will inscribe, for such period of time, in its Stock Registry, only the
&#147;A&#148;, &#147;B&#148;, &#147;D&#148; and &#147;L&#148; shares in the form of the mentioned titles and only when such time-period has
expired, the Company will be able to recognize and inscribe shares of different series. The
Certificates to which this paragraph refers will be contributed to a trust, with the purpose that
such trust proceeds to issue the ordinary participation certificates that will be exchanged in the
securities exchanges.
</DIV>

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions of the preceding paragraph shall not be applicable (i)&nbsp;with respect to Series &#147;A&#148; or
any other series held by the person who owns the majority of Series &#147;A&#148; and the permanent
shareholder of the Company or any of its assignees, successors or the credit institutions that act
as trustees on their behalf, and (ii)&nbsp;with respect to such Series &#147;A&#148; or any other series that, as
the case may be, are contributed or allocated in favor of financial institutions acting as trustees
in such trust agreements executed with the purpose of establishing option plans for the benefit of
the employees and officers of the Company or of its subsidiaries, or for the benefit of individuals
who render their services to the Company, its subsidiaries, or the companies in which they may
participate, which trusts are entitled to maintain shares that are not underlying other
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Stock Registry shall be closed during any of the periods as of the fifth business day
preceding any Shareholders&#146; Meeting, including the date of such meeting. During such period no
annotation shall be made in such Registry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, if deemed convenient by the Board of Directors or the Executive Committee, indistinctly,
they may order that such registry be closed earlier, as long as specified in the call to the
meeting, and such call is published at least ten days before the registry is closed. Additionally,
the Board of Directors or the Executive Committee may cancel any listings made in the registry in
case of breaches committed against the provisions of the Second Section of this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall consider as legal shareholder whoever are registered as such in the Stock
Registry, taking into account the provisions of Article&nbsp;Seventy-eight of the Mexican Securities
Market Law. This, subject to the provisions of Section&nbsp;Second of this Article&nbsp;Nine of the By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;Second. (A)&nbsp;Any Person (as this concept is defined hereinbelow) who individually or
together with a Related Person (as this concept is defined hereinbelow) intends to acquire ordinary
Shares (as this concept is defined hereinbelow) or rights over ordinary Shares, by any means or
title, directly or indirectly, be it in one single act or in a succession of acts without any limit
to the time between them, which consequence is that &#091;such Person&#146;s&#093; shareholding, individually or
together with the Shares being acquired, having been acquired or intended to be acquired by a
Related Person or &#091;such Person&#146;s&#093; ownership of rights over ordinary Shares, individually or
together with the Shares being acquired, having been acquired or intended to be acquired by a
Related Person directly or indirectly, is equal to or greater than 10% (ten percent) of the total
number of ordinary Shares; (B)&nbsp;any Person who individually or together with a Related Person,
intends to acquire ordinary Shares or rights over ordinary Shares, by any means or title, directly
or indirectly, be it in one single act or in a succession of acts without any limit to the time
between them, which Shares represent individually or together with the Shares being acquired,
having been acquired or intended to be acquired by a Related Person, 10% (ten percent) or more of
the total number of ordinary Shares; (C)&nbsp;any Person who is a Competitor (as this concept is defined
hereinbelow) of the Company or of any Subsidiary (as this concept is defined hereinbelow) or
Affiliate (as this concept is defined hereinbelow) of the Company, who
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">individually or together with a Related Person intends to acquire ordinary Shares or rights over
ordinary Shares, by any means or title, directly or indirectly, be it in one single act or in a
succession of acts without any limit to the time between them, which consequence is that &#091;such
Person&#146;s&#093; shareholding individually or together with the Shares being acquired, having been
acquired or intended to be acquired by a Related Person or &#091;such Person&#146;s&#093; ownership of rights over
ordinary Shares, individually or together with the Shares being acquired, having been acquired or
intended to be acquired by a Related Person directly or indirectly, is equal to or greater than 5%
(five percent) of the total number of issued Shares; and (D)&nbsp;any Person who is a Competitor of the
Company or of any Subsidiary or Affiliate of the Company, who individually or together with a
Related Person intends to acquire ordinary Shares or rights over ordinary Shares, by any means or
title, directly or indirectly, be it in one single act or in a succession of acts without any limit
to the time between them, which Shares individually or together with the Shares being acquired,
having been acquired or intended to be acquired by a Related Person represents 5% (five percent) or
more of the total number of issued Shares, shall require the prior written approval of the Board of
Directors and/or of the Shareholders&#146; Meeting, as indicated below. For these effects, the Person
in question shall comply with the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I.&nbsp;<U>Board of Directors approval</U>:
</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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Person in question shall submit a written approval application to the Board of Directors.
Such application shall be addressed and delivered, in an indubitable manner, to the Chairman
of the Board of Directors, with a copy to the Secretary and the Assistant Secretary of the
Board. The aforesaid application shall set forth and detail the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;the number and class or series of Shares that the Person in question or any Related Person (i)
owns or co-owns, be it directly or through any Person or through any relative by consanguinity,
affinity or adoption, within the fifth degree, or any spouse under a civil or common law marriage
or by means of any other intermediary; or (ii)&nbsp;in respect of which has, shares or enjoys any right,
be it as a result of a contract or any other cause;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;the number and class or series of Shares that the Person in question or any Related Person
intends to acquire (i)&nbsp;be it directly or through any Person in which &#091;the Person or the Related
Person&#093; has an interest or participation, either in the capital stock or in the direction,
management or operation or through any relative by consanguinity, affinity or adoption, within the
fifth degree, or any spouse under a civil or common law marriage or by means of any other
intermediary;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;the number and class or series of Shares in respect of which &#091;the Person or Related Person&#093;
intends to obtain or share any right or option, be it as a result of a contract or any other cause;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;(i)&nbsp;the percentage that the Shares referred to in paragraph (a)&nbsp;above represent of the
aggregate Shares issued by the Company; (ii)&nbsp;the percentage that the Shares referred to in
paragraph (a)&nbsp;above represent of the class or series to which they belong; (iii)&nbsp;the percentage
that the Shares referred to in paragraphs (b)&nbsp;and (c)&nbsp;above
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">represent of the aggregate Shares issued by the Company; and (iv)&nbsp;the percentage that the Shares
referred to in paragraphs (b)&nbsp;and (c)&nbsp;above represent of the class or series to which they belong;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;the identity and nationality of the Person or group of Persons who intends to acquire the
Shares, in the understanding that if any of such Persons is an entity, trust or its equivalent, or
any other vehicle, enterprise or other form of economic or commercial association, the identity and
nationality of the partners or shareholders, settlors and beneficiaries or their equivalent,
members of the technical committee or its equivalent, successors, members or associates shall be
specified, as well as the identity and nationality of the Person or Persons that Control (as this
concept is defined hereinbelow), directly or indirectly, the entity, trust or its equivalent,
vehicle, enterprise or economic or commercial association in question, until the individual or
individuals who have any right, interest or participation of any nature in the entity, trust or its
equivalent, vehicle, enterprise or economic or commercial association in question are identified;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(f)&nbsp;the reasons and purposes for which &#091;the Person or Related Person&#093; intends to acquire the Shares
for which the approval being sought, mentioning, in particular, if &#091;the Person or Related Person&#093;
intends to acquire (i)&nbsp;Shares in addition to those referred to in the approval application, (ii)&nbsp;a
Material Interest or (iii)&nbsp;the Control of the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(g)&nbsp;if &#091;the Person or Related Person&#093; is, directly or indirectly, a Competitor of the Company or of
any Subsidiary or Affiliate thereof and if &#091;the Person or Related Person&#093; has the authority to
legally acquire the Shares pursuant to the provisions of these by-laws and the applicable
legislation; as well, it should be specified if the Person who intends to acquire the Shares in
question has any relatives by consanguinity, affinity or adoption, within the fifth degree, or any
spouse under a civil or common law marriage, that may be considered a Competitor of the Company or
of its Subsidiaries or Affiliates, or has an economic relationship with a Competitor or has an
interest or participation either in the capital stock or in the direction, management or operation
of a Competitor, directly or through any Person or relative by consanguinity, affinity or adoption,
within the fifth degree or any spouse under a civil or common law marriage;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(h)&nbsp;the origin of the economic resources that &#091;the Person or Related Person&#093; intends to use to pay
the price of the Shares that are the subject of the application; in the event such resources derive
from any financing, the identity and nationality of the Person providing such resources shall be
specified and the documents subscribed by such Person, evidencing and explaining the conditions of
such financing, shall accompany the approval application;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;if &#091;the Person or Related Person&#093; forms part of an economic group, formed by one or more
Related Persons, which as such, in one act or in a succession of acts, intends to acquire Shares or
rights over the same or, as the case may be, if such economic group, is the owner of Shares or
rights over Shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(j)&nbsp;if &#091;the Person or Related Person&#093; has received economic resources in loan or in any other
concept from a Related Person or has provided economic resources in loan or in any other concept to
a Related Person, in order to pay the price of the Shares; and
</DIV>

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(k)&nbsp;the identity and nationality of the financial institution acting as broker, in the event that
the acquisition in question is carried out through a tender offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.&nbsp;Within the ten (10)&nbsp;days following the date of receipt of the approval application referred to
in paragraph I.1. above, the Chairman or the Secretary or, in the absence of the latter, any
Assistant Secretary, shall call the Board of Directors in order to discuss and resolve the
above-mentioned approval application. The notice for the meetings of the Board of Directors shall
be made in writing and shall be sent by the Chairman or the Secretary or, in the absence of the
latter, by any Assistant Secretary, to each of the regular and alternate directors at least forty
five (45)&nbsp;days in advance of the date when the meeting is to take place, by certified mail, private
courier service, telegram, telex, telecopier or facsimile, to their domiciles or to the addresses
that the directors have informed in writing in order to be notified for purposes of the matters
referred to in this Article of the by-laws. The alternate directors shall only participate in the
deliberations and vote in the event the corresponding regular director does not attend the meeting
being called. The notices shall specify the time, date and place of the meeting and the respective
Agenda.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of this Article of the by-laws, resolutions adopted without a Board meeting shall not
be valid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.&nbsp;Except for the provisions of the last paragraph of this section I.3, the Board of Directors
shall decide on all approval applications submitted within the sixty (60)&nbsp;days following the date
when the application was submitted. The Board of Directors may, in any case and without incurring
in liability, submit the approval application to the decision of the general extraordinary
shareholders&#146; meeting. Notwithstanding the foregoing, the general extraordinary shareholders&#146;
meeting shall necessarily decide on any approval application in the following cases:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;when the Share acquisition that is the subject of the application implies a change of Control
in the Company; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;when &#091;after&#093; having been called in terms of the provisions of this Article, the Board of
Directors cannot be convened for any cause; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;when &#091;after&#093; having been called in terms of the provisions of this Article, the Board of
Directors does not decide on the approval application submitted &#091;to the Board of Directors&#093;, with
the exception of the instances in which &#091;the Board of Directors&#093; does not decide due to the request
of the documents or clarifications referred to in the immediately following paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors may request the Person who intends to acquire the Shares in question, the
additional documents and clarifications that it considers necessary in order to decide on the
approval application submitted &#091;to the Board of Directors&#093;, including the documents that evidence
the veracity of the information referred to in sections I.1(a) to I.1(k) of this Article. Should
the Board of Directors request the above-cited clarifications or documents, the sixty (60)&nbsp;day term
set forth in the first paragraph of this section I.3 shall be counted as of the date when the
aforementioned Person makes or delivers, as
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->
</DIV>

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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may be the case, the clarifications or documents requested by the Board of Directors, through its
Chairman, its Secretary or any Assistant Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.&nbsp;In order for the Board to validly hold a meeting, at least 75% (seventy five percent) of
the respective regular or alternate directors shall be in attendance and its decisions and
resolutions, to be valid, shall be adopted by the favorable vote of the majority of the directors
in attendance. The Chairman of the Board shall have a deciding vote, in the event of a tie.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The meetings of the Board of Directors called to decide on the above-mentioned approval
applications shall consider and adopt resolutions solely with regards to the approval application
referred to in this section I.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.&nbsp;Should the Board of Directors approve the Share acquisition requested and such acquisition imply
the acquisition of a Material Interest (as this concept is defined hereinbelow) without such
acquisition exceeding half of the ordinary voting Shares or implying a change of Control in the
Company, the Person who intends to acquire the Shares in question shall carry out a tender offer,
at a price payable in cash, for the percentage of Shares equal to the percentage of ordinary voting
Shares that &#091;such Person&#093; intends to acquire or for 10% (ten percent) of the Shares, whichever is
greater.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tender offer referred to in this section 1.5. shall be made simultaneously in Mexico and in the
United States of America within the sixty (60)&nbsp;days following the date when the Share acquisition
in question was authorized by the Board of Directors. The price to be paid for the Shares shall be
the same, regardless of the class or series in question. Should there be certificates or
instruments representing two or more shares of the capital stock of the Company and shares that
were issued and are outstanding individually, the price of the latter shall be determined by the
dividing the price of the above-mentioned certificates or instruments by the number of underlying
shares that they represent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.&nbsp;Any Person who is a Competitor of the Company or of any Subsidiary or Affiliate thereof,
who intends to acquire Shares or rights over Shares, by any means or title, directly or indirectly,
be it in one single act or in a succession of acts without any limit to the time between them, as a
result of which &#091;such Person&#146;s&#093; shareholding or ownership of rights over Shares, directly or
indirectly, is equal to or greater than 5% (five percent) of the total number of issued Shares and
any Person who is a Competitor of the Company or of any Subsidiary or Affiliate thereof, who
intends to acquire Shares or rights over Shares, by any means or title, directly or indirectly, be
it in one single act or in a succession of acts without any limit to the time between them,
representing 5% (five percent) or more of the total number of issued Shares, shall require the
prior written approval of the Shareholders&#146; Meeting. The corresponding approval application shall
be submitted to the Board of Directors which shall be called as provided in sections I.1. and I.2.
hereof. The Board of Directors may deny the authorization being sought or may submit the approval
application in question to the consideration of the general extraordinary shareholders&#146; meeting in
order for it to decide thereon.
</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="1%" nowrap align="left">II.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Shareholders&#146; meeting approval</U>:</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>


<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">1.&nbsp;In the event that the approval application referred to in this Article of the by-laws is
submitted to the decision of the general extraordinary shareholders&#146; meeting, the Board of
Directors, by means of the Chairman or of the Secretary or, in the absence of the latter, of any
Assistant Secretary, shall call the general extraordinary shareholders&#146; meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.&nbsp;For purposes of this Article of the by-laws, the notice for the general extraordinary
shareholders&#146; meeting shall be published in the official gazette of the domicile of the Company and
in two of the newspapers with broadest circulation in such domicile, at least thirty (30)&nbsp;days in
advance of the date set for the meeting; in the case of a second notice the publication shall
likewise be made at least thirty (30)&nbsp;days in advance of the date set for the corresponding
meeting; in the understanding that this last notice shall only be published after the date for
which the unheld meeting was called in first notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The notice shall contain the Agenda and shall be signed by the Chairman or the Secretary or, in
the absence of the latter, by any Assistant Secretary of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.&nbsp;For purposes of this Article, in order for a general extraordinary shareholders&#146; meeting to
be deemed legally assembled by virtue of first or subsequent notice, at least 85% (eighty five
percent) of the ordinary voting Shares must be represented therein and its resolutions shall be
valid when adopted with the favorable vote of the holders of Shares representing, at least, 75%
(seventy five percent) of the ordinary voting Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From the moment of publishing of the notice for the shareholders&#146; meeting referred to in this
Article of the by-laws, the information and documents mentioned in the Agenda and, as a
result, the approval application referred to in paragraph I.1 of this Article of the by-laws,
and any opinion and/or recommendation issued, in its event, by the Board of Directors in
connection with the above-mentioned approval application, shall be put at the disposal of the
shareholders, at the offices of the Secretary of the Company, at no cost.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.&nbsp;If the general extraordinary shareholders&#146; meeting approves the proposed acquisition of Shares
and such acquisition implies the acquisition of a Material Interest (as this concept is defined
hereinbelow) without such acquisition exceeding half of the ordinary voting Shares or implying a
change of Control in the Company, the Person who intends to acquire the Shares in question shall
make a tender offer, at a price payable in cash, for the percentage of the Shares that is
equivalent to the percentage of ordinary voting Shares that &#091;the Person&#093; intends to acquire or for
10% (ten percent) of the Shares, whichever is higher.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tender offer referred to in this section 4. shall be made simultaneously in Mexico and in the
United States of America within the sixty (60)&nbsp;days following the date in which the Share
acquisition in question was approved by the general extraordinary shareholders&#146; meeting. The price
to be paid for the Shares shall be the same, regardless of the class or series in question. Should
there be certificates or instruments representing two or more shares of the capital stock of the
Company and shares which
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">were issued and are outstanding individually, the price of the latter shall be determined by
dividing the price of the above-mentioned certificates or instruments by the number of underlying
shares that they represent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.&nbsp;If the general extraordinary shareholders&#146; meeting approves the proposed Share acquisition and
such acquisition implies a change of Control in the Company, the Person who intends to acquire the
Shares in question shall make a tender offer for 100% (one hundred percent) minus one of the issued
and outstanding Shares, at a price payable in cash not smaller than the highest price between the
following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a.&nbsp;the book value of the Share according to the last quarterly profit statement approved by the
Board of Directors, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">b.&nbsp;the highest closing price of the transactions carried out in stock exchanges during any of the
three hundred and sixty five (365)&nbsp;days preceding the date of the approval granted by the general
extraordinary shareholders&#146; meeting, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">c.&nbsp;the highest price paid for the Shares at any time by the Person acquiring the Shares that are
the subject of the application approved by the general extraordinary shareholders&#146; meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tender offer referred to in this section 5. shall be made in Mexico and in the United States of
America within the sixty (60)&nbsp;days following the date in which the Share acquisition in question
was approved by the general extraordinary shareholders&#146; meeting. The price to be paid for the
Shares shall be the same, regardless of the class or series in question. Should there be
certificates or instruments representing two or more shares of the capital stock of the Company and
shares which were issued and are outstanding individually, the price of the latter shall be
determined by dividing the price of the above-mentioned certificates or instruments by the number
of underlying shares that they represent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.&nbsp;The Person who carries out a Share acquisition approved by the general extraordinary
shareholders&#146; meeting, shall not be registered in the stock registry of the Company until such time
when the tender offer referred to in sections II.4 and II.5 above has been concluded.
Consequently, such Person shall not be able to exercise the corporate nor the economic rights
corresponding to the Shares whose acquisition has been approved until such time when the tender
offer has been concluded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of Persons who are already shareholders of the Company and, as a result, are registered
in the stock registry of the Company, the Share acquisition approved by the general extraordinary
shareholders&#146; meeting shall not be registered in the stock registry of the Company until such time
when the tender offer has been concluded and, consequently, such Persons shall not be able to
exercise the corporate nor the economic rights corresponding to the acquired Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors and the Shareholders&#146; Meeting, as may be the case, shall have the right to
determine if one or more Persons that intend to acquire Shares are acting jointly, in coordination
or in agreement with others, in which case, the Persons in
</DIV>

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</DIV>

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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">question shall be considered as a single person for purposes of this Article of the by-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As well, the Board of Directors and the Shareholders&#146; Meeting, as may be the case, shall determine
the cases in which Shares held by different Persons, shall be considered as Shares held by a same
Person for purposes of this Article. In this sense, it shall be deemed that the Shares held by a
Person, plus the Shares (i)&nbsp;held by any relative by consanguinity, affinity or adoption, within the
fifth degree, or any spouse under a civil or common law marriage of that Person, or (ii)&nbsp;held by an
entity, trust or its equivalent, vehicle, enterprise or other form of economic or commercial
association whenever such entity, trust or its equivalent, vehicle, enterprise or economic or
commercial association is Controlled by the above-mentioned Person or (iii)&nbsp;held by any Related
Person &#091;related&#093; to such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In their assessment of the approval applications referred to in this Article, the Board of
Directors and/or Shareholders&#146; Meeting, as may be the case, shall take into account the factors
that they deem appropriate, considering the interests of the Company and its shareholders,
including financial, market, business and other factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order for a general extraordinary shareholders&#146; meeting, in which a merger, a spin-off or an
increase or reduction of the capital of the Company implying a change of Control is to be
discussed, to be considered legally held by virtue of first or subsequent call, at least 85%
(eighty five percent) of the ordinary voting Shares must be represented and its resolutions shall
be valid when adopted with the favorable vote of the holders of Shares representing, at least, 75%
(seventy five percent) of the ordinary voting Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Person who acquires Shares without having complied with the formalities, requirements and other
provisions of this Article of the by-laws, shall not be registered in the stock registry of the
Company and, consequently, such Person shall not be able to exercise the corporate nor the economic
rights corresponding to such Shares, including specifically the exercise of voting rights at
shareholders&#146; meetings. In the case of Persons who are already shareholders of the Company and,
therefore, are already registered in the stock registry of the Company, the Share acquisition
carried out without complying with any of the formalities, requirements and other provisions of
this Article of the by-laws, shall not be registered in the stock registry of the Company and,
consequently, such Persons shall not be able to exercise the corporate nor the economic rights
corresponding to such Shares, including specifically the exercise of voting rights at shareholders&#146;
meetings. In the instances when the formalities, requirements and other provisions of this Article
of the by-laws have not been complied with, the certificates or lists referred to in the first
paragraph of article 78 of the Securities Market Law, shall not demonstrate the ownership of Shares
nor shall they evidence the right to attend shareholders&#146; meetings and registration in the stock
registry of the Company, nor shall they legitimize the exercise of any action, including those of a
procedural nature.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The authorizations granted by the Board of Directors or by the Shareholders&#146; Meetings pursuant to
the provisions of this Article, shall cease to be in effect if the information and documents on
which such authorizations were granted upon are not or cease to be true.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally and in accordance with the provisions of Article&nbsp;2117 of the Federal Civil Code, any
Person who acquires Shares in violation of the provisions of this Article of the by-laws, shall pay
liquidated damages to the Company in an amount equivalent to the market value of all Shares
acquired without the approval referred to in this Article of the by-laws. In the case of Share
acquisitions with no consideration carried out in violation of the provisions of this Article of
the by-laws, the liquidated damages shall be in an amount equivalent to the market value of the
Shares that were the subject of the acquisition in question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions of the Section&nbsp;Second of this Article of the by-laws shall not apply to (a)&nbsp;the
acquisition of Shares by the law of succession, either by inheritance or testamentary gift; or (b)
the acquisition of Shares (i)&nbsp;by the Person who, directly or indirectly, is entitled to appoint the
majority of the members of the board of directors of the Company; (ii)&nbsp;by any company, trust or its
equivalent, vehicle, entity, enterprise or other form of economic or commercial association under
the Control of the Person referred to in item (i)&nbsp;above; (iii)&nbsp;by succession to property of the
Person referred to in item (i)&nbsp;above; (iv)&nbsp;by the lineal ancestors and descendants within the third
degree of the Person referred to in item (i)&nbsp;above; or (v)&nbsp;by the Person referred to in item (i)
above, whenever &#091;such Person&#093; is reacquiring the Shares of any company, trust or its equivalent,
vehicle, entity, enterprise, form of economic or commercial association, ancestors or descendants
referred to in items (ii)&nbsp;and (iv)&nbsp;above; and (vi)&nbsp;by the Company or its Subsidiaries, or by trusts
created by the Company or its Subsidiaries or by any other Person Controlled by the Company or its
Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of this Article, the terms or concepts mentioned below shall have the meaning that
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Shares</U>&#148; means the shares representing the capital stock of the Company, regardless of
their class or series, or any other certificate, security or instrument that was issued based upon
such shares or that is convertible into such shares, including specifically participation
certificates representing Shares of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Affiliate</U>&#148; means any company that Controls, is controlled by, or is under common Control
with, another Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Competitor</U>&#148; means any Person dedicated, directly or indirectly, (i)&nbsp;to the business of
television production, television broadcasting, television programming, pay-television programming,
distribution of television programs, direct-to-home satellite services, periodical and editorial
publications and distribution thereof, music recording, television by cable or any other means
known or to be known, production for radio, radio broadcasting, promotion of professional sports
and other entertainment events, pager services, production and distribution of motion pictures,
dubbing, the operation of any
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">internet portal and/or (ii)&nbsp;to any activity carried out by the Company or its Subsidiaries
representing 5% (five percent) or more of the income of the Company and its subsidiaries on a
consolidated basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Control</U>&#148; or &#147;<U>Controlled</U>&#148; means: (i)&nbsp;to be the owner of the majority of the
ordinary voting shares representing the capital stock of a company or of securities or instruments
issued based upon such shares; or (ii)&nbsp;the ability or possibility to appoint the majority of the
members of the board of directors or the manager of an entity, trust or its equivalent, vehicle,
enterprise or other form of economic or commercial association, be it directly or indirectly
through the exercise of the voting right corresponding to the shares or equity quotas held by a
Person, of any pact resulting in the voting right corresponding to the shares or equity quotas held
by a third party being exercised in the same sense as the voting rights corresponding to the shares
or equity quotas held by the above-cited Person or in any other manner; or (iii)&nbsp;the ability to
determine, directly or indirectly, the policies and/or decisions of the management or operation of
an entity, trust or its equivalent, vehicle, enterprise or any other form of economic or commercial
association.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Material Interest</U>&#148; means the ownership or possession, directly or indirectly, of 20%
(twenty percent) or more of the ordinary voting Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Person</U>&#148; means any individual or entity, company, trust or its equivalent, vehicle,
enterprise or any other form of economic or commercial association or any of their Subsidiaries or
Affiliates or, if so determined by the Board of Directors or by the Shareholders&#146; Meeting, any
group of Persons that is acting jointly, in coordination or in agreement in accordance with the
provisions of this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Related Person</U>&#148; means any individual or entity, company, trust or its equivalent, vehicle,
enterprise or any other form of economic or commercial association, or any other parent by
consanguinity, affinity or adoption within the fifth degree or any spouse under a civil law or
common law marriage, or any of the Subsidiaries or Affiliates of all of the above, (i)&nbsp;that belongs
to the same economic or interest group of the Person that intends to acquire the Shares or is a
Subsidiary or Affiliate of such Person or (ii)&nbsp;that acts in agreement with the Person who intends
to acquire the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<U>Subsidiary</U>&#148; means any company in respect of which a Person owns the majority of the shares
representing its capital stock or in respect of which a Person has the right to appoint the
majority of the members of its board of directors or is sole administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions of this Article of the by-laws shall apply regardless of the laws and general
provisions concerning the acquisition of securities that are compulsory in the markets in which the
Shares or other securities issued in relation thereto or rights derived therefrom are listed (i)
that must be revealed to the authorities or (ii)&nbsp;that must be made through tender offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To amend the Section&nbsp;Second of this Article the prior written authorization of the National Banking
and Securities Commission shall be required.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This pact shall be recorded with the Public Registry of Commerce of the corporate domicile of the
Company and shall be transcribed in the certificates of the shares representing the capital stock
of the Company, to the effect of creating rights against all third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TEN. </B>Corporations controlled by the Company may not directly or indirectly acquire shares
of capital stock the Company or negotiable instruments representing such shares, except in the
cases provided for in the Securities Market Law, and in case such corporations should acquire
shares of the Company, with the aim of complying with any sale options or plans granted or
designed, or to be granted or designed for the benefit of the employees or officers of said persons
or of the Company, provided that the number of those shares does not exceed 25% (twenty-five
percent) of all outstanding shares of this Company, and there is no prohibition in such respect in
the applicable legislation.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CHAPTER III<BR>
INCREASE AND DECREASE IN THE CAPITAL STOCK</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE ELEVEN. </B>Increases in the capital stock shall be carried out by resolution of the General
Extraordinary Shareholders Meeting and the respective amendment of By-laws; once the respective
resolutions have been passed, the Shareholders Meeting which resolves on the increase, or any
subsequent Shareholders Meeting, shall determine the terms and basis on which said increase should
be implemented. The foregoing, subject to the provisions of the Second Section of Article&nbsp;Nine of
this by-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All increases in the capital stock must be carried out by means of the issuance of shares in such a
form that in no event may Series &#147;L&#148; or Series &#147;D&#148; shares exceed the maximum number provided for in
Article&nbsp;Six of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Increases in capital stock may take place by means of (i)&nbsp;the capitalization of accounts of net
worth referred to in Article&nbsp;One Hundred and Sixteen of the Mexican Companies Law, (ii)&nbsp;through
payment in cash or in kind, or (iii)&nbsp;through capitalization of liabilities, or (iv)&nbsp;under the terms
of Article&nbsp;Fifty-three of the Securities Market Law, in which case the right to preferential
subscription referred to in Article&nbsp;Once Hundred Thirty-two of the Mexican Companies Law shall not
be applicable. In the event of increases due to capitalization of items of the net worth, all
shares shall be entitled to the proportional part corresponding to them in such accounts. In the
event of increases due to payment in cash or in kind or due to capitalization of liabilities, those
shareholders holding outstanding shares at the time of the determination of the increase, shall
have preference, with the prerogatives and limitations established by the applicable law in each
country, if applicable, according to the circumstances, in the subscription of any new shares
issued or made outstanding to represent such increase, in proportion to the shares held by them in
each respective Series at the time of the increase, for a term of no less than fifteen days
established for that purpose by the Meeting which resolved on the increase. Said term shall be
calculated as from the date of publication of the respective notice in the official gazette of the
corporate domicile (for purposes of this
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Article of these By-laws, the shareholders consider the Official Gazette of the Federation as the
official gazette of the Company&#146;s corporate domicile) and in one of the newspapers having the
widest circulation at the corporate domicile, or as from the date of the Meeting in the event that
all the shares which the capital stock has been divided into, have been represented at said
Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that after the expiration of the term during which the shareholders should enforce the
preference granted to them in this Article, there should be any remaining shares pending
subscription, these may be offered for subscription and payment pursuant to the conditions and
terms determined by the Meeting, which had decreed the increase in the capital stock or in the
terms provided for by the Board of Directors, the Executive Committee, or Delegates designated by
the Meeting for such purposes, on the understanding that the offering price for the shares to third
parties may not be less than that which was offered to the shareholders of the Company for
subscription and payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWELVE. </B>Capital stock may be decreased by resolution of the Extraordinary Shareholders
Meeting according to the rules provided for in this Article. Decreases in the capital stock shall
be made by resolution of the General Extraordinary Shareholders Meeting and the respective
amendments of by-laws, complying, in any case, with the provisions of Article&nbsp;Nine and, if
applicable, article One Hundred and Thirty-Five of the Mexican Companies Law. Additionally, capital
stock may be decreased as provided for in Article&nbsp;Fifty-six of the Securities Market Law. The
foregoing in terms of Section&nbsp;Second of Article&nbsp;Nine of these by-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Decreases in the capital stock may be made in order to cover losses, to reimburse the shareholders
or to release them from payments not made, to allow for the acquisition of the Company&#146;s own shares
and, if applicable, by redemption of shares with profits subject to sharing, as well as in any
other case according to the applicable legislation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In no event shall decreases in the capital stock be carried out or shares representing the capital
stock or securities representing them be repurchased in such manner that the number of Series &#147;L&#148;
or Series &#147;D&#148; shares outstanding exceeds the maximum referred to in Article&nbsp;Six of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Decreases in the capital stock made to cover losses shall be carried out in proportion to all
shares of the capital stock, without it being necessary to cancel shares, due to the fact that they
express no par value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company may redeem shares with profits subject to sharing without decreasing its capital stock,
for which purpose the Extraordinary Shareholders Meeting resolving on the redemption, in addition
to the provisions of article one hundred and thirty-six of the Mexican Companies Law, shall observe
the following rules:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The Meeting may agree to redeem shares to all shareholders, which shall be made in such a form
that after the redemption, they have the same percentages regarding the capital stock and
shareholding which they had previously.
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;When the redemption of shares is carried out by means of their purchase in the stock exchange,
through a public purchase offer, the Shareholders Meeting, after passing the respective
resolutions, may empower the Board of Directors to state the number of shares to be redeemed and
the person appointed as intermediary or purchase agent, with all other provisions that may be
necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Share certificates of redeemed shares shall be cancelled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In no event may shares be redeemed in such manner that the number of shares outstanding
corresponding to Series &#147;L&#148; or Series &#147;D&#148; shares exceeds the maximum referred to in Article&nbsp;Six of
these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTEEN. </B>Definitive or provisional share certificates representing the shares shall be
registered and may cover one or more shares, they shall contain the notations referred to in
article one hundred and twenty-five of the General Business Corporation and Partnership , the
indication of the Series to which they correspond, they shall contain the text of Article&nbsp;Six and
Article&nbsp;Nine Section&nbsp;Second of these By-laws and will be signed by two Regular Members of the Board
of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The signatures of the mentioned directors may be in autograph or facsimile form, provided, in this
last case, that the original of the respective signatures is deposited at the Public Registry
Bureau of the corporate domicile. In the event of definitive share certificates, they must have
adhered thereto the numbered registered coupons as set provided in the applicable legislation or
the ones to be determined by the Board of Directors.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CHAPTER IV<BR>
SHAREHOLDERS MEETINGS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FOURTEEN. </B>The Shareholders Meetings shall be General or Special and Extraordinary or
Ordinary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Extraordinary Meetings shall be those called to deal with any of the matters provided in Article
One Hundred and Eighty-two of the Mexican Companies Law and Article&nbsp;Nine Section&nbsp;Second, Article
Twenty First and Twenty Third of these By-laws, and those others that, by express disposition of
the law or of these by-laws, must be dealt, discussed and approved in an Extraordinary Meeting.
Likewise, Extraordinary Meetings shall be those convened to resolve on the cancellation of the
listing of the shares of the Company in the National Securities Registry and in other Mexican
stock exchanges or foreign markets where they are listed. All other meetings shall be Ordinary
Meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Special Meetings shall be those held to deal with the following matters, as the case may be,
depending on the respective Series, and shall be subject the provisions set forth in Article
Twenty-fifth of these by-laws and if nothing is provided therein, is shall be applicable the
provisions of the Extraordinary Meetings:
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Special Meetings for Series &#147;D&#148;</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Special Meetings for Series &#147;D&#148; shall be those held by the shareholders of such Series in order to
deal with the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Appoint and remove the members of the Board of Directors and their respective Alternates
that such Series &#147;D&#148; are entitled to appoint, pursuant to Articles Seventh, Twenty Sixth and other
related of these by-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Discuss and approve, in advance, any provision that may affect the rights that are
conferred in these by-laws to Series &#147;D&#148; and not to any other of the remaining Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;<U>Special Meetings for Series &#147;L&#148;</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Special Meetings for Series &#147;L&#148; shall be those held by the shareholders of such Series in order to
deal with the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Appoint and remove the members of the Board of Directors and their respective Alternates
that such Series &#147;L&#148; are entitled to appoint, pursuant to Articles Seventh, Twenty Sixth and other
related of these by-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Discuss and approve, in advance, any provision that may affect the rights that are
conferred in these by-laws to Series &#147;L&#148; and not to any other of the remaining Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FIFTEEN. </B>Calls to Shareholders Meetings must be issued by the Board of Directors or by any
of the Audit or Corporate Practice Committees according to the Securities Market Law: However,
shareholders representing at least ten percent of the capital stock entitled to vote on the
subject, may require in writing, at any time, that the Board of Directors or the Audit or Corporate
Practice Committees, through their respective Chairman, to call a General Shareholders Meeting to
deal with the matters specified in said request, in terms of the provisions of Article&nbsp;One Hundred
and Eighty four of the General Business Corporation and Partnership Law. The foregoing shall be in
effect notwithstanding the provisions of Article&nbsp;Nine Section&nbsp;Second of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any shareholder holding one voting share shall have the same right in any of the cases referred to
in Article&nbsp;One Hundred and Eighty-five of the Mexican Companies Law. If the call is not made
within the first fifteen days after the date of the request, a Civil or District Judge of the
domicile of the Company shall make such call at the request of any of the concerned parties, who
must exhibit their shares with this purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE SIXTEEN. </B>Calls for the Meetings must be published in the Official Gazette of the domicile
of the Company or in one of the newspapers with a wide circulation at such domicile and may be
published in a newspaper with a wide circulation in Manhattan,
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York, United States of America, at least fifteen days in advance to the date when the Meeting
is scheduled to be held, in cases of General Ordinary Shareholders Meetings, and at least eight
days before the scheduled date, in case of General Extraordinary Shareholders Meetings, or the
Special Shareholders Meeting. In the event of a second call, the publication must be made at least
eight days before the date when the respective Meeting is scheduled, whether such meeting shall be
general or special, ordinary or extraordinary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Shareholders Meetings may be called by the Board of Directors, by the Chairman of such Board
and/or the Board Secretary, and by any of the Audit and Corporate Practice Committees, through
their respective Chairman. Calls shall contain the Agenda and must be signed by the person or
persons issuing them, in the understanding that if they are issued by the Board of Directors, the
signature by the Secretary or Assistant Secretary shall suffice. The call mentioned in this
paragraph shall be made and published in terms of Article&nbsp;Nine Section&nbsp;Second of these By-laws,
when the call is made to resolve on the matters referred to therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When the Meetings are held to deal with matters where Series &#147;D&#148; and Series &#147;L&#148; are not entitled to
vote, they may be held without a prior call, if the total number of Series &#147;A&#148; and Series &#147;B&#148; is
fully represented at the time of voting. If at any Meeting, regardless whether it is General or
Special, Ordinary or Extraordinary Meeting, all shareholders entitled to vote in the corresponding
meeting are in attendance, said Meeting may resolve on matters of any nature and even on matters
not contained in the relevant Agenda.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE SEVENTEEN. </B>Shareholders registered in the Shares Register kept by the Company as holders of
one or more shares thereof shall be admitted to the Meeting. Said Registry shall be considered
closed five days before the date when the Meeting is scheduled. The foregoing shall be in effect
notwithstanding the provisions of Article&nbsp;Nine Section&nbsp;Second of these by-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To attend the Meetings, the shareholders must exhibit their respective admission cards which are to
be issued only at the request of persons who are registered as holders of shares in the Shares
Register of the Company; the request must be submitted at least forty-eight hours before the time
when the Meeting is scheduled to be held, together with the deposit, in the Secretary&#146;s Office of
the Company, of the respective share certificates or the deposit certificates or evidence of said
securities issued by an institution for the deposit of securities, by a credit institution, either
Mexican or foreign, or by authorized brokerage houses. Shares deposited to be entitled to attend
Meetings shall not be returned until after the Meetings have been held, by way of the delivery of
the certificate which shall be issued to the shareholder in exchange thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company may, in terms of item VII of Article&nbsp;280 (two hundred eighty) of the Securities
Market Law, request that such Shares Register be kept by an authorized securities deposit
institution.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE EIGHTEEN. </B>Shareholders may be represented at Meetings by the person or persons whom they
appoint by means of a proxy necessarily granted in terms of the format prepared by the Company,
that, in addition to the requirements of Article&nbsp;49 (forty-nine) of the Securities Market Law,
must contain the following required information: (a)&nbsp;expressly declare under that if the
shareholder (or holder of the stock certificates representing the shares of the capital stock of
the Company) and/or his spouse or concubine, as well as his family members by consanguinity,
affinity or civil, up to five degrees, without limitation, is(are) a Competitor (as such term is
defined in Article&nbsp;Nine Section&nbsp;Second of these By-laws) of the Company or any of its subsidiaries;
(b)&nbsp;expressly declare under oath, that such shareholder (or holder of titles representing shares of
capital stock of the Company), or his spouse or concubine, as well as his family by consanguinity,
affinity or civil, up to five degrees, without limitation, is(are) holders or beneficiaries at that
date, directly or indirectly, of shares of the Company (or titles referring to these) representing
5% (five percent) or more of the total shares issued by the Company, or in its case, direct or
indirect holders or beneficiaries, of rights of any kind of shares of the Company (or titles
referring to these) representing such percentage; (c)&nbsp;expressly declare under oath that if any
Related Party (as such term is defined in Article&nbsp;Nine Clause Second of these By-laws) of such
shareholder (or holder of the stock certificates referred to the shares representing the capital
stock of the Company), is the owner of shares or of rights over shares issued by the Company; (d)
the identity and nationality of each shareholder (or holder of the stock certificates referring to
the shares representative of the capital stock of the Company) that will be represented at the
meeting in terms of the proxy granted in the above-mentioned form, in the understanding that if
the proxy is being granted in favor of a company, enterprise, trust agent in a trust agreement,
trust or equivalent, or through any other vehicle, entity, corporation or form of economic or
mercantile association, it shall specify the identity and nationality of its partners or
shareholders, trustee, trustors and beneficiaries or its equivalent, members of the technical
committee or its equivalent in such trusts, assignees, members or associates, as well as the
identity and nationality of the Person or Persons that Controls (as such concept is defined in
Article&nbsp;Nine Section&nbsp;Second of these By-laws), directly or indirectly, the company, <I>fideicomiso </I>or
trust or its equivalent, vehicle, entity, enterprise, corporation or economic or mercantile
association, until the corresponding person or persons are identified; and (e)&nbsp;any other requisite
that the Board of Directors establishes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors and the Executive Committee of the Company, indistinctly, shall be
authorized to establish exceptions to the requirements provided in the above paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The members of the Board of Directors, of the Audit Committee, of the Corporate Practice Committee
and/or the outside auditors may not represent any shareholders at any Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE NINETEEN. </B>The Minutes of the Meeting shall be registered in the respective Register and
shall be signed by the Chairman and Secretary of the Meeting.
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWENTY. </B>The Meetings shall be presided over by the Chairman of the Board of Directors and
in his absence, by the Vice-Chairmen of the Board, in which case, in the order of their
appointment. In their absence, the Meetings shall be presided over by the person appointed by the
shareholders present, by majority vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Whoever is secretary of the Board of Directors shall act as Secretary at the Shareholders Meeting
and in his absence, the Assistant Secretaries of the Board itself, in the order of their
appointment shall act as Secretary. In the absence thereof, by the person appointed for such
purpose by the shareholders in attendance by majority vote shall act as Secretary. The Chairman
shall appoint tellers to count the attending shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWENTY-ONE. </B>General Ordinary Shareholders Meetings shall be held at least once a year
within the four months following the end of each fiscal year. In addition to the matters specified
in the Agenda and the applicable legislation, they must discuss, approve or amend and resolve
everything related to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1 (one), the report by the Board of Directors pursuant to article One Hundred and Seventy-two of
the Mexican Companies Law;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2 (two), discuss, approve or modify the reports by the Chairmen or Chairman of the Corporate
Practice Committee and of the Audit Committee, and the report by the Chief Executive Officer;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3 (three), acknowledge the opinion by the Board of Directors in relation to the content of the
Report by the Chief Executive Officer;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4 (four), the audited consolidated and unconsolidated financial statements, including the notes
necessary to clarify and supplement the information thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5 (five), the other reports, opinions and documents as established by the applicable legislation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6 (six), decide on applying profit of the fiscal year;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7 (seven), the appointment, and if the case may be, or removal, of the members of the Board of
Directors of the Company and their respective Alternates, and determine the status of the
independent board members;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8 (eight), the appointment and/or removal of the Chairman of the Board of Directors, the Chairman
or Chief Executive Officer of the Company, and the appointment of the Secretary and Alternate
Secretaries, who may not be members of the Board of Directors, and determine their remunerations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9 (nine), determination of the maximum amount of funds that may be assigned to acquire proper
shares, as provided for in the Securities Market Law.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10 (ten), the appointment of the members of the Executive Committee and the appointment or removal
of the Audit Committee Chairman and of the Corporate Practice Committee Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The appointment and/of removal of the Chairman of the Board of Directors and of the Secretary and
Alternate Secretaries shall correspond to holders of Series &#147;A&#148; shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As provided for in articles Seven and Twenty-eight of these By-laws, for the Meeting to favorably
resolve on the items 1 (one)&nbsp;to 9 (nine)&nbsp;listed above, the favorable vote by the majority of the
Series &#147;A&#148; shares represented at the Shareholders General Ordinary Meeting involved shall be
necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Extraordinary Shareholders Meetings will be held whenever matters of its competence must be
discussed, including matters that by express provision by the law or by these By-laws must be
exclusively discussed and approved at such Meetings. Pursuant to item XII of article 182 of the
Mexican Companies Law, particularly, the following matters, shall be dealt in a General
Extraordinary Meeting:
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Increase or reduction of capital stock of the Company;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Change in the 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue of privileged shares;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Redemption by the Company of its shares and issue of beneficial shares
(acciones de goce); without this being applicable to the repurchase of shares referred
to in article 56 (Fifty-six) of the Securities Market Law and Article&nbsp;Eight of these
By-laws;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue of debentures or any other type of bonds;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Merger of the Company;</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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Spin-off of the Company;</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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The resolution regarding exercise of the liability actions and other acts provided in
articles 38 (Thirty-eight) of the Securities Market Law and 161 (One Hundred Sixty
One) and 162 (One Hundred and Sixty-two) of the Mexican Companies 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The resolution of matters referred to in Article&nbsp;Nine Section&nbsp;Two of these
By-laws.</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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment to these By-laws.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The matters referred to in sections (i)&nbsp;to (x)&nbsp;above, shall be subject to the necessary quorum for
the installment and voting set forth in Article&nbsp;Twenty Third of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Special Meetings of Series &#147;D&#148; and &#147;L&#148; shall be held at least once a year, within the four months
following the end of each fiscal year, and before the execution of the General Ordinary
Shareholders Meeting in which the Board of Directors is appointed, to appoint Regular and Alternate
members of the Board of Directors that correspond to each of such Series, respectively, pursuant
to Articles Seventh, Twenty Sixth and others related to of this By-laws. The appointment of the
members that each one of the Special Meetings has resolved, shall be notified to the corresponding
General Ordinary
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 25 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shareholders Meeting, through the person who have acted as Secretary in each of the Special
Meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Regular and Alternate Directors to be appointed by such Special Shareholders Meetings of Series
&#147;D&#148; and &#147;L&#148; shares in terms of the foregoing, must be independent from the Company, for which
effect, without limitation, the following shall not be considered as independent: (a)&nbsp;any
shareholder of the Company; (b)&nbsp;any employee of any shareholder of the Company or of any company
that is under Control (as such term is defined in Article&nbsp;Nine Clause Second of these By-laws) of
any shareholder, (c)&nbsp;persons who do not have such status according to the Securities Market Law
and other applicable provisions, (d)&nbsp;persons whom the respective Shareholders Meeting determines
are not independent; (e)&nbsp;any consultant or service provider that receives more than 1% (one
percent) of the income from any shareholder, (f)&nbsp;persons that are partners or employees of the
companies or associations that provide consulting and support services to the Company or the
companies that are part of the same economic group to which the Company belongs, whose income for
providing such services represents 10% (ten percent) or more of its income, (g)&nbsp;employees of a
foundation, association or partnership that receive important donations from the Company, being
considered as important donations those that represent 5% (five percent) or more of the total
donations received by such institutions, (h)&nbsp;General Directors or high level officers of a company
in whose Board of Directors, the President, Vice-presidents, Chief Executive Officer or any other
high level officer of the Company participates, (j)&nbsp;those persons that are considered as a
Competitor (as such term is defined in Article&nbsp;Nine Section&nbsp;Second of these By-laws) of the Company
or any of its Subsidiaries or Affiliates or Related Parties to them (as such terms are defined in
Article&nbsp;Nine Section&nbsp;Second of these By-laws), (i)&nbsp;persons who are shareholders, officers,
directors, clients, providers, important creditors or debtors of a Competitor (as such term is
defined in Article&nbsp;Ninth Section&nbsp;Second of these By-laws) of the Company or any of its Subsidiaries
or Affiliates or Related Parties (as such terms are defined in Article&nbsp;Nine Section&nbsp;Second of these
By-laws), (k)&nbsp;persons who directly or indirectly, have business relations or any contractual
relation with a Competitor of the Company or its Subsidiaries or Affiliates or Related Parties(as
such terms are defined in Article&nbsp;Nine Section&nbsp;Second of these By-laws) or that have or have had
the legal representation or are lawyers of a Competitor of the Company or its Subsidiaries or
Affiliates or Related Parties(as such terms are defined in Article&nbsp;Nine Section&nbsp;Second of these
By-laws) or that receive, directly or indirectly, any fees, price or economic benefit of a
Competitor of the Company or its Subsidiaries or Affiliates or Related Parties(as such terms are
defined in Article&nbsp;Nine Section&nbsp;Second of these By-laws), (l)&nbsp;persons who directly or indirectly,
render their services or support to a Competitor of the Company or its Subsidiaries or Affiliates
or Related Parties(as such terms are defined in Article&nbsp;Nine Section&nbsp;Second of these By-laws), not
withstanding the amount of fees, prices, economic remunerations or benefits that they receive from
the Competitor of the Company or its Subsidiaries or Affiliates or Related Parties (as such terms
are defined in Article&nbsp;Nine Section&nbsp;Second of these By-laws) or those persons who have received any
fee, price, economic remuneration or benefit from a Competitor of the Company or its Subsidiaries
or Affiliates or Related Parties (as such terms are defined in Article&nbsp;Nine Section&nbsp;Second of these
By-laws)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 26 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">during the 5 (five)&nbsp;previous years from the date in which their appointment as director of the
Company is proposed, (m)&nbsp;persons who directly or through any Persons or any Related Party (as such
terms are defined in Article&nbsp;Nine Section&nbsp;Second of these By-laws) to them, are shareholders of a
Person (as such term is defined in Article&nbsp;Nine Section&nbsp;Second of these By-laws) that is the owner
of 10% (ten percent) or more of the shares issued by the Company or that has the right, jointly or
severally with a Related Party (as such term is defined in Article&nbsp;Nine Section&nbsp;Second of these
By-laws), to exercise the voting right on shares issued by the Company, representing 10% (ten
percent) or more of the capital stock of the latter, and (m)&nbsp;the spouse or concubine, as well as
their family by consanguinity, affinity or civil, up to five degrees, without any limitation, of
the persons mentioned in the foregoing paragraphs (a)&nbsp;through (k).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWENTY-TWO. </B>For General Ordinary Meetings to be considered legally convened in first call,
at least fifty percent of the ordinary shares with voting rights, unless for what is provided
further on, shall be represented thereat, and the adopted resolutions will be valid if adopted by
the vote of the majority of the present shares. In the event of a second or subsequent call,
Ordinary Shareholders Meetings may be validly held, regardless of the number of ordinary shares
that are represented at the Meeting and, unless for what is provided further on, the resolutions
thereof shall be valid when adopted by the majority of votes of the ordinary shares present at such
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For an Ordinary Shareholders Meeting to validly adopt resolutions, either through a first or
further call with respect to the following matters, the favorable vote of the majority of Series
&#147;A&#148; represented in the corresponding Meeting shall be necessary:
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The report by the Board of Directors submitted to the Meeting pursuant to Article&nbsp;One
Hundred and Seventy-two of the Mexican Companies 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The report by Audit Committee Chairman, the report by the Corporate Practice Committee
Chairman and the report by the Chief Executive Officer;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consolidated and unconsolidated financial statements audited by an independent
public accountant, including the notes necessary to clarify and supplement the information
thereof;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The application of fiscal year profits, including, expressly, the payment of dividends
in cash or in shares, in any manner;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment and, as the case may be, removal, of 11 (eleven)&nbsp;members of the Board
of Directors and their respective Alternates, that correspond to Series &#147;A&#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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment and, as the case may be, removal, of the Chairman of the Board of
Directors, the Chairman or Chief Executive Officer of the Company, and the Secretary and
Alternate Secretaries;</TD>
</TR>

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Define the amount that may be assigned to repurchase of shares, as determine the
percentage of the capital stock susceptible of such operations;</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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment and, as the case may be, removal of the Audit Committee Chairman and of
the Corporate Practice Committee Chairman, in case the Shareholders Meeting appoints or
removes them.</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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment and, as the case may be, removal of the members of the Audit Committee
and of the Corporate Practice Committee of the Company, if the Shareholders Meeting
appoints or removes them.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, the Ordinary Shareholders Meeting that deals with the appointment and/or, as the
case may be, removal, of the Regular and Alternate Directors of the Board of Directors of the
Company, voting shall be carried out and necessarily counted separately for each Series represented
at such Meeting. Therefore (i)&nbsp;shareholders of Series &#147;A&#148; shall appoint and/or remove at the
General Ordinary Shareholders Meeting, by resolution adopted by the majority of such Series &#147;A&#148;
represented at the Meeting, the regular eleven members and their respective alternates who,
according to Articles Seven and Twenty-six of these By-laws, must be appointed and/or removed by
such Series &#147;A&#148;, as well as the Chairman and the Secretary and Alternate Secretaries of the Board
of Directors and the President or Chief Executive Officer of the Company, in which event the
shareholders of the other Series will not be able to participate in the respective deliberations
and resolutions; and (ii)&nbsp;Series &#147;B&#148; shareholders shall appoint and/or, as the case may be, remove
at the Ordinary Shareholders Meeting, through resolution adopted by the majority of such Series &#147;B&#148;
represented at the Meeting, five members of the Board of Directors and their respective Alternates
who, pursuant to Articles Seven and Twenty-sixth of these By-laws, correspond such Series &#147;B&#148; to
appoint and/or remove, in which event shareholders of the other Series would not be able to
participate in the respective deliberations and resolutions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWENTY-THREE. </B>Extraordinary Shareholders Meetings will be considered legally installed and
the approved resolutions valid, according to the following rules:
</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="1%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First Call.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.1.- Pursuant to section XII of article One Hundred and Eighty Two of the Mexican Companies
Law, in the case of Meetings held in first call in order to deal and resolve the following matters,
at least seventy-five percent of the shares entitled to vote must be represented and their
resolutions shall be valid when taken by favorable vote of at least fifty percent of the shares
entitled to vote, only, if in such percentage, is included the favorable vote of the majority of
Series &#147;A&#148; represented in the Meeting:
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Increase or reduction of capital stock of the Company;<BR></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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Change in the 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue of privileged shares;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 28 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>


<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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Redemption by the Company of its shares and issue of beneficial shares
(<I>acciones de goce</I>); without this being applicable to the repurchase of shares referred
to in article 56 of the Securities Market Law and Article&nbsp;Eighth of these By-laws;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue of debentures or any other type of bonds;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Merger of the Company;</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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Spin-off of the Company;</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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment in the By-laws;</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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Redemption by the Company of shares of the capital stock with distributable
profit and issue of shares of enjoyment or limited vote shares, preferential shares, or
of any kind other than ordinary shares.</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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Increase in capital stock according to Article&nbsp;53 (Fifty-three) of the
Securities Market 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other matters for which the applicable legislation and the By-laws expressly
require a special quorum.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In any case, the provisions of Article&nbsp;Twenty-fourth of these Bylaws must be complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I.2.- Pursuant to section XII of Article&nbsp;182 of the Mexican Companies Law, in the event of a
Meeting held due to first call in order to deliver and resolve on the exercise of liability actions
and other acts referred to in articles 38 (Thirty-eight) of the Securities Market Law and 161 (One
Hundred Sixty-one) and 162 (One Hundred Sixty-two) of the Mexican Companies Law, against any of the
members of the Board of Directors, at least eighty five percent of the shares entitled to vote
must be represented thereat and their resolutions shall be valid when taken by the favorable vote
of at least fifty percent of shares entitled to vote, only, if in such percentage, is included the
favorable vote of the majority of Series &#147;A&#148; represented in the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I.3.- Pursuant to section XII of article 182 (One Hundred and Eighty-two) of the Mexican Companies
Law, in the event of a Meeting held due to first call in order to deliver and resolve on the acts
mentioned in Article&nbsp;Nine Section&nbsp;Second of these by-laws, at least eighty five percent of the
shares entitled to vote must be represented, and its resolutions shall be valid when taken by the
favorable vote of the holders of the shares that represent, at least, seventy five percent of the
voting shares in terms of the provisions of such Article of these by-laws, and, only, if in such
percentage, is included the favorable vote of the majority of Series &#147;A&#148; represented in the
Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II.&nbsp;<U>Second Call</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II.1.- In the event of a Meeting held due to second or subsequent calls, in order to deal on and
resolve the following matters, at least fifty percent of the voting shares shall be represented,
and its resolutions shall be valid when taken by the favorable vote of the holders of shares that
represent at least fifty percent of the voting shares, only, if in such percentage, is included the
favorable vote of the majority of Series &#147;A&#148; represented in the Meeting.
</DIV>

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Increase or reduction of capital stock of the Company;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Change in the 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue of privileged shares;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Redemption by the Company of its shares and issue of shares of enjoyment; with
out this being applicable to the repurchase of shares referred to in article 14-Bis 3
of the Securities Market Law and Article&nbsp;Eighth of these by-laws;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue of debentures or any other type of bonds;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Merger of the Company;</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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Spin-off of the Company;</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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment in the By-laws;</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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Redemption by the Company of shares of the capital stock with distributable
profit and issue of shares of enjoyment or limited vote shares, preferential shares, or
of any kind other than ordinary shares.</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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Increase in capital stock according to Article&nbsp;53 (Fifty-three) of the
Securities Market 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other matters for which the applicable legislation and the By-laws expressly
require a special quorum.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In either case, the provisions of Article&nbsp;Twenty-four of these By-Laws shall be observed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II.2.- In the event of a Meeting held due to second or subsequent calls in order to deliberate and
resolve on the exercise of liability actions and other acts referred to in articles 38
(Thirty-eight) of the Securities Market Law and 161 (One Hundred Sixty-one) and 162 (One Hundred
Sixty-two) of the Mexican Companies Law, against any of the members of the Board of Directors or
the Audit Committee or the Corporate Practice Committee, at least eighty five percent of the
shares entitled to vote must be represented thereat and their resolutions shall be valid when taken
by the favorable vote of at least fifty percent of shares entitled to vote, only, if in such
percentage, is included the favorable vote of the majority of Series &#147;A&#148; represented in the
Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In either case, the provisions of Article&nbsp;Twenty Four of these By-Laws shall be observed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">II.3.- In the event of a Meeting held due to second or subsequent calls in order to deliver and
resolve under the acts referred to in Article&nbsp;Ninth Section&nbsp;Second of these by-laws, at least fifty
percent of the voting shares shall be represented, and its resolutions shall be valid when taken by
the favorable vote of the holders of shares that represent at least fifty percent of the voting
shares in terms of the provisions of such Article of these by-laws, and, only, if in such
percentage, is included the favorable vote of the majority of Series &#147;A&#148; represented in the
Meeting..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWENTY-FOUR. </B>For the resolutions passed at the Extraordinary Shareholders Meetings held
due to a first or subsequent call to deal with any of the matters on which Series &#147;L&#148; shareholders
or, if applicable, Series &#147;D&#148; shareholders, are entitled to vote to be valid, in addition to the
requirements set forth in the above Article, it shall be required that they are approved by the
majority of Series &#147;A&#148; ordinary
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholders. Likewise, the approval of the Special Series &#147;D&#148; or Series &#147;L&#148; Shareholders Meeting
shall be required for the resolutions of the General Extraordinary Shareholders Meeting to be valid
regarding the cancellation of the listing of Series &#147;D&#148; or Series &#147;L&#148; shares, as the case may, or
the securities representing them, in the National Securities Registry and in other Mexican stock
exchanges or foreign markets where they are listed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWENTY-FIVE. </B>Special Shareholders Meetings shall be considered legally convened and their
resolutions shall be valid according to the following rules:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ONE. For Special Meetings of holders of Series &#147;D&#148; or &#147;L&#148; to be considered validly convened at a
first call, at least seventy five percent of the outstanding Series &#147;D&#148; or &#147;L&#148;, as the case my be,
must be present or represented at the corresponding meeting, and their resolutions shall be valid
when passed by the favorable vote of at least fifty percent of the outstanding Series &#147;D&#148; or &#147;L&#148;,
as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TWO. For Special Meetings of holders of Series &#147;D&#148; and &#147;L&#148; to be considered validly convened
through a second or subsequent call, at least fifty percent of the outstanding Series &#147;L&#148; or
Series &#147;D&#148; shares, as applicable, must be represented thereat and their resolutions shall be valid
if taken by the favorable vote of the outstanding Series &#147;D&#148; or &#147;Series &#147;L&#148; representing at least
fifty percent of said shares, as the case may be. Also, in case of a second or further call, this
shall be published pursuant to Article&nbsp;Sixteenth herein, stating such circumstance, once the
Special Meeting is not convened through a first call.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CHAPTER V<BR>
MANAGEMENT OF THE COMPANY;<BR>
THE BOARD OF DIRECTORS</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECTION I</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MISCELLANEOUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWENTY-SIX. </B>The management and direction of the business and assets of the Company shall be
vested on a Chairman or Chief Executive Officer and a Board of Directors, the latter formed by
twenty regular members, to be appointed as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;Series &#147;A&#148; shareholders shall have the right to appoint eleven members and their respective
alternates; such appointment shall be made pursuant to the provisions of Article&nbsp;Twenty-second and
other related provisions of these By-laws;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;Series &#147;B&#148; shareholders shall have the right to appoint five members and their respective
alternates; such appointment shall be made pursuant to provisions set forth in Article
Twenty-second and other related provisions of these By-laws;
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;Series &#147;D&#148; shareholders shall have the right to appoint two members and their respective
alternates; such appointment shall be made pursuant to the provisions of Articles Seven,
Twenty-one, Twenty-five and other related provisions of these By-laws, in the understanding that
the individuals appointed must comply with the requirements established in such Article&nbsp;Twenty-one,
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;Series &#147;L&#148; shareholders shall have the right to appoint two members and their respective
alternates; such appointment shall be made pursuant to provisions of Articles Seven, Twenty-one,
Twenty-five and other related provisions of these By-laws, in the understanding that the
individuals appointed must comply with the requirements established in such Article&nbsp;Twenty-one.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to provisions set forth in Article&nbsp;24 (Twenty-four) of the Securities Market Law, at
least twenty five percent of the regular members shall be independent, who in order to be
considered independent must not qualify for any of the conditions of the Securities Market Law and
Article&nbsp;Twenty-one of these By-laws. An alternate shall be appointed for each regular member,
provided that the alternate members of the independent members shall also qualify as independent.
The alternates appointed by Series &#147;A&#148;, &#147;B&#148;, &#147;D&#148; or &#147;L&#148; may only cover Regular Directors appointed
by such Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, the members appointed by the Series &#147;D&#148; or &#147;L&#148; shall necessarily be considered
independent in terms of the provisions of Article&nbsp;Twenty-one of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">General Ordinary Shareholders Meetings may appoint lifetime honorary directors who may attend the
Board of Directors Meetings with the right to speak but without the right to vote and neither their
attendance nor their absence shall be taken into account to determine the number of persons forming
the Board of Directors or the quorum required for the legal operation of said board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The minority shares or shareholders group may appoint the number of Regular Directors and
Alternates that may correspond to them according to the provisions of the following Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWENTY-SEVEN. </B>The majority of the members of the Board of Directors must be of Mexican
citizenship. Whenever any shareholder or group of shareholders that is entitled to or exercises
the minority right to appoint members of the Board of Directors granted in this Article, will be
constrained to participate in the voting and appointment of the remaining directors that in its
case corresponds to appoint to the respective Series, in the understanding that in order to compute
the majority of votes to carry out the appointment of such last directors, the votes of the
minority shareholders who had exercised the mentioned right are not to be taken into account or
included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Minority shareholders representing at least ten percent of the capital stock exclusively
represented by Series &#147;A&#148; ordinary shares, as provided for in Article&nbsp;One Hundred and Forty-four of
the Mexican Companies Law and the Securities Market Law may appoint a Regular Director and his
respective Alternate, for every ten percent of the capital stock
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">they represent. The appointment made by the minority shareholders, will be made exclusively taking
into account the number of the directors that correspond to appoint to such Series &#147;A&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Minority shareholders representing at least ten percent of the capital stock exclusively
represented by Series &#147;B&#148; ordinary shares, as provided for in Article&nbsp;144 (One Hundred Forty-four)
of the Mexican Companies Law, may appoint a Regular Director and his respective Alternate, for
every ten percent of the capital stock they represent. The appointment made by the minority
shareholders, will be made exclusively taking into account the number of the directors that
correspond to appoint to such Series &#147;B&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Series &#147;D&#148; and Series &#147;L&#148; shareholders that represent at least ten percent of the capital stock in
one or both series of shares shall have the right to appoint at least one member of the board of
directors and its alternate in the Special Meetings of each one of the series that are held for
such purpose. When these appointments are not carried out, the holders of each one of these series
of shares shall have the right to appoint two regular members and their alternates, by a majority
vote in the Special Meetings of each one of the series that are held separately for such purpose.
In the latter case, the appointments, as well as the substitutions and removals of the members
appointed by each one of these series, shall be approved in a Special Meeting. The appointments
made by the minority shareholders, will be made exclusively taking into account the number of the
directors that correspond to appoint to such Series &#147;D&#148; or &#147;L&#148;, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of the Series &#147;D&#148; and &#147;L&#148;, the minority right herein provided must be exercised, at any
time, in the Special Meeting in charge or carry out the appointment of the corresponding directors,
considering the Series of the capital stock that correspond pursuant to Article&nbsp;Twenty-five of
these By-laws. If such minority right is not exercised in the corresponding Special Meeting, said
right shall become invalid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The members that are appointed by shareholders of Series &#147;D&#148; and &#147;L&#148; in terms of the provisions set
forth in this Article, shall be considered as independent, in terms of the provisions of Article
Twenty-one of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The appointment of the members designated by shareholders of Series &#147;A&#148; cannot be revoked, as long
as such revocation is not agreed in the Ordinary Shareholders Meeting by the favorable vote of the
majority of Series &#147;A&#148; shareholders. Also, the appointments of the directors designated by
shareholders of Series &#147;B&#148; cannot be revoked, as long as such revocation is not agreed in the
Ordinary Shareholders Meeting by the favorable vote of the majority of Series &#147;B&#148; shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The appointment of the members designated by shareholders of Series &#147;D&#148; and &#147;L&#148; cannot be revoked,
as long as such revocation is not agreed by the Special Meeting to the corresponding director
pursuant to Articles Seven, Fourteen and Twenty-one above, or, if such revocation is pretended to
be made through an Ordinary Shareholders Meeting, as long as the appointment of all other members
are equally revoked.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWENTY-EIGHT. </B>Except for the regular directors and their alternates referred to in the last
paragraph of Article&nbsp;Twenty-one of these By-laws, who shall comply with the requirement of
independence established therein, the regular members and their respective alternates may or may
not be shareholders. The board members shall continue performing in their functions, although the
term for which they were appointed may have expired, or if they resign, for a period of up to
thirty calendar days, in the absence of the designation of the substitute or if the latter does not
take office, without being subject to the provisions of Article&nbsp;154 of the Mexican Companies Law.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A.&nbsp;When appointing the Directors, the Ordinary Shareholders Meeting shall appoint, from amongst
them, the Chairman and, as the case may be, one or more Vice-Chairmen of the Board of Directors.
The Meeting may also appoint a Secretary and one or two assistant secretaries, in the understanding
that the latter shall not form part of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B.&nbsp;If the Shareholders&#146; Meeting does not make the appointments mentioned in the former paragraph,
the Board of Directors shall make such appointments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C.&nbsp;In the absence of the Chairman and the Secretary, they shall be substituted by the
Vice-Chairmen, in the order of their appointments, and the Assistant Secretary, respectively, and
in case the alternates should also be absent, the Board of Directors shall appoint the persons who
shall substitute the titleholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">D.&nbsp;The Board Chairman shall have the authorities mentioned in these By-laws and those granted to
him at the time of his appointment. The Board Chairman shall represent such Body before all kind
of authorities and individuals, except as provided for in item B of Article&nbsp;Thirty-three of these
By-laws; likewise, he shall see that these Bylaws, the rulings of the Company and the resolutions
passed at the Shareholders Meeting, the board itself or the executive committee or other committees
of the Board, are complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">E.&nbsp;The Chairman shall have the broadest general power-of-attorney for lawsuits and collections and
for acts of administration, with all general authorities and even the special authorities which in
accordance with the law require a special power-of-attorney or clause, under the terms of the two
first paragraphs of articles two thousand five hundred and fifty-four (2554)&nbsp;and two thousand five
hundred and eighty-seven (2587), except for the authority set forth in sections IV and V of the
Federal Civil Code in force and its correlative articles of the Civil Code for the Federal District
and the Civil Codes for the other states of the Mexican Republic, or abroad depending on the place
where it is exercised. He shall also have a general power-of-attorney for acts of ownership
according to the provisions of paragraph three of article two thousand five hundred and fifty-four
(2554)&nbsp;of the Federal Civil Code in force and its correlative articles of the Civil Code for the
Federal District and the Civil Codes for the other States of the Mexican Republic, or abroad,
depending on the place where it is exercised, and to draw, accept, endorse, grant and be guarantor
or in any other manner subscribe credit instruments
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">according to the provisions of article nine (9)&nbsp;of the General Law of Credit Instruments and
Operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">F.&nbsp;The general managers and the special managers shall have the legal representation of the Company
and of the Board of Directors before any individual or corporation or before all kind of
authorities of any order and degree, either municipal, local or federal, fiscal, judicial, civil,
criminal, administrative, and labor authorities or any other kind of authorities, in all
controversies, arbitration proceedings and lawsuits where the Company is a party and shall enjoy
the authorities mentioned in item B of Article&nbsp;Thirty-three of these By-laws. Accordingly, the
Chairman and all other members of the Board of Directors, the Executive Committee, the President
and Executive Vice Presidents of the Company and other officers are not authorized to represent the
Board of Director or the Company in any controversy, arbitration proceedings or lawsuit where the
Company is a party, except as stated at the beginning of this paragraph F.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A.&nbsp;The Board of Directors shall meet at the domicile of the Company or in any other location, as
the board itself may determine and is necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B.&nbsp;The Board of Directors Meetings may be held at any time when called by the Chairman, by the
Audit Committee Chairman, by the Corporate Practice Committee Chairman, or by 25% (twenty five
percent) of the Board Members, or by the Secretary or Assistant Secretary, . The Board of Directors
shall meet at least four times during every fiscal year. The foregoing, without prejudice of the
provisions of Article&nbsp;Nine Section&nbsp;Second of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C.&nbsp;Summons for the Board of Directors Meeting must be made in writing and sent by the Secretary, or
in his absence, by any of the Assistant Secretaries to each of the Regular Directors at least ten
days in advance, by certified mail, private courier, by telegram, telex, telecopier or telefax, to
their domiciles or to their addresses or locations theretofore provided by the Directors in
writing. In the event that a Regular Director is unable to attend a Meeting that has been called
to, the Alternate Directors, which correspond in accordance with the manner in which they were
appointed, must be summoned in the fastest possible manner as established in these By-laws or, in
their absence, by the Shareholders Meeting that appointed them. Calls must specify the time,
date, place and Agenda. The outside auditor of the Company may be called to meetings by the Board
of Directors, which they will attend with right to speak but not to vote, and must not be present
with respect to such matters of the Agenda where he has a conflict of interest or that may
jeopardize his independence. The foregoing, with exception to the provisions of Article&nbsp;Nine
Section&nbsp;Second of these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">D.&nbsp;When all Regular Members of the Board of Directors or their respective Alternates are in
attendance and agree with the Agenda, it shall not be necessary to exhaust the formalities for the
notification of the call. The foregoing shall not be applicable in the cases foreseen in Article
Nine Section&nbsp;Second of these by-laws.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">E.&nbsp;The Board of Directors Meetings shall only consider and resolve items contained in the Agenda.
At the request of any director, any matters may be included in the Agenda, provided such inclusion
is approved by unanimous vote of the present Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">F.&nbsp;For the Board of Directors to validly meet, at least fifty percent of the Directors or their
respective Alternates must be present thereat, and its resolutions, to be valid, must be passed by
the favorable vote of a majority of the members present at the meeting. The foregoing, with
exception to the provisions of Article&nbsp;Nine Section&nbsp;Second of these by-laws, in which the
installment quorum and voting requirement shall comply with the provisions of Article&nbsp;Nine Section
Second .
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">G.&nbsp;Each Director shall be entitled to one vote. In the event of a tie, the Chairman of the Board
of Directors shall have the deciding vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">H.&nbsp;The Board of Directors may pass resolutions without a meeting by unanimous vote of the
Directors or their respective Alternates. Said resolutions shall have, for all legal effects, the
same validity as if they had been passed by the Directors in a Board of Directors Meeting, provided
they are confirmed in writing. The document containing the written confirmation of each Director
must be sent to the Chairman, the Secretary or the Assistant Secretary of the Board of Directors of
the Company, who shall transcribe the respective resolutions on the corresponding minutes book and
shall certify that said resolutions were passed in accordance with the provisions contained in this
Article. The foregoing shall not be applicable in connection with the meetings and resolutions to
be taken by the Board of Directors when resolving any of the matters provided in Article&nbsp;Nine
Section&nbsp;Second of these by-laws in which case a meeting shall be required, called and installed
for such effects, in terms and subject to the provisions of Article&nbsp;Nine Section&nbsp;Second of these
by-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTY-ONE. </B>Minutes of each Board of Directors Meeting shall be drafted in the respective
book where the resolutions passed shall be contained, and which shall be signed by the Chairman and
the Secretary or those acting as such.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTY-TWO. </B>In the absence of express appointment by the Meeting, the Board of Directors at
its first Meeting immediately following the Meeting which had appointed its members, shall appoint
from among its members, the Chairman and, if applicable, one or more Vice-Chairmen. The Board of
Directors may also appoint the Secretary and one or two Assistant Secretaries who may or may not be
members of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Chairman of the Board of Directors shall preside over the Board of Directors Meetings, and in
his absence, they shall be presided over by the Vice-Chairmen of the Board itself, in the order of
their appointments. In the absence of the abovementioned persons, the Meetings shall be presided
over by one of the members that the other attendants appoint by majority vote.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The copies or evidences of the minutes of the Board of Directors Meetings and of the Shareholders
Meetings, as well as the entries in their non-accounting and corporate books and registries and, in
general, any document of the files of the Company, may be authorized and certified by the Secretary
or the Assistant Secretary who, in the absence of appointment of another person, shall be the
permanent Delegates to appear before the Notary Public of their choice to notarize the minutes of
the Shareholders Meetings, the minutes of the Board of Directors Meetings and the minutes of the
Executive Committee Meetings, as well as to grant, as Delegates, the powers-of-attorney the Board
of Directors itself may grant. Likewise, the Secretary or Assistant Secretary shall be in charge
of drafting and including, in the respective books, the minutes of the Shareholders Meetings, the
minutes of the Board of Directors Meetings and the minutes of the Executive Committee Meetings, as
well as to make summaries and certifications thereof, and of the appointments, signatures and
authorities of the officers of the Company.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AUTHORITIES AND OBLIGATIONS OF THE BOARD OF DIRECTORS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTY-THREE. </B>A. Except for the legal representation delegated to the general managers and
special managers of the Company to represent it at all controversies, arbitration proceedings and
lawsuits to which the Company is a party, with the authorities mentioned in item B of this Article,
the Board of Directors shall have the fullest authorities and faculties to execute all agreements
and to carry out all acts and operations which in accordance with the law or these By-laws are not
expressly reserved to the Shareholders Meeting, to manage and direct the matters of the Company, to
comply with the corporate purpose of the Company and to legally represent the Company before any
person and judicial, criminal, civil, labor or administrative authorities, either federal, state or
municipal, with the widest authorities required by the law, including, without limitation, those
mentioned in the following paragraphs:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1 (One). To manage the corporate business and assets with a broad power-of-attorney for acts of
administration under the terms of article two thousand five hundred and fifty-four, second
paragraph, of the Federal Civil Code in force and its correlative articles of the Civil Code for
the Federal District and the Civil Codes for the other States of the Mexican Republic, depending on
the place where it is exercised;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2 (Two). To exercise acts of ownership regarding the real estate or personal property of the
Company or its real or personal rights, under the terms of paragraph three of article two thousand
five hundred and fifty-four (2,554) of the Federal Civil Code in force and its correlative articles
of the Civil Code for the Federal District and the Civil Codes for the other States of the Mexican
Republic, or abroad, depending on the place where the power-of-attorney is exercised;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3 (Three). To manage the business of the Company and the real estate and personal
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">property thereof, with a general power-of-attorney for lawsuits and collections, with all the
general authorities and even the special authorities which in accordance with the law require a
special power-of-attorney or clause, under the terms of the first paragraph of articles two
thousand five hundred and fifty-four (2,554) and two thousand five hundred and eighty-seven
(2,587), except for the authority set forth in section IV thereof, of the Federal Civil Code in
force and its correlative articles of the Civil Code for the Federal District and the Civil Codes
for the other States of the Mexican Republic, depending on the place where it is exercised, for
which reason it shall represent the Company before any individual or corporation or before all kind
of authorities of any order and degree either municipal, local or federal authorities or fiscal,
judicial, civil, criminal, administrative or any other kind of authorities, before all Boards of
Conciliation and Conciliation and Arbitration, either federal or local, and all other labor
authorities and before arbiters and arbitrators;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4 (Four). To file criminal claims, complaints and accusations and to grant the pardon referred to
in Article&nbsp;Ninety-three (93)&nbsp;of the Federal Criminal Code in force and its correlative articles of
the Criminal Code for the Federal District and the Criminal Codes for the other States of the
Mexican Republic, depending on the place where it is exercised, to assist the Public Prosecutor as
civil party as well as to demand the restoration of the damages derived from the crime;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5 (Five). To file and withdraw from all kind of lawsuits, challenges, incidents, remedies and
ordinary and extraordinary appeals, actions and procedures of a civil, mercantile, criminal,
administrative, litigious and labor nature, and to file &#147;amparo&#148; (private rights enforcement
remedy) procedure and withdraw therefrom;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6 (Six). To assign assets, settle, receive payments, bid and outbid in auctions and submit to
arbitrators;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7 (Seven). To draw, accept, endorse, grant and guarantee, or in any other manner subscribe credit
instruments according to the provisions of article nine (9)&nbsp;of the General Law of Credit
Instruments and Operations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8 (Eight). To lend or borrow granting or receiving the respective guarantees; to issue debentures
with or without specific guarantee; to accept, draw, endorse and guarantee all kind of credit
instruments and to grant bonds or guarantees of any kind, regarding the obligations contracted by
the Company or the instruments issued or accepted by third parties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9 (Nine). To contribute real estate or personal property to other companies and to subscribe
shares or take participations in other companies;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10 (Ten). To cancel any registrations made in the Stock Registry in cases of non-fulfillment to
the provisions set forth in Section&nbsp;Two, Article&nbsp;Ninth of these by-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11 (Eleven). To appoint and remove all other officers (including the Chief Executive Officer),
appointment or removal that must be approved by a majority of the Series &#147;A&#148; regular shareholders,
general managers, special managers, managers, deputy
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">managers, external auditors and attorneys-in-fact of the Company who may be necessary for the due
attention of the matters of the Company and its subsidiaries, stating their authorities, duties and
remunerations, provided they had not been appointed by the Meeting;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12 (Twelve). To grant and revoke the powers-of-attorney that may be convenient, with or without
substitution right, being able to grant therein the authorities that these By-laws grant the Board
of Directors, if any, keeping the exercise thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13 (Thirteen). To resolve on the matters related to the acquisition or sale by the Company of any
shares, corporate participations, bonds or securities, to the participation of the Company in other
firms or companies and to the acquisition, construction or sale of real estate;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14 (Fourteen). To authorize both the temporary acquisition of shares representing the capital
stock of the Company itself, under the terms of these By-laws and of the applicable legislation, as
well as appoint the person or persons responsible for the acquisition and their later placement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15 (Fifteen). To propose, negotiate and approve the terms and conditions for the establishment of
programs for and/or the issuance and offering of notes and other debentures at a national and
international level; to appoint the persons in charge of their negotiation to whom they may grant
general or special powers-of-attorney, as well as to appoint representatives abroad for the
purposes related to such operations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16 (Sixteen). To open and cancel bank accounts in the name of the Company, as well as to make
deposits and draw therefrom and to appoint those persons to draw against them;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17 (Seventeen). To establish branches and agencies of the Company anywhere in the Mexican Republic
or abroad;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18 (Eighteen). As the case may be, determine the effect in which the votes corresponding to the
shares held by the Company must be cast at the Meetings of the companies in which capital stock if
participates, appointing attorneys-in-fact to attend on behalf of the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19 (Nineteen). To prepare domestic labor rulings;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20 (Twenty). To carry out the resolutions of the Meetings, delegate its authorities in one or
several Directors, officers of the Company or the attorneys-in-fact appointed for said purpose, to
exercise them in the business and under the terms and conditions established by the Board itself;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21 (Twenty-One). To determine the expenses, approve the annual budgets of the Company, the
amendments thereof, as well as any other extraordinary item;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22 (Twenty-Two). To prepare the financial statements;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">23 (Twenty-Three). To call the Meetings;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">24 (Twenty-Four). Establish the Executive Committee and the Audit Committee, the Corporate
Practice Committee, according to these By-laws and appoint and remove its members, as well as
establish the special committee or commissions they deem necessary for the operations of the
Company, establishing the rights and obligations of such committees or commissions, the number of
members that integrate them and the manner in which the members are appointed, as well as the rules
that establish their functions, in the understanding that such committee or commissions shall not
have the faculty that in terms or the Law or these by-laws correspond solely to the shareholders
meeting or the Board of Directors. The foregoing, without prejudice that the President or the Chief
Executive Officer establish operating committees for these to resolve on daily matters of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">25 (Twenty-Five). To acknowledge, deliberate and resolve the matters referred in Article&nbsp;Nine
Section&nbsp;Second of these by-laws in terms and subject to terms established therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">26 (Twenty-Six). Present to the Shareholders General Meeting held for the close of the fiscal year
where the annual reports by the Audit Committee, by the Corporate Practice Committee, the report by
the Chief Executive Officer referred to in Article&nbsp;172 (One Hundred Seventy-two) of the General
Business Corporation Law and of the Securities Market Law, as well as such other reports, opinions
and documents required according to the Securities Market Law, the General Business Corporation Law
and other applicable legal provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">27 (Twenty-seven). In general, to carry out all acts and operations that may be necessary or
convenient for the corporate purpose of the Company, as well as those which the Securities Market
Law attributes or entrusts to it, except for those which are expressly reserved by the law or these
By-laws for the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Meeting may limit or rule said authorities. No member of the Board of Directors may exercise,
jointly or severally, any of the powers-of-attorney mentioned in item A of this Article, except
when expressly authorized by the Board of Directors or the Shareholders Meeting, or when provided
for in these By-laws..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B.&nbsp;The general managers and the special managers are granted the legal representation of the
Company and the legal representation of the Board of Directors and the Executive Committee or of
the other Board Committees, to appear before any individual or corporation or before any kind of
authorities of any order and level, either municipal, local or federal, fiscal, judicial, civil,
criminal, administrative and labor authorities or any other authority, to defend whatever is in the
interest of the Company, in all controversies, arbitration proceedings and lawsuits to which the
Company is a party. In the exercise of their positions, the general managers and the special
managers shall jointly or severally enjoy the following authorities:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 40 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;General power-of-attorney for lawsuits and collections, to be exercised jointly or severally,
with all general authorities and even special authorities which in accordance with the law require
a special power-of-attorney or clause, under the terms of the first paragraph of article Two
Thousand Five Hundred and Fifty-Four and of article Two Thousand Five Hundred and Eighty-Seven,
except for the authority mentioned in section V thereof, of the FEDERAL CIVIL CODE in force and its
correlative articles of the Civil Code for the Federal District and the Civil Codes for the other
States of the Mexican Republic, or abroad, depending on the place where it is exercised , for which
reason they shall represent the Board of Directors, the Executive Committee and Company before all
kind of individuals or corporations or authorities of any order and degree, either municipal, local
or federal, fiscal, judicial, civil, criminal, administrative and labor authorities or any other
kind of authorities, being able to file and withdraw from all kind of civil, mercantile, criminal,
administrative, litigious and labor lawsuits, actions and proceedings, to file &#147;amparo&#148; proceedings
and withdraw therefrom, to make and answer questions in court, to settle, to receive payments, to
bid and outbid in auctions, to submit to arbitrators, to file and prosecute lawsuits, incidents,
remedies and ordinary or extraordinary appeals, to challenge, to file criminal denounces,
complaints and accusations and to grant the pardon referred to in article Ninety-Three of the
FEDERAL CRIMINAL CODE in force and its correlative articles of the Criminal Code for the Federal
District and the Criminal Codes for the other States of the Mexican Republic, or abroad, depending
on the place where it is exercised, to assist the Public Prosecutor as civil party, as well as to
demand the restoration of damages derived from the crime, being authorized to sign as many public
or private documents as may be necessary to duly comply with this power-of-attorney.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;To manage the labor relationships of the Company, for which reason any of them may execute,
rescind, amend and terminate individual and collective labor agreements, establish and modify
working conditions, issue domestic labor rulings and, in general, appear before private individuals
and before all labor authorities, especially before those related to article five hundred and
twenty-three (523)&nbsp;of the Federal Labor Law, as well as before the Institute of the National Fund
for Workers Housing (INFONAVIT), the Mexican Institute of Social Security (IMSS)&nbsp;and the Fund for
the Promotion and Guaranty of the Workers&#146; Consumption (FONACOT)&nbsp;to carry out all negotiations to
resolve the matters as needed by the Company to which they shall appear as representatives under
the terms of article eleven (11)&nbsp;of the Federal Labor Law, which provides: &#147;The directors,
managers, administrators and all other persons exercising management functions in the companies or
establishments shall be considered as representatives of the employer and therefore, they bind it
in all its relationships with the workers&#148;. Accordingly, in connection with these matters, they
may exercise the mentioned authorities, that is, they may appear as managers and therefore, as
representatives of the Company, under the terms of article eleven (11), six hundred and ninety-two
(692), section two, seven hundred and eighty-seven (786)&nbsp;and eight hundred and seventy-six (876)&nbsp;of
the Federal Labor Law, to the conciliation hearings to which the Company is summoned by the Boards
of Conciliation and of Conciliation and Arbitration, with all general authorities and even those
special authorities which in accordance with the law require a special power-of-attorney or clause.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 41 -<!-- /Folio -->
</DIV>

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

 <DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;To appear on behalf of the Company to the conciliation proceedings before the Federal
Consumer Protection Agency and its delegate offices in the Mexican Republic, considering that they
are duly authorized therefore, being able to carry out all kind of negotiations and proceedings in
connection with the matters where the Company has any interest, being authorized to execute any act
or document that may be applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;General power-of-attorney for acts of administration under the terms of the second paragraph
of article two thousand five hundred and forty-four of the FEDERAL CIVIL CODE in force and its
correlative articles of the Civil Code for the Federal District and the Civil Codes for the other
States of the Mexican Republic, or abroad, depending on the place where it is exercised, with all
general authorities and the special authorities which in accordance with the law require a special
power-of-attorney or clause, to be exercised jointly or severally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C.&nbsp;Obligations and responsibility, and Liability Limitations of the Board Members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.&nbsp;<U>Diligence duty</U>. The members of the Board of Directors must act according to the
diligence duty contemplated by the Securities Market Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.&nbsp;<U>Fiduciary Duty</U>. The members of the Board of Directors and the Board Secretary must act
according to the fiduciary duty contemplated by the Securities Market Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.&nbsp;<U>Liability Action</U>. Liability derived from breaching the diligence or the fiduciary duties
shall be exclusively in benefit of the Company, or of the corporation which it controls, and may be
exercised by the Company or by the shareholders who, individually or severally, hold title over
common or limited vole, restricted or non-voting shares that represent five percent (5%) or more of
the capital stock. The corresponding plaintiff may only reach a settlement in court for the amount
of the indemnity on account of damages and lost profits, if the Board of Directors has approved the
terms and conditions of the corresponding judicial agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.&nbsp;<U>No Liability</U>. The members of the Board of Directors shall not incur in any liability on
account of injury and lost profits caused to the Company or to the corporations which it controls,
if the board member involved acts in good faith and the actions are excluded from liability, as
provided in the Securities Market Law and other applicable laws.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EXECUTIVE COMMITTEE</B>

</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A.&nbsp;The Company may have an Executive Committee formed by the number Members or Alternate Members of
the Board of Directors of the Company or by other individuals that are not members of the Board of
Directors, appointed indistinctly by such Board of Directors or by the Chairman or the Chief
Executive Officer of the
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company. The persons that are appointed to form part of the Executive Committee shall form a
Delegate Collegiate Body of the Board. In case such authority is exercised by the Board of
Directors and by the Chairman or the Chief Executive Officer the Company, the appointments made by
the latter shall prevail
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B.&nbsp;The Board of Directors and the Chairman or the Chief Executive Officer of the Company may
appoint an alternate member for each Regular member of the Executive Committee they appointed. If
at the time when appointed, the Board of Directors or the Chairman of the Company, have failed to
establish a special order for said purpose, the alternate members shall be called in the order of
their appointment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C.&nbsp;The members of the Executive Committee shall be in office for one year unless they are removed
by resolution of the Board of Directors or by the President or the Chief Executive Officer of the
Company, but in any event, they shall continue in office until the persons appointed to substitute
them take office; they may be reelected and shall receive the remunerations to be determined by the
Board of Directors or, as the case may be, by the President or the Chief Executive Officer of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">D.&nbsp;When appointing the members of the Executive Committee, the Board of Directors or the Chairman,
or the Chief Executive Officer of the Company, shall appoint the Chairman from amongst them, and,
as the case may be, one or more Vice-Chairmen of the Executive Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">E.&nbsp;The offices of Secretary and Assistant Secretaries of the Executive Committee shall be held by
the same persons who hold such offices in the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">F.&nbsp;In the absence of the Chairman and the Secretary, they shall be substituted by the Vice-Chairmen
in the order as appointed, and the Assistant Secretary, respectively, and in case the alternates
should also be absent, the other members of the Committee shall appoint the persons who shall
substitute the title-holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">G.&nbsp;The Chairman shall have the widest general power-of-attorney for lawsuits and collections and
for acts of administration, with all general authorities and inclusive the special authorities
which in accordance with the law require a power-of-attorney or a special clause, under the terms
of the two first paragraphs of article two thousand five hundred and fifty-four and two thousand
five hundred and eighty-seven of the Federal Civil Code and its correlative articles of the Civil
Code for the Federal District and of the Civil Codes for the other states of the Mexican Republic,
or abroad where exercised. He shall also have a general power-of-attorney for acts of ownership
according to the provisions of paragraph three of article two thousand five hundred and fifty-four
of the Federal Civil Code in force and its correlative articles of the Civil Code for the Federal
District and of the Civil Codes for the other states of the Mexican Republic, or abroad where it is
exercised, and to draw, accept, endorse, grant and be guarantor or in any other manner subscribe
credit instruments according to the provisions of article nine of the General Law of Credit
Instruments and Operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">H.&nbsp;The Executive Committee shall meet when so required by the Chairman or any
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the Vice-Chairmen, the Secretary, the Alternate Secretary or any two of its members, prior
notice given five days in advance to the other members of the Executive Committee. Calls to
meetings by the Executive Committee may be made by the outside auditor of the Company, who shall
attend the meeting, allowed to speak but not to vote. The call must be sent by mail, private
courier, telegram, telefax, messenger or any other means guaranteeing that the members of the
Committee receive it at least five days in advance of the date of the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I.&nbsp;The call must specify the time, the date, the place and the respective Agenda and shall be
signed by the person issuing the call. Notice of the call shall not be necessary if all of the
members of the Executive Committee are present at a meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">J.&nbsp;For Meetings by the Executive Committee to be considered legally convened the attendance of at
least the majority of its members shall be required. The resolutions by the Executive Committee
must be approved by the favorable vote of the majority of its members present at each Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K.&nbsp;The Executive Committee may pass resolutions without a Meeting by unanimous vote of the Members
or their respective Alternates. For all legal effects, such resolutions shall be as valid as if
been passed by the members in a Committee Meeting, as long as confirmed in writing. The document
containing the written confirmation by every member must be sent to the Chairman, the Secretary or
the Assistant Secretary of the Executive Committee of the Company, which shall transcribe the
respective resolutions in the corresponding minutes register and certify that said resolutions
were passed in accordance with the provisions of this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">L.&nbsp;The Executive Committee shall enjoy the authority granted to the Board of Directors under
paragraph A of Article&nbsp;Thirty-Three of these By-laws, except those included in items Thirteen,
Fourteen, Twenty, (in this case, except for authority granted by the Shareholders Meeting to the
Executive Committee in order to execute the resolutions adopted at such shareholders meeting)
Twenty-two, Twenty-three, Twenty-five, Twenty-six, as well as those expressly reserved by the
applicable law for the Board of Directors or another Committee. Additionally, the Executive
Committee is granted authority to create Special Committees and appoint the persons that form them,
indicating their powers of authority, obligations and remunerations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">M.&nbsp;The Executive Committee shall not engage in any activities which the Securities Market Law and
other applicable laws expressly reserve for the Shareholders Meeting, the Board of Directors
Meeting, or any other Committee, or for the President or the Chief Executive Officer. The
Executive Committee may not, in turn, delegate its powers of authority to any person, but it may
grant general and special powers-of-attorney when deemed convenient and appoint the persons to
execute its resolutions. In the absence of such appointment, the Chairman, the Vice-Chairman or
the Vice-Chairmen, the Secretary and the Alternate Secretary shall be authorized, acting jointly
any two of them, to carry them out.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">N.&nbsp;The Executive Committee must inform the Board of Directors, through its
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 44 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chairman, of the resolutions the Executive Committee may pass or when, in the opinion of the
Committee, any acts or facts that are transcendental for the Company may arise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">O.&nbsp;Minutes must be drafted for every Executive Committee Meeting and transcribed in a special
register. The minutes must evidence the resolutions passed, and the persons who acted as Chairman
and Secretary must sign such minutes.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE PRESIDENT OF THE COMPANY</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTY-FIVE. </B>The Company shall have a President or a Chief Executive Officer. The
appointment must be approved and ratified by a majority vote of Series &#147;A&#148; holders represented at
the corresponding General Shareholders Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Performance, conducting and execution of business of the Company and of the corporations which it
controls, shall be the responsibility of the President or Chief Executive Officer, as provided for
in the Securities Market Law, subject to strategies, policies and guidelines approved by the Board
of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To exercise its functions and activities, as well as to duly comply with its obligations, the
President or Chief Executive Officer shall be assisted by the relevant officers theretofore
appointed, and by any employee of the Company or of the corporations controlled by the latter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(A)&nbsp;To carry out the resolutions passed by the Shareholders Meetings, by the Board of Directors
Meetings and by the Executive Committee Meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(B)&nbsp;To appoint and remove the Vice-Presidents of the Company as well as all other officers,
employees, external auditors and attorneys-in-fact who may be necessary for the due attention of
the matters of the Company and of its subsidiaries, stating their authorities, duties and
remunerations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(C)&nbsp;To manage the corporate business and assets with a wide power-of-attorney for acts of
administration under the terms of article two thousand five hundred and fifty-four, paragraph two,
of the Federal Civil Code in force and its correlative articles of the Civil Codes for the other
states of the Mexican Republic and the Federal District, or abroad where it is exercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(D)&nbsp;To manage the business of the Company and the real estate and personal property thereof, with a
general power-of-attorney for lawsuits and collections, with all the general authorities and even
the special authorities which in accordance with the law require a special power-of-attorney or
clause, under the terms of the first paragraph of articles two thousand five hundred and fifty-four
(2,554) and two thousand five hundred and eighty-seven (2,587), of the Federal Civil Code in force
and its correlative articles of the Civil Codes for the other states of the Mexican Republic and
abroad
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 45 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">where it is exercised, for which reason he shall represent the Company before any individual or
corporation or before all kind of authorities of any order and degree, either municipal, local or
federal, fiscal, judicial, civil, criminal, administrative or any other kind of authorities, before
all boards of conciliation and boards of conciliation and arbitration, either federal or local, and
all other labor authorities and before arbiters and arbitrators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(E)&nbsp;To file criminal claims, complaints and accusations and grant the pardon referred to in article
ninety-three (93)&nbsp;of the Federal Criminal Code in force for and its correlative articles in the
Criminal Code for the Federal District and of the Criminal Codes for all other States of the
Mexican Republic where it is exercised, assist the Public Prosecutor as civil party as well as to
demand the restoration of the damages derived from the crime.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(F)&nbsp;To file and withdraw from all kind of lawsuits, challenges, incidents, remedies and ordinary or
extraordinary appeals, actions and proceedings of a civil, mercantile, criminal, administrative,
litigious and labor nature, and to file &#147;amparo&#148; procedure and withdraw therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(G)&nbsp;Subject to the terms and conditions established by the Board of Directors, he shall also have a
general power-of-attorney for acts of ownership under the terms of the third paragraph of article
two thousand five hundred and fifty-four of the Federal Civil Code in force and its correlative
articles of the Civil Codes for the other states of the Mexican Republic and abroad, where it is
exercised..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(H)&nbsp;To issue, accept, endorse, grant and act as guarantor, or in any other manner subscribe
negotiable instruments as provided in Article&nbsp;Nine of the General Law of Negotiable Instruments and
Credit Operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I) Authorized to appoint the attorneys-in-fact of the Company granting them such authorities as he
deem convenient, within the scope of his attributions, being able to revoke the powers-of-attorney
he had granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">J) To open and cancel bank accounts on behalf of the Company as well as to make deposits and draw
against them and to appoint those persons to sign such accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K) To appoint attorneys-in-fact to attend the meetings of the companies in whose capital stock this
Company participates and to vote on the matters for which they were called.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">L) To appoint the members of the Executive Committee of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">M) To create special committees and to appoint members thereof, as well as their authorities,
duties and remunerations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The President or Chief Executive Company shall also have the functions and duties provided in the
Securities Market Law.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 46 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SURVEILLANCE OF THE COMPANY</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTY-SIX. </B>Surveillance of performance, conduction and execution of business of the
Company and of the corporations controlled by the Company, shall be handled by the Board of
Directors through the Corporate Practice Committee and the Audit Committee, as well as through the
auditor of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall have a Corporate Practice Committee and an Audit Committee as provided in the
Securities Market Law and other applicable legal provisions. Auditing and corporate practice
activities may be carried out by a single Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">According to the provisions of the applicable law, the Corporate Practice Committee and the Audit
Committee shall have the following functions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.&nbsp;<U>Corporate Practice Committee</U>. The Corporate Practice Committee shall have the functions
referred to in the Securities Market Law, the general provisions theretofore issued by the National
Banking and Securities Commission and other applicable legal provisions, as well as those
determined by the Shareholders Meeting or by the Board of Directors. It shall also carry out all
such functions in regard to which it must render a report as provided in the Securities Market Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.&nbsp;<U>Audit Committee</U>. The Audit Committee shall have the functions referred to in the
Securities Market Law, the general provisions theretofore issued by the National Banking and
Securities Commission and other applicable legal provisions, as well as those determined by the
Shareholders Meeting or by the Board of Directors. It shall also carry out all such functions in
regard to which it must render a report as required by the Securities Market Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTY-SEVEN</B>. The members of the Board of Directors, the members of the Executive
Committee, the Audit Committee or of the Corporate Practice Committee, or the respective alternates
of all of the above, shall not provide a guaranty to secure fulfillment of the liabilities they
might assume in the performance of their positions, unless the Shareholders Meeting that appointed
them establishes such obligation.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FISCAL YEAR AND FINANCIAL INFORMATION</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTY-EIGHT. </B>The fiscal year of the Company shall coincide with the calendar year. In the
event that the Company enters into liquidation proceedings or is merged, its fiscal year shall end
before the date on which it undergoes liquidation proceedings or is merged and it shall be
considered that there shall be a fiscal year
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 47 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">throughout the time the Company is under liquidation; this last fiscal year must coincide with the
provisions of the applicable fiscal laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTY-NINE </B>Within the four months following the end of each fiscal year, the Board of
Directors and the President or the Chief Executive Officer shall prepare, at least, the following
information:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The report referred to in Article&nbsp;172 section b) of the Mexican Companies Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The report on operations and activities where the Board of Directors intervened as established
in the Securities Market Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;The report referred to in Article&nbsp;172 of the Mexican Companies Law, except for the provisions
of section b) of that legal precept.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Other reports, opinions and documents that are required under the Securities Market Law and the
Mexican Companies Law.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROFITS AND LOSSES</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FORTY. </B>From the net profits of each fiscal year, according to the financial statements, the
following applications shall be after reducing amounts necessary to: (i)&nbsp;make the payments or the
provisions to pay the respective taxes; (ii)&nbsp;the funds that may be set aside in a compulsory manner
by operation of law; (iii)&nbsp;if any, the redemption of losses of previous fiscal years; and (iv)&nbsp;the
payments charged to the general expenses of the fiscal year which had been made to pay the members
of the Board of Directors and the Chief Executive Officer:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.&nbsp;Five percent shall be set aside to create, increase or if necessary, replenish the reserve fund,
until said fund equals twenty percent of the paid-up capital stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.&nbsp;The amounts that the Meeting resolves to assign to create or increase general or special
reserves, including, if applicable, the reserve to repurchase shares or securities representing
them, referred to in these By-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.&nbsp;From the remaining amount, the sum necessary to pay all shareholders the dividends which, if
any, were decreed by resolution of the Meeting and under the terms provided for in Article&nbsp;Seven of
these By-laws shall be taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.&nbsp;The surplus, if any, shall remain available for the Meeting or for the Board of Directors, if so
authorized by the Meeting itself. The Meeting may apply the surplus as it may deem convenient for
the interest of the Company and its shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.&nbsp;In the event of capitalization of accounting capital accounts, all the shareholders
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 48 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will have the right to the corresponding proportional part of such accounts, in order that they
receive shares of the class or series determined by the shareholders meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FORTY-ONE. </B>Losses, if any, shall be borne by all shareholders in proportion to the number
of their shares, without their liability exceeding the amount of their contributions.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DISSOLUTION AND LIQUIDATION</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FORTY-TWO. </B>The Company shall be dissolved in any of the events provided for by article Two
hundred and twenty-nine of the Mexican Companies Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FORTY-THREE. </B>Once the Company has been dissolved, it shall enter liquidation proceedings.
The Extraordinary Shareholders Meeting shall appoint one or more regular liquidators, being able to
appoint their respective alternates, if it so wishes, who shall have the authorities that the Law
or the Shareholders Meeting appointing them shall determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FORTY-FOUR. </B>Once the Company has been dissolved, it shall enter liquidation proceeding,
which shall be carried out by one or more liquidators. In order to adopt valid resolutions with
respect to the appointment and/or removal of the liquidator or liquidators, the favorable vote by
the majority of Series &#147;A&#148; represented in the corresponding General Extraordinary Shareholders
Meeting will be necessary. The liquidator or liquidators appointed pursuant to these by-laws and
the Mexican Companies Law, shall carry out the liquidation according to the basis which, if any,
had been determined by the Meeting and in the absence thereof, in accordance with the following
bases and in accordance with the provisions of the respective chapter of the Mexican Companies Law:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;They shall complete the businesses in the manner they may deem the most convenient;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;They shall pay the credits and the debts by disposing of the assets of the Company that may be
necessary to sell for such purpose;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;They shall prepare the final liquidation balance sheet; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Once the final liquidation balance sheet has been approved, they shall allocate the liquid
assets as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">d.1.- Series &#147;D&#148; shareholders shall be paid a preferred accumulative dividend equivalent to five
percent on the theoretical value of the shares corresponding to them and which have not been paid,
as indicated, before allocating the allocable remainder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">d.2.- Following and once the dividend to which paragraph d-1 (d point one) One refers
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 49 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">is paid, the holders of Series &#147;D&#148; shares shall receive a payment corresponding to the refund per
share equivalent to its theoretical value of $0.00683551495 Mexican Pesos per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">d-3.- Once the items referred to in paragraph d.1 and d.2 above have been paid, a payment per
share to each of Series &#147;A&#148;, &#147;B&#148; and &#147;L&#148; shareholders equivalent to the payment received by each of
Series &#147;D&#148; shareholders shall be made according to the above two paragraphs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">d.4.- The remainder shall be distributed equally among all shareholders in proportion to the
number of shares and the amount paid each of them hold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of controversy among the liquidators, the Statutory Auditor must call a Shareholders
Meeting for it to resolve the questions regarding any controversy which may have arisen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FORTY-FIVE. </B>During the liquidation proceedings, the Meeting shall be held in the manner
provided for in these By-laws, and the liquidator or liquidators shall carry out functions
equivalent to those corresponding to the Board of Directors during the normal existence of the
Company, and the Audit and Corporate Practice Committees shall continue fulfilling, regarding the
liquidator or liquidators, the functions he had carried out during the existence of the
corporation, regarding the Board of Directors.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>JURISDICTION AND COMPETENCE</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FORTY-SIX. </B>For the construction of and compliance with these By-laws, the Shareholders
expressly submit to the competence of the competent federal courts of Mexico City, Federal
District, for which reason they waive any other forum that may correspond to them by reason of
their domicile.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SPECIAL PROVISIONS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FORTY-SEVEN</B><U><B>.</B></U> In The event of cancellation of registration of the shares
representing the capital stock of the Company or of certificates representing them in the National
Securities Register, the provisions of Article&nbsp;108 (one hundred eight) of the Securities Market Law
and other applicable provisions and the persons to whom such Article refers shall remain subject to
the content of such legal provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event the Company requests the cancellation of registration of shares in the National
Securities Registry as provided in Article&nbsp;108 item II of the Securities Market
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 50 -<!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Translation
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Law, it shall be exempted from carrying out the tender offer referred to in such legal precept, as
long as it proves to the National Banking and Securities Commission that it has consent by the
shareholders representing at least 95% of capital stock of the Company, granted through resolution
by the Shareholders Meeting; that the amount to be offered for the shares placed among the wide
investor public be less than 300,000 units of investment, and constitutes the trust referred to in
the last paragraph of item II mentioned above, and also notify the cancellation and creation of
aforementioned trust through the electronic data system of the applicable exchange or stock market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FORTY-EIGHT. </B>All matters not provided for in these By-laws shall be subject to the
provisions of the Securities Market Law and of the Mexican Companies Law, and other applicable
legal provisions.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 51 -<!-- /Folio -->
</DIV>

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<DOCUMENT>
<TYPE>EX-2.9
<SEQUENCE>3
<FILENAME>y35935exv2w9.htm
<DESCRIPTION>EX-2.9: TENTH SUPPLEMENTAL INDENTURE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-2.9</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;2.9
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXECUTION COPY</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GRUPO TELEVISA, S.A.B.,</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Issuer,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE BANK OF NEW YORK,</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Trustee, Registrar, Paying Agent

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and Transfer Agent

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE BANK OF NEW YORK (LUXEMBOURG)&nbsp;S.A.,</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Luxembourg Paying Agent, Transfer Agent

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and Listing Agent

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><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: 10pt; margin-top: 6pt"><B>TENTH SUPPLEMENTAL INDENTURE</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of May&nbsp;9, 2007

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><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: 10pt; margin-top: 6pt">Supplementing the Trust Indenture

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of August&nbsp;8, 2000

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><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: 10pt; margin-top: 6pt">Ps.4,500,000,000

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">8.49% Senior Notes due 2037

</DIV>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<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="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;101
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;102
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section&nbsp;References
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE II TITLE AND TERMS OF THE SECURITIES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;201
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title of the Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;202
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount and Denominations
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;203
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registered Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;204
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issuance and Pricing
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;205
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stated Maturity
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;206
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;207
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration, Transfer and Exchange
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;208
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Redemption of the Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;209
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denominations
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;210
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment Currency
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;211
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Certain Indenture Provisions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;212
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Security Registrar and Paying Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;213
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Global Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;214
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;INTENTIONALLY OMITTED&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;215
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sinking Fund
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;216
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conversion; Exchange
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;217
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendments
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;218
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicable Procedures
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;219
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paying and Transfer Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;220
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISIN Numbers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;221
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Calculation Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE III MISCELLANEOUS PROVISIONS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">EXHIBITS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&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="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;A-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;144A Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;A-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation&nbsp;S Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Transfer Certificate for Exchange or Transfer
from Rule&nbsp;144A Note to Regulation&nbsp;S Note Prior
to the Expiration of the Restricted Period</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Transfer Certificate for Exchange or Transfer
from Rule&nbsp;144A Note to Regulation&nbsp;S Note After
the Expiration of the Restricted Period</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Transfer Certificate for Exchange or Transfer
from Regulation&nbsp;S Note to Rule&nbsp;144A Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</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="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Certificate of Beneficial Ownership</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;F
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Registration Rights Agreement</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</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;TENTH SUPPLEMENTAL INDENTURE, dated as of the 9<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of May, 2007, between GRUPO
TELEVISA, S.A.B., a limited liability public stock corporation (<I>sociedad an&#243;nima burs&#225;til</I>)
organized under the laws of the United Mexican States (the &#147;<U>Issuer</U>&#148; or the
&#147;<U>Company</U>&#148;), 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
&#147;<U>Trustee</U>&#148;), registrar (&#147;<U>Registrar</U>&#148;), paying agent (&#147;<U>Paying Agent</U>&#148;) and
transfer agent (&#147;<U>Transfer Agent</U>&#148;), and THE BANK OF NEW YORK (LUXEMBOURG)&nbsp;S.A., a bank duly
incorporated and existing under the laws of Luxembourg, at its office at Aerogolf Center, 1A
Hoehenhof, L-1736 Senningerberg, Luxembourg, as paying agent, transfer agent and listing agent (a
&#147;<U>Paying Agent</U>,&#148; a &#147;<U>Transfer Agent</U>,&#148; and a &#147;<U>Listing Agent</U>,&#148; as the case may
be);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture dated
as of August&nbsp;8, 2000 (the &#147;<U>Original Indenture</U>&#148; and, together with the First Supplemental
Indenture, dated as of August&nbsp;8, 2000, the Second Supplemental Indenture, dated as of January&nbsp;19,
2001, the Third Supplemental Indenture, dated as of September&nbsp;13, 2001, the Fourth Supplemental
Indenture, dated as of March&nbsp;11, 2002, the Fifth Supplemental Indenture, dated as of March&nbsp;8, 2002,
the Sixth Supplemental Indenture, dated as of July&nbsp;31, 2002, the Seventh Supplemental Indenture
dated as of March&nbsp;18, 2005, the Eighth Supplemental Indenture, dated as of May&nbsp;26, 2005, the Ninth
Supplemental Indenture dated as of September&nbsp;6, 2005, and this Tenth Supplemental Indenture, the
&#147;<U>Indenture</U>&#148;) 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
&#147;<U>Securities</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 May&nbsp;9,
2007, this Tenth Supplemental Indenture to the Original Indenture in order to establish the form
and terms of, and to provide for the creation and issue of, Securities to be designated as the
&#147;<U>8.49% Senior Notes due 2037</U>&#148; under the Original Indenture in the aggregate principal
amount of Ps.4,500,000,000 subject to Section&nbsp;202 hereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section&nbsp;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&nbsp;201 and 301 of the
Original Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Tenth Supplemental
Indenture a valid, binding and legal agreement of the Company, have been done;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, This TENTH SUPPLEMENTAL INDENTURE WITNESSETH that, in order to establish the
terms of the series of Securities designated as the &#147;<U>8.49% Senior Notes due 2037</U>&#148; and for
and in consideration of the premises and of the covenants contained in the Original Indenture and
in this Tenth 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:
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DEFINITIONS AND OTHER<BR>
PROVISIONS OF GENERAL APPLICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;101</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Definitions.</I>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Applicable Procedures&#148; </I>means, with respect to any transfer or exchange of or for beneficial
interests in any Global Security, the rules and procedures of Euroclear or Clearstream Banking, as
the case may be, that apply to such transfer or exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Calculation Agent&#148; </I>shall mean The Bank of New York or any successor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Clearstream Banking&#148; </I>shall mean Clearstream Banking, <I>soci&#233;t&#233; anonyme </I>(formerly Cedelbank) or
any successor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Depositary&#148; </I>shall mean The Bank of New York Depositary (Nominees) Limited, as common
depositary for Clearstream Banking and Euroclear, or any other depositary appointed by the Company,
<I>provided</I>, <I>however</I>, that such depositary shall have an address in the Borough of Manhattan, in the
City of New York.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Euroclear&#148; </I>shall mean the Euroclear Bank S.A./N.V., as operator of the Euroclear System, or
any successor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Global Securities&#148; </I>or <I>&#147;Global Security&#148; </I>shall have the meaning assigned to it in Section&nbsp;203
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Initial Purchasers&#148; </I>shall mean Goldman, Sachs &#038; Co. (&#147;<U>Goldman Sachs</U>&#148;) and HSBC
Securities (USA)&nbsp;Inc. (&#147;<U>HSBC</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Interest Payment Date&#148; </I>shall have the meaning assigned to it in the Original Indenture and in
Section&nbsp;206 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Mexican FX Day&#148; </I>shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is (i)
not a day on which banking institutions or foreign exchange markets in Mexico City generally are
authorized or obligated by law, regulation
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or executive order to close and (ii)&nbsp;a day on which banking institutions and foreign exchange
markets in Mexico City are open for business with the general public.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Mexican Peso&#148; </I>and <I>&#147;Ps.&#148; </I>shall mean the legal currency of the United Mexican States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Notes&#148; </I>shall mean the Company&#146;s 8.49% Senior Notes due 2037.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Rate Calculation Date&#148; </I>shall mean the second Mexican FX Day immediately preceding an interest
payment date, maturity date or redemption date, as applicable. Notwithstanding the preceding
sentence, if the Rate Calculation Date is not a business day, then the Rate Calculation Date shall
be the immediately preceding Mexican FX day (i.e., prior to such second Mexican FX Day) that is a
business day. &#147;Business day&#148; for purposes of such calculation shall mean each Monday, Tuesday,
Wednesday, Thursday and Friday that is (i)&nbsp;not a day on which banking institutions in New York City
or Mexico City generally are authorized or obligated by law, regulation or executive order to close
and (ii)&nbsp;a day on which banks and financial institutions in Mexico are open for business with the
general public (it being understood that payments will be made on the Notes only on days other than
a Saturday, Sunday or other day on which banking institutions in London are authorized or obligated
by law, regulation or executive order to close).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Remaining Scheduled Payments&#148; </I>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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Securities&#148; </I>shall mean the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Securities Act&#148; </I>shall mean the United States Securities Act of 1933, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Settlement Rate&#148; </I>shall mean the Mexican Peso / U.S. Dollar exchange rate, or the &#147;FIX FX
Rate,&#148; reported by the <I>Banco de M&#233;xico </I>(Bank of Mexico, or &#147;Central Bank&#148;) as the average of quotes
in the wholesale foreign exchange market in Mexico for transactions payable in 48 hours on its
website (which, at the date hereof, is located at http://www.banxico.gob.mx) on the applicable Rate
Calculation Date. In the event that the FIX FX Rate is not so available by 3:00 p.m. (Mexico City
time) on any Rate Calculation Date, then the Settlement Rate for such Rate Calculation Date shall
be determined by taking the arithmetic mean (such mean, the &#147;Alternative Rate&#148;) of the Mexican Peso
/ U.S. Dollar exchange rate for the foreign exchange market in Mexico for transactions payable in
48 hours offered at or about such time on such date by (i)&nbsp;Banco Nacional de M&#233;xico, S.A.,
Instituci&#243;n de Banca M&#250;ltiple, (ii)&nbsp;Banco Inbursa, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo
Financiero Inbursa, (iii)&nbsp;Bank of America Global FX, (iv)&nbsp;HSBC M&#233;xico, S.A., Instituci&#243;n de Banca
M&#250;ltiple, Grupo Financiero HSBC and (v)&nbsp;JPMorgan Chase Bank, N.A. (the &#147;Reference Banks&#148;);
<I>provided</I>, <I>however</I>, that if any of the Reference Banks ceases to offer such an exchange rate, that
bank shall be replaced by the Company, for the purpose of determining the Alternative Rate, with
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; another leading bank or financial institution. In the event that neither the FIX FX Rate nor
the Alternative Rate can be ascertained on a Rate Calculation Date in accordance with the
foregoing, the Company shall determine the Settlement Rate (and method of determining the
Settlement Rate) in respect of such date in its sole and absolute discretion, taking into
consideration all available information that in good faith it deems relevant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;102</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;References.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each reference to a particular Section set forth in this Tenth Supplemental Indenture shall,
unless the context otherwise requires, refer to this Tenth Supplemental Indenture.
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TITLE AND TERMS OF THE SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;201</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Title of the Securities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The title of the Securities of the series established hereby is the &#147;8.49% Senior Notes due
2037.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;202</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amount and Denominations.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate original principal amount of the Notes which may be authenticated and delivered
under this Tenth Supplemental Indenture is limited to Ps.4,500,000,000, 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&nbsp;305, 306, 904 or 1107 of the
Original Indenture; <I>provided</I>, <I>however</I>, that the Notes may be reopened, without the consent of the
Holders thereof, for issuance of additional Securities of the same series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;203</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Registered Securities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificates for the Notes shall be Registered Securities in global form and shall be in
substantially the forms attached hereto as <U>Exhibit&nbsp;A-1</U> and <U>Exhibit&nbsp;A-2</U>
(collectively, the &#147;<U>Global Securities</U>,&#148; each a &#147;<U>Global Security</U>&#148;), and shall bear
the legends as are inscribed thereon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;204</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Issuance and Pricing.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes shall be issued under the Indenture and sold by the Company to the Initial
Purchasers at a price equal to 99.80% of the principal amount thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;205</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stated Maturity.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Stated Maturity of the Notes on which the principal thereof is due and payable shall be
May&nbsp;11, 2037.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;206</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal of the Notes shall bear interest from the later of May&nbsp;9, 2007 or from the most
recent Interest Payment Date to which interest has been paid or provided for, payable semiannually
on May&nbsp;11 and November&nbsp;11 of each year, commencing November&nbsp;11, 2007 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 actual number of days during the relevant interest period and a 360-day year. If
any Interest Payment Date or Maturity would otherwise be a day that is not a Business Day (as
defined in the Original Indenture), the related payment of principal, interest, premium and
Additional Amounts will be made on the next succeeding Business Day; <I>provided </I>that interest will
accrue on the principal of the Notes at the applicable interest rate from the original Interest
Payment Date to (but excluding) that next Business Day. Payments postponed to the next Business
Day in this situation will be treated as if they were made on the original due date and
postponement of this kind will not result in an Event of Default under the Notes, the Indenture or
this Tenth Supplemental Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on the Notes will accrue at the rate of 8.49% per annum, until the principal thereof
is paid or made available for payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;207</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration, Transfer and Exchange.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 for trading on the Euro MTF 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; <I>provided</I>, <I>however</I>, 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; <I>provided</I>, <I>however</I>, that (subject to Section&nbsp;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 The Bank of New York (Luxembourg) S.A. at its
office at Aerogolf Center, 1A Hoehenhof, L-1736 Senningerberg, Luxembourg, to act as a Luxembourg
Paying Agent, Transfer Agent and Listing Agent under the Indenture and
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York (Luxembourg) S.A. 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, a Holder of the Peso equivalent of U.S.$10&nbsp;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 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)&nbsp;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)&nbsp;at any
time in any other lawful manner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rule&nbsp;144A Security to Regulation&nbsp;S Security. </I>If a holder of a beneficial interest in the Rule
144A Security deposited with the Depositary wishes at any time to exchange all or a portion of its
beneficial interest in such Rule&nbsp;144A Security, for a beneficial interest in the Regulation&nbsp;S
Security, or to transfer all or a portion of its beneficial interest in such Rule&nbsp;144A Security to
a Person who wishes to take delivery thereof in the form of a beneficial interest in such
Regulation&nbsp;S Security, such holder may, subject to the rules and procedures of the Depositary and
to the requirements set forth below, exchange or cause the exchange or transfer or cause the
transfer of such beneficial interest for an equivalent beneficial interest in such Regulation&nbsp;S
Security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt by the Trustee, as transfer agent, at its office in The City of New York of (1)
instructions given in accordance with the Depositary&#146;s procedures from an agent member directing
the Trustee to credit or cause to be credited a beneficial interest in the Regulation&nbsp;S Security in
an amount equal to the beneficial interest in the Rule&nbsp;144A Security to be exchanged or
transferred, (2)&nbsp;a written order given in accordance with the Depositary&#146;s procedures containing
information regarding the account to be credited with such increase and (3)&nbsp;a certificate
substantially in the form of Exhibit&nbsp;B hereto, in the case of transfers prior to the expiration of
the &#147;distribution compliance period&#148; (within the meaning of Rule&nbsp;903 of Regulation&nbsp;S) (the
&#147;<U>Restricted Period</U>&#148;), or Exhibit&nbsp;C, in the case of transfers after the expiration of the
&#147;distribution compliance period&#148; given by the holder of such beneficial interest, the Trustee, as
transfer agent, shall instruct the Depositary, its nominee, or the custodian for the Depositary, as
the case may be, to reduce or reflect on its records a reduction of the Rule&nbsp;144A Security by the
aggregate principal amount of the beneficial interest in such Rule&nbsp;144A Security to be so exchanged
or transferred and the Trustee, as transfer agent, shall instruct the Depositary, its nominee, or
the custodian for the Depositary, as the case may
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; be, concurrently with such reduction, to increase or reflect on its records an increase of the
principal amount of such Regulation&nbsp;S Security by the aggregate principal amount of the beneficial
interest in such Rule&nbsp;144A Security to be so exchanged or transferred, and to credit or cause to be
credited to the account of the Person specified in such instructions a beneficial interest in such
Regulation&nbsp;S Security equal to the reduction in the principal amount of such Rule&nbsp;144A Security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulation&nbsp;S Security to Rule&nbsp;144A Security. </I>If a holder of a beneficial interest in the
Regulation&nbsp;S Security which is deposited with the Depositary wishes at any time to exchange its
interest for a beneficial interest in the Rule&nbsp;144A Security, or to transfer its beneficial
interest in the Rule&nbsp;144A Security, or to transfer its beneficial interest in such Regulation&nbsp;S
Security to a person who wishes to take delivery thereof in the form of a beneficial interest in
such Rule&nbsp;144A Security, such holder may, subject to the rules and procedures of Euroclear or
Clearstream Banking or the Depositary, as the case may be, and to the requirements set forth in the
following sentence, exchange or cause the exchange or transfer or cause the transfer of such
interest for an equivalent beneficial interest in such Rule&nbsp;144A Security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt by the Trustee, as transfer agent, at its offices in The City of New York of (1)
instructions from Euroclear or Clearstream Banking or the Depositary, as the case may be, directing
the Trustee, as transfer agent, to credit or cause to be credited a beneficial interest in the Rule
144A Security in an amount equal to the beneficial interest in the Regulation&nbsp;S Security to be
exchanged or transferred, such instructions to contain information regarding the agent member&#146;s
account with the Depositary to be credited with such increase, and (2)&nbsp;with respect to an exchange
or transfer of a beneficial interest in the Regulation&nbsp;S Security for a beneficial interest in the
Rule&nbsp;144A Security, a certificate substantially in the form of Exhibit&nbsp;D hereto given by the holder
of such beneficial interest, the Trustee, as transfer agent, shall instruct the Depositary, its
nominee, or the custodian for the Depositary, as the case may be, to reduce or reflect on its
records a reduction of the Regulation&nbsp;S Security, as the case may be, by the aggregate principal
amount of the beneficial interest in such Regulation&nbsp;S Security to be exchanged or transferred, and
the Trustee, as transfer agent, shall instruct the Depositary, its nominee, or the custodian for
the Depositary, as the case may be, concurrently with such reduction, to increase or reflect on its
records an increase of the principal amount of such Rule&nbsp;144A Security by the aggregate principal
amount of the beneficial interest in such Regulation&nbsp;S Security, as the case may be, to be so
exchanged or transferred, and to credit or cause to be credited to the account of the Person
specified in such instructions a beneficial interest in such Rule&nbsp;144A Security equal to the
reduction in the principal amount of such Regulation&nbsp;S Security, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;208</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Redemption of the Securities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are redeemable by the Company pursuant to Sections&nbsp;1008 and 1009 of the Original
Indenture in accordance with Article&nbsp;Eleven thereof.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;209</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Denominations.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests in the Rule&nbsp;144A Security shall be in minimum denominations of Ps.1,000,000 and
integral multiples of Ps.100,000 in excess thereof and interests in the Regulation&nbsp;S Security shall
be in minimum denominations of Ps.1,000,000 and integral multiples of Ps.100,000 in excess thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;210</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment Currency.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the Notes are denominated in Mexican Pesos, payments of principal, interest, Additional
Amounts and any other amounts due in respect of the Notes will be made in Dollars, except as
provided below, in amounts determined by translating the Mexican Peso amounts into Dollars at the
Settlement Rate on the applicable Rate Calculation Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder of the Notes may elect to receive payment of principal, interest, Additional Amounts
and any other amounts due in respect of the Notes in Mexican Pesos. A Holder who wishes to elect
to receive a particular payment in Mexican Pesos must notify the principal paying agent no later
than the eighth day preceding the applicable payment date (but not earlier than the applicable
record date). Holders who wish to receive payments in Mexican Pesos must deliver a separate notice
of any such election with respect to each payment date. Holders who own beneficial interests in a
Global Security through accounts with Clearstream Banking or Euroclear must arrange to have such
notice given on their behalf.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;211</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applicability of Certain Indenture Provisions.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Sections of the Original Indenture shall apply to the Notes, except for Articles Twelve
and Thirteen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;212</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Security Registrar and Paying Agent.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be Security Registrar and the initial Paying Agent and initial Transfer
Agent for the Notes (subject to the Company&#146;s right (subject to Section&nbsp;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
for trading on the Euro MTF.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;213</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Global Securities.</I>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Form of Securities</U>. 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 issued in
bearer form. The initial Depositary for the Global Securities shall be The Bank of New
York Depositary (Nominees) Limited as Common 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; margin-left: 4%">for Euroclear and Clearstream, and the depositary arrangements shall be those employed
by whoever shall be the Depositary with respect to the Notes from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Rule&nbsp;144A Securities</U>. Notes initially offered and sold in reliance on
Rule&nbsp;144A to QIBs shall be issued in the form of permanent Global Securities in definitive,
fully registered form, without interest coupons, substantially in the form of <U>Exhibit
A-1</U> (the &#147;<U>Rule&nbsp;144A Security</U>&#148;). The Rule&nbsp;144A Security shall be deposited on
behalf of the purchasers of the Notes represented thereby with the custodian for the
Depositary, and registered in the name of a nominee of the Depositary, duly executed by the
Company and authenticated by the Trustee as provided in the Original Indenture. The
aggregate principal amount of the Rule&nbsp;144A Security may from time to time be increased or
decreased by adjustments made on the records of the custodian for the Depositary or its
nominee, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Regulation&nbsp;S Securities</U>. Notes offered and sold in reliance on
Regulation&nbsp;S shall be issued in the form of Global Securities in definitive, fully
registered form, without interest coupons, substantially in the form of <U>Exhibit&nbsp;A-2</U>
(the &#147;<U>Regulation&nbsp;S Security</U>&#148;). The Regulation&nbsp;S Security shall be deposited on
behalf of the purchasers of the Notes represented thereby with the custodian for the
Depositary, and registered in the name of a nominee of the Depositary, duly executed by the
Company and authenticated by the Trustee as provided herein, for credit to their respective
accounts (or to such other accounts as they may direct) at Euroclear or Clearstream
Banking. During the Restricted Period, interests in a Regulation&nbsp;S Security may be
exchanged for interests in the Rule&nbsp;144A Security. The aggregate principal amount of the
Regulation&nbsp;S Security may from time to time be increased or decreased by adjustments made
on the records of the custodian for the Depositary or the Depositary or its nominee, as the
case may be, as provided herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
therefore, and each such Global Security shall constitute a single Security for all purposes of
this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;the Depositary has notified the Company that it is unwilling or unable
to continue as Depositary for such Global Security and a successor Depositary has not been
appointed within 90&nbsp;days, or (B)&nbsp;the Depositary has ceased to be a clearing agency registered under
the Exchange Act, or (C)&nbsp;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 or (D)&nbsp;there shall have occurred and be continuing an Event of
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Default with respect to such Global Security. If any of these events occur, the Trustee will
reissue the Global Securities in fully certificated registered form to holders of beneficial
interests in the Global Securities and will recognize the registered holders of the certificated
Notes as Holders under the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each time that the Company transfers or exchanges a new Note in certificated form for another
Note in certificated form, and after the Transfer Agent receives a completed assignment form, the
Company will make available for delivery the new definitive Note at, as the case may be, the
offices of the Transfer Agent in New York City or at the main office of the Transfer Agent in
Luxembourg. Alternatively, at the option of the person requesting the transfer or exchange, the
Company will mail, at that person&#146;s risk, the new definitive Note to the address of the person that
is specified in the assignment form. In addition, if the Company issues Notes in certificated
form, then it will make payments of, interest on and any other amounts payable under the Notes to
Holders in whose names Notes in certificated form, are registered at the close of business on the
record date for these payments. If the Notes are issued in certificated form, the Company will
make payments of principal and any redemption payments against the surrender of these certificated
Notes at the offices of the Paying Agent in New York City or, as long as the Notes are listed on
the Luxembourg Stock Exchange for trading on the Euro MTF, at the main office of the Paying Agent
in Luxembourg.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company issues the Notes in certificated registered form, so long as the notes are
listed on the Luxembourg Stock Exchange for trading on the Euro MTF, the Company will maintain a
paying agent and a transfer agent in Luxembourg. The Company will also publish a notice in
Luxembourg in a leading newspaper having general circulation in Luxembourg (which is expected to be
<I>d&#146;Wort</I>). The Company will also publish a notice in Luxembourg in a leading newspaper having
general circulation in Luxembourg if any change is made in the Paying Agent or the Transfer Agent
in Luxembourg.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the &#147;<U>Operating Procedures of the Euroclear System</U>&#148; and the
&#147;<U>Terms and Conditions Governing Use of Euroclear</U>&#148; and the &#147;Management
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulations&#148; and &#147;<U>Instructions to Participants</U>&#148; 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 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 the operation of customary practices
governing the exercise of the rights of a holder of any Security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;214</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#091;INTENTIONALLY OMITTED&#093;</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;215</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sinking Fund.</I>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;216</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conversion; Exchange.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes shall not be convertible into Common Stock. The Company and the Initial Purchasers,
have entered into a Registration Rights Agreement dated the date hereof in the form of <U>Exhibit
F</U> hereto, relating to the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;217</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendments.</I>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;218</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applicable Procedures.</I>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;219</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Paying and Transfer Agent.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York (Luxembourg) S.A. agrees that the provisions of Section&nbsp;1003 of the
Original Indenture shall be binding on it as Paying Agent and Transfer Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;220</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>ISIN Numbers.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;311 of the Original Indenture is hereby amended and restated with respect to the Notes
(but not with respect to any other series of Securities) as follows:
</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: 4%">&#147;The Company in issuing the Notes may use &#145;ISIN&#146; numbers (if then generally in
use), and, if so, the Trustee shall use &#145;ISIN&#146; numbers in notices of redemption as
a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on
the Notes or as contained in any notice of a redemption and that reliance may be
placed only on the other identification numbers printed on the Notes, and any such
redemption shall not be affected by any defect in or omission of such numbers. The
Company will promptly notify the Trustee in writing of any change in the &#145;ISIN&#146;
numbers. The Company may also use a &#145;Common Code&#146; number.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;221</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Calculation Agent.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;As long as any Notes are outstanding, the Company shall maintain a calculation
agent for calculating the Settlement Rate in respect of the Notes (a &#147;Calculation Agent&#148;).
The Calculation Agent shall determine the Settlement Rate applicable to the Notes in
accordance with Section&nbsp;210 hereof and the Dollars to be paid per Ps.1,000,000 principal
amount of Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Calculation Agent shall notify, in writing to the Company, the Trustee and any
Paying Agent of each Settlement Rate and the Dollar amounts to be paid per Ps.1,000,000
principal amount of Notes as soon as reasonably practicable after determination thereof
(and in no case later than one Business Day prior to the applicable Interest Payment Date,
Redemption Date, Stated Maturity or other Maturity). In addition, the Calculation Agent
shall provide, promptly after determination thereof (and in no case later than one Business
Day prior to the applicable Interest Payment Date, Redemption Date, Stated Maturity or
other Maturity), the Settlement Rate and the Dollar amounts to be paid per Ps.1,000,000
principal amount of Notes in the same manner as for giving notice to Holders of the Notes
pursuant to Section&nbsp;106 of the Original Indenture and, for so long as any Notes are listed
on the Euro MTF and its rules so require, in a newspaper with general circulation in
Luxembourg in accordance with the rules and regulations of the Euro MTF.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The determinations of the Calculation Agent shall, in the absence of manifest error,
be conclusive and final for all purposes and binding on the Company, the Trustee, the
Depositary and on the Holders of the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company hereby appoints The Bank of New York as the initial Calculation Agent
with respect to the Notes, and The Bank of New York hereby accepts such appointment in such
capacity and its obligations as set forth in this Tenth Supplemental Indenture upon the
terms and conditions set forth in this Tenth Supplemental Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company hereby agrees to pay the Calculation Agent its reasonable fees and
expenses as agreed upon separately in writing.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Calculation Agent accepts its obligations set forth herein upon the terms and
conditions hereof, including the following terms and conditions (to all of which the
Company agrees);
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in acting under this Tenth Supplemental Indenture and in connection with
the Notes, the Calculation Agent, acting as agent for the Company, does not assume
any obligation toward, or any relationship of agency or trust or fiduciary for or
with, any of the Holders of the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless herein otherwise specifically provided, any order, certificate,
notice, request or communication from the Company made or given in writing under
any provision of this Tenth Supplemental Indenture shall be sufficient if signed by
any person whom the Calculation Agent reasonably believes to be a duly authorized
officer or attorney-in-fact of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Calculation Agent shall be obligated to perform only such duties as
are set forth specifically herein, in the Notes or in this Tenth Supplemental
Indenture and any duties necessarily incidental thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Calculation Agent shall be protected and shall incur no liability for
or in respect of any action taken or omitted to be taken or anything suffered by it
in reliance upon any provision contained in the Notes, this Tenth Supplemental
Indenture or any information supplied to it by an officer of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Calculation Agent shall incur no liability hereunder except for loss
sustained by reason of its or its employees&#146; or agents&#146; gross negligence, willful
misconduct or bad faith;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Calculation Agent shall not be required to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Calculation Agent may consult with counsel of its own choice and the
advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by
it hereunder in good faith and reliance thereon;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Calculation Agent makes no representations as to the validity or
sufficiency of this Tenth Supplemental Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Calculation Agent shall in no event be liable for special, indirect
or consequential loss or damage of any kind whatsoever (including, without
limitation, lost profits), even if the Calculation Agent
</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; margin-left: 4%">has been advised of the likelihood of such loss or damage and regardless of
the form of action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Company shall have the right to remove the Calculation Agent from such
capacity at its discretion. The Company shall appoint a bank, trust company, investment
banking firm or other financial institution to act as the successor Calculation Agent to
The Bank of New York or any of its successors in that capacity in the event that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any acting Calculation Agent is unable or unwilling to act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any acting Calculation Agent fails to comply with its obligations under
this Tenth Supplemental Indenture; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company proposes to remove the Calculation Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Company agrees to indemnify the Calculation Agent to the same extent as the
Trustee under Section&nbsp;607 of the Original Indenture.
</DIV>


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


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


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Tenth 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 Tenth
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&nbsp;5-1401
of the New York General Obligations Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Tenth 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.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Tenth Supplemental Indenture to be
duly executed as of the day and year first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GRUPO TELEVISA, S.A.B.,</B><BR>
as Issuer<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Alfonso de Angoitia Noriega&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Salvi Folch Viadero&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE BANK OF NEW YORK</B>,<BR>
As Trustee, Registrar, Paying Agent<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Transfer Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">BY&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE BANK OF NEW YORK</B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(LUXEMBOURG)&nbsp;S.A.</B><BR>
as Luxembourg Paying Agent, Transfer<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agent and Listing Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">BY&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Exhibit&nbsp;A-1</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RULE 144A NOTE</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS NOTE IS A RULE 144A SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY, THE BANK OF NEW YORK (THE
&#147;</B><U><B>DEPOSITARY</B></U><B>&#148;), OR A NOMINEE THEREOF, FOR CLEARSTREAM BANKING, SOCI&#201;T&#201; ANONYME AND EUROCLEAR
BANK S.A./N.V. , WHICH MAY BE TREATED BY GRUPO TELEVISA, S.A.B., THE TRUSTEE AND ANY AGENT THEREOF
AS OWNER AND HOLDER OF THIS GLOBAL NOTE FOR ALL PURPOSES. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE &#147;</B><U><B>SECURITIES ACT</B></U><B>&#148;), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS NOTE
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER
OF THIS NOTE BY ITS ACCEPTANCE HEREOF (1)&nbsp;REPRESENTS THAT (A)&nbsp;IT IS A &#147;</B><U><B>QUALIFIED INSTITUTIONAL
BUYER</B></U><B>&#148; (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B)&nbsp;IT IS NOT A U.S. PERSON AND IS
ACQUIRING THIS NOTE IN AN &#147;</B><U><B>OFFSHORE TRANSACTION</B></U><B>&#148; PURSUANT TO RULE 903 OR 904 OF REGULATION
S, (2)&nbsp;AGREES THAT IT WILL NOT SELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A)(i) TO A PERSON WHO
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION COMPLYING WITH RULE 144A, (ii)&nbsp;IN AN OFFSHORE TRANSACTION
COMPLYING WITH THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,
OR (iii)&nbsp;PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), AND (B)&nbsp;IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES
OF THE UNITED STATES AND OTHER JURISDICTIONS, AND (3)&nbsp;AGREES THAT IT WILL GIVE TO EACH PERSON TO
WHOM THIS NOTE IS</B>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-1<!-- /Folio -->
</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>TRANSFERRED A
NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS &#147;</B><U><B>OFFSHORE
TRANSACTION</B></U><B>,&#148; &#147;</B><U><B>UNITED STATES</B></U><B>&#148; AND &#147;</B><U><B>U.S. PERSON</B></U><B>&#148; HAVE THE RESPECTIVE MEANINGS
GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF THE
REGISTRATION RIGHTS AGREEMENT RELATING TO ALL THE SECURITIES.</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-2<!-- /Folio -->
</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="40%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No.&nbsp;1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps. &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISIN No. &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</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">Common Code &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Grupo Televisa, S.A.B.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">8.49% Senior Note due 2037

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Rule&nbsp;144A Note

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa, S.A.B., a publicly traded limited liability stock corporation (<I>sociedad
an&#243;nima burs&#225;til</I>), organized under the laws of the United Mexican States (hereinafter called the
&#147;<U>Company</U>,&#148; which term includes any successor corporation under the Indenture referred to
below), for value received, hereby promises to pay to The Bank of New York Depositary (Nominees)
Limited, or registered assigns, the principal sum of &#091; &#093; Mexican Pesos (Ps. &#091; &#093;) (or such
lesser amount as shall be the outstanding principal amount of this Rule&nbsp;144A Note shown in
<U>Schedule&nbsp;A</U> hereto) on May&nbsp;11, 2037, and to pay interest thereon from May&nbsp;9, 2007, or from
the most recent date to which interest has been paid or provided for, semiannually on May&nbsp;11 and
November&nbsp;11, in each year (each, an &#147;<U>Interest Payment Date</U>&#148;), commencing November&nbsp;11, 2007,
at the rate of 8.49% per annum, until the principal hereof is paid or made available for payment.
Interest on this Note shall be calculated on the actual number of days during the relevant interest
period and a 360-day year. If any payment is due on the Note on 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; provided that interest will accrue on the principal of the Notes at the
applicable interest rate from the original Interest Payment Date to (but excluding) that next
Business Day or Interest Payment Date. 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
Note (or one or more Predecessor Notes) 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 Notes) 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&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of principal, interest, Additional Amounts and any other amounts due 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
</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">public and private debts or, subject to certain conditions as set forth in the reverse hereof,
Mexican Pesos; <I>provided</I>, <I>however</I>, 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; <I>provided</I>, <I>further</I>, that payment to the Depositary may be made by wire transfer to the
account designated by the Depositary in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is a global Rule&nbsp;144A Security issued on the date hereof which represents Ps. &#091;
&#093; of the principal amount of the Company&#146;s 8.49% Senior Notes due 2037, initially offered and sold
to qualified institutional buyers, as defined in Rule&nbsp;144A under the Securities Act. This Note is
one of a duly authorized issue of securities of the Company (herein called the &#147;<U>Notes</U>&#148;)
issued and to be issued in one series under an Indenture dated as of August&nbsp;8, 2000, as
supplemented by the First Supplemental Indenture dated as of August&nbsp;8, 2000, the Second
Supplemental Indenture dated as of January&nbsp;19, 2001, the Third Supplemental Indenture dated as of
September&nbsp;13, 2001, the Fourth Supplemental Indenture dated as of March&nbsp;11, 2002, the Fifth
Supplemental Indenture dated as of March&nbsp;8, 2002, and the Sixth Supplemental Indenture dated as of
July&nbsp;31, 2002, the Seventh Supplemental Indenture dated as of March&nbsp;18, 2005, the Eighth
Supplemental Indenture dated as of May&nbsp;26, 2005, the Ninth Supplemental Indenture dated as of
September&nbsp;6, 2005 (herein called, together with the Tenth Supplemental Indenture referred to below
and all other indentures supplemental thereto, the &#147;<U>Indenture</U>&#148;) between the Company and The
Bank of New York, as Trustee (herein called the &#147;<U>Trustee</U>&#148;, 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 Tenth Supplemental Indenture between
the Company, The Bank of New York, as Trustee, Registrar, Paying Agent, Transfer Agent, and
Calculation Agent and The Bank of New York (Luxembourg) S.A., as Luxembourg Paying Agent, Transfer
Agent and Listing Agent, dated as of May&nbsp;9, 2007, establishing the terms of the Notes pursuant to
the Indenture (the &#147;<U>Tenth Supplemental Indenture</U>&#148;).
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
Notes 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 Notes at
the time Outstanding of each series affected thereby. The Indenture also contains provisions
permitting the Holders of specified percentages in aggregate principal amount of the Notes of any
series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under
the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-4<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are issuable in book-entry fully registered form without coupons in minimum
denominations of Ps.1,000,000, and integral multiples of Ps.100,000 as specified in the Tenth
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.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests in this Note are exchangeable or transferable in whole or in part for interests in
the Regulation&nbsp;S Note, of the same series, only if such exchange or transfer complies with the
terms for transfer contained in the Indenture.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture contains provisions whereby (i)&nbsp;the Company may be discharged from its
obligations with respect to the Notes (subject to certain exceptions) or (ii)&nbsp;the Company may be
released from its obligation under specified covenants and agreements
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-5<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in the Indenture, in each case if the Company irrevocably deposits with the Trustee, as trust
funds in trust for the purpose of making the following payments, specifically pledged as security
for, and dedicated solely to, the benefit of the Holders, of (i)&nbsp;an amount in Dollars or in Mexican
Pesos, in which such senior debt securities, together with all interest appertaining thereto, are
then specified as payable at their stated maturity, or (ii)&nbsp;an amount of Government Obligations
applicable to such senior debt securities and the interest appertaining thereto (determined on the
basis of the currency in which such senior debt securities and interest appertaining thereto are
then specified as payable at their stated maturity), which through the scheduled payment of
principal and interest in accordance with their terms will provide money, or (iii)&nbsp;a combination
thereof in an amount, in any case, sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the
Trustee, 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.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-6<!-- /Folio -->
</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 WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.
</DIV>

<P><DIV style="position: relative; float: left; width: 48%">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Attest:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">



&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ricardo Maldonado Ya&#241;ez     &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Secretary of the Board of Directors
of Grupo Televisa S.A.B.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
</DIV>

<DIV style="position: relative; float: right; width: 48%">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GRUPO TELEVISA, S.A.B.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Joaqu&#237;n Balc&#225;rcel Santa Cruz&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Salvi Folch Viadero&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
</DIV>

<BR clear="all"><BR>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Notes of the series designated therein referred to in the within-mentioned
Indenture.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Dated: May 9, 2007&nbsp;</TD>
    <TD colspan="3" align="left">The Bank of New York,<BR>
as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<BR clear="all"><BR>

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</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>FORM OF REVERSE OF RULE 144A NOTE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is one of a duly authorized issue of Notes of the Company designated as its 8.49%
Senior Notes due 2037 (hereinafter called the &#147;<U>Notes</U>&#148;), limited in aggregate principal
amount to Ps.4,500,000,000, issued and to be issued under a Tenth Supplemental Indenture, dated as
of May&nbsp;9, 2007 (hereinafter called the &#147;<U>Tenth Supplemental Indenture</U>&#148;), among the Company,
The Bank of New York, as Trustee, Registrar, Paying Agent, Transfer Agent, and Calculation Agent,
and The Bank of New York (Luxembourg) S.A., as Luxembourg Paying Agent, Transfer Agent and Listing
Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of principal, interest, additional amounts and any other amounts due in respect of the
Notes will be made, except as provided below, in Dollars, in amounts determined by translating the
Mexican Peso amounts into Dollars at the Settlement Rate on the applicable Rate Calculation Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of translating Mexican Peso amounts into Dollars:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Settlement Rate&#148; </I>shall mean the Mexican Peso / U.S. Dollar exchange rate, or the &#147;FIX FX
Rate,&#148; reported by the <I>Banco de M&#233;xico </I>(Bank of Mexico, or &#147;Central Bank&#148;) as the average of quotes
in the wholesale foreign exchange market in Mexico for transactions payable in 48 hours on its
website (which, at the date hereof, is located at <I>http://www.banxico.gob.mx</I>) on the applicable Rate
Calculation Date. In the event that the FIX FX Rate is not so available by 3:00 p.m. (Mexico City
time) on any Rate Calculation Date, then the Settlement Rate for such Rate Calculation Date shall
be determined by taking the arithmetic mean (such mean, the &#147;Alternative Rate&#148;) of the Mexican Peso
/ U.S. Dollar exchange rate for the foreign exchange market in Mexico for transactions payable in
48 hours offered at or about such time on such date by (i)&nbsp;Banco Nacional de M&#233;xico, S.A.,
Instituci&#243;n de Banca M&#250;ltiple, (ii)&nbsp;Banco Inbursa, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo
Financiero Inbursa, (iii)&nbsp;Bank of America Global FX, (iv)&nbsp;HSBC M&#233;xico, S.A., Instituci&#243;n de Banca
M&#250;ltiple, Grupo Financiero HSBC and (v)&nbsp;JPMorgan Chase Bank, N.A. (the &#147;Reference Banks&#148;);
<I>provided, however</I>, that if any of the Reference Banks ceases to offer such an exchange rate, that
bank shall be replaced by the Company, for the purpose of determining the Alternative Rate, with
another leading bank or financial institution. In the event that neither the FIX FX Rate nor the
Alternative Rate can be ascertained on a Rate Calculation Date in accordance with the foregoing,
the Company shall determine the Settlement Rate (and method of determining the Settlement Rate) in
respect of such date in its sole and absolute discretion, taking into consideration all available
information that in good faith it deems relevant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Rate Calculation Date&#148; </I>shall mean the second Mexican FX Day immediately preceding an interest
payment date, maturity date or redemption date, as applicable. Notwithstanding the preceding
sentence, if the Rate Calculation Date is not a business day, then the Rate Calculation Date shall
be the immediately preceding Mexican FX day (i.e., prior to such second Mexican FX Day) that is a
business day. For purposes of such calculation, &#147;business day&#148; shall mean each Monday, Tuesday,
Wednesday, Thursday
</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">and Friday that is (i)&nbsp;not a day on which banking institutions in New York City or Mexico City
generally are authorized or obligated by law, regulation or executive order to close and (ii)&nbsp;a day
on which banks and financial institutions in Mexico are open for business with the general public
(it being understood that payments will be made on the Notes only on days other than a Saturday,
Sunday or other day on which banking institutions in London are authorized or obligated by law,
regulation or executive order to close).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Mexican FX Day&#148; </I>shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is (i)
not a day on which banking institutions or foreign exchange markets in Mexico City generally are
authorized or obligated by law, regulation or executive order to close and (ii)&nbsp;a day on which
banking institutions and foreign exchange markets in Mexico City are open for business with the
general public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder of the Notes may elect to receive payment of principal, interest, additional amounts
and any other amounts due in respect of the notes in Mexican Pesos. A Holder who wishes to elect
to receive a particular payment in Mexican Pesos must notify the principal paying agent no later
than the eighth day preceding the applicable payment date (but not earlier than the applicable
record date). Holders who wish to receive payments in Mexican Pesos must deliver a separate notice
of any such election with respect to each payment date. Holders who own beneficial interests in
the Global Note through accounts with Clearstream Banking or Euroclear must arrange to have such
notice given on their behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Amounts</I>. All payments of amounts due in respect of the Notes 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 (&#147;<U>Taxes</U>&#148;) 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 (&#147;<U>Additional Amounts</U>&#148;) 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 Notes, 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:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Taxes which are imposed on, or deducted or withheld from, payments made to the
Holder or beneficial owner of the Notes by reason of the existence of any present or former
connection between the Holder or beneficial owner of the Notes (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)&nbsp;being
or having been a citizen or resident thereof, (y)&nbsp;maintaining or having
</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; margin-left: 4%">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 Notes or the receipt of amounts due in respect thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any estate, inheritance, gift, sales, stamp, transfer or personal property Tax;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Taxes that are imposed on, or withheld or deducted from, payments made to
the Holder or beneficial owner of the Notes 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 Notes to comply with any certification, identification, information, documentation or
other reporting 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 Notes if (x)&nbsp;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)&nbsp;at least 60&nbsp;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 Notes, in writing, that such
Holders or beneficial owners of the Notes will be required to provide such information or
documentation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Taxes imposed on, or withheld or deducted from, payments made to a Holder or
beneficial owner of the Notes 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)&nbsp;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)&nbsp;at least 60&nbsp;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 Notes, in writing, that such Holders or beneficial owners of the Notes will be
required to provide such information, documentation or other evidence;
</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; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to or on behalf of a Holder of the Notes 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 Notes would have been entitled to
Additional Amounts in respect of such Taxes on presenting such Notes for payment on any
date during such 15-day period; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any combination of (i), (ii), (iii), (iv)&nbsp;or (v)&nbsp;above (the Taxes described in
clauses (i)&nbsp;through (vi), for which no Additional Amounts are payable, are hereinafter
referred to as &#147;<U>Excluded Taxes</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the limitations on the Company&#146;s obligation to pay Additional
Amounts set forth in clauses (iii)&nbsp;and (iv)&nbsp;above shall not apply if (a)&nbsp;the provision of
information, documentation or other evidence described in such clauses (iii)&nbsp;and (iv)&nbsp;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)&nbsp;Rule&nbsp;3.23.8 issued by the <I>Secretar&#237;a de Hacienda y Cr&#233;dito
P&#250;blico </I>(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)&nbsp;and (iv)&nbsp;is expressly required by statute, regulation, rule, ruling or administrative
practice in order to apply Rule&nbsp;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)&nbsp;and (iv)&nbsp;shall not
be construed to require that a non-Mexican pension or retirement find 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least 30&nbsp;days prior to each date on which any payment under or with respect to the Notes 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 Notes), the Company will deliver to the relevant Trustee an Officers&#146;
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), interest or any other amount payable under or with respect to any Notes, such mention
shall be deemed to include mention of the payment of Additional
</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">Amounts to the extent that, in such context, Additional Amounts are, were or would be payable
in respect thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Optional Redemption. </I>The Company may redeem any of the Notes (the &#147;Optional Redemption&#148;) in
whole or in part, at any time or from time to time prior to their maturity, upon not less than 30
days&#146; nor more than 60&nbsp;days&#146; prior notice of the date for such redemption (the &#147;Redemption Date&#148;)
mailed by first-class mail to each Holder&#146;s registered address, at a redemption price equal to the
greater of (1)&nbsp;100% of the principal amount of such Notes redeemed and (2)&nbsp;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 (calculated
on the basis of the actual number of days in each such remaining interest period and a 360-day
year) at the M Bono Rate (the &#147;Make-Whole Amount&#148;), plus in each case accrued and unpaid interest
on the principal amount of the Notes to the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;M Bono Rate&#148; 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 M Bono Issue, assuming a price for the Comparable M Bono Issue (expressed as a
percentage of its principal amount) equal to the Comparable M Bono Price for such redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Comparable M Bono Issue&#148; means the Mexican <I>Bonos de Desarrollo del Gobierno Federal con Tasa
de Inter&#233;s Fija </I>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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Independent Investment Banker&#148; means one of the Reference M Bono Dealers appointed by the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Comparable M Bono Price&#148; means, with respect to any redemption date (1)&nbsp;the average of the
Reference M Bono Dealer Quotations for such redemption date, after excluding the highest and lowest
such Reference M Bono Dealer Quotation or (2)&nbsp;if the Company obtains fewer than four such Reference
M Bono Dealer Quotations, the average of all such quotations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reference M Bono Dealer&#148; means (i)&nbsp;Casa de Bolsa Santander S.A., (ii)&nbsp;ING (M&#233;xico) S.A. de
C.V. Casa de Bolsa, (iii)&nbsp;BBVA Bancomer S.A., (iv)&nbsp;Banco Nacional de M&#233;xico, S.A., Instituci&#243;n de
Banca M&#250;ltiple, Grupo Financiero Banamex and (v)&nbsp;HSBC M&#233;xico, S.A., Instituci&#243;n de Banca M&#250;ltiple,
Grupo Financiero HSBC, or their affiliates that are primary Mexican government securities dealers;
provided, however, that if any of the foregoing shall cease to be a primary Mexican government
securities dealer in Mexico City (a &#147;Primary M Bono Dealer&#148;), the Company will substitute therefor
another Primary M Bono Dealer.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-12<!-- /Folio -->
</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;&#147;Reference M Bono Dealer Quotation&#148; means, with respect to each Reference M Bono Dealer and
any redemption date, the average, as determined by the Company, of the bid and asked prices for the
Comparable M Bono Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Company by such Reference M Bono Dealer at 2:30 pm Mexico City time on the third
business day preceding such redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On and 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 are to be redeemed, the notes to be redeemed shall be selected by the
Trustee by such method as the Trustee shall deem appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem the Notes shall be evidenced by a certificate (a
&#147;Make-Whole Redemption Certificate&#148;) of an officer of the Company, which certificate shall be
delivered to the Trustee. The Company shall, not less than 45&nbsp;days nor more than 60&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of the Optional Redemption shall be given by the Trustee to the holders, in accordance
with the provisions of Section&nbsp;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&nbsp;days nor more than 60&nbsp;days prior to the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of Optional Redemption shall state:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Redemption Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Make-Whole Amount;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the sum of all other amounts due to the holders under the Notes and the Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;that on the Redemption Date the Make-Whole Amount will become due and payable upon each
such Notes so to be redeemed;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-13<!-- /Folio -->
</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;(v)&nbsp;the place or places, including the offices of our Paying Agent in Luxembourg, where such
Notes so to be redeemed are to be surrendered for payment of the Make-Whole Amount;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;the ISIN number of the Notes.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in the 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)&nbsp;the Make-Whole Amount and (ii)&nbsp;all other amounts due to
the holders and the Trustee under the Notes and the 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 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 Notes on the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Repurchase of Notes upon a Change of Control</I>. The Company must commence, within 30&nbsp;days of
the occurrence of a Change of Control, and consummate an Offer to Purchase for all Notes then
outstanding, at a purchase price equal to 101% of the principal amount of the Notes 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 Notes 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&nbsp;days following any
Change of Control, the Company, covenants to (i)&nbsp;repay in full all indebtedness of the Company that
would prohibit the repurchase of the Notes pursuant to such Offer to Purchase or (ii)&nbsp;obtain any
requisite consents under instruments governing any such indebtedness of the Company to permit the
repurchase of the Notes. The Company shall first comply with the covenant in the preceding
sentence before it shall be required to repurchase Notes pursuant to this covenant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Withholding Tax Redemption</I>. The Notes are subject to redemption (&#147;Withholding Tax
Redemption&#148;) at any time (a &#147;Withholding Tax Redemption Date&#148;),
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-14<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 &#147;Withholding Tax Redemption Price&#148;) if, as a
result of (i)&nbsp;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)&nbsp;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)&nbsp;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 Taxes that are imposed, deducted or withheld at a rate
of 10% on or from any payments under the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem the Notes shall be evidenced by a certificate (a
&#147;Withholding Tax Redemption Certificate&#148;) of a financial officer of the Company, which certificate
shall be delivered to the Trustee. The Company shall, not less than 35&nbsp;days nor more than 45&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Withholding Tax Redemption shall be given by the Trustee to the holders, in
accordance with the provisions of Section&nbsp;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&nbsp;days nor more than 60&nbsp;days prior to the Withholding Tax Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of Withholding Tax Redemption shall state:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Withholding Tax Redemption Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Withholding Tax Redemption Price;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the sum of all other amounts due to the holders under the Notes and the
Indenture;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-15<!-- /Folio -->
</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;(iv)&nbsp;that on the Withholding Tax Redemption Date the Withholding Tax Redemption Price
will become due and payable upon each such Note so to be redeemed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;the place or places, including the offices of our Paying Agent in Luxembourg,
where such Notes so to be redeemed are to be surrendered for payment of the Withholding Tax
Redemption Price; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;the ISIN number of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Withholding Tax Redemption having been given as aforesaid, the Notes 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 Notes for redemption in
accordance with such notice, such Notes shall be paid by the Paying Agent on behalf of the Company
on the Withholding Tax Redemption Date; <I>provided </I>that moneys sufficient therefor have been
deposited with the Trustee for the holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in the Indenture or in the Notes, 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)&nbsp;the Withholding Tax Redemption Price and (ii)&nbsp;all other
amounts due to the holders and the Trustee under the Notes and the 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 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 Withholding Tax Redemption Date.
The funds paid to the Trustee shall be used to redeem the Notes on the Withholding Tax Redemption
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE INDENTURE AND THIS NOTE 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.</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-16<!-- /Folio -->
</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>SCHEDULE A</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following exchanges of Notes for Notes represented by this Rule&nbsp;144A Note have been made:
</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="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left">Principal amount of</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Change in principal</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Principal amount of</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left">this Rule 144A Note</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Amount of this Rule</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">this Rule 144A Note</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Notation made by or</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left">as of the date of</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">144A Note due to</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">following such</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">on behalf of the</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left">exchange</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Date exchange made</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">exchange</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">exchange</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Trustee</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Ps.</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Exhibit&nbsp;A-2</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REGULATION S NOTE</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>PRIOR TO EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S
(&#147;</B><U><B>REGULATION S</B></U><B>&#148;) UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;</B><U><B>SECURITIES
ACT</B></U><B>&#148;)), THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED
STATES (AS DEFINED IN REGULATION S) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS
DEFINED IN REGULATION S), EXCEPT TO A PERSON REASONABLY BELIEVED TO BE A &#147;QUALIFIED INSTITUTIONAL
BUYER&#148; (AS DEFINED IN RULE 144A (&#147;</B><U><B>RULE 144A</B></U><B>&#148;) UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE l44A AND THE INDENTURE REFERRED TO HEREIN.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THIS NOTE IS A REGULATION S SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY, THE BANK OF NEW YORK (THE
&#147;</B><U><B>DEPOSITARY</B></U><B>&#148;), OR A NOMINEE THEREOF, FOR CLEARSTREAM BANKING, SOCI&#201;T&#201; ANONYME AND EUROCLEAR
BANK S.A./N.V. , WHICH MAY BE TREATED BY GRUPO TELEVISA, S.A.B., THE TRUSTEE AND ANY AGENT THEREOF
AS OWNER AND HOLDER OF THIS GLOBAL NOTE FOR ALL PURPOSES. UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE PROVISIONS OF THE
REGISTRATION RIGHTS AGREEMENT RELATING TO ALL THE NOTES.</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-2-1<!-- /Folio -->
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<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="20%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No.&nbsp;1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ps.&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISIN No. &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</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">Common Code &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Grupo Televisa, S.A.B.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">8.49% Senior Note due 2037

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Regulation&nbsp;S Note

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa, S.A.B., a publicly traded limited liability stock corporation (<I>sociedad
an&#243;nima burs&#225;til</I>), organized under the laws of the United Mexican States (hereinafter called the
&#147;<U>Company</U>,&#148; which term includes any successor corporation under the Indenture referred to
below), for value received, hereby promises to pay to The Bank of New York Depositary (Nominees)
Limited, or registered assigns, the principal sum of &#091; &#093; Mexican Pesos (Ps. &#091; &#093;) (or such
lesser amount as shall be the outstanding principal amount of this Regulation&nbsp;S Note shown in
<U>Schedule&nbsp;A</U> hereto) on May&nbsp;11, 2037, and to pay interest thereon from May&nbsp;9, 2007, or from
the most recent date to which interest has been paid or provided for, semiannually on May&nbsp;11 and
November&nbsp;11 in each year (each, an &#147;<U>Interest Payment Date</U>&#148;), commencing November&nbsp;11, 2007,
at the rate of 8.49% per annum, until the principal hereof is paid or made available for payment.
Interest on this Note shall be calculated on the actual number of days during the relevant interest
period and a 360-day year. If any payment is due on this Note on 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; provided that interest will accrue on the principal of the Notes at the
applicable interest rate from the original Interest Payment Date to (but excluding) that next
Business Day or Interest Payment Date. 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
Note (or one or more Predecessor Notes) 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 Notes) 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&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment, principal, interest, Additional Amounts and any other amounts due 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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2-2<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">public and private debts or, subject to certain conditions as set forth in the reverse hereof,
Mexican Pesos; <I>provided</I>, <I>howeve</I>r, 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; <I>provided</I>, <I>further</I>, that payment to the Depositary may be made by wire transfer to the
account designated by the Depositary in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is a Regulation&nbsp;S Security issued on the date hereof which represents Ps. &#091; &#093; of
the principal amount of the Company&#146;s 8.49% Senior Notes due 2037 (the &#147;<U>Notes</U>&#148;) deposited
on behalf of the purchasers of the Notes with the custodian for the Depositary for credit to their
respective accounts at Euroclear or Clearstream Banking (each, as defined herein). This Note is
one of a duly authorized issue of securities of the Company issued and to be issued in one series
under an Indenture dated as of August&nbsp;8, 2000, as supplemented by the First Supplemental Indenture
dated as of August&nbsp;8, 2000, the Second Supplemental Indenture dated as of January&nbsp;19, 2001, the
Third Supplemental Indenture dated as of September&nbsp;13, 2001, the Fourth Supplemental Indenture
dated as of March&nbsp;11, 2002, the Fifth Supplemental Indenture dated as of March&nbsp;8, 2002 and the
Sixth Supplemental Indenture dated as of July&nbsp;31, 2002, the Seventh Supplemental Indenture dated as
of March&nbsp;18, 2005, the Eighth Supplemental Indenture dated as of May&nbsp;26, 2005, the Ninth
Supplemental Indenture dated as of September&nbsp;6, 2005 (herein called, together with the Tenth
Supplemental Indenture referred to below and all other indentures supplemental thereto, the
&#147;<U>Indenture</U>&#148;) between the Company and The Bank of New York, as Trustee (herein called the
&#147;<U>Trustee</U>,&#148; 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, limited
(subject to exceptions provided in the Indenture) to the aggregate principal amount specified in
the Tenth Supplemental Indenture between the Company, The Bank of New York, as Trustee, Registrar,
Paying Agent, Transfer Agent, and Calculation Agent and The Bank of New York (Luxembourg) S.A., as
Luxembourg Paying Agent, Transfer Agent and Listing Agent, dated as of May&nbsp;9, 2007, establishing
the terms of the Notes pursuant to the Indenture (the &#147;<U>Tenth Supplemental Indenture</U>&#148;).
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
Notes 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 Notes at
the time Outstanding of each series affected thereby. The Indenture also contains provisions
permitting the Holders of specified percentages in aggregate principal amount of the Notes of any
series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under
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">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.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to expiration of the &#147;40-day distribution compliance period&#148; (as defined in Rule&nbsp;901 of
Regulation&nbsp;S under the Securities Act), payments (if any) on this Regulation&nbsp;S Note will only be
paid to the registered holder hereof to the extent that there is presented to the Trustee a
certificate substantially in the form of <U>Exhibit&nbsp;E</U> to this Tenth Supplemental Indenture.
Interests in this Regulation&nbsp;S Note will be transferable in accordance with the rules and
procedures of the Euroclear System or Clearstream Banking in effect at the time of the transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are issuable in book-entry fully registered form without coupons in minimum
denominations of Ps.1,000,000, and integral multiples of Ps.100,000 as specified in the Tenth
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.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests in this Note are exchangeable or transferable in whole or in part for interests in
the Rule&nbsp;144A Note of the same series only if such exchange or transfer complies with the terms for
transfer contained in the Indenture.
</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;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture contains provisions whereby (i)&nbsp;the Company may be discharged from its
obligations with respect to the Notes (subject to certain exceptions) or (ii)&nbsp;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, as trust funds in trust for the purpose
of making the following payments, specifically pledged as security for, and dedicated solely to,
the benefit of the Holders, of (i)&nbsp;an amount in Dollars or in Mexican Pesos, in which such senior
debt securities, together with all interest appertaining thereto, are then specified as payable at
their stated maturity, or (ii)&nbsp;an amount of Government Obligations applicable to such senior debt
securities and the interest appertaining thereto (determined on the basis of the currency in which
such senior debt securities and interest appertaining thereto are then specified as payable at
their stated maturity), which through the scheduled payment of principal and interest in accordance
with their terms will provide money, or (iii)&nbsp;a combination thereof in an amount, in any case,
sufficient, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, 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.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</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;IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.
</DIV>
<P><DIV style="position: relative; float: left; width: 48%">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Attest:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">



&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ricardo Maldonado Ya&#241;ez     &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Secretary of the Board of Directors
of Grupo Televisa S.A.B.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GRUPO TELEVISA, S.A.B.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Joaqu&#237;n Balc&#225;rcel Santa Cruz&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Salvi Folch Viadero&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<BR clear="all"><BR>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Notes of the series designated therein referred to in the within-mentioned
Indenture.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Dated: May 9, 2007&nbsp;</TD>
    <TD colspan="3" align="left">The Bank of New York,<BR>
as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORM OF REVERSE OF REGULATION S NOTE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is one of a duly authorized issue of Notes of the Company designated as its 8.49%
Senior Notes due 2037 (hereinafter called the &#147;<U>Notes</U>&#148;), limited in aggregate principal
amount to Ps.4,500,000,000, issued and to be issued under a Tenth Supplemental Indenture, dated as
of May&nbsp;9, 2007 (hereinafter called the &#147;<U>Tenth Supplemental Indenture</U>&#148;), among the Company,
The Bank of New York, as Trustee, Registrar, Paying Agent, Transfer Agent, and Calculation Agent,
and The Bank of New York (Luxembourg) S.A., as Luxembourg Paying Agent, Transfer Agent and Listing
Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of principal, interest, additional amounts and any other amounts due in respect of the
Notes will be made, except as provided below, in Dollars, in amounts determined by translating the
Mexican Peso amounts into Dollars at the Settlement Rate on the applicable Rate Calculation Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of translating Mexican Peso amounts into Dollars:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Settlement Rate&#148; </I>shall mean the Mexican Peso / U.S. Dollar exchange rate, or the &#147;FIX FX
Rate,&#148; reported by the <I>Banco de M&#233;xico </I>(Bank of Mexico, or &#147;Central Bank&#148;) as the average of quotes
in the wholesale foreign exchange market in Mexico for transactions payable in 48 hours on its
website (which, at the date hereof, is located at <I>http://www.banxico.gob.mx</I>) on the applicable Rate
Calculation Date. In the event that the FIX FX Rate is not so available by 3:00 p.m. (Mexico City
time) on any Rate Calculation Date, then the Settlement Rate for such Rate Calculation Date shall
be determined by taking the arithmetic mean (such mean, the &#147;Alternative Rate&#148;) of the Mexican Peso
/ U.S. Dollar exchange rate for the foreign exchange market in Mexico for transactions payable in
48 hours offered at or about such time on such date by (i)&nbsp;Banco Nacional de M&#233;xico, S.A.,
Instituci&#243;n de Banca M&#250;ltiple, (ii)&nbsp;Banco Inbursa, S.A., Instituci&#243;n de Banca M&#250;ltiple, Grupo
Financiero Inbursa, (iii)&nbsp;Bank of America Global FX, (iv)&nbsp;HSBC M&#233;xico, S.A., Instituci&#243;n de Banca
M&#250;ltiple, Grupo Financiero HSBC and (v)&nbsp;JPMorgan Chase Bank, N.A. (the &#147;Reference Banks&#148;);
<I>provided, however</I>, that if any of the Reference Banks ceases to offer such an exchange rate, that
bank shall be replaced by the Company, for the purpose of determining the Alternative Rate, with
another leading bank or financial institution. In the event that neither the FIX FX Rate nor the
Alternative Rate can be ascertained on a Rate Calculation Date in accordance with the foregoing,
the Company shall determine the Settlement Rate (and method of determining the Settlement Rate) in
respect of such date in its sole and absolute discretion, taking into consideration all available
information that in good faith it deems relevant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Rate Calculation Date&#148; </I>shall mean the second Mexican FX Day immediately preceding an interest
payment date, maturity date or redemption date, as applicable. Notwithstanding the preceding
sentence, if the Rate Calculation Date is not a business day, then the Rate Calculation Date shall
be the immediately preceding Mexican FX day (i.e., prior to such second Mexican FX Day) that is a
business day. &#147;Business day&#148; for purposes of such calculation shall mean each Monday, Tuesday,
Wednesday, Thursday
</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">and Friday that is (i)&nbsp;not a day on which banking institutions in New York City or Mexico City
generally are authorized or obligated by law, regulation or executive order to close and (ii)&nbsp;a day
on which banks and financial institutions in Mexico are open for business with the general public
(it being understood that payments will be made on the Notes only on days other than a Saturday,
Sunday or other day on which banking institutions in London are authorized or obligated by law,
regulation or executive order to close).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Mexican FX Day&#148; </I>shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is (i)
not a day on which banking institutions or foreign exchange markets in Mexico City generally are
authorized or obligated by law, regulation or executive order to close and (ii)&nbsp;a day on which
banking institutions and foreign exchange markets in Mexico City are open for business with the
general public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder of the Notes may elect to receive payment of principal, interest, additional amounts
and any other amounts due in respect of the notes in Mexican Pesos. A Holder who wishes to elect
to receive a particular payment in Mexican Pesos must notify the principal paying agent no later
than the eighth day preceding the applicable payment date (but not earlier than the applicable
record date). Holders who wish to receive payments in Mexican Pesos must deliver a separate notice
of any such election with respect to each payment date. Holders who own beneficial interests in
the Global Note through accounts with Clearstream Banking or Euroclear must arrange to have such
notice given on their behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Amounts</I>. All payments of amounts due in respect of the Notes 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 (&#147;Taxes&#148;) 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 (&#147;<U>Additional Amounts</U>&#148;) 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 Notes, 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:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Taxes which are imposed on, or deducted or withheld from, payments made to the
Holder or beneficial owner of the Notes by reason of the existence of any present or former
connection between the Holder or beneficial owner of the Notes (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)&nbsp;being
or having been a citizen or resident thereof, (y)&nbsp;maintaining or having
</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; margin-left: 4%">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 Notes or the receipt of amounts due in respect thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any estate, inheritance, gift, sales, stamp, transfer or personal property Tax;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Taxes that are imposed on, or withheld or deducted from, payments made to
the Holder or beneficial owner of the Notes 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 Notes to comply with any certification, identification, information, documentation or
other reporting 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 Notes if (x)&nbsp;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)&nbsp;at least 60&nbsp;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 Notes, in writing, that such
Holders or beneficial owners of the Notes will be required to provide such information or
documentation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Taxes imposed on, or withheld or deducted from, payments made to a Holder or
beneficial owner of the Notes at a rate in excess of a 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 a 4.9% rate for purposes of this clause (iv)), but only to the extent that (x)&nbsp;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)&nbsp;at least 60&nbsp;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 Notes, in writing, that such Holders or beneficial owners of the Notes will be
required to provide such information, documentation or other evidence;
</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; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to or on behalf of a Holder of the Notes 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 Notes would have been entitled to
Additional Amounts in respect of such Taxes on presenting such Notes for payment on any
date during such 15-day period; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any combination of (i), (ii), (iii), (iv)&nbsp;or (v)&nbsp;above (the Taxes described in
clauses (i)&nbsp;through (vi), for which no Additional Amounts are payable, are hereinafter
referred to as &#147;<U>Excluded Taxes</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the limitations on the Company&#146;s obligation to pay Additional
Amounts set forth in clauses (iii)&nbsp;and (iv)&nbsp;above shall not apply if (a)&nbsp;the provision of
information, documentation or other evidence described in such clauses (iii)&nbsp;and (iv)&nbsp;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)&nbsp;Rule&nbsp;3.23.8 issued by the <I>Secretaria de Hacienda y Credito P&#250;blico</I>
(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)&nbsp;and (iv)&nbsp;is expressly required by statute, regulation, rule, ruling or administrative
practice in order to apply Rule&nbsp;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)&nbsp;and (iv)&nbsp;shall not
be construed to require that a non-Mexican pension or retirement find 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least 30&nbsp;days prior to each date on which any payment under or with respect to the Notes 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 Notes), the Company will deliver to the relevant Trustee an Officers&#146;
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), interest or any other amount payable under or with respect to any Notes, such mention
shall be deemed to include mention of the payment of Additional
</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">Amounts to the extent that, in such context, Additional Amounts are, were or would be payable
in respect thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Optional Redemption. </I>The Company may redeem any of the Notes (the &#147;Optional Redemption&#148;) in
whole or in part, at any time or from time to time prior to their maturity, upon not less than 30
days&#146; nor more than 60&nbsp;days&#146; prior notice of the date for such redemption (the &#147;Redemption Date&#148;)
mailed by first-class mail to each Holder&#146;s registered address, at a redemption price equal to the
greater of (1)&nbsp;100% of the principal amount of such Notes redeemed and (2)&nbsp;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 (calculated
on the basis of the actual number of days in each such remaining interest period and a 360-day
year) at the M Bono Rate (the &#147;Make-Whole Amount&#148;), plus in each case accrued and unpaid interest
on the principal amount of the Notes to the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;M Bono Rate&#148; 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 M Bono Issue, assuming a price for the Comparable M Bono Issue (expressed as a
percentage of its principal amount) equal to the Comparable M Bono Price for such redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Comparable M Bono Issue&#148; means the Mexican <I>Bonos de Desarrollo del Gobierno Federal con Tasa
de Inter&#233;s Fija </I>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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Independent Investment Banker&#148; means one of the Reference M Bono Dealers appointed by the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Comparable M Bono Price&#148; means, with respect to any redemption date (1)&nbsp;the average of the
Reference M Bono Dealer Quotations for such redemption date, after excluding the highest and lowest
such Reference M Bono Dealer Quotation or (2)&nbsp;if the Company obtains fewer than four such Reference
M Bono Dealer Quotations, the average of all such quotations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reference M Bono Dealer&#148; means (i)&nbsp;Casa de Bolsa Santander S.A., (ii)&nbsp;ING (M&#233;xico) S.A. de
C.V. Casa de Bolsa, (iii)&nbsp;BBVA Bancomer S.A., (iv)&nbsp;Banco Nacional de M&#233;xico, S.A., Instituci&#243;n de
Banca M&#250;ltiple, Grupo Financiero Banamex and (v)&nbsp;HSBC M&#233;xico, S.A., Instituci&#243;n de Banca M&#250;ltiple,
Grupo Financiero HSBC, or their affiliates that are primary Mexican government securities dealers;
provided, however, that if any of the foregoing shall cease to be a primary Mexican government
securities dealer in Mexico City (a &#147;Primary M Bono Dealer&#148;), the Company will substitute therefor
another Primary M Bono Dealer.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2-11<!-- /Folio -->
</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;&#147;Reference M Bono Dealer Quotation&#148; means, with respect to each Reference M Bono Dealer and
any redemption date, the average, as determined by the Company, of the bid and asked prices for the
Comparable M Bono Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Company by such Reference M Bono Dealer at 2:30 pm Mexico City time on the third
business day preceding such redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On and 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 are to be redeemed, the notes to be redeemed shall be selected by the
Trustee by such method as the Trustee shall deem appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem the Notes shall be evidenced by a certificate (a
&#147;Make-Whole Redemption Certificate&#148;) of an officer of the Company, which certificate shall be
delivered to the Trustee. The Company shall, not less than 45&nbsp;days nor more than 60&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of the Optional Redemption shall be given by the Trustee to the holders, in accordance
with the provisions of Section&nbsp;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&nbsp;days nor more than 60&nbsp;days prior to the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of Optional Redemption shall state:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Redemption Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Make-Whole Amount;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the sum of all other amounts due to the holders under the Notes and the Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;that on the Redemption Date the Make-Whole Amount will become due and payable upon each
such Notes so to be redeemed;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2-12<!-- /Folio -->
</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;(v)&nbsp;the place or places, including the offices of our Paying Agent in Luxembourg, where such
Notes so to be redeemed are to be surrendered for payment of the Make-Whole Amount; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;the ISIN number of the Notes.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in the 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)&nbsp;the Make-Whole Amount and (ii)&nbsp;all other amounts due to
the holders and the Trustee under the Notes and the 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 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 Notes on the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Repurchase of Notes upon a Change of Control</I>. The Company must commence, within 30&nbsp;days of
the occurrence of a Change of Control, and consummate an Offer to Purchase for all Notes then
outstanding, at a purchase price equal to 101% of the principal amount of the Notes 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 Notes 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&nbsp;days following any
Change of Control, the Company, covenants to (i)&nbsp;repay in full all indebtedness of the Company that
would prohibit the repurchase of the Notes pursuant to such Offer to Purchase or (ii)&nbsp;obtain any
requisite consents under instruments governing any such indebtedness of the Company to permit the
repurchase of the Notes. The Company shall first comply with the covenant in the preceding
sentence before it shall be required to repurchase Notes pursuant to this covenant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Withholding Tax Redemption</I>. The Notes are subject to redemption (&#147;Withholding Tax
Redemption&#148;) at any time (a &#147;Withholding Tax Redemption Date&#148;),
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2-13<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 &#147;Withholding Tax Redemption Price&#148;) if, as a
result of (i)&nbsp;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)&nbsp;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)&nbsp;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 Taxes that are imposed, deducted or withheld at a rate
of 10% on or from any payments under the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem the Notes shall be evidenced by a certificate (a
&#147;Withholding Tax Redemption Certificate&#148;) of a financial officer of the Company, which certificate
shall be delivered to the Trustee. The Company shall, not less than 35&nbsp;days nor more than 45&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Withholding Tax Redemption shall be given by the Trustee to the holders, in
accordance with the provisions of Section&nbsp;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&nbsp;days nor more than 60&nbsp;days prior to the Withholding Tax Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of Withholding Tax Redemption shall state:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Withholding Tax Redemption Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Withholding Tax Redemption Price;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the sum of all other amounts due to the holders under the Notes and the
Indenture;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2-14<!-- /Folio -->
</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;(iv)&nbsp;that on the Withholding Tax Redemption Date the Withholding Tax Redemption Price
will become due and payable upon each such Note so to be redeemed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;the place or places, including the offices of our Paying Agent in Luxembourg,
where such Notes so to be redeemed are to be surrendered for payment of the Withholding Tax
Redemption Price; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;the ISIN number of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Withholding Tax Redemption having been given as aforesaid, the Notes 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 Notes for redemption in
accordance with such notice, such Notes shall be paid by the Paying Agent on behalf of the Company
on the Withholding Tax Redemption Date; <I>provided </I>that moneys sufficient therefor have been
deposited with the Trustee for the holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in the Indenture or in the Notes, 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)&nbsp;the Withholding Tax Redemption Price and (ii)&nbsp;all other
amounts due to the holders and the Trustee under the Notes and the 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 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 Withholding Tax Redemption Date.
The funds paid to the Trustee shall be used to redeem the Notes on the Withholding Tax Redemption
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE INDENTURE AND THIS NOTE 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.</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2-15<!-- /Folio -->
</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>SCHEDULE A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>SCHEDULE OF EXCHANGES</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exchanges of Notes for Notes represented by this Regulation&nbsp;S Note have been
made:
</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="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left">Principal Amount of</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Change in Principal</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Principal amount of</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left">this Regulation S</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">amount of this</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">this Regulation S</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Notation made by or</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left">Note as of the date</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Regulation S Note</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Note following such</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">on behalf of the</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left">of exchange</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Date exchange made</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">due to exchange</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">exchange</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Trustee</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Ps.</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
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    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2-16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FORM OF TRANSFER CERTIFICATE<BR>
FOR EXCHANGE OR TRANSFER FROM RULE 144A SECURITY<BR>
TO REGULATION S SECURITY PRIOR TO THE EXPIRATION<BR>
OF THE RESTRICTED PERIOD

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York<BR>
101 Barclay Street<BR>
4 East<BR>
New York, New York 10286<BR>
Attention: Corporate Trust Administration

</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="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top">Re:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grupo Televisa, S.A.B.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Ps.4,500,000,000 8.49% Senior Notes due 2037 (the &#147;Notes&#148;)</U></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the Indenture dated as of August&nbsp;8, 2000, between THE BANK OF NEW
YORK (the &#147;<U>Trustee</U>&#148;) and GRUPO TELEVISA, S.A.B. (the &#147;<U>Company</U>&#148;) (as amended or
supplemented through the date hereof, the &#147;<U>Indenture</U>&#148;). Capitalized terms not defined in
this Certificate shall have the meanings given to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Certificate relates to &#95;&#95;&#95;principal amount of Notes represented by a
beneficial interest in the Rule&nbsp;144A Security (ISIN No.&#091;<FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT>&#093;,
common code &#091; &#093;) held with the Depositary by or on behalf of &#091;transferor&#093; as beneficial owner
(the &#147;<U>Transferor</U>&#148;). The Transferor has requested an exchange or transfer of its beneficial
interest for an interest in the Regulation&nbsp;S Security (ISIN
No.&#091;<FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT>&#093;, common code &#091; &#093;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with such request and in respect of such Notes, the Transferor does hereby
certify that such exchange or transfer has been effected in accordance with the transfer
restrictions set forth in the Notes and pursuant to and in accordance with Rule&nbsp;903 or Rule&nbsp;904 (as
applicable) of Regulation&nbsp;S under the Securities Act, and accordingly the Transferor does hereby
certify 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Transferor is not a distributor of the Securities, an affiliate of the
Company or any such distributor or a person acting on behalf of any of the foregoing;</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the offer of the Notes was not made to a person 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>either: (A)&nbsp;at the time the buy order was originated, the transferee was
outside the United States or the Transferor and any person acting on its behalf
reasonably believed that the transferee was outside the United States, or</TD>
</TR>

</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The transaction was executed in, on or
through the</TD>
</TR>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>facilities of a designated offshore securities market and neither
the Transferor nor any person acting on its behalf knows that the
transaction was prearranged with a buyer in the United States;</TD>
</TR>

</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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no directed selling efforts have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation&nbsp;S, as applicable;</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Transferor is a dealer in securities or has received a selling
concession, fee or other remuneration in respect of the Securities covered by this
transfer certificate then the requirements of Rule&nbsp;904(c)(1) have been satisfied;</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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; 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">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon completion of the transaction, the beneficial interest being transferred
as described above is to be held with the Depositary in account &#091; &#093;.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Certificate and the statements contained herein are made for your benefit and the benefit
of the Company and the Initial Purchasers of such Notes being exchanged or transferred. Terms used
in this Certificate and not otherwise defined in the Indenture have the meanings set forth in
Regulation&nbsp;S under the Securities Act.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;Insert Name of Transferor&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: __________________________

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa, S.A.B.

</DIV>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Exhibit&nbsp;C</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FORM OF TRANSFER CERTIFICATE FOR TRANSFER<BR>
OR EXCHANGE FROM RULE 144A SECURITY<BR>
TO REGULATION S SECURITY AFTER THE<BR>
EXPIRATION OF THE RESTRICTED PERIOD

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York<BR>
101 Barclay Street<BR>
New York, New York 10286<BR>
Attention: Corporate Trust Administration

</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="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top">Re:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grupo Televisa, S.A.B.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Ps.4,500,000,000 8.49% Senior Notes due 2037 (the &#147;Notes&#148;)</U></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the Indenture dated as of August&nbsp;8, 2000, between THE BANK OF NEW
YORK (the &#147;<U>Trustee</U>&#148;) and GRUPO TELEVISA, S.A.B. (the &#147;<U>Company</U>&#148;) (as amended or
supplemented through the date hereof, the &#147;<U>Indenture</U>&#148;). Capitalized terms not defined in
this Certificate shall have the meanings given to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Certificate relates to &#95;&#95;&#95;principal amount of Notes represented by a beneficial
interest in the Rule&nbsp;144A Security (ISIN No. &#091;<FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT>&#093;, common code &#091;
&#093;) held with the Depositary by or on behalf of &#091;transferor&#093; as beneficial owner (the
&#147;<U>Transferor</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with such request and in respect of such Notes, the Transferor does hereby
certify that such exchange or transfer has been effected in accordance with the transfer
restrictions set forth in the Notes and that, with respect to transfers made in reliance on
Regulation&nbsp;S under the Securities Act, pursuant to and in accordance with Regulation&nbsp;S under the
Securities Act, and accordingly the Transferor does hereby further certify 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(A)&nbsp;the offer of the Notes was not made to a person in the United States;</TD>
</TR>

</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>either: (1)&nbsp;at the time the buy order was originated, the
transferee was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the
United States, or</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(2)&nbsp;the transaction was executed in, on or through the facilities of a
designated offshore securities market and neither the Transferor nor any
person acting on its behalf knows that the transaction was pre-arranged
with a buyer in the United States;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;no directed selling efforts have been made in contravention of the requirements of
Rule 903(b) or 904(b) of Regulation&nbsp;S, as applicable; and
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; or
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;with respect to transfers made in reliance on Rule&nbsp;144 under the Securities Act, the
Notes are being transferred in a transaction permitted by Rule&nbsp;144 under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Certificate and the statements contained herein are made for your benefit and the benefit
of the Company and the Initial Purchasers of such Notes being exchanged or transferred. Terms used
in this Certificate and not otherwise defined in the Indenture have the meanings set forth in
Regulation&nbsp;S under the Securities Act.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;Insert Name of Transferor&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: __________________________

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa, S.A.B.

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Exhibit&nbsp;D</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FORM OF TRANSFER CERTIFICATE FOR TRANSFER OR<BR>
EXCHANGE FROM REGULATION S SECURITY<BR>
TO RULE 144A SECURITY

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York<BR>
101 Barclay Street<BR>
New York, New York 10286<BR>
Attention: Corporate Trust Administration

</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="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top">Re:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grupo Televisa, S.A.B.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Ps.4,500,000,000 8.49% Senior Notes due 2037 (the &#147;Notes&#148;)</U></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the Indenture dated as of August&nbsp;8, 2000 between THE BANK OF NEW
YORK (the &#147;<U>Trustee</U>&#148;) and GRUPO TELEVISA, S.A.B. (the &#147;<U>Company</U>) (as amended or
supplemented through the date hereof, the &#147;<U>Indenture</U>&#148;). Capitalized terms not defined in
this Certificate shall have the meanings given to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Certificate relates to &#95;&#95;&#95;principal amount of Notes which are
held in the form of a beneficial interest in the Regulation&nbsp;S Security (ISIN No. &#091; &#093;, common
code &#091; &#093;) through the Depositary by or on behalf of transferor as beneficial owner (the
&#147;<U>Transferor</U>&#148;). The Transferor has requested an exchange or transfer of its interest in the
Notes for an interest in the Rule&nbsp;144A Security (ISIN No.&#091;<FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT><FONT style="font-family: Symbol">&#032;</FONT>&#093;,
common code &#091; &#093;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with such request, and in respect of such Notes, the Transferor does hereby
certify that such transfer is being effected in accordance with the transfer restrictions set forth
in the Indenture and pursuant to and in accordance with Rule&nbsp;144A under the United States
Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;) to a transferee that the
Transferor reasonably believes is purchasing the Securities for its own account or an account with
respect to which the transferee exercises sole investment discretion and the transferee and any
such account is a &#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A, in each case in
a transaction meeting the requirements of Rule&nbsp;144A and in accordance with any applicable
securities laws of any state of the United States or any other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Certificate and the statements contained herein are made for your benefit and the benefit
of the Company and the Initial Purchasers of the Notes being transferred.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;Insert Name of Transferor&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: __________________________

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cc: Grupo Televisa, S.A.B.

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Exhibit&nbsp;E </U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP

</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="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top">Re:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grupo Televisa, S.A.B.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>Ps.4,500,000,000 8.49% Senior Notes due 2037 (the &#147;Notes&#148;)</U></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the Indenture dated as of August&nbsp;8, 2000 between THE BANK OF NEW
YORK (the &#147;<U>Trustee</U>&#148;) and GRUPO TELEVISA, S.A.B. (the &#147;<U>Company</U>&#148;) (as supplemented by
the First Supplemental Indenture, dated August&nbsp;8, 2000, between the Company, the Trustee and Banque
Internationale &#224; Luxembourg, Soci&#233;t&#233; Anonyme, the &#147;<U>Indenture</U>&#148;). Capitalized terms not
defined in this Certificate shall have the meanings given to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to certify that as of the date hereof and except as set forth below, the
above-captioned Notes held by you for our account are beneficially owned by (a)&nbsp;non-U.S. person(s)
or (b)&nbsp;U.S. person(s) who purchased the Notes in transactions which did not require registration
under the Securities Act of 1933, as amended (the &#147;<U>Act</U>&#148;). As used in this paragraph, the
term &#147;U.S. person&#148; has the meaning given to it by Regulation&nbsp;S under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, &#147;United States&#148; means the United States of America (including the States and
the District of Columbia); and its &#147;possessions&#148; included Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We undertake to advise you promptly by tested telex or by electronic transmission on or prior
to the date on which you intend to submit your certification relating to the Notes held by you for
our account in accordance with your operating procedures if any applicable statement herein is not
correct on such date, and in the absence of any such notification it may be assumed that this
certification applies as of such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certification excepts and does not relate to Ps.&#95;&#95;&#95;of such interest
in the above Notes in respect of which we are not able to certify and as to which we understand
exchange and delivery of definitive Notes (or, if relevant, exercise of any rights or collection of
any interest) cannot be made until we do so certify.
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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;We understand that this certification is required in connection with certain securities laws
of the United States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or would be relevant, we
irrevocably authorize you to produce this certification to any interested party in such
proceedings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: __________________________<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By: __________________________

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As, or as agent for, the beneficial owner(s) of the &#091;Notes&#093; to which this certificate relates.
</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"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Not earlier than 15&nbsp;days prior to the certification event to which the certification relates.</TD>
</TR>

</TABLE>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Exhibit&nbsp;F </U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FORM OF REGISTRATION RIGHTS AGREEMENT

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Registration Rights Agreement</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated as of May&nbsp;9, 2007</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>among</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Grupo Televisa, S.A.B.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Goldman, Sachs &#038; Co.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>HSBC Securities (USA)&nbsp;Inc.</B>

</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>y35935exv8w1.htm
<DESCRIPTION>EX-8.1: LIST OF SUBSIDIARIES
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-8.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;8.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.B.<BR>
Subsidiaries, Consolidated Variable Interest Entities, Joint Ventures and Associates<BR>
as of December&nbsp;31, 2006</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Country of Incorporation</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">Campus Am&#233;rica, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television Holdings de Centroam&#233;rica, S.A. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Nicaragua</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Linking Media, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Univision Communications, Inc. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><FONT style="white-space: nowrap">United States of America</FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Pay-TV Venture, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">TuTv, LLC (2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporativo Vasco de Quiroga, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Audiomaster 3000, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable TV Internacional, S.A. de C.V. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Television Internacional, S.A. de C.V. and subdidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Controladora Vuela Compa&#241;&#237;a de Aviaci&#243;n, S.A. de C.V. and subsidiaries (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporatel, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dibujos Animados Mexicanos Diamex, S.A. (*) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Clio Libros y Videos, S.A. de C.V. and subsidiary (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">En Vivo Espect&#225;culos, S. de R.L. de C.V. (1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Eventicket, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">F&#250;tbol del Distrito Federal, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Grupo Comunicaci&#243;n y Esfuerzo Comercial, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impulsora del Deportivo Necaxa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Marcas y Desarrollos, S.A. de C.V. (1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">M&#225;s Fondos, S.A. de C.V. Sociedad Distribuidora de Acciones de Sociedades de Inversi&#243;n (*) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Operadora Dos Mil, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Productora Contadero, S.A. de C.V. (1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Promarca y C&#237;a., S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Promo-Certamen, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Quiroga TV, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">TV Santa F&#233;, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">San Angel TV, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tarabu, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa EMI Music, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CVQ Espect&#225;culos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Club de F&#250;tbol Am&#233;rica, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real San Luis F.C., S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Teatro de los Insurgentes, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa en Vivo, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Videocine, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Coyoac&#225;n Films, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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">DTH Europa, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spain</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editora Factum, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">BouncyNet, Inc. and subsidiary (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Desarrollo Vista Hermosa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Digital TV, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Empresas Cablevisi&#243;n, S.A.B. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Milar, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Argos Comunicaci&#243;n, S.A. de C.V. (*) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cablestar, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cablevisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Tercera Mirada, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Grupo Mexicano de Cable, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Country of Incorporation</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Integravisi&#243;n de Occidente, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">La Casa de la Risa, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Servicios Cablevisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Tecnicable, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Telestar del Pac&#237;fico, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Galavisi&#243;n DTH, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">DTH M&#233;xico, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mednet, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Metros C&#250;bicos, S.A. de C.V. (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Queplan, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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">Editorial Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Motorpress Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Argentina, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Argentina</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Chile, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chile</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Colombia, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Colombia</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Colombia Cultural, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Colombia</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Editorial C&#038;P Limitada </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Colombia</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Colombia Recreativa, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Colombia</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa International, S.A. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">ET Publishing International, Inc. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Hispanic Publishing Associates, LLC. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><FONT style="white-space: nowrap">United States of America</FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Per&#250;, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Peru</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Puerto Rico, Inc. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Puerto Rico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editorial Televisa Venezuela, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Venezuela</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vanipubli Ecuatoriana, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Ecuador</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">VeneTel Servicios Publicitarios, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Venezuela</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publicaciones Aquario, S. de R.L. de C.V. ( formerly, Zoom Media Mexicana, S. de R.L. de C.V. )</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">En Vivo U.S. Holding, LLC </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">En Vivo U.S. Holding Company </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Esmas Holding, LLC (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Esmas I, LLC(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Factum M&#225;s, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky DTH, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Innova
Holdings, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Innova, S. de R.L. de C.V. (2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Corporaci&#243;n Novaimagen, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Corporaci&#243;n Novavisi&#243;n, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Corporaci&#243;n de Radio y Televisi&#243;n del Norte de M&#233;xico, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Nova Call-Center, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Servicios Corporativos de Telefon&#237;a, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Servicios Novasat, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Comercio M&#225;s, S.A. de C.V. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporaci&#243;n M&#225;s, S.A. de C.V. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gestora de Inversiones Audiovisuales La Sexta, S.A.U. and subsidiary (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spain</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">Grupo Distribuidoras Intermex, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora Bolivariana, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Peru</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora de Revistas Bertr&#225;n, S.A.C</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Argentina</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Intercontinental Media, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Argentina</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora Panamex, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Panama</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora Intermex, S.A. de C.V.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidora Alfa, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chile</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Easa Colombiana, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Colombia</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Country of Incorporation</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Editorial Momento, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Colombia</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribuidoras Unidas, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Colombia</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gonarmex, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Grupo Am&#233;rica, S.A.(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Panama</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Samra, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Ecuador</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Distribuidora Los Andes, S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Ecuador</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Saral Publications, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paxia, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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">Promo-Industrias Metropolitanas, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telestar de Occidente, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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">Sistema Radi&#243;polis, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cadena Radiodifusora Mexicana, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Radio Melod&#237;a, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Radio Tapat&#237;a, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">X.E.Z.Z., S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Servicios XEZZ, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio Comerciales, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radiotelevisora de Mexicali, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Servicios Radi&#243;polis, S.A. de C.V. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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" style="background: #cceeff">

<TD><DIV style="margin-left:15px; text-indent:-15px">Telepar&#225;bolas, S.L.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spain</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">Telesistema Mexicano, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Altavista Sur Inmobiliaria, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dimar, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Estudio Sevilla 613, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">G. Televisa-D, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Imagen y Talento Internacional, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inmobiliaria Amber, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inmobiliaria R&#237;o de la Loza, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Morning Glory Productions, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisa Internacional, LLC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><FONT style="white-space: nowrap">United States of America</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multimedios Santa Fe, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Producciones Nacionales Televisa, S.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Proyectos Especiales Televisa, S.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Recursos
Corporativos Alameda, S.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pico Tres Padres, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publicidad Virtual, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Publicidade Virtual Latinoam&#233;rica, LTDA .</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Brazil</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sattora, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tarrague, A.G</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Switzerland</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Teleinmobiliaria, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tele Tips Digital, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Endemol M&#233;xico, S.A. de C.V. (*) .</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Espacio de Vinculaci&#243;n, A. C. </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa International Marketing Group, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Mexico, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Switzerland</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Televisa Entretenimiento, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Ocesa Entretenimiento, S.A. de C.V. and subsidiaries (*)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Videoserpel, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Switzerland</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Programming, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Terma, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Visat, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Company</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Country of Incorporation</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Argentina, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Argentina</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Juegos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Apuestas Internacionales, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Magical Entertainment, S. de R.L. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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">Televisi&#243;n Independiente de M&#233;xico, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bay City Television, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><FONT style="white-space: nowrap">United States of America</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cadena de las Am&#233;ricas, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cadena Televisora del Norte, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canal 23 de Ensenada, S.A. de C.V.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canal XXI, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canales de Televisi&#243;n Populares, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compa&#241;&#237;a Televisora de Le&#243;n Guanajuato, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Desarrollo Milaz, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ECO Producciones, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Editora San Angel, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Empresas Baluarte, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Grupo Administrativo Tijuana, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radio Televisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Radiotelevisora de M&#233;xico Norte, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">T.V. Conceptos, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">T.V. de los Mochis, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">T.V. del Humaya, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telehermosillo, S.A. de C.V.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telemercado Alameda, S. de R.L. de C.V. (*) (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televimex, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Corporaci&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Producciones, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa Talento, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisi&#243;n de Puebla, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisi&#243;n del Golfo, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisora de Calimex, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisora de Mexicali, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisora de Navojoa, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisora de Occidente, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisora del Golfo, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisora del Yaqui, S.A. de C.V. (*) .</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisora Peninsular, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transmisiones Nacionales de Televisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">XHCC-TV Televisi&#243;n, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</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">( * ) </TD>
    <TD>&nbsp;</TD>
    <TD>Joint Venture or Associate. Under International Accounting Standard No.&nbsp;28, paragraph 2, an &#147;associate&#148; is an entity,
including an incorporated entity such as a partnership, over which the investor has significant influence and that
is neither a subsidiary nor an interest in a joint venture.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">( 1 ) </TD>
    <TD>&nbsp;</TD>
    <TD>No current operations.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">( 2 ) </TD>
    <TD>&nbsp;</TD>
    <TD>Consolidated Variable Interest Entity. The Company and / or any of its subsidiaries is deemed the primary beneficiary
of the variable interest entity</TD>
</TR>

</TABLE>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>5
<FILENAME>y35935exv12w1.htm
<DESCRIPTION>EX-12.1: CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-12.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;12.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER<BR>
Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Emilio Azc&#225;rraga Jean, certify 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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.B.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the company and have:</TD>
</TR>

</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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;</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">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evaluated the effectiveness of the company&#146;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</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">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosed in this report any change in the company&#146;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&#146;s internal control
over financial reporting; and</TD>
</TR>

</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="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the company&#146;s auditors and the
audit committee of the company&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&#146;s ability to record, process, summarize and report financial information; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any fraud, whether or not material, that involves management or other employees who
have a significant role in the company&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated
this 26<SUP style="font-size: 85%; vertical-align: text-top">th </SUP>day of June, 2007
</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Emilio Azc&#225;rraga Jean
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Emilio Azc&#225;rraga Jean
<FONT style="white-space: nowrap">Title: Chairman of the Board, President and Chief Executive Officer</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>6
<FILENAME>y35935exv12w2.htm
<DESCRIPTION>EX-12.2: CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-12.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;12.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER<BR>
Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Salvi Rafael Folch Viadero, certify 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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.B.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company&#146;s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the company and have:</TD>
</TR>

</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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Designed such internal controls over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;</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">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evaluated the effectiveness of the company&#146;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</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">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosed in this report any change in the company&#146;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&#146;s internal control
over financial reporting; and</TD>
</TR>

</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="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the company&#146;s auditors and the
audit committee of the company&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&#146;s ability to record, process, summarize and report financial information; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated
this 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of June, 2007
</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvi Rafael Folch Viadero
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Salvi Rafael Folch Viadero
</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">Title: Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>7
<FILENAME>y35935exv13w1.htm
<DESCRIPTION>EX-13.1: CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-13.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;13.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.B.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Emilio Azc&#225;rraga Jean, Chairman of the Board, President and Chief Executive Officer of Grupo
Televisa, S.A.B. (the &#147;Company&#148;), hereby certify, pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002, that, to the best of my knowledge:
</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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2006, to
which this statement is filed as an exhibit (the &#147;Report&#148;), fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD>
</TR>

</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="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date:
June&nbsp;26, 2007
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">      /s/ Emilio Azc&#225;rraga Jean
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Emilio Azc&#225;rraga Jean&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chairman of the Board, President and Chief<BR>
Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>8
<FILENAME>y35935exv13w2.htm
<DESCRIPTION>EX-13.2: CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-13.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;13.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.B.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Salvi Rafael Folch Viadero, the Chief Financial Officer of Grupo Televisa, S.A.B. (the
&#147;Company&#148;), hereby certify, pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that, to the
best of my knowledge:
</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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2006, to
which this statement is filed as an exhibit (the &#147;Report&#148;), fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD>
</TR>

</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="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date:
June&nbsp;26, 2007
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">  /s/ Salvi Rafael Folch Viadero
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Salvi Rafael Folch Viadero&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>9
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
