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<SEC-DOCUMENT>0001362310-08-003383.txt : 20080625
<SEC-HEADER>0001362310-08-003383.hdr.sgml : 20080625
<ACCEPTANCE-DATETIME>20080625154608
ACCESSION NUMBER:		0001362310-08-003383
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080625
DATE AS OF CHANGE:		20080625

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:		08916710

	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>c73656e20vf.htm
<DESCRIPTION>FORM 20-F
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</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; margin-left: .25in; width: 7.20in">

<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: 10pt"><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: 10pt"><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: 10pt">
    <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: 10pt"><B>OR</B></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <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, 2007</B></TD>
</TR>
</TABLE>
</DIV>


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

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <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: 10pt"><B>OR</B></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <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: 10pt; 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: 10pt; margin-left: 12%"><B><B>FOR THE TRANSITION PERIOD FROM <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> TO </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: 10pt"><B>COMMISSION FILE NUMBER 1-12610</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 10pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><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: 10pt"><B>N/A</B><BR>
(Translation of Registrant&#146;s name into English)</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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: 10pt"><DIV align="center"><DIV style="font-size: 10pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">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>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title of each class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name of each exchange on which registered</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">A Shares, without par value (&#147;AShares&#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
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York Stock Exchange</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">five Ordinary Participation Certificates <I>(Certificados de</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Participaci&#243;n Ordinarios) </I>(&#147;CPOs&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">CPOs, each representing twenty-five A Shares, twenty-two</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">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: 10pt">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: 10pt">None.</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of<BR>
December&nbsp;31, 2007 was:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>112,113,216,990</U> A Shares<BR>
<U>52,093,870,399 </U>B Shares<BR>
<U>82,876,553,776</U> L Shares<BR>
<U>82,876,553,776</U> D Shares</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark which basis of accounting the registrant has used to prepare the financial
statements included in this filing:
</DIV>
<DIV align="center" style="font-size: 10pt">U.S. GAAP
<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
International Financial Reporting Standards as
issued&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other <FONT face="Wingdings">&#254;</FONT></DIV>


<DIV align="center" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
by the International Accounting Standards Board
<FONT face="Wingdings">&#111;</FONT></DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark 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="justify" style="font-size: 10pt; margin-top: 10pt">If this is an annual report, indicate by check mark whether the registrant is a shell company (as
defined in Rule&nbsp;12b-2 of the Exchange Act). Yes
<FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>

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



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

<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; margin-left: .25in; width: 7.20in">

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">

    <TD colspan="5" align="center"><A href="#101"><B>PART 1</B><BR></A></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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" style="padding-top: 1px">
    <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" style="padding-top: 1px">
    <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" style="padding-top: 1px">
    <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" style="padding-top: 1px">
    <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">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="5" align="center"><A href="#137"><B>PART II</B><BR></A></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="5" align="center"><A href="#146"><B>PART III</B><BR></A></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
<!-- 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><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73656exv1w1.htm">Exhibit 1.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73656exv2w11.htm">Exhibit 2.11</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73656exv4w16.htm">Exhibit 4.16</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73656exv4w17.htm">Exhibit 4.17</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73656exv8w1.htm">Exhibit 8.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73656exv12w1.htm">Exhibit 12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73656exv12w2.htm">Exhibit 12.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73656exv13w1.htm">Exhibit 13.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c73656exv13w2.htm">Exhibit 13.2</A></FONT></TD></TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We publish our financial statements in accordance with Mexican Financial Reporting Standards
(<I>Normas de Informaci&#243;n Financiera</I>), or Mexican FRS, 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">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Unless otherwise indicated, (i)&nbsp;information included in this annual report is as of December
31, 2007 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: 10pt"><B>Part I</B>
</DIV>

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

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



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

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



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="104"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2003, 2004, 2005, 2006 and 2007 has been derived from our audited
year-end financial statements, including the consolidated balance sheets as of December&nbsp;31, 2006
and 2007, and the related consolidated statements of income, of changes in stockholders&#146; equity and
of changes in financial position for the years ended December&nbsp;31, 2005, 2006 and 2007 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, 2007. The data should also be
read together with &#147;Operating and Financial Review and Prospects&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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., or
Banamex, as of December&nbsp;31, 2007, which was Ps.10.9222 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our year-end financial statements have been prepared in accordance with Mexican FRS, which
became effective on January&nbsp;1, 2006 and which differ in some significant respects from U.S. GAAP.
Prior to 2006, Mexican generally accepted accounting principles, or Mexican GAAP, were followed.
The adoption of Mexican FRS did not have a significant effect on our consolidated financial
statements. Note 23 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, 2007, 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, 2005, 2006 and 2007 stockholders&#146; equity at
December&nbsp;31, 2006 and 2007. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Effective April&nbsp;1, 2004, we began consolidating Sky, in accordance with the Financial
Accounting Standards Board Interpretation No.&nbsp;46(R), &#147;Consolidation of Variable Interest Entities&#148;,
or FIN 46(R), which is applicable under Mexican FRS NIF A-8, &#147;Supplementary Financial Reporting
Standards.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2007.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <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>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 0px solid #000000"><B>(Millions of Pesos in purchasing power as of December 31, 2007 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>(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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">27,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">35,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">39,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">41,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">3,805</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">826</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(76</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,139</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(546</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">740</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from continuing operations per
CPO(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.84</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income per CPO(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted-average number of shares
outstanding (in millions)(3)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,206</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">333,653</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividend per CPO(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</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">1.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares outstanding (in millions, at year
end)(4)</DIV></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">329,960</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)</B>(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">27,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">35,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">39,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">41,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">3,805</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,311</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">754</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">754</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income from continuing operations per
CPO(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.44</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">2.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income per CPO(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.44</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">2.86</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted-average number of Shares
outstanding (in millions)(3)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,206</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">333,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares outstanding (in millions, at year
end)(4)</DIV></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">329,960</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; padding-top: 1px">
    <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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">14,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">18,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">16,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">27,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of long-term debt and
other notes payable(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt, net of current portion(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,237</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital stock issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">32,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,722</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)</B>(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <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="padding-top: 1px">
    <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">11,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">2,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,504</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current portion of long-term debt and
other notes payable(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt, net of current portion(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,237</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">28,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,349</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(U.S. GAAP)</B>(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used for financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,110</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(703</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,412</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,621</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used for investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,550</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(673</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,392</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,216</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(294</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average prime time audience share (TV
broadcasting)(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">68.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">68.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.0</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average prime time rating (TV
broadcasting)(9)</DIV></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">33.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Magazine circulation (millions of
copies)(10)</DIV></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">165</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; padding-top: 1px">
    <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">12,300</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">17,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of Innova subscribers (in
thousands at year end)(11)</DIV></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">1,585</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of Cablevisi&#243;n RGUs (in thousands
at year end)(12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">583</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">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of Esmas.com registered users (in
thousands at year end)(13)</DIV></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">4,500</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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Notes to Selected Consolidated Financial Information:</B>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Except per Certificado de Participaci&#243;n Ordinario, or CPO, ratio,
average audience share, average rating, magazine circulation,
employee, subscriber, Revenue Generating Units, or RGUs, and registered user data. Information in these
footnotes is in thousands of Pesos in purchasing power as of
December&nbsp;31, 2007, unless otherwise indicated.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes interest expense, interest income, foreign exchange gain or
loss, net, and gain or loss from monetary position. See Note 18 to
our year-end financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 20 (for the calculation under
Mexican FRS) and Note 23 (for the calculation under U.S. GAAP) to our
year-end financial statements.</DIV></TD>
</TR>
</TABLE>

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

<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; margin-left: .25in; width: 7.20in">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of December&nbsp;31, 2004, 2005, 2006 and 2007, 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 the year
ended December&nbsp;31, 2003, and the number of shares outstanding as of
December&nbsp;31, 2003, have been adjusted to conform to the 2004, 2005,
2006 and 2007 presentation. 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 GDSs, each GDS representing 5
CPOs. Before March&nbsp;22, 2006, each GDS represented 20 CPOs.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of December&nbsp;31, 2007, for legal purposes, there were approximately
2,461.2&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 58,926.6&nbsp;million A Shares
and 2,357.2&nbsp;million B Shares (not in the form of CPO units). See
Note 12 to our year-end financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See Note 23 to our year-end financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See Note 8 to our year-end financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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, 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
expenditures in Mexican Pesos does not indicate the actual amounts
accounted for in our consolidated financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#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 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 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;.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Innova, S. de R.L. de C.V.,
or Innova, our direct-to-home, or DTH, satellite service in Mexico,
referred to alternatively as Sky 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 and Central America&#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, Net&#148;. Since April&nbsp;1, 2004, Innova has been
consolidated in our financial results.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">RGU is defined as an individual service
subscriber who generates recurring revenue under each service
provided by Empresas Cablevisi&#243;n, S.A.B. de C.V., or Cablevisi&#243;n
(pay-TV, broadband internet and digital telephony). For example, a
single subscriber paying for cable television, broadband internet and
digital telephony services represents three RGUs. We believe it is
appropriate to use the number of RGUs as a performance measure for
Cablevisi&#243;n given that this business provides other services in
addition to pay-TV. See &#147;Operating and Financial Review and Prospects
&#151; Results of Operations &#151; Cable and Telecom&#148; and &#147;Information on the
Company &#151; Business Overview &#151; Cable and Telecom&#148;.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 Esmas.com, see &#147;Information on the
Company &#151; Business Overview &#151; Other Businesses &#151; Televisa Digital&#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.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="106"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;. The amounts in
this section are presented in nominal historical figures and therefore have not been restated in
constant currency units due to a change in Mexican FRS whereby beginning January&nbsp;1, 2008 we are no
longer required to recognize the effects of inflation on our results. 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.550.0&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.3,850.0&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&nbsp;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&#146; 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. On April&nbsp;30, 2008, at a
general stockholders&#146; meeting, our stockholders approved a cash distribution to stockholders for up
to Ps.2,276.3&nbsp;million, which includes the payment of an extraordinary dividend of Ps.0.40 per CPO,
which is in addition to our ordinary dividend of Ps.0.35 per CPO, for a total dividend of Ps.0.75
per CPO, equivalent to Ps.0.00641025641 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 to some of our outstanding indebtedness
contain covenants that restrict, among other things, the payment of
dividends, under certain
conditions.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="107"></A>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Exchange Rate Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2003, the Peso declined in value against the U.S. Dollar and
appreciated in 2004, 2005, 2006 and 2007. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Average(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Period End</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">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.2420</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.6350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.2897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.1540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.6275</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.2692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.6670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9169</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.6730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7263</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.6300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.6300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.6005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.5244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.5322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.5701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.3055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.3390</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June
(through June 24)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.2735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.3352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.2925</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Annual average rates reflect the average of the daily exchange rate
during the relevant period.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 Form 20-F.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On
June&nbsp;24, 2008, the noon buying rate was 10.2925 per U.S.$1.00.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="108"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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: 10pt"><B>Risk Factors Related to Mexico</B>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Mexico Has Experienced Adverse Economic Conditions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexico has historically experienced uneven periods of economic growth. Mexican gross domestic
product, or GDP, increased 3.1%, 4.9% and 3.2% in 2005, 2006 and 2007, respectively. Inflation in
2005, 2006 and 2007 was 3.3%, 4.1% and 3.8%, 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 2007; however, according to Mexican government
estimates, Mexican GDP is expected to grow by approximately 2.6% to 2.7%, while inflation is
expected to be less than 4.0%, in 2008. We cannot assure you that these estimates will prove to be
accurate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">demand for advertising may decrease both because consumers may reduce expenditures for
our advertisers&#146; products and because advertisers may reduce advertising expenditures; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">demand for publications, cable television, DTH satellite services, pay-per-view
programming, telecommunication services and other services and products may decrease because
consumers may find it difficult to pay for these services and products.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our operations, including the demand for our products or services, and the price of our
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A significant 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 14&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="justify" style="font-size: 10pt; margin-top: 10pt"><B>High Inflation Rates in Mexico May Decrease Demand for Our Services While Increasing Our Costs</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 3.3% for 2005, 4.1% for 2006 and 3.8% in 2007. 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: 10pt">
<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><DIV style="text-align: justify">inflation can adversely affect consumer purchasing power, thereby adversely affecting
consumer and advertiser demand for our services and products; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">to the extent inflation exceeds our price increases, our prices and revenues will be
adversely affected in &#147;real&#148; terms.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 9.2%, 7.2% and 7.2%
for 2005, 2006 and 2007, 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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Political Events in Mexico Could Affect Mexican Economic Policy and Our Business, Financial
Condition and Results of Operations</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican Congress is not controlled by any specific political party. Therefore, Felipe
Calder&#243;n Hinojosa and his party, the <I>Partido Acci&#243;n Nacional</I>, or the National Action Party, have
faced opposition in Congress during the first year and a half of Felipe Calder&#243;n&#146;s term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Changes in laws, public policies and government programs may occur in the future. Such changes
may 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">National politicians are currently focused on crucial reforms regarding labor and energy laws
which have not been and may not be approved. The effects on the social and political situation in
Mexico could adversely affect the Mexican economy, including the stability of its currency, which
in turn could have a material adverse effect on our business, financial condition and results of
operations, as well as market conditions and prices for our securities.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.
See &#147;Information on the Company &#151; Business Overview &#151; Investments &#151; Alvafig&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, the Federal Antitrust Law and related regulations or conditions imposed by the
Comisi&#243;n Federal de Competencia, or Mexican Antitrust Commission, may adversely affect our ability
to determine the rates we charge for our services and products or the manner in which we provide
our products or services. Approval of the Mexican Antitrust Commission, is required for us to
acquire certain businesses or enter into certain joint ventures. There can be no assurance that in
the future the Mexican Antitrust Commission will authorize certain acquisitions or joint ventures
related to our complementary businesses, the denial of which may adversely affect our business
strategy, financial condition and results of operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 former 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 spectrum covered by
a current concession without having to participate in a public bid therefor 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 Secretar&#237;a de
Comunicaciones y Transportes, or SCT, a certification of compliance with their obligations under
the concession. As a result of the Supreme Court&#146;s ruling, once the transition to digital
television and digital radio broadcasting is completed, if we want to provide additional
telecommunications services within the same spectrum granted for digital television or digital
radio broadcasting, respectively, we will have to follow the provisions of Article&nbsp;24 of the <I>Ley
Federal de Telecomunicaciones </I>to obtain the concession therefor. Also, there is uncertainty as to
how radio and television concessions will be renewed in the future, since the Supreme Court ruling
has resulted in requiring the renewal of the concessions to be subject to a public bid process,
with a right of preference over other participating bidders given to the incumbent concessionnaire.
Additionally, some members of the Mexican Congress have expressed their intent to propose a new <I>Ley
Federal de Radio y Televisi&#243;n</I>, which could affect, among other things, the framework for granting
or renewing concessions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2007, the Mexican Federal Congress published an amendment to the Political Constitution of
the United Mexican States, or Mexican Constitution, pursuant to which, among other things, the
Federal Electoral Institute (Instituto Federal Electoral, or IFE) has, during certain periods, the
exclusive right to manage and use the Official Television Broadcast Time and the Official Radio
Broadcast Time (jointly referred to in this annual report as Official Broadcast Time). For a
description of Official Television Broadcast Time and Official Radio Broadcast Time, see
&#147;Information on the Company &#151; Business Overview &#151; Business Strategy &#151; Maintaining our Leading
Position in the Mexican Television Market &#151; Advertising Sales Plan&#148; and &#147;Information on the Company
&#151; Business Overview &#151; Other Businesses &#151; Radio Advertising&#148;. The IFE has the exclusive right to use
the Official Broadcast Time for its own purposes and for the use of political parties in Mexico (as
provided in the Mexican Constitution) for self promotion and, when applicable, to promote their
electoral campaigns during election day, pre-campaign and campaign periods (referred to in this
annual report as the Constitutional Amendment).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The IFE and the political parties must comply with certain requirements included in the
Constitutional Amendment for the use of Official Broadcast Time. During federal electoral periods,
the IFE will be granted, per the Constitutional Amendment, 48 minutes per day in each radio station
and television channel, to be used during pre-campaign periods in two and up to three minutes per
broadcast hour in each radio station and television channel, of which all the political parties
will be jointly entitled, to use one minute per broadcast hour. During campaign periods, at least
85% of the 48 minutes per day, shall be allocated among the political parties, and the remaining
15% may be used by the IFE for its own purposes. During non-electoral periods, the IFE will be
assigned with up to 12% of the Official Broadcast Time, half of which shall be allocated among the
political parties. In the event that local elections are held simultaneously with federal
elections, the broadcast time granted to the IFE shall be used for the federal and the local
elections. During any other local electoral periods, the allocation of broadcast time will be made
pursuant to the criteria established by the Constitutional Amendment and as such criteria is
reflected in applicable law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition to the foregoing, pursuant to the Constitutional Amendment political parties are
forbidden to purchase or acquire advertising time directly or through third parties, from radio or
television stations; likewise, third parties shall not acquire advertising time from radio or
television stations for the broadcasting of advertisements which may influence the electoral
preferences of Mexican citizens, nor in favor or against political parties or candidates to offices
elected by popular vote.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe we have been operating our business in compliance with the provisions of the
Constitutional Amendment; however, we have filed legal actions contesting certain provisions of
such Constitutional Amendment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We cannot predict what impact the Constitutional Amendment will have upon our radio and
television businesses at this time, nor can we predict the outcome of the legal actions brought by
the Company against such Constitutional Amendment. A decrease in paid advertising of the nature
described above could lead to a decrease in our television or radio revenues.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Differences Between Mexican FRS and U.S. GAAP May Have an Impact on the Presentation of Our
Financial Information</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. 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 23 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 in our interim financial
results.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have four classes of common stock: A Shares, B Shares, D Shares, and L Shares. As of
May&nbsp;31, 2008, approximately 45.48% of the outstanding A Shares, 2.71% of the outstanding B Shares,
2.83% of the outstanding D Shares and 2.83% of the outstanding L Shares of our company are held
through a trust, or the Stockholder 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 Party Transactions &#151; The Major Stockholders&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Mexican law, we need concessions from the 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
and our DTH concessions expire in 2020 and 2026. The expiration dates for the concessions for our
telephone services range from 2018 to 2026. 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; however, in connection with our
television and radio concessions, there is uncertainty as to how radio and television concessions
will be renewed in the future, since the Supreme Court ruling has resulted in requiring the renewal
of the concessions to be subject to a public bid process, with a right of preference over other
participating bidders given to the incumbent concessionnaire. See &#147; &#151; Risk Factors Related to
Mexico &#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="justify" style="font-size: 10pt; margin-top: 10pt"><B>We Face Competition in Each of Our Markets That We Expect Will Intensify</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 Communications, Inc., or 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 Venevisi&#243;n, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The telecommunications industry in Mexico is becoming highly competitive, and we face
significant competition. Cable operators, who were already authorized to provide bidirectional 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 VoIP services, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On October&nbsp;2, 2006, the Mexican 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 may be
allowed to provide internet and telephone services if certain requirements and conditions are met.
In addition, telephone operators, such as Tel&#233;fonos de M&#233;xico, S.A.B. de C.V. or Telmex, may be
allowed to provide cable television services if certain requirements and conditions are met. We
believe that we may face significant competition from new entrants providing telephony services or
cable television services, including cable television providers and telephone operators. See
&#147;Information on the Company &#151; Business Overview &#151; Cable and Telecom&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2006, the Mexican Federal Power Commission, or CFE (<I>Comisi&#243;n Federal de
Electricidad</I>), 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 to cable operators 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 21,000 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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our future success will be affected by these changes, which we cannot predict. Consolidation
in the entertainment, telecommunications and broadcast industries could further intensify
competitive pressures. As the pay television, or pay-TV, market in Mexico matures, we expect to
face competition from an increasing number of sources, including emerging technologies that provide
new services to pay-TV customers and require us to make significant capital expenditures in new
technologies and exclusive content. Developments may limit our access to new distribution channels
and exclusive content, 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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 television broadcasting advertising net sales in the fourth quarter in connection
with the holiday shopping season. For example, in 2005, 2006 and 2007 we recognized 31.5%, 29.4%
and 31.9% respectively, of our net sales in the fourth quarter of the year. Accordingly, a
significant reduction in fourth quarter advertising revenue could adversely affect our business,
financial condition and results of operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Current Litigation We Are Engaged In With Univision May Affect Our Relationship With Univision</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2005, Televisa, S.A. de C.V., or Televisa, a subsidiary of the Company, filed a
complaint (which was subsequently amended) in the U.S. District Court for the Central District of
California, or the Court, alleging that Univision breached the Program License Agreement, or PLA,
as amended, among Televisa Internacional, S.A. de C.V. and Univision, as well as the December&nbsp;19,
2001 letter agreement between Televisa and Univision relating to soccer broadcast rights, or the
Soccer Agreement, among other claims (the &#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 telenovelas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 (&#147;Univision Internet Counterclaim&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2006 and 2007, in connection with the Company&#146;s complaint in the District Court Action,
Univision made payments to the Company under protest of the disputed royalties and of other license
fees that Univision alleges have been overcharged and is seeking recovery of these amounts via its
counterclaims. The Company has recognized these payments made by Univision as customer deposits and
advances in its consolidated balance sheets (see Note 16 to our year-end financial statements).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">After a continuance motion, in June&nbsp;2007, the Court, among other things, reset the trial date
of the District Court Action for January&nbsp;18, 2008. After an additional continuance motion, in
October&nbsp;2007, the Court reset the trial date in the District Court Action for March&nbsp;18, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2007, Univision filed a motion for summary judgment whereby it sought a judgment
from the Court that Televisa&#146;s claimed breaches of the PLA between Univision and Televisa were not
material, and, therefore the PLA was not subject to termination by Televisa. On December&nbsp;21, 2007,
the Court issued an order denying Univision&#146;s motion for summary judgment.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On January&nbsp;11, 2008, Univision filed a motion to continue the trial date to October&nbsp;2008.
Televisa opposed Univision&#146;s motion. On February&nbsp;5, 2008, the Court denied Univision&#146;s motion to
continue the trial date, and rescheduled the trial in the District Court Action for April&nbsp;29, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;7, 2008, Univision dismissed without prejudice its counterclaims against Televisa
with the exception of its claim for recoupment of disputed royalty payments made to the Company
under protest and its claim 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, and Televisa dismissed its claim that Univision engaged in
unauthorized, significant edits to certain programs licensed to Univision under the PLA and thereby
infringed Televisa&#146;s copyrights and breached the PLA with respect to such programs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;22, 2008, the Court in the District Court Action conducted a final pre-trial
conference. During the final pre-trial conference, the Court confirmed that the trial would
commence on April&nbsp;29, 2008. Further, the Court ordered that the trial of the Univision Internet
Counterclaim will be bifurcated and tried to the Court after the conclusion of the jury trial
regarding Televisa&#146;s claims and Univision&#146;s recoupment counterclaim.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;28, 2008, at the request of Televisa and Univision, the Court reset the trial date in
the District Court Action for July&nbsp;1, 2008. On June&nbsp;12, 2008, at the request of Televisa and Univision, the Court further postponed the trial date for October 14, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We cannot predict how this dispute will affect our overall business relationship with
Univision and our overall business. The Company believes the remaining counterclaims and
affirmative defenses made by Univision are without merit and will defend its position vigorously.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, has generated positive cash flow in 2005, 2006 and 2007, 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-TV 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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Televisa Does Not Maintain Complete Control Over the Operations of Innova</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 The DIRECTV Group, Inc., or DIRECTV (48% owned by Liberty) through
its subsidiaries 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 by Corporaci&#243;n Novavisi&#243;n, S. de R.L. de C.V., a subsidiary of Innova, in
December&nbsp;2007, contain covenants that restrict the ability of Innova to pay dividends and make
investments and other restricted payments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 financial consequences resulting from an unforeseen loss of transmission, Innova
has entered into an agreement to launch a backup satellite jointly with Sky Brasil Servicos Ltda.,
or Sky Brasil, and continues to analyze alternatives to reduce the risk until the new satellite is
launched and fully operational. We cannot predict the extent of losses to Innova in the case of
current or new satellite loss or the effectiveness of any alternative strategy.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our bylaws provide that you must bring any legal actions concerning our bylaws in courts
located in Mexico City. The trust agreement governing the CPOs provides that you must bring any
legal actions concerning the trust agreement in courts located in Mexico City. All parties to the
trust agreement governing the CPOs, including the holders of CPOs, have agreed to submit these
disputes only to Mexican courts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Non-Mexican Holders of Our Securities Forfeit Their Securities if They Invoke the Protection of
Their Government</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Non-Mexican Holders of Our Securities Have Limited Voting Rights</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our Antitakeover Protections May Deter Potential Acquirors and May Depress Our Stock Price</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>GDS Holders May Face Disadvantages When Attempting to Exercise Voting Rights as Compared to Other
Holders of Our Securities</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In situations where we request that The Bank of New York, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This means that holders of GDSs may not be able to exercise their right to vote and there may
be nothing they can do if the deposited securities underlying their GDSs are not voted as they
request.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>The Protections Afforded to Minority Stockholders in Mexico Are Different From Those in the U.S.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="109"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, but are not limited to:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">projections of operating revenues, net income (loss), net income (loss)&nbsp;per share,
capital expenditures, dividends, capital structure or other financial items or ratios;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements of our plans, objectives or goals, including those relating to anticipated
trends, competition, regulation and rates;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">our current and future plans regarding our online and wireless content division, Televisa
Digital;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements concerning our current and future plans regarding our investment in the
Spanish television channel Gestora de Inversiones Audiovisuales La Sexta, S.A., or La Sexta;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements concerning our current and future plans regarding our gaming business;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements concerning our current and future plans regarding the introduction of fixed
telephony service by Cablevisi&#243;n;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements concerning our transactions with and/or litigation involving Univision;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements concerning our series of transactions with DIRECTV and News Corporation, or
News Corp.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements concerning our transactions with NBC Universal&#146;s Telemundo
Communications Group, or Telemundo;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements concerning our plans to build and launch a new transponder satellite;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements about our acquisition of Editorial Atl&#225;ntida, S.A., or Editorial Atl&#225;ntida;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements about our recent acquisition of shares of companies owning the majority of the
assets of Bestel, S.A. de C.V., or Bestel;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements about our future economic performance or statements concerning general
economic, political or social conditions in the United Mexican States, or Mexico, or other
countries in which we operate or have investments; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">statements or assumptions underlying these statements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;may&#148;, &#147;should&#148; and similar words and expressions
are intended to identify forward-looking statements, but are not the exclusive means of identifying
these statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, future developments or other factors.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="110"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 operate broadcast channels in Mexico
and complement our network coverage through affiliated stations throughout the country. In 2007 our
broadcast television channels had an average sign-on to sign-off audience share of 70.9%. We
produce pay television channels with national and international feeds, which reach more than
18.2&nbsp;million subscribers throughout Latin America, the United States, Canada, Europe and Asia
Pacific. We export our programs and formats to television networks around the world. In 2007, we
exported 60,308 hours of programming to over 60 countries. We distribute our content in the United
States through Univision.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe we are the most important Spanish-language magazine publisher in the world, as
measured by circulation, with an annual circulation of approximately 165&nbsp;million magazines
publishing 92 titles in more than 20 countries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We own 58.7% of Sky, a DTH satellite television provider in Mexico. We are also a shareholder
in two Mexican cable companies, Cablevisi&#243;n and Televisi&#243;n Internacional, S.A. de C.V., or TVI, and
own 99.99% of the capital stock of Alvafig, S.A. de C.V., or Alvafig, a company holding an equity
stake in Cablem&#225;s, S.A. de C.V., or Cablem&#225;s, a large cable operator in Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We also own Esmas.com, one of the leading digital entertainment web portals in Latin America,
a gaming business which includes bingo parlors and a nationwide lottery, a 50% stake in a radio
company that reaches 70% of the Mexican population, a feature film production and distribution
company, soccer teams and a stadium in Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We also own an unconsolidated equity stake in La Sexta, a
free-to-air television channel in Spain, and in OCESA, one of the leading live entertainment
companies in Mexico.
</DIV>
<DIV align="left">
<A name="112"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below sets forth our actual capital expenditures, investments and acquisitions for
the years ended December&nbsp;31, 2005, 2006 and 2007 and our projected capital expenditures for the
year ended December&nbsp;31, 2008. For a discussion of how we intend to fund our projected capital
expenditures, investments and acquisitions for 2008, 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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <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>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Forecast)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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 align="left">U.S.$</TD>
    <TD align="right">248.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">298.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">355.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">360.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">La Sexta(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other acquisitions and investments(4)(5)</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112.0</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 capital expenditures and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">317.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">868.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">861.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">536.8</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>
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amounts in respect of some of the capital expenditures, investments
and acquisitions we made in 2005, 2006 and 2007 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, 2007 and, in the
case of data presented in U.S. Dollars, is translated at a rate of
Ps.10.9222 to one U.S. Dollar, the Interbank Rate as of December&nbsp;31,
2007, and (ii)&nbsp;certain data regarding capital expenditures set forth
under &#147;Operating and Financial Review and Prospects &#151; Results of
Operations &#151; Liquidity, Foreign Exchange and Capital Resources &#151;
Capital Expenditures, Acquisitions and Investments, Distributions and
Other Sources of Liquidity&#148;.</DIV></TD>
</TR>
</TABLE>

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

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Reflects capital expenditures for property, plant and equipment, as
well as general capital expenditures, in all periods presented. Also
includes U.S.$51.1&nbsp;million in 2005, U.S.$75.9&nbsp;million in 2006 and
U.S.$78.7&nbsp;million in 2007 for the expansion and improvement of our
cable business; U.S.$109.2&nbsp;million in 2005, U.S.$91.2&nbsp;million in 2006
and U.S.$122.3&nbsp;million in 2007 for the expansion and improvement of
our Sky segment and U.S.$22.5&nbsp;million in 2006 and U.S.$41.4&nbsp;million in
2007 for our gaming business.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2005 and 2006 we made capital contributions related to our 40%
interest in La Sexta in the amount of U.S.$1.4 and U.S.$132.4&nbsp;million,
respectively (<FONT face="'Times New Roman',times,serif">&#128;</FONT>1.2&nbsp;million and <FONT face="'Times New Roman',times,serif">&#128;</FONT>104.6&nbsp;million). During 2007, we made
additional capital contributions of U.S.$89.9&nbsp;million (<FONT face="'Times New Roman',times,serif">&#128;</FONT>65.9&nbsp;million).
Our projected total investment in La Sexta for 2008 is
U.S.$64.8&nbsp;million (<FONT face="'Times New Roman',times,serif">&#128;</FONT>44.4&nbsp;million).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In November&nbsp;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 Ps.3,575.3&nbsp;million that were
used by us in the fourth quarter of 2005. See Note 2 to our year-end
financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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,
S.A., or Editora Cinco, a publishing company in Mexico and Latin
America, for an aggregate amount of 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 International, Inc., or
Liberty Media, for an amount of U.S.$58.7&nbsp;million to increase the
interest in our Sky business to 58.7%. In the fourth quarter of 2006,
we invested U.S.$258.0&nbsp;million in long-term notes convertible into
99.99% of the equity of Alvafig, the holding company of a 49% interest
in Cablem&#225;s, a large cable operator in Mexico. In the second half of
2007, we acquired Editorial Atl&#225;ntida, a leading publishing company in
Argentina for an aggregate amount of U.S.$78.8&nbsp;million. In the fourth
quarter of 2007, we acquired the majority of the assets of Bestel, a
privately held, facilities-based telecommunications business in Mexico
for an amount of U.S.$256.0&nbsp;million in cash plus an additional capital
contribution of U.S.$69.0&nbsp;million. In the first quarter of 2008, we
invested U.S.$100.0&nbsp;million in an additional issuance of long-term
notes of Alvafig, which proceeds were used by Alvafig to acquire
shares representing approximately 11% of Cablem&#225;s&#146; aggregate capital
stock. In 2008, we project to make additional capital contributions in
Volaris, our 25% interest in a low-cost carrier airline in Mexico, in
the amount of up to U.S.$12.0&nbsp;million.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2005, 2006 and 2007, 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 2008, 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 2008 through available cash
from operations, cash on hand and/or borrowings. The amount of borrowings required to fund these
cash needs in 2008 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: 10pt"><B>Business Overview</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 operate broadcast channels in Mexico
and complement our network coverage through affiliated stations throughout the country. In 2007 our
broadcast television channels had an average sign-on to sign-off audience share of 70.9%. We
produce pay television channels with national and international feeds, which reach subscribers throughout Latin America, the United States, Canada, Europe and Asia
Pacific. We export our programs and formats to television networks around the world. In 2007, we
exported 60,308 hours of programming to over 60 countries. We distribute our content in the United
States through Univision.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe we are the most important Spanish-language magazine publisher in the world, as
measured by circulation, with an annual circulation of approximately 165&nbsp;million magazines
publishing 92 titles in more than 20 countries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We own 58.7% of Sky, a DTH satellite television provider in Mexico. We are also a shareholder
in two Mexican cable companies, Cablevisi&#243;n and TVI, and own 99.99% of the capital stock of
Alvafig, a company holding an equity stake in Cablem&#225;s, a large cable operator in Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We also own Esmas.com, one of the leading digital entertainment web portals in Latin America,
a gaming business which includes bingo parlors and a nationwide lottery, a 50% stake in a radio
company that reaches 70% of the Mexican population, a feature film production and distribution
company, soccer teams and a stadium in Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We also own an unconsolidated equity stake in La Sexta, a
free-to-air television channel in Spain, and in OCESA, one of the leading live entertainment
companies in Mexico.
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
maintaining high operating margins.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">By leveraging all our business segments and capitalizing on their synergies to extract maximum
value from our content, we also intend to continue expanding our pay-TV networks business,
increasing our international programming sales worldwide and strengthening our position in the
growing U.S.-Hispanic market. We also intend to continue developing Sky, our DTH platform,
strengthen our position in the cable and telecommunications industry, continue developing our
publishing business and become an important player in the gaming industry.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Maintaining Our Leading Position in the Mexican Television Market</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 2006 and 2007, our networks aired 84% and 73%,
respectively, of the 200 most-watched television programs in Mexico,
according to IBOPE Mexico. 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 library, exclusive rights to soccer games and other
events, as well as cultural, musical and show business productions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As a result of the strategic alliance agreement entered into with NBC Universal&#146;s Telemundo,
we will distribute Telemundo content in Mexico on an exclusive basis across multiple platforms
including broadcast television, pay television and our emerging digital platforms. In April&nbsp;2008,
we began broadcasting Telemundo&#146;s original programming on Channel 9. In addition, later this year
we will distribute, via Sky and Cablevisi&#243;n, a new pay television channel in Mexico produced by
Telemundo principally featuring Telemundo branded content. See &#147;&#151; Television &#151; Programming &#151;
Foreign-Produced Programming&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Improving Our Sales and Marketing Efforts. </I></B>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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Maintaining High Operating Segment Income Margins. </I></B>Our television broadcasting operating
segment income margin for 2006 and 2007 was 50.5% and 49.6%, respectively. We intend to continue
maintaining high television broadcasting operating segment income margins by increasing revenues
and controlling costs and expenses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 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. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We currently sell only a portion of our available television advertising time. We use a
portion of our 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. and midnight
for public service announcements and 30 minutes per day for public programming (referred to in this
annual report as Official Television Broadcast Time), and our remaining available television
advertising time to promote, among other things, our television products. We sold approximately
66%, 63% and 59% of total available national advertising time on our networks during prime time
broadcasts in 2005, 2006 and 2007, respectively, and approximately 56%, 52% and 50% of total
available national advertising time during all time periods in 2005, 2006 and 2007, respectively.
See &#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Total Segment Results &#151;
Television Broadcasting&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Continue Building Our Pay Television Platforms</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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, our joint venture
with DIRECTV. Innova is a DTH company in Mexico, with approximately 1,585,100 subscribers, of which
103,100 were commercial subscribers as of December&nbsp;31, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, Innova and Sky Brasil reached an agreement with Intelsat Corporation and
Intelsat LLC, to build and launch a new 24-transponder satellite, IS-16, for which service will be
dedicated to Sky and Sky Brasil over the satellite&#146;s estimated 15-year life. The satellite will
provide back up for both platforms, and will also double Sky&#146;s current capacity. Innova plans to
use this extra capacity for High Definition, or HD, and other value-added services. The satellite
will be manufactured by Orbital Sciences Corporation and is expected to launch in the fourth
quarter of 2009. For a description of our satellites, see &#147;&#151; Property, Plant and Equipment &#151;
Satellites&#148;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>The key components of our DTH strategy include:</I>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">offering high quality programming, 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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">capitalizing on our relationship with DIRECTV and local operators in terms of technology,
distribution networks, infrastructure and cross-promotional opportunities;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">capitalizing on the low penetration of pay-TV services in Mexico;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">expanding our DTH services in Central America and the Caribbean;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">providing superior digital Ku-band DTH satellite services and emphasizing customer
service quality; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">continuing to leverage our strengths and capabilities to develop new business
opportunities and expand through acquisitions.</DIV></TD>
</TR>

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Pay Television Networks. </I></B>Through our 14 pay-TV brands and 31 national and international
feeds, we reached more than 18.2&nbsp;million subscribers throughout Latin America, the United States,
Canada, Europe and Asia Pacific in 2007. Our pay-TV channels include three music, four movie, and
seven variety and entertainment channels. Through TuTV, our joint venture with Univision, we
distribute five pay-TV channels within the United States. These channels, whose content includes
film, music and lifestyle programming, reached more than 1.8&nbsp;million households in 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Cable. </I></B>With a subscriber base of over 496,500 and 551,400 basic subscribers (all of which
were digital subscribers), as of December&nbsp;31, 2006 and 2007, respectively, and over 1.56&nbsp;million
homes passed as of December&nbsp;31, 2007, Cablevisi&#243;n, the Mexico City cable system in which we own a
51% interest, is one of the most important 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: 10pt">
<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><DIV style="text-align: justify">continuing to offer high quality programming;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">upgrading its existing cable network into a broadband bidirectional network;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">maintaining its 100% digital service in order to stimulate new subscriptions,
substantially reduce piracy and offer new value-added services;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">continuing to leverage our strengths and capabilities to develop new business
opportunities and expand through acquisitions.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 well as IP telephony. As of December&nbsp;31, 2007, Cablevisi&#243;n
had 146,000 cable modem customers compared to 96,000 at December&nbsp;31, 2006. 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 video on demand, or VOD, services
and, in May&nbsp;2007 received governmental approval to introduce telephony services. On July&nbsp;2, 2007,
Cablevisi&#243;n began to offer IP telephony services in certain areas of Mexico City and as of
December&nbsp;31, 2007, it had 9,000 IP telephone lines in service. By the end of 2008, Cablevisi&#243;n
plans to offer the service in every area in which its network is bidirectional.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Expanding Our Publishing Business</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With a total annual circulation of approximately 165&nbsp;million magazines during 2007, we believe
our subsidiary, Editorial Televisa, S.A. de C.V., or Editorial Televisa, is the most important
Spanish-speaking publishing company in the world in number of magazines distributed. Editorial
Televisa publishes 92 titles, some of which have different editions for each different market.
Among the 92 titles, 62 are fully owned and produced in-house and the remaining 30 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 Mexico, Editorial Televisa&#146;s market share in Mexico grew to 49% in 2007. 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 15 of the 20 markets in which we compete in terms of readership.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the second half of 2007, we acquired Editorial Atl&#225;ntida, a leading publishing company in
Argentina, for approximately U.S.$78.8&nbsp;million. Editorial Atl&#225;ntida publishes a total of 11
magazines and operates a book publishing business, interactive websites, and numerous
brand-extension projects.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2007, we launched five new titles of which two are fully-owned (namely, Cinemania, a
monthly movies magazine, and Lola, Erase Una Vez, a telenovela-themed magazine) and three are
licensed from third parties (namely, the Spanish version of
National Geographic Traveler, pursuant to a license agreement with National Geographic
Society, the Spanish language version of Woman&#146;s Health and Runner&#146;s World, pursuant to a license
agreement with Rodale, Inc.).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Increasing Our International Programming Sales Worldwide and Strengthening Our Position in the
Growing U.S.-Hispanic Market</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We license our programs to television broadcasters and pay-TV providers in the United States,
Latin America, Asia, Europe and Africa. Excluding the United States, in 2007, we licensed
60,308 hours of programming in over 60 countries throughout the world. We intend to continue
exploring ways of expanding our international programming sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 includes Televisa, which holds a 40% equity interest therein; Grupo Arbol and the
Mediapro Group, which control a 51% equity interest, indirectly, through their interest in GAMP
Audiovisual, S.A., or GAMP; and as of November&nbsp;2006, Gala Capital Market, S.L. or Gala, which holds
a 9% equity interest which it acquired from GAMP. La Sexta began broadcasting on March&nbsp;27, 2006.
With our investment in La Sexta, we expect to capitalize on the size of 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. For a description of our arrangements with La Sexta, see &#147;&#151;
Investments &#151; La Sexta&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The U.S.-Hispanic population, estimated to be 45.5&nbsp;million, or approximately 15.1% of the
U.S. population according to U.S. Census estimates published May&nbsp;1, 2008, is currently one of the
fastest growing segments in the U.S. population, with the growth among Hispanics responsible for
half of the U.S. population gains between 2000 and 2007. The U.S. Census Bureau projects that the
Hispanic population will double to approximately 20% of the U.S. population by the year 2020. The
Hispanic population accounted for estimated disposable income in 2006 of U.S.$822&nbsp;billion, or 8.6%
of the total U.S. disposable income, an increase of 64% since 2000. Hispanics are expected to
account for U.S.$1.0 trillion of U.S. consumer spending, or 9.7% of the U.S. total disposable
income, by 2010, outpacing the expected growth in total U.S. consumer expenditures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We supply television programming for the U.S.-Hispanic market through Univision, the leading
Spanish-language media company in the United States. During 2007, Televisa provided 36% 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, 15% 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 2005, 2006 and 2007, Univision paid Televisa U.S.$109.8&nbsp;million,
U.S.$126.9&nbsp;million and U.S.$138.0&nbsp;million, respectively, in royalties. For a description of our
arrangements with Univision, see &#147;&#151; Univision&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
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 the provisions of the Participation Agreement, except in
the case that we enter into certain transactions involving direct broadcast satellite or DTH
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
acquire a 50% economic interest. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2007, channels distributed by TuTv reached approximately 1.8&nbsp;million subscribers
through EchoStar Communications Corporation, DIRECTV (PR), Cox, Charter and other smaller systems.
See &#147;&#151; Univision&#148;.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Developing New Businesses and Expanding through Acquisitions</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2006, we launched our gaming business which consists of bingo and sports books halls, and a
national lottery. As of April&nbsp;30, 2008, we had opened 16 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 the next
five years. In addition, during 2007 we launched Multijuegos, an online lottery with access to a
nationwide network of more than 5,500 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2006, our subsidiary, Corporativo Vasco de Quiroga, S.A. de C.V. or CVQ, acquired a
50% interest in TVI in the amount of Ps.798.3&nbsp;million, which was substantially paid in cash. We
agreed to pay additional purchase price adjustments of Ps.19.3&nbsp;million in the second quarter of
2006, Ps.19.2&nbsp;million in the first quarter of 2007, and Ps.19.4&nbsp;million in the first quarter of
2008. No additional purchase price adjustments are required under the agreement. In addition, as
part of the agreement, we agreed to provide funding to TVI in the form of a loan in the nominal
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">TVI is a telecommunications company offering pay television, data and voice services in the
metropolitan area of Monterrey. As of December&nbsp;31, 2007, TVI had 784,948 homes passed, served more
than 164,800 cable television subscribers, 71,400 high-speed internet subscribers and 16,300
telephone lines.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;23, 2007, the Mexican Antitrust Commission authorized the intended acquisition, subject to
compliance with certain conditions. We believe that as of this date, CVQ has complied on a regular
basis with all of such conditions. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2006, we invested U.S.$258.0&nbsp;million in long-term notes, convertible, at our
option and subject to regulatory approval, into 99.99% of the equity of Alvafig, which holds 49% of
the voting equity of Cablem&#225;s. In February&nbsp;2008, we invested U.S.$100.0&nbsp;million in an additional
issuance of long-term notes of Alvafig, which proceeds were used by Alvafig to acquire limited
voting shares of Cablem&#225;s equity, convertible into ordinary voting shares, which represent
approximately 11% of Cablem&#225;s aggregate capital stock. Cablem&#225;s operates in 48 cities. As of
December&nbsp;31, 2007, the Cablem&#225;s cable network served more than 797,000 cable television
subscribers, 220,400 high-speed internet subscribers and 41,000 IP-telephony lines, with
approximately 2,200,000 homes passed. On August&nbsp;8, 2007, the Mexican Antitrust Commission
authorized, subject to compliance with certain conditions, the conversion of our long-term notes
into 99.99% of the equity of Alvafig, and on December&nbsp;11, 2007, after we appealed the first
decision of the Mexican Antitrust Commission, the conversion of our long-term convertible notes
into 99.99% of the equity of Alvafig was authorized subject to compliance with certain new
conditions. These conditions include, among others, that we make available certain channels to
pay-TV operators on non-discriminatory terms and that our pay-TV platforms carry upon request and
subject to certain conditions, over the air channels operating in the same geographic zones where
such pay-TV platforms provide their services. On May&nbsp;13, 2008, the Mexican Antitrust Commission
announced that the Company has complied with the conditions imposed by the Mexican Antitrust
Commission, authorizing the conversion by the Company of the convertible long-term notes issued by Alvafig into
99.99% of its capital stock. Notwithstanding the aforementioned, the Company must comply with the Mexican Antitrust Commission&#146;s
conditions on a continued basis. On May&nbsp;16, 2008, we converted all of the convertible
long-term notes into 99.99% of the capital stock of Alvafig.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, our indirect majority-owned subsidiary, Cablestar, S.A. de C.V., or
Cablestar, completed the acquisition of shares of companies owning the majority of the assets of
Bestel, a privately held, facilities-based telecommunications company in Mexico, for
U.S.$256.0&nbsp;million in cash plus an additional capital contribution of U.S.$69.0&nbsp;million. In
connection with the financing of the acquisition of the majority of
the assets of Bestel, Cablem&#225;s, TVI and Cablevisi&#243;n, which
hold 15.4%, 15.4% and 69.2% of the equity stock of Cablestar, respectively, entered into five year
term loan facilities for U.S.$50.0&nbsp;million, U.S.$50.0&nbsp;million and U.S.$225.0&nbsp;million, respectively.
These loans are intended to be syndicated during the life of the facility. Bestel focuses on
providing data and long-distance services solutions to carriers and other telecommunications
service providers in both Mexico and the United States. Bestel owns a fiber-optic network of
approximately 8,000 kilometers that covers several important cities and economic regions in Mexico
and has direct
crossing of its network into Dallas, Texas and San Diego, California in the United States.
This enables the company to provide connectivity between the United States and Mexico.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Television</B>
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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
retransmit 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., or Televisora del Valle de
M<FONT face="Times New Roman">&#233;</FONT>xico, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We estimate that approximately 22.1&nbsp;million Mexican households have television sets,
representing approximately 91.0% of the total households in Mexico as of December&nbsp;31, 2007. We
believe that approximately 97.6% of all households in Mexico City and the surrounding area have
television sets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 Mexico. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Programming</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Programming We Produce. </I></B>We produce the most Spanish-language television programming in the
world. In 2005, 2006 and 2007, we produced approximately 57,500 hours, 64,700 hours and
68,800 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our programming also includes broadcasts of special events and sports events in Mexico
promoted by us and others. Among the sports events that we broadcast are soccer games of our and
other teams and professional wrestling matches. See &#147;&#151; Other
Businesses &#151; Sports and Show Business Promotions&#148;. In 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. In 2007, we broadcast the 2007 FIFA under-20 World Cup,
certain matches of the CONCACAF Gold Cup, and the Copa America.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our programming is produced primarily at our 29 studios in Mexico City. We also operate 18
fully equipped remote control units. Some of our local television stations also produce their own
programming. These local stations operate 36 studios and 32 fully equipped remote control units.
See &#147;&#151; Television Broadcasting &#151; Local Affiliates&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Foreign-Produced Programming. </I></B>We license and broadcast television programs produced by third
parties outside 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 33%, 40% and
49% of the programming broadcast on our four television networks in 2005, 2006 and 2007,
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Television Broadcasting</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
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    <TD width="3%">&nbsp;</TD>
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    <TD width="7%">&nbsp;</TD>
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</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Wholly</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
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</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mexico City</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Wholly</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>Minority</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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Anchor</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Independent</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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Stations</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Affiliates</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Stations</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">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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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</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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The programs shown on our networks are among the most watched television programs in Mexico.
Based on IBOPE Mexico surveys during 2005, 2006 and 2007, our networks aired 162, 168 and 146,
respectively, of the 200 most watched television programs throughout Mexico and produced 17, 22 and
16, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;2005 through December&nbsp;2007, shown on a bimonthly
basis.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Average Audience Share<BR>
January&nbsp;2005 &#151; December&nbsp;2007(1)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c73656p7365602.gif" alt="(GRAPH)">

</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Source: IBOPE Mexico national surveys.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">





<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Average Ratings<BR>
January&nbsp;2005 &#151; December&nbsp;2007(1)</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c73656p7365603.gif" alt="(GRAPH)">

</DIV>


<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Source: IBOPE Mexico national surveys.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 retransmit 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 21.8&nbsp;million households, representing 98.6% 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 2005, 2006 and 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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. Since December&nbsp;2005, these DTV stations have been
in place and fully operational.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table shows the average audience share of the Channel 2 Network during prime
time hours, weekday prime time hours and sign-on to sign-off hours for the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007(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">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">29.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">37.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">29.7</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Source: IBOPE Mexico national surveys.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 20.3&nbsp;million households, representing approximately 91.9% of households with
television sets in Mexico. We believe that Channel 5 offers the best option to reach the 18-34&nbsp;year
old demographic, and we have extended its reach into this key group by offering new content.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 license to
transmit DTV services in Channel 50 as its second channel during the transition period estimated to
end by the year 2021. Also, two repeaters of the Channel 5 network had obtained a similar license.
Since December&nbsp;2005, these DTV stations have been in place and fully operational.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007(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">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.6</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Source: IBOPE Mexico national surveys.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2007, we aired 21 of the 50
top-rated movies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 22.7% of
television households in Mexico in 2007. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007(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">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.6</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Source: IBOPE Mexico national surveys.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 16.0&nbsp;million households, representing approximately 72.4% of
households with television sets in Mexico. Channel 9 broadcasts in all of the 26 cities other than
Mexico City that are covered by national surveys.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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. Also, as
disclosed above, in April&nbsp;2008, we began broadcasting Telemundo&#146;s original programming on Channel
9.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007(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">Prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weekday prime time hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sign-on to sign-off hours</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.1</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Source: IBOPE Mexico national surveys.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 2005, 2006 and 2007, the local television stations owned by us produced 38,900 hours,
43,300 hours and 48,100 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, six of the 18 local stations wholly owned have obtained licenses to
transmit DTV services in their service area during the transition period estimated to end by year
2021. These six DTV stations are in place and fully operational.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 U.S. Federal
Communications Commission, or 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&nbsp;2008. Fox&#146;s cross-border FCC permit was
renewed in December&nbsp;2006 for a five-year term expiring November&nbsp;1, 2011. The Fox affiliation
agreement for XETV expires in 2008. We have been informed by Fox about its intention not to extend
the term of the agreement. We are considering possible actions to be taken by the Company,
including litigation against Fox for breach of contract.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 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. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We currently sell only a portion of our available television advertising time. We use a
portion of our television advertising time to satisfy our legal obligation to the Mexican
government to provide Official Television Broadcast Time, and our remaining available television
advertising time to promote, among other things, our television products. We sold approximately
66%, 63% and 59% of total available national advertising time on our networks during prime time
broadcasts in 2005, 2006 and 2007, respectively, and approximately 56%, 52% and 50% of total
available national advertising time during all time periods in 2005, 2006 and 2007, respectively.
See &#147;Operating and Financial Review and Prospects &#151; Results of Operations &#151; Total Segment Results &#151;
Television Broadcasting&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Pay Television Networks. </I></B>We produce or license a suite of Spanish and English-language
television channels for pay-TV 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. As of December&nbsp;2007, we had over 18.2&nbsp;million subscribers
worldwide.
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2005, 2006 and 2007, we produced approximately 7,900 hours, 10,100 hours and 10,100 hours,
respectively, of programming and videos, for broadcast on our pay-TV channels. The names and brands
of our channels include: <I>Telehit</I>, <I>Ritmoson Latino</I>, <I>Bandamax</I>, <I>De Pel&#237;cula</I>, <I>De Pel&#237;cula Cl&#225;sico</I>,
<I>Unicable</I>, <I>Cinema Golden Choice 1 &#038; 2, Cinema Golden Choice Latinoam&#233;rica, Canal de Telenovelas</I>,
<I>American Network</I>, <I>Canal de las Estrellas Latinoam&#233;rica, Canal de las Estrellas Europa</I>, <I>Canal 2
Delay-2hrs </I>and <I>Clasico TV.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. The term of such agreement was extended in 2007, and it
will expire in May&nbsp;2009. See &#147;&#151; Univision&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Programming Exports. </I></B>We license our programs and our rights to programs produced by other
television broadcasters and pay-TV 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 52,900 hours, 48,927 hours and
60,308 hours of programming in 2005, 2006 and 2007, 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, 2007, we had approximately 208,378 half-hours of television
programming in our library available for licensing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 pay-TV services.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Publishing</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe we are the most important publisher and distributor of magazines in Mexico, and of
Spanish-language magazines in the world, as measured by circulation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With a total circulation of approximately 165&nbsp;million copies in 2007, we publish 92 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>, <I>Vanidades</I>, a popular bi-weekly magazine for women; <I>Caras</I>, a fortnightly
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, TV y Novelas U.S.A. </I>and <I>Caras.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We publish the Spanish-language edition of several magazines, including <I>Cosmopolitan</I>, <I>Good
Housekeeping</I>, <I>Harper&#146;s Bazaar, Seventeen</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 Alpha Media
Group, Inc.; <I>Marie Claire</I>, pursuant to a license agreement with Marie Claire Album; <I>Men&#146;s Health
and Prevention</I>, pursuant to a license agreement with Rodale Press, Inc.; <I>ESPN Magazine </I>pursuant to
a license agreement with ESPN Magazine, LLC; <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 joint venture with GyJ Espa&#241;a
Ediciones, S.L.C. en C.; <I>Disney Princesas</I>, <I>Disney Winnie Pooh, Disney Hadas, Power Rangers </I>and
<I>W.I.T.C.H</I>., pursuant to a license agreement with Disney Consumer Products Latin America, Inc. and
<I>Nick </I>pursuant to a license agreement with MTV Networks Latin America, Inc. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the second half of 2007, we acquired Editorial Atl&#225;ntida, a leading publishing company in
Argentina, for approximately U.S.$78.8&nbsp;million. Editorial Atl&#225;ntida publishes a total of 11
magazines and operates a book publishing business, interactive websites, and numerous
brand-extension projects.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2007, we launched five new titles of which two are fully-owned (namely, <I>Cinemania</I>, a
monthly movies magazine, and <I>Lola, Erase Una Vez</I>, a telenovela-themed magazine) and three are
licensed from third parties (namely, the Spanish version of <I>National Geographic Traveler</I>, pursuant
to a license agreement with National Geographic Society, the Spanish language version of <I>Woman&#146;s
Health </I>and <I>Runner&#146;s World </I>pursuant to a license agreement with Rodale, Inc.).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Publishing Distribution</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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., or Intermex. 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 2006 and 2007, 75% and 70.7%, 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 DVD&#146;s, calling cards and other consumer products.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Cable and Telecom</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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; Digital 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 1,150 cable concessions in Mexico as of December&nbsp;31,
2007, serving approximately 4&nbsp;million subscribers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Mexico City Cable System. </I></B>We own a 51% interest in Cablevisi&#243;n, one of the most important
cable television operators in Mexico, which provides cable television services to subscribers in
Mexico City and surrounding areas. As of December&nbsp;31, 2006 and 2007, Cablevisi&#243;n had over 496,500
and 551,400 basic subscribers, respectively. As of December&nbsp;31, 2005, 2006 and 2007, approximately
283,200, 496,500 and 551,400 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Digital Cable Television Services. </I></B>Cablevisi&#243;n is the first multi-system operator in Mexico
to offer an on-screen interactive programming guide, video on demand, high definition channels as
well as Motorola and TiVo<SUP style="font-size: 85%; vertical-align: text-top"><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></SUP> DVR services throughout Mexico City. Along with its digital
cable service, Cablevisi&#243;n also offers high speed internet and a competitive digital telephone
service in a 100% bundled portfolio. Through its world class network, Cablevisi&#243;n is able to
distribute high quality video content, unique video services, last generation interactivity with
&#147;Cablevisi&#243;n On Demand&#148;, 1080i high definition, impulse and order pay-per-view, a-la-carte
programming, among other products and services, with added value features and premium solutions for
consumers. Cablevisi&#243;n 100% digital cable service offers five main programming packages options
ranging in price from Ps.289.00 to Ps.635.00 (VAT included), which include up to 262 linear
channels: 198 video channels (this comprises 10 over-the-air channels, Fox, ESPN, CNN
International, HBO, Disney Channel, TNT, and others), 56 audio channels and 26 pay-per-view
channels.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Pay-Per-View Channels. </I></B>Cablevisi&#243;n currently offers 26 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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.289.00 to Ps.635.00. See &#147;&#151; Digital 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Cable Television Initiatives. </I></B>Cablevisi&#243;n plans to continue offering the following multimedia
communications services to its subscribers:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">enhanced programming services, including video games; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">IP telephony services.</DIV></TD>
</TR>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2007, Cablevisi&#243;n received a concession to offer fixed telephony services through its
network. On July&nbsp;2, 2007, Cablevisi&#243;n began to offer IP telephony services in certain areas of
Mexico City and by the end of 2008 plans to offer the service in every area in which its network is
bidirectional.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 12,086
kilometers with over 1.56&nbsp;million homes passed. In 2007, Cablevisi&#243;n expanded its network by over
400 kilometers. As of December&nbsp;31, 2007, 17.17% of Cablevisi&#243;n&#146;s network runs at least at 450 MHz,
approximately 5.96% of Cablevisi&#243;n&#146;s network runs at least at 550 MHz, approximately 15.82% of
Cablevisi&#243;n&#146;s network runs at least at 750 MHz, approximately 46.5% runs at least at 870 MHz,
approximately 14.54% of Cablevisi&#243;n&#146;s network runs at least at 1 GHz, and approximately 80.13% of
Cablevisi&#243;n&#146;s network has bidirectional capability.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, our indirect majority-owned subsidiary, Cablestar, completed the acquisition
of shares of companies owning the majority of the assets of Bestel, a privately held,
facilities-based telecommunications company in Mexico, for U.S.$256.0&nbsp;million in cash plus an
additional capital contribution of U.S.$69.0&nbsp;million. In connection with the financing of the
acquisition of the majority of the assets of Bestel, Cablem&#225;s, TVI and Cablevisi&#243;n, which hold 15.4%, 15.4% and 69.2% of the
equity stock of Cablestar, respectively, entered into five year term loan facilities for
U.S.$50.0&nbsp;million, U.S.$50.0&nbsp;million and U.S.$225.0&nbsp;million, respectively. These loans are intended
to be syndicated during the life of the facilities. Bestel focuses on providing data and
long-distance services solutions to carriers and other telecommunications service providers in both
Mexico and the United States. Bestel owns a fiber-optic network of approximately 8,000 kilometers
that covers several important cities and economic regions in Mexico and has direct crossing of its
network into Dallas, Texas and San Diego, California in the United States. This enables the company
to provide connectivity between the United States and Mexico.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Televisa Digital. </I></B>Televisa Digital is our online and wireless content division. 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
7.5&nbsp;million monthly unique users in 2007, we believe that Esmas.com 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 PLA 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 May Affect Our Relationship With Univision.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Since April&nbsp;2004, Esmas.com has been offering premium content service to mobile phones while
leveraging the cell phone networks in Mexico, the U.S., Latin America and Spain. Esmas.com sent
approximately 220&nbsp;million and 170&nbsp;million messages to approximately 9.5&nbsp;million and 9.0&nbsp;million
mobile phone users, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, Esmas.com has
become one of the leading Premium Short Message Service, or PSMS, content providers in
Mexico and in Latin America.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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
and Telecom &#151; Digital Cable Television Services&#148;, &#147;&#151; Cable and Telecom &#151; Pay-Per-View Channels&#148;, &#147;&#151;
Radio Stations&#148;, and &#147;&#151; DTH Joint Ventures &#151; Mexico and Central America&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Soccer. </I></B>We have title to some of Mexico&#146;s professional soccer teams. These teams currently
play in the Mexican First Division and are among the most popular and successful teams in Mexico.
In 2005, <I>Am&#233;rica</I>, one of our teams, won the Mexican First Division 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 </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 certain Mexican First Division soccer teams.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 two
feature films in 2005, none in 2006 and four in 2007, and have co-produced one feature film between
January and March&nbsp;2008. 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 and Lions Gate Films. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We distribute our films to Mexican movie theaters and later release them on video for
broadcast on cable and network television. In 2005 and 2006, we released two and two, respectively,
of our feature films through movie theaters, including <I>La &#218;ltima Noche </I>and <I>Pu&#241;os Rosas</I>. We also
distribute our feature films outside of Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 have not
purchased any feature films from CIE in 2005, 2006 or 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We distribute feature films produced by non-Mexican producers in Mexico. Under an agreement
with Warner Bros. which we extended in 2007 until December&nbsp;31, 2009, we are the exclusive
distributor in Mexico of feature films produced by Warner Bros. In 2005, 2006, 2007 and up to March
2008 we distributed 52, 40, 49 and 14 feature films, respectively, including several U.S. box
office hits. We also distribute independently produced non-Mexican and Mexican films in Mexico, the
United States and Latin America.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, we owned or had rights to approximately 744 Spanish-language films and
186 movies on video titles. Many of these films and titles have been shown on our television
networks, cable system and DTH services.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 April&nbsp;30, 2008, we had 16 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 the next five years. In addition, in 2007 we
launched Multijuegos, an online lottery with access to a nationwide network of electronic
terminals. Our principal competitors in the gaming industry are, with respect to bingo and sports
books halls, CIE and Grupo Caliente and, with respect to Multijuegos, the governmental lotteries of
Pron&#243;sticos and Loter&#237;a Nacional.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Radio Stations. </I></B>Our radio business, Sistema Radi&#243;polis, S.A. de C.V., 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 unanimous vote from the joint venture&#146;s board of directors.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 may also reach 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 90 stations (including 13 combination 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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to Investigadores Internacionales Asociados, S.C., or INRA, in 2005, 2006 and 2007,
XEW-AM ranked, on average, ninth, eighth and tenth, respectively, among the 34 stations in the
Mexico City metropolitan area AM market, XEQ-FM, ranked, on average, eleventh, sixth and seventh,
respectively, among the 29 stations in the Mexico City metropolitan area FM market, and XEBA
ranked, on average, second, first and second, respectively, among 26 stations in the Guadalajara
City metropolitan FM market. INRA conducts daily door-to-door and automobiles interviews in the
Mexico City metropolitan area to determine radio listeners&#146; preferences. Outside Mexico City, INRA
conducts periodic surveys. We believe that no other independent surveys of this nature are
routinely conducted in Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 through the internet.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The successful exclusive radio broadcasting of the 2006 Soccer World Cup placed Radi&#243;polis
among the highest rating sports-broadcasting radio stations in Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the last four years, Radi&#243;polis has organized 16 massive live musical events with
leading artists in both musical formats, gathering a record attendance of approximately
90,000 people during the last nine events, which were performed at the Estadio Azteca in Mexico
City. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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&#148; &#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 the Mexican government to
provide up to 35 minutes per day of our broadcast time, between 6:00 a.m. and midnight for public
service announcements, and 30 minutes per day for official programming (referred to in this annual
report as &#147;Official Radio Broadcast Time&#148;).
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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, which 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 (under an agreement with Ticketmaster Corporation), food, beverages and
souvenirs, the organization of special and corporate events and the booking and management of Latin
singers. 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2005, OCEN acquired for U.S.$1.6&nbsp;million, 51% of a company named As Deporte, S.A. de
C.V., the principal marathon and athletic competition producer in Mexico, and promoter of other
sporting events, such as the Ironman competition. Additionally, OCEN sold, for U.S.$2.0&nbsp;million,
60% of a company named Creatividad y Espectaculos, S.A. de C.V., or Audiencias Cautivas, a
corporate events producer in Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2007, OCEN promoted more than 4,270 events and managed 14 entertainment venues in
Mexico City, Guadalajara and Monterrey, providing an entertainment platform that has helped
establish OCEN as a principal live entertainment company in Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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, and currently distributes 151 funds managed by twelve entities. The
company operates under a license granted by the CNBV. We currently have a 40.84% interest in M&#225;s
Fondos.

</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 Concesionaria Vuela Compa&#241;&#237;a de Aviaci&#243;n, S.A. de C.V., (jointly,
&#147;Vuela&#148;), 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, and in 2008 we will make capital
contributions of up to U.S.$12.0&nbsp;million. 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. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 includes Televisa, which holds a 40% equity interest therein; Grupo
Arbol and the Mediapro Group, which control a 51% equity interest, indirectly, through their
interest in GAMP; and as of November&nbsp;2006, Gala, which holds a 9% equity interest which it acquired
from GAMP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 &#128;80.0&nbsp;million, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2007, Torreal Sociedad de Capital de Riesgo de Regimen Simplificado, S.A., 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 decided to terminate the call option granted to us in connection
with the possible Imagina investment and paid a &#128;29&nbsp;million termination fee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. La Sexta began broadcasting on March&nbsp;27, 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2008, we will make additional capital contributions of &#128;44.4&nbsp;million. We are not
obligated and do not expect to have to make any additional contributions in the near future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the period from January&nbsp;1, 2008 through June&nbsp;13, 2008, we made additional capital
contributions related to our 40% interest in La Sexta in the aggregate amount of &#128;24.8&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 deployed, in almost 300 of their stores, a digital signage network which is a
form of in-store advertising in which content and messages are displayed on liquid-crystal
displays, or LCD screens, typically with the goal of delivering targeted messages to specific
locations at specific times. The network uses IP to broadcast, at every venue, tailor made content
we produce 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.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>TVI. </I></B>In March&nbsp;2006, our subsidiary CVQ acquired a 50% interest in TVI, in the amount of
Ps.798.3&nbsp;million, which was substantially paid in cash. We agreed to pay additional purchase price
adjustments based on the terms of the purchase agreement. These purchase price adjustments were for
Ps.19.3&nbsp;million in the second quarter of 2006, Ps.19.2&nbsp;million in the first quarter of 2007 and
Ps.19.4&nbsp;million in the first quarter of 2008. No additional purchase price adjustments are required
under the agreement. In addition, as part of the agreement, we agreed to provide funding to TVI in
the form of a loan in the nominal 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">TVI is a telecommunications company offering pay television, data and voice services in the
metropolitan area of Monterrey. As of December&nbsp;31, 2007, it had 784,948 homes passed, served more
than 164,800 cable television subscribers, 71,400 high-speed internet subscribers and 16,300
telephone lines.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;23, 2007, the Mexican Antitrust Commission authorized the intended acquisition, subject to
compliance with certain conditions. We believe that as of the date of this annual report, CVQ has
complied on a regular basis with all of such conditions. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Alvafig. </I></B>In November&nbsp;2006, we invested U.S.$258.0&nbsp;million in long-term notes convertible, at our
option and subject to regulatory approval, into 99.99% of the equity of Alvafig, which holds 49% of
the voting equity of Cablem&#225;s. In February&nbsp;2008, we invested U.S.$100.0&nbsp;million in an additional
issuance of long-term notes of Alvafig, which proceeds were used by Alvafig to acquire limited
voting shares of Cablem&#225;s equity, convertible into ordinary voting shares, which represent
approximately 11% of Cablem&#225;s aggregate capital stock. Cablem&#225;s operates in 48 cities. As of
December&nbsp;31, 2007, the Cablem&#225;s cable network served more than 797,000 cable television
subscribers, 220,400 high-speed internet subscribers and 41,000 IP-telephony lines, with
approximately 2,200,000 homes passed. On August&nbsp;8, 2007, the Mexican Antitrust Commission
authorized, subject to compliance with certain conditions, the conversion of our long-term notes
into 99.99% of the equity of Alvafig, and on December&nbsp;11, 2007, after we appealed the first
decision of the Mexican Antitrust Commission, the conversion of our long-term convertible notes
into 99.99% of the equity of Alvafig was authorized subject to compliance with certain new
conditions. These conditions include, among others, that we make available certain channels to
pay-TV operators on non-discriminatory terms and that our pay-TV platforms carry upon request and
subject to certain conditions, over the air channels operating in the same geographic zones where
such pay-TV platforms provide their services. On May&nbsp;13, 2008, the Mexican Antitrust Commission
announced that the Company has complied with the conditions imposed by the Mexican Antitrust
Commission, authorizing the conversion by the Company of the convertible long-term notes issued by Alvafig into
99.99% of its capital stock. Notwithstanding the aforementioned, the Company must comply with the Mexican Antitrust Commission&#146;s
conditions on a continued basis. On May&nbsp;16, 2008, we converted all of the convertible
long-term notes into 99.99% of the capital stock of Alvafig.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have investments in several other businesses. See Note 5 to our year-end financial
statements.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 DTH Techco Partners, or 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 and Central America. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have also been developing channels exclusively for pay-TV broadcast. Through our
relationship with 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. nor DIRECTV
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">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.665.7&nbsp;million;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">DIRECTV and 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.$88.0&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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the October&nbsp;2004 reorganization, with respect to the DTH joint ventures
elsewhere in Latin America:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">we entered into a purchase and sale agreement with DIRECTV, pursuant to which, among
other things, (i)&nbsp;DIRECTV acquired all of our direct equity interests in ServiceCo,
(ii)&nbsp;DIRECTV agreed to purchase all of our indirect equity interests in MCOP and
(iii)&nbsp;DIRECTV has agreed to indemnify us for any and all losses arising out of our status as
a partner in MCOP;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">PanAmSat Corporation (now Intelsat Corporation) unconditionally released us from any and
all obligations related to the MCOP transponder lease.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">we entered into an amended and restated guaranty with PanAmSat Corporation (now Intelsat
Corporation) 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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;27, 2008 News Corp. and Liberty Media announced the closing of a series of
transactions, including a transaction in which Liberty obtained a controlling stake in DIRECTV
whereby News Corp. transferred to Liberty its 41% interest in DIRECTV&#146;s outstanding shares. 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 style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Mexico and Central America. </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, 2005, 2006 and
2007, Innova&#146;s DTH satellite pay-TV service had approximately 1,250,600, 1,430,100 and
1,585,100 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, during 2006, due to exclusive
broadcasting of 34 out of the 64 matches of the 2006 Soccer World Cup and during 2007, due to new
subscribers from operations in Costa Rica and The Dominican Republic. Sky continues to offer the
highest quality and exclusive content in the Mexican pay-TV industry. Its programming packages
combine our over-the-air channels with other DTH exclusive channels produced by News Corp.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2007, Sky offered exclusive content such as one out of every four soccer matches from
the Mexican First Division Tournament, every game of the Spanish soccer league, the NFL Sunday
ticket, the Major League Baseball and the NBA PASS. SKY also added new channels to its lineup,
including five interactive channels providing information to its subscribers, such as weather,
sports highlights, and others, as well as Baby First, a channel created specifically for babies and
toddlers, the Channel 13 delay and two movie channels, City Vibe and City Mix. 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, Sony Pictures, Warner Bros., and
Independent Studios.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky currently offers 222 digital channels through five programming packages: Basic (82 video
channels, 50 audio channels and 22 pay-per-view); Fun (117 video channels, 50 audio channels and 29
pay-per-view); Movie City (125 video channels, 50 audio channels and 29 pay-per-view); HBO/Max (128
video channels, 50 audio channels and 29 pay-per-view); and Universe (143 video channels, 50 audio
channels and 29 pay-per-view) for a monthly fee of Ps.228.00, Ps.302.00, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.267.00, 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.849.00 if the subscriber
pays the monthly programming fees via an automatic charge to a debit card or for free if payment is
charged directly to a credit card.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky devotes 20 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 boxes in their homes with independent programming on each TV.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
additional box.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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. Our DTH satellite service also has exclusive DTH broadcast rights in Mexico to Fox News
and Canal Fox, one of the leading pay-TV channels in Mexico. Through its relationships with us and
DIRECTV, 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. As a result of the Mexican Antitrust Commission&#146;s
rulings, when a competing DTH satellite service commences operations in Mexico, we are required,
subject to certain conditions, to grant to that new DTH operator broadcast rights to some of our
channels. In the short
term, competing DTH satellite pay-TV services may commence operations in Mexico. We cannot
predict when such services will commence operations or if they will comply with all requirements
for us to provide them with our channels.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We previously 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 U.S.$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 Yaez, resigned from the board.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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 2007, Televisa programming represented approximately 36% of Univision&#146;s and
15% of TeleFutura Networks&#146; non-repeat broadcast hours, respectively. The PLA, by its terms,
survives the Univision merger.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. The term of such agreement was extended in 2007, and it will expire in May
2009. TuTv is jointly controlled by Univision and us.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;2, 1996 (the
&#147;Grandfathered Programs&#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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 DTH 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 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 May Affect Our Relationship With
Univision&#148;, and &#147;Additional Information &#151; 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 &#151; Business Overview&#151; Business Strategy &#151; Developing New
Businesses and Expanding Through Acquisitions.&#148;
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We compete with various forms of media and entertainment companies in Mexico, both Mexican and
non-Mexican.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 a multi-channel, multi-point distribution system, or
MMDS, 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
M<FONT face="Times New Roman">&#233;</FONT>xico owns the concession for Channel 40, a UHF channel that broadcasts in the Mexico City
metropolitan area. Based upon IBOPE Mexico surveys, during 2005, 2006 and 2007 the combined average
audience share throughout Mexico of both the Channel 7 and 13 networks was 31.5%, 30.5% and 31.0%,
respectively, during prime time, and 29.8%, 29.0% and 29.1%, respectively, during sign-on to
sign-off hours. See &#147;&#151; Television &#151; Television Industry in Mexico&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Publishing</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Cable and Telecom</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">According to the most recent information from CANITEC, there were approximately 1,150 cable
concessions in Mexico as of December&nbsp;31, 2007 serving approximately 4&nbsp;million subscribers.
Cablevisi&#243;n is one of the largest cable system operators 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 and Telecom &#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 MMDS operator, in Mexico
City and the surrounding areas. MMDS, commonly called wireless cable, is a microwave transmission
system which operates from a head end 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 26 pay-per-view channels. Furthermore, since Cablevisi&#243;n operates under non-exclusive
franchises, other companies may obtain permission to build cable television systems and MMDS
systems in areas where Cablevisi&#243;n presently operates. In addition, pursuant to the <I>Ley Federal de
Telecomunicaciones</I>, or the Telecommunications Law, Cablevisi&#243;n is required to provide access to its
cable network to the extent it has available capacity on its network.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 bidirectional data and internet broadband services, have been authorized by the Mexican
government to also provide voice services, including VoIP services.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On October&nbsp;2, 2006, the Mexican federal 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 may be allowed to provide internet and telephone services. In addition,
telephone operators, such as Telmex, may be allowed to provide cable television services if certain
requirements and conditions are met. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 to cable operators using a new
technology model known as PLC and BPL. We believe that this action will result in a significant
reduction in the lease prices for infrastructure, as the CFE owns approximately 21,000 kilometers
of power lines that could be used to transmit voice, data and video.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Radio</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 14 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Feature Film Production and Distribution</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>DTH Satellite Services</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Consolidation in the entertainment and broadcast industries could further intensify
competitive pressures. As the pay-TV market in Mexico matures, and as the offering of bundled
services that include internet, data and telephony increases, Innova expects to face competition
from an increasing number of sources. Emerging technologies that provide new services to pay-TV
customers as well as new competitors in the DTH field or telecommunication players entering into
video services would require us to make significant capital expenditures in new technologies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are aware that other entities have obtained concessions to provide DTH satellite services
in Mexico and may commence operations in the short term. Potential joint ventures with foreign DTH
platforms could also accelerate competition in Mexico&#146;s DTH and pay-TV market.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our principal competitors in the gaming industry are, with respect to bingo and sports halls,
CIE and Grupo Caliente, and, with respect to Multijuegos, the governmental lotteries of Pron&#243;sticos
and Loter&#237;a Nacional.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Television</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Mexican Television Regulations</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Concessions. </I></B>Mexico&#146;s federal antitrust law 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. As of the date
of this annual report, such amendments have not had a material adverse impact upon our business;
however, we cannot predict how these amendments will impact our business in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 former 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 spectrum covered by
a current concession without having to participate in a public bid therefor 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 SCT a certification
of compliance with their obligations under the concession. As a result of the Supreme Court&#146;s
ruling, once the transition to digital television and digital radio broadcasting is completed, if
we want to provide additional telecommunications services within the same spectrum granted for
digital television or digital radio broadcasting,
</DIV>

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

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
respectively, we will have to follow the
provisions of Article&nbsp;24 of the <I>Ley Federal de Telecomunicaciones </I>to obtain the concession
therefor.
Also, there is uncertainty as to how radio and television concessions will be
renewed in the future, since the Supreme Court ruling has resulted in requiring the renewal of
the concessions to be subject to a public bid process, with a right of preference over other
participating bidders given to the incumbent concessionnaire. Additionally, some members of the
Mexican Congress have expressed their intent to propose a new <I>Ley Federal de Radio y Televisi&#243;n</I>,
which could affect, among other things, the framework for granting or renewing concessions. 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;. Also, either the SCT or the Federal Telecommunications Commission
shall provide notice in the <I>Diario 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The bidders shall comply with the following requirements:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">proof of Mexican nationality;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">submission of a business plan;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">submission of technical specifications and descriptions;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">submission of a plan for coverage;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">submission of an investment program;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">submission of a financial program;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">submission of plans for technical development and actualization;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">submission of plans for production and programming;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">receipt of a guaranty to ensure the continuation of the process until the concession is
granted or denied; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a request for a favorable opinion from the Mexican Antitrust Commission.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Concessions may be granted for a term of up to 20&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The SCT may void the grant of any concession or terminate or revoke the concession at any
time, upon the occurrence of, among others, the following events:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">failure to construct broadcasting facilities within a specified time period;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">changes in the location of the broadcasting facilities or changes in the frequency
assigned without prior governmental authorization;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">direct or indirect transfer of the concession, the rights arising therefrom or ownership
of the broadcasting facilities without prior governmental authorization;</DIV></TD>
</TR>

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

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


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">failure to broadcast for more than 60&nbsp;days without reasonable justification;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">any amendment to the bylaws of the concessionaire that is in violation of applicable
Mexican law; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">any breach to the terms of the concession title.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">None of our concessions has ever been revoked or otherwise terminated.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 and our DTH concessions expire in 2020 and 2026. The
expiration dates for the concessions for our telephone services range from 2018 to 2026. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television programming 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. See &#147;Key Information &#151;
Risk Factors &#151; Risk Factors Related to Mexico &#151; Changes in Existing Mexican Laws and Regulations or
the Imposition of New Ones May Negatively Affect Our Operations and Revenue&#148;.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 and certain telecommunications services. Under Mexico&#146;s <I>Ley de Inversi&#243;n Extranjera</I>, or
Foreign Investment Law, 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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Radio</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2007, the
expiration dates of our radio concessions ranged from 2008 to 2016. See &#147;&#151; Television&#148;, &#147;&#151; Other
Businesses &#151; Radio Stations&#148; and &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our
Business &#151; The Operation of Our Business May Be Terminated or Interrupted if the Mexican Government
Does Not Renew or Revokes Our Broadcast or Other Concessions&#148;.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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. In addition, in May&nbsp;2007 the SCT granted Cablevisi&#243;n a concession allowing
Cablevisi&#243;n to provide local telephony services using the telephony public network. 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: 10pt">
<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><DIV style="text-align: justify">unauthorized interruption or termination of service;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">interference by the concessionaire with services provided by other operators;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">noncompliance with the terms and conditions of the public telecommunications concession;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">the concessionaire&#146;s refusal to interconnect with other operators;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">loss of the concessionaire&#146;s Mexican nationality;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">unauthorized assignment, transfer or encumbrance, in whole or in part, of the concession
or any rights or assets;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">the liquidation or bankruptcy of the concessionaire; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">ownership or control of the capital stock of the concessionaire by a foreign government.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexican law also requires cable television operators, including Cablevisi&#243;n, to broadcast
programming that promotes Mexican culture, although cable television operators are not required to
broadcast a specified amount of this type of programming.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Non-Mexican Ownership of Public Telecommunications Networks</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Application of Existing Regulatory Framework to Internet Access and IP Telephony Services</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cablevisi&#243;n 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Satellite Communications</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">the failure to use the concession within 180&nbsp;days after it was granted;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a declaration of bankruptcy of the concessionaire;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">failure to comply with the obligations or conditions specified in the concession;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">unlawful assignments of, or encumbrances on, the concession; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">failure to pay to the government the required fees.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Mexican Gaming Regulations</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Mexican Antitrust Law</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexico&#146;s federal antitrust law 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 or joint ventures. 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
certain businesses or enter into certain 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The most recent amendments to the Mexican Antitrust Law, in full force as of June&nbsp;29, 2006,
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under the amendment, the review process of mergers and acquisitions by the Mexican Antitrust
Commission, is modified by:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">Raising the thresholds to make a concentration a reportable transaction.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Additionally, the amendments provide for a significant enhancement of the Mexican Antitrust
Commission authority:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">To issue binding opinions in competition matters whether required by specific statutes,
or 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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">To issue an opinion related to effective competition conditions in a specific market or
to the market power of a given agent in a market.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">To 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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The amendments also provide for changes in the investigation process of possible illegal
conducts.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Mexican Electoral Amendment</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2007, the Mexican Federal Congress published an amendment to the Mexican Constitution,
pursuant to which, among other things, the IFE has the exclusive right to manage and use the
Official Broadcast Time during pre-campaign and campaign periods and
also during election day. For a description of Official Television Broadcast Time and Official
Radio Broadcast Time, see &#147;&#151; Business Overview &#151; Maintaining Our Leading Position in the Mexican
Television Market &#151; Advertising Sales Plan&#148; and &#147;&#151; Business Overview &#151; Other Businesses &#151; Radio
Advertising&#148;. The IFE has the exclusive right to use the Official Broadcast Time for its own
purposes and for the use of political parties in Mexico (as provided in the Mexican Constitution)
for self promotion and, when applicable, to promote their electoral campaigns.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The IFE and the political parties must comply with certain requirements included in the
Constitutional Amendment for the use of Official Broadcast Time. During federal electoral periods,
the IFE will be granted, per the Constitutional Amendment, 48 minutes per day in each radio station
and television channel, to be used during pre-campaign periods in two and up to three minutes per
broadcast hour in each radio station and television channel, of which all the political parties
will be jointly entitled, to use one minute per broadcast hour. During campaign periods, at least
85% of the 48 minutes per day, shall be allocated among the political parties, and the remaining
15% may be used by the IFE for its own purposes. During non-electoral periods, the IFE will be
assigned with up to 12% of the Official Broadcast Time, half of which shall be allocated among the
political parties. In the event that local elections are held simultaneously with federal
elections, the broadcast time granted to the IFE shall be used for the federal and the local
elections. During any other local electoral periods, the allocation of broadcast time will be made
pursuant to the criteria established by the Constitutional Amendment and as such criteria are
reflected in applicable law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition to the foregoing, pursuant to the Constitutional Amendment political parties are
forbidden to purchase or acquire advertising time directly or through third parties, from radio or
television stations; likewise, third parties shall not acquire advertising time from radio or
television stations for the broadcasting of advertisements which may influence the electoral
preferences of Mexican citizens, nor in favor or against political parties or candidates to offices
elected by popular vote.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We believe we have been operating our business in compliance with the provisions of the
Constitutional Amendment; however, we have filed legal actions contesting certain provisions of
such Constitutional Amendment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We cannot predict what impact the Constitutional Amendment will have upon our radio and
television businesses at this time, nor can we predict the outcome of the legal actions brought by
the Company against such Constitutional Amendment. A decrease in paid advertising of the nature
described above could lead to a decrease in our television or radio revenues.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Significant Subsidiaries</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below sets forth our significant subsidiaries and Innova, a consolidated variable
interest entity, as of December&nbsp;31, 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Organization or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2" style="border-bottom: 1px solid #000000"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Ownership(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">Corporativo Vasco de Quiroga, S.A. de C.V.(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">51.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">58.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paxia, S.A. de C.V.(3)(11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sistema Radi&#243;polis, S.A. de C.V.(2)(3)(12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telesistema Mexicano, S.A. de C.V.(13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">G-Televisa-D, 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="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Televisa, 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="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Juegos, S.A. de C.V.(2)(3)(16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">Mexico</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisi&#243;n Independiente de M&#233;xico, 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="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Percentage of equity owned by us directly or indirectly through subsidiaries or affiliates.</DIV></TD>
</TR>

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

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

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

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

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Subsidiary through which we own equity interests in and conduct the operations of our Cable and Telecom segment.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Indirect subsidiary through which we conduct the operations of our Cable and Telecom segment.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Direct subsidiary through which we conduct the operations of our Publishing segment.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">One of two subsidiaries through which we own our equity interest in Innova.</DIV></TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consolidated variable interest entity through which we conduct the operations of our Sky segment. We currently
own a 58.7% interest in Innova.</DIV></TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Direct subsidiary through which we maintain 99.99% of the capital stock of Alvafig, a holding company with an
interest of 49% in Cablem&#225;s, a large cable operator in Mexico.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Direct subsidiary through which we conduct the operations of our Radio business.</DIV></TD>
</TR>

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

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

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

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

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

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

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

<TR valign="top">
    <TD nowrap align="left">(16)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Direct subsidiary through which we conduct the operations of our Gaming business.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On June&nbsp;29, 2007, shareholders voted on the merger of Campus Am&#233;rica, S.A. de C.V., and
Linking Media, S.A. de C.V. with and into Grupo Televisa, S.A.B. The main purpose of the merger was
to simplify the corporate structure of Grupo Televisa, reducing unnecessary administrative costs.
The merger did not have an effect on the securities of Grupo Televisa, including its CPOs.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 13 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 39 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 that was renewed in 1993 for a term
of 30&nbsp;years and that may be extended for additional periods. In the aggregate, these properties,
excluding Azteca Stadium, currently represent approximately 4.6&nbsp;million square feet of space, of
which over 3.2&nbsp;million square feet are located in Mexico City and the surrounding areas, and
approximately 1.4&nbsp;million square feet are located outside of Mexico City and the surrounding areas.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We also own or lease over a total of 557,866 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="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Operations</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Properties</B></TD>
    <TD>&nbsp;</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></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:30px; text-indent:-15px">Owned properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Diego, California(1)</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buenos Aires, Argentina(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Madrid, Spain(2)</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>
Zug, Switzerland(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Publishing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Owned properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida(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)</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">Quito, Ecuador(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">Guayaguil, Ecuador(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">Cali, Colombia(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">Alicate, Colombia(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">Buenos Aires, Argentina(2)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beverly Hills, California(1)</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">Miami, Florida(1)</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)</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(1)</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">Bogota, Colombia(3)</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(1)</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">Caracas, Venezuela(1)</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" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Publishing distribution and other activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Owned properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lima, Peru(1)</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">Guayaquil, Ecuador(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Quito, Ecuador(2)</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)</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)</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;(2)</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 (45)</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">Armenia, Colombia(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">Barranquilla, Colombia(3)</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">Bogota, Colombia(3)</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">Bucaramanga, Colombia(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">Cali, Colombia(5)</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">Cartagena, Colombia(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">Colombia, Colombia(2)</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">Ibage, Colombia(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">Manizales, Colombia(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">Medell&#237;n, Colombia(4)</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">Pasto, Colombia(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">Pompayan, Colombia(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">Pereira, Colombia(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">Santa Martha, Colombia(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">Sincelejo, Colombia,(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">Villavicencio, Colombia(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">Lima, Peru(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>DTH</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Leased 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 Jos&#233;, Costa Rica(1)</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Telephony</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Leased properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Antonio, Texas(3)</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">Dallas, Texas(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">Laredo, Texas(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">McAllen, Texas(1)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Satellites. </I></B>We currently use transponder capacity on four 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; 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 will launch a back-up satellite for our DTH joint venture operations in the
fourth quarter of 2009, and we estimate that it will start operations in the first quarter of 2010.
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">PanAmSat and DIRECTV announced the completion of the sale of PanAmSat on August&nbsp;20, 2004, to
affiliates of Kohlberg, Kravis, Roberts &#038; Co. L.P., The Carlyle Group and Providence Equity
Partners, Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On June&nbsp;19, 2006, the FCC 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. In December&nbsp;2007, Innova and Sky Brasil reached an agreement with
Intelsat Corporation and Intelsat LLC to build and launch a new 24-transponder satellite, IS-16,
for which service will be dedicated to Sky and Sky Brasil over the satellite&#146;s estimated 15-year
life. The satellite will be manufactured by Orbital Sciences Corporation and is expected to launch
in the fourth quarter of 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="114"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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">
<A name="115"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our year-end financial statements have been prepared in accordance with Mexican FRS, which
differ in some significant respects from U.S. GAAP. Note 23 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, 2007. Note 23 to our year-end financial statements provides a reconciliation to
U.S. GAAP of net income and total stockholders&#146; equity. Note 23 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As required by Mexican FRS, our financial statements were adjusted through December&nbsp;31, 2007,
to reflect changes in purchasing power of the Peso due to inflation. These changes were based on
the NCPI. Beginning on January&nbsp;1, 2008, and under certain circumstances, we are no longer required
by Mexican FRS to recognize the effects of inflation in our books and records, except those
recognized through December&nbsp;31, 2007.
</DIV>
<DIV align="left">
<A name="116"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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>2007</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">55.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">53.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">49.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</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">4.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</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">5.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</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">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.0</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>
    <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 Segment Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(3.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.6</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 Consolidated Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.4</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: 3px double #000000">&nbsp;</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"><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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of Sales(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling Expenses(2)</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative Expenses(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and Amortization</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.8</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated Operating Income</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.8</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:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 22 to our
year-end financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Excluding depreciation and amortization.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">





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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;31, 2005, 2006 and 2007. In 2003, we adopted the provisions of Bulletin B-5, &#147;Financial
Information by Segments&#148; issued by the Mexican Institute of Public Accountants, or 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 eight business segments: Television
Broadcasting, Pay Television Networks, Programming Exports, Publishing, Publishing Distribution,
Sky, Cable and Telecom, and Other Businesses. In 2007 we changed the names of two of our
segments &#151; &#147;Sky Mexico&#148; to &#147;Sky&#148;, because we began operations in Central America, and &#147;Cable
Television&#148; to &#147;Cable and Telecom&#148; due to the consolidation of Bestel, a telecommunication company,
into this segment. The Company&#146;s Radio business was presented as a separate reportable segment in
2005 and 2006. Beginning in 2007 &#147;Radio&#148; was classified into the &#147;Other Businesses&#148; segment since
its operations are no longer significant to the Company&#146;s consolidated financial statements taken
as a whole. 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; Recently Issued Mexican Financial Reporting Standards&#148;
and Note 1(t) to our year-end financial statements. Our results for 2005, 2006 and 2007, include
Sky as a segment. Effective April&nbsp;1, 2004, we adopted the guidelines of FIN 46(R) in accordance
with Mexican FRS NIF A-8, &#147;Supplementary Financial Reporting Standards&#148;. Before adopting FIN 46(R),
we accounted for our investment in Sky 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. 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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, 2007)</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,049.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">21,760.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">21,213.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,199.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,379.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,852.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,025.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,190.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,262.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,705.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,993.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,311.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">434.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">479.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,463.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,732.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,402.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,517.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,059.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,611.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,801.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,922.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,560.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Segment Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,196.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,488.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,692.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(1,128.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,130.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,131.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 Consolidated Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">35,068.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">39,357.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">41,561.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,557.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,996.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,518.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">559.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,150.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">721.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">902.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,032.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">624.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</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">18.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,717.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,689.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,037.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">528.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">847.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">947.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(138.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(224.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(266.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,471.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,513.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,072.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate Expenses(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(197.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(467.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(368.3</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(2,611.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,779.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,223.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 Consolidated Operating Income(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">11,663.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">14,265.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">14,480.9</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 22 to our year-end
financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Total consolidated operating income reflects corporate expenses and
depreciation and amortization in all periods presented. See Note 22 to
our year-end financial statements.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->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; margin-left: .25in; width: 7.20in">





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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2005, 2006 and 2007, we recognized 29.7%, 28.3% and 29.9%,
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>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Results of Operations for the Year Ended December&nbsp;31, 2007<BR>
Compared to the Year Ended December&nbsp;31, 2006</B>
</DIV>


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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our net sales increased by Ps.2,203.8&nbsp;million, or 5.6%, to Ps.41,561.5&nbsp;million for the year
ended December&nbsp;31, 2007 from Ps.39,357.7&nbsp;million for the year ended December&nbsp;31, 2006. This
increase reflects a revenue growth in our Sky, Cable and Telecom, Pay Television Networks,
Publishing, Programming Exports, Publishing Distribution and Other Businesses segments, partially
offset by a decrease in our Television Broadcasting segment in our 2007 results due to the
inclusion of the political campaigns and Soccer World Cup advertising in our 2006 results.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cost of sales increased by Ps.1,336.8&nbsp;million, or 8.0%, to Ps.18,128.0&nbsp;million for the year
ended December&nbsp;31, 2007 from Ps.16,791.2&nbsp;million for the year ended December&nbsp;31, 2006. This
increase was due to higher costs in our Cable and Telecom, Sky, Publishing, Publishing
Distribution, Pay Television Networks and Other Businesses segments. These increases were partially
offset by lower cost of sales in our Television Broadcasting and Programming Exports segments.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Selling expenses increased by Ps.147.3&nbsp;million, or 4.7%, to Ps.3,277.5&nbsp;million for the year
ended December&nbsp;31, 2007 from Ps.3,130.2&nbsp;million for the year ended December&nbsp;31, 2006. This increase
was attributable to higher selling expenses in our Publishing, Cable and Telecom, 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 Programming Exports, Sky, Publishing Distribution and Television Broadcasting segments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Administrative Expenses</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Administrative expenses increased by Ps.61.2&nbsp;million, or 2.6%, to Ps.2,452.0&nbsp;million for the
year ended December&nbsp;31, 2007, from Ps.2,390.8&nbsp;million for the year ended December&nbsp;31, 2006. This
increase reflects the administrative expense growth in our Cable and Telecom, Publishing, Sky,
Television Broadcasting, Pay Television Networks, Publishing Distribution and Other Businesses
segments. These increases were partially offset by lower administrative expenses in our Programming
Exports segment as well as a decrease in corporate expenses due to a reduction in share-based
compensation expense, which amounted to Ps.140.5&nbsp;million in 2007, compared with Ps.243.9&nbsp;million in
2006.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 13.5% in 2006 and 13.3% in 2007. No Television Broadcasting
advertiser accounted for more than 10% of Television Broadcasting advertising sales in any of these
years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television Broadcasting net sales, representing 53.8% and 49.7% of our total segment net sales
for the years ended December&nbsp;31, 2006 and 2007, respectively, decreased by Ps.547.2&nbsp;million, or
2.5%, to Ps.21,213.2&nbsp;million for the year ended December&nbsp;31, 2007 from Ps.21,760.4&nbsp;million for the
year ended December&nbsp;31, 2006. This decrease was attributable to the broadcast in 2006 of the FIFA
World Cup, political advertising related to the presidential election in Mexico and an unexpected
slowdown in consumer spending in Mexico, which led to a decline in advertising revenues during
2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television Broadcasting operating segment income decreased by Ps.478.2&nbsp;million, or 4.3%, to
Ps.10,518.1&nbsp;million for the year ended December&nbsp;31, 2007 from Ps.10,996.3&nbsp;million for the year
ended December&nbsp;31, 2006. This decrease was due to a decrease in net sales, partially offset by a
decrease in cost of sales due to the transmission rights of the FIFA World Cup in 2006 and a
decrease in operating expenses driven by lower provision for doubtful trade accounts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Advertising Rates and Sales</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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,
are charged the lowest rates for their commercial time, are given the highest priority in schedule
placement, and are 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2006 and 2007, we increased our nominal advertising rates. During prime time
broadcasts, we sold an aggregate of 1,493 hours of advertising time in 2006 and 1,416 hours in
2007. During sign-on to sign-off hours, we sold 3,216 hours of advertising time in 2006 and
3,050 hours in 2007. Television Broadcasting advertising time that is not sold to the public is
primarily used to satisfy our legal obligation to the Mexican government to provide Official
Television Broadcast Time and to promote, among other things, our television products.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2006 and December&nbsp;31, 2007, we had received Ps.15,946.0&nbsp;million (nominal)
and Ps.16,085.0&nbsp;million (nominal), respectively, of advertising deposits for television advertising
time during 2007 and 2008, representing approximately U.S.$1,476.1&nbsp;million and U.S.$1,472.7&nbsp;million
at the applicable year-end exchange rates. Approximately 61.9% and 67.9% of these deposits as of
December&nbsp;31, 2006 and 2007, 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, 2006 and 2007 was 3.6&nbsp;months.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Pay Television Networks</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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-TV 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pay Television Networks net sales, representing 3.4% and 4.3% of our total segment net sales
for the years ended December&nbsp;31, 2006 and 2007, respectively, increased by Ps.473.0&nbsp;million, or
34.3%, to Ps.1,852.0&nbsp;million for the year ended December&nbsp;31, 2007
from Ps.1,379.0&nbsp;million for the year ended December&nbsp;31, 2006. 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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pay Television Networks operating segment income increased by Ps.442.3&nbsp;million, or 62.5%, to
Ps.1,150.2&nbsp;million for the year ended December&nbsp;31, 2007, from Ps.707.9&nbsp;million for the year ended
December&nbsp;31, 2006, primarily due to higher sales. This increase was partially offset by an increase
in cost of sales, mainly in costs of programs produced by us and an increase in operating expenses
due to higher promotional and advertising expenses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Programming Exports</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports net sales consist primarily of revenues from program license agreements
and principally relate to our telenovelas and our variety programs. In 2006 and 2007, 67.0% and
68.1%, respectively, of net sales for this segment were attributable to programming licensed under
our program license agreement with Univision. In 2006 and 2007, we received U.S.$126.9&nbsp;million and
U.S.$138.0&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&nbsp;million. See
&#147;Information on the Company &#151; Business Overview &#151; Univision&#148;. We also license programming to
broadcasters in Latin America, the Middle East, Russia and other countries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports net sales, representing 5.4% and 5.3% of our total segment net sales for
the years ended December&nbsp;31, 2006 and 2007, respectively, increased by Ps.71.8&nbsp;million, or 3.3%, to
Ps.2,262.1&nbsp;million for the year ended December&nbsp;31, 2007, from Ps.2,190.3&nbsp;million for the year ended
December&nbsp;31, 2006. This increase was primarily due to higher royalties paid to us under the PLA
entered into with Univision in the amount of U.S.$138.0&nbsp;million for the year ended December&nbsp;31,
2007 as compared to U.S.$126.9&nbsp;million for the year ended December&nbsp;31, 2006, as well as an increase
in export sales to Europe, Asia and Africa. These increases were partially offset by lower export
sales to Latin America and a negative translation effect on foreign-currency denominated sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports operating segment income increased by Ps.130.0&nbsp;million, or 14.4%, to
Ps.1,032.0&nbsp;million for the year ended December&nbsp;31, 2007 from Ps.902.0&nbsp;million for the year ended
December&nbsp;31, 2006. This increase was primarily due to the increase in net sales, as well as a
decrease in cost of sales due to lower programming costs and operating expenses, primarily due to a
decrease in the provision for doubtful trade accounts and market research.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing net sales, representing 7.4% and 7.8% of our total segment net sales for the years
ended December&nbsp;31, 2006 and 2007, respectively, increased by Ps.318.0&nbsp;million, or 10.6%, to
Ps.3,311.9&nbsp;million for the year ended December&nbsp;31, 2007 from Ps.2,993.9&nbsp;million for the year ended
December&nbsp;31, 2006. This increase was driven by a greater number of advertising pages sold as well
as higher revenues from magazine circulation in Mexico and abroad, including incremental revenues
generated by the acquisition in the second half of 2007 of Editorial Atl&#225;ntida, a publishing
company in Argentina. This increase was partially offset by a negative translation effect on
foreign-currency denominated sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing operating segment income increased by Ps.47.7&nbsp;million, or 8.3%, to Ps.624.4&nbsp;million
for the year ended December&nbsp;31, 2007, from Ps.576.7&nbsp;million for the year ended December&nbsp;31, 2006.
This increase reflects higher sales that were partially offset by higher cost of sales and
operating expenses, due to the acquisition of Editorial Atl&#225;ntida, as well as an increase in costs
of supplies and personnel, promotional and advertising expenses.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Of the total volume of magazines we distributed, approximately, 75.0% in 2006 and 70.7% in
2007 were published by our Publishing segment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing Distribution net sales, representing 1.1% of our total segment net sales for the
years ended December&nbsp;31, 2006 and 2007, increased by Ps.29.4&nbsp;million, or 6.5%, to Ps.479.2&nbsp;million
for the year ended December&nbsp;31, 2007, from Ps.449.8&nbsp;million for the year ended December&nbsp;31, 2006.
The increase was attributable to higher distribution in Mexico and abroad of magazines published by
the Company, as well as an increase of distribution sales of magazines published by third parties
and sold abroad. These increases were partially offset by the negative translation effect on
foreign-currency denominated sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing Distribution operating segment income increased by Ps.9.8&nbsp;million, or 52.4%, to
Ps.28.5&nbsp;million for the year ended December&nbsp;31, 2007 from Ps.18.7&nbsp;million for the year ended
December&nbsp;31, 2006. These results reflect higher sales and lower operating expenses, driven by lower
provision for doubtful trade accounts that were partially offset by an increase in cost of sales,
primarily due to higher charges related to the distribution of magazines.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Sky</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky net sales are primarily derived from program services, installation fees and equipment
rental to subscribers, and national advertising sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky net sales representing 19.1% and 19.7% of our total segment net sales for the years ended
December&nbsp;31, 2006 and 2007, respectively, increased by Ps.669.3&nbsp;million or 8.7% to
Ps.8,402.2&nbsp;million for the year ended December&nbsp;31, 2007, from Ps.7,732.9&nbsp;million for the year ended
December&nbsp;31, 2006. This increase was primarily due to a 10.8% increase in its subscriber base,
which as of December&nbsp;31, 2007 reached 1,585,100 gross active subscribers (including 103,100
commercial subscribers) compared to 1,430,100 gross active subscribers as of December&nbsp;31, 2006 of
which 91,100 were commercial subscribers, as well as the launch of operations in Central America in
2007. This increase was partially offset by lower advertising revenues primarily due to the absence
of Soccer World Cup advertising in 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky operating segment income increased by Ps.348.8&nbsp;million or 9.5% to Ps.4,037.9&nbsp;million for
the year ended December&nbsp;31, 2007, from Ps.3,689.1&nbsp;million for the year ended December&nbsp;31, 2006.
This increase was due to the increase in net sales and lower promotional expenses, partially offset
by higher programming costs associated with the increase of our subscriber base.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Cable and Telecom</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom 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, broadband internet and telephone
services subscription (beginning in the third quarter of 2007). The telecommunications business
derives revenues from providing data and long-distance services solutions to carriers and other
telecommunications service providers through its fiber-optic network. Net sales for Cable
Television advertising consist of revenues from the sale of advertising on Cablevisi&#243;n. From July
2005 to October&nbsp;2007, Maximedios Alternativos, S.A. de C.V. was 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom net sales, representing 5.1% and 6.1% of our total segment net sales for the
years ended December&nbsp;31, 2006 and 2007, respectively, increased by Ps.552.2&nbsp;million, or 26.8%, to
Ps.2,611.6&nbsp;million for the year ended December&nbsp;31, 2007 from Ps.2,059.4&nbsp;million for the year ended
December&nbsp;31, 2006. This increase was primarily due to (i)&nbsp;a 10.8% increase in the number of video
subscribers, which, as of December&nbsp;31, 2007, reached 539,662 subscribers, compared with 486,825
subscribers reported as of December&nbsp;31, 2006; (ii)&nbsp;the
acquisition of the majority of the assets of Bestel, a telecommunication
company, in December&nbsp;2007; (iii)&nbsp;a 52% increase in broadband subscribers to 145,973 as of
December&nbsp;31, 2007 compared with 96,035 reported as of December&nbsp;31, 2006; (iv)&nbsp;the addition of 9,015
telephony subscribers during the year; (v)&nbsp;a 3% average rate increase effective March&nbsp;1, 2007; and
(vi)&nbsp;higher advertising sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom operating segment income increased by Ps.99.7&nbsp;million, or 11.8%, to
Ps.947.2&nbsp;million for the year ended December&nbsp;31, 2007, from Ps.847.5&nbsp;million for the year ended
December&nbsp;31, 2006. These results reflect higher sales that were partially
offset by an increase in cost of sales, primarily due to higher signal and personnel costs,
and costs associated with the acquisition of the majority of the
assets of Bestel as well as promotional and advertising
expenses.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Other Businesses</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses net sales are primarily derived from the promotion of sports and special
events in Mexico, the distribution of feature films, revenues from our internet businesses, which
includes revenues from advertisers for advertising space on Esmas.com, and revenues related to our
PSMS messaging service, gaming (beginning in the second quarter of 2006), and radio.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses net sales, representing 4.7% and 6.0% of our total segment net sales for the
years ended December&nbsp;31, 2006 and 2007, respectively, increased by Ps.638.1&nbsp;million, or 33.2%, to
Ps.2,560.4&nbsp;million for the year ended December&nbsp;31, 2007, from Ps.1,922.3&nbsp;million for the year ended
December&nbsp;31, 2006. This increase was primarily due to higher sales related to our gaming,
feature-film distribution, and internet businesses. This increase was partially offset by lower
sales in our radio and sport events production businesses in 2007, primarily due to political
campaigns and the Soccer World Cup in 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses operating segment loss increased by Ps.41.1&nbsp;million, or 18.3%, to
Ps.266.0&nbsp;million for the year ended December&nbsp;31, 2007, from Ps.224.9&nbsp;million for the year ended
December&nbsp;31, 2006. This increase reflects higher cost of sales and operating expenses related to
our gaming and internet businesses, partially offset by higher total segment sales and lower costs
in our radio and sport events production.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Depreciation and Amortization</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Depreciation and amortization expense increased by Ps.443.3&nbsp;million, or 15.9%, to
Ps.3,223.1&nbsp;million for the year ended December&nbsp;31, 2007, from Ps.2,779.8&nbsp;million for the year ended
December&nbsp;31, 2006. This change was due to higher depreciation expense for decoders in connection
with the increase in the subscriber bases in our Sky and Cable and Telecom segments, installation
of new digital decoder equipment, the depreciation expense derived of our telecommunication
company, as well as an increase in depreciation expenses in our Other Businesses segment related to
our gaming business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Non-operating Results</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Other Expense, Net</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other expense, net, increased by Ps.65.3&nbsp;million, or 7.4%, to Ps.953.4&nbsp;million for the year
ended December&nbsp;31, 2007, compared with Ps.888.1&nbsp;million for the year ended December&nbsp;31, 2006. This
increase reflected primarily a loss on disposition of shares in connection with the sale of our
interest in Univision during the first quarter of 2007, as well as an impairment adjustment to
reduce the carrying value of goodwill in our Television Broadcasting segment, donations, and
professional services in connection with certain litigation and other matters. See &#147;Additional
Information &#151; Legal Proceedings&#148;. These unfavorable variances were partially offset by income
derived from the cancellation of an option to acquire an equity stake in the parent company of the
controlling partners of La Sexta, and the absence of non-recurring expenses incurred in connection
with the tender offer made by Sky in 2006 for most of its Senior Notes due 2013.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The impairment adjustment to goodwill in our Television Broadcasting segment relates to the
operations of a U.S. television station, which was adversely affected in 2007 by a decrease in
operational margins.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Integral Cost of Financing</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">interest expense, including the restatement of our UDI denominated notes in 2006;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">interest income;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">foreign exchange gain or loss attributable to monetary assets and liabilities denominated
in foreign currencies (including gains or losses from derivative instruments); and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">gain or loss attributable to holding monetary assets and liabilities exposed to
inflation.</DIV></TD>
</TR>

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

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our foreign exchange position is affected by our assets or liabilities denominated in foreign
currencies. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The expenses attributable to the integral cost of financing decreased by Ps.730.8&nbsp;million, or
64%, to Ps.410.2&nbsp;million for the year ended December&nbsp;31,2007 from Ps.1,141&nbsp;million for the year
ended December&nbsp;31, 2006. This decrease reflected primarily a Ps.709.3&nbsp;million increase in interest
income primarily in connection with a higher average amount of temporary, held to-maturity and
available-for-sale investments; and a favorable impact of Ps.413.6&nbsp;million in net foreign exchange
results, driven primarily by a higher average amount of our net foreign-currency asset position.
These favorable variances were partially offset by a Ps.166.6&nbsp;million increase in interest expense,
due mainly to a higher average amount of our outstanding debt; and a Ps.225.5&nbsp;million increase in
loss from monetary position, resulting from a higher net monetary asset position.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Equity in Losses of Affiliates, Net</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Equity in losses of affiliates, net, increased by Ps.124.5&nbsp;million, or 19.9%, to
Ps.749.3&nbsp;million for the year ended December&nbsp;31, 2007, compared with Ps.624.8&nbsp;million for the year
ended December&nbsp;31, 2006. This increase reflected primarily the absence of equity in earnings of
Univision, which we recognized through June&nbsp;2006, a reduction of equity in earnings of OCEN, a
live-entertainment venture in Mexico, and EMI Televisa Music, a music joint venture in the United
States. These unfavorable variances were partially offset by a reduction in 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Income Taxes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Income taxes increased by Ps.1,257.1&nbsp;million, or 60.1%, to Ps.3,349.6&nbsp;million for the year
ended December&nbsp;31, 2007, from Ps.2,092.5&nbsp;million for the year ended December&nbsp;31, 2006. This
increase reflected primarily a higher effective income tax rate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are authorized by the Mexican tax authorities to compute our income tax and asset tax on a
consolidated basis. Mexican controlling companies are allowed to consolidate, for income tax
purposes, income or losses of their Mexican subsidiaries up to 100% of their share ownership in
such subsidiaries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We and our Mexican subsidiaries were also subject to an asset tax, at a tax rate of 1.25%
through December&nbsp;31, 2007, on the adjusted gross value of some of our assets. The asset tax was
computed on a fully consolidated basis. The Mexican corporate income tax rate in 2005, 2006 and
2007 was 30%, 29% and 28%, respectively. In accordance with the current Mexican Income Tax Law, the
corporate income tax rate in the subsequent years will be 28%. On October&nbsp;1, 2007, the Mexican
government enacted the new Flat Rate Business Tax (&#147;Impuesto Empresarial a Tasa &#218;nica&#148; or &#147;IETU&#148;).
This law became effective as of January&nbsp;1, 2008. The law introduces a flat tax, which replaces
Mexican asset tax and is applied along with Mexican regular income tax. In general, Mexican
companies are subject to paying the greater of the flat tax or the income tax. The flat tax is
calculated by applying a tax rate of 16.5% in 2008, 17% in 2009, and 17.5% in 2010 and the
following years. Although the flat tax is defined as a minimum tax, it has a wider taxable base as
some of the tax deductions allowed for income tax purposes are not allowed for the flat tax. The
flat tax is calculated on a cash flow basis. As of December&nbsp;31, 2007, this tax law change did not
have an effect on the Company&#146;s deferred tax position, and the Company does not expect to have a
significant financial impact as a consequence of this new flat tax in the near future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Minority Interest Net Income</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 (since
April&nbsp;2004), Cable and Telecom, and Radio businesses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Minority interest net income increased by Ps.325.5&nbsp;million, or 53.3%, to Ps.935.9&nbsp;million in
2007, from Ps.610.4&nbsp;million in 2006. This increase reflected primarily a higher portion of
consolidated net income attributable to interests held by minority equity owners in
our Sky segment, which was partially offset by a lower portion of consolidated net income
attributable to interests held by minority stockholders in our Cable and Telecom segment.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Majority Interest Net Income</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We generated majority interest net income in the amount of Ps.8,082.5&nbsp;million in 2007, a
decrease of 9.3% as compared to net income of Ps.8,908.9&nbsp;million in 2006. The net decrease of
Ps.826.4&nbsp;million reflected:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.65.3&nbsp;million increase in other expense, net;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.124.5&nbsp;million increase in equity in earnings of affiliates, net;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.1,257.1&nbsp;million increase in income taxes; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.325.5&nbsp;million increase in minority interest net income.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">These changes were partially offset by:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.215.2&nbsp;million increase in operating income; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.730.8&nbsp;million decrease in integral cost of financing, net.</DIV></TD>
</TR>

</TABLE>
</DIV>

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


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our net sales increased by Ps.4,289.7&nbsp;million, or 12.2%, to Ps.39,357.7&nbsp;million for the year
ended December&nbsp;31, 2006 from Ps.35,068.0&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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Cost of Sales</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cost of sales increased by Ps.863.8&nbsp;million, or 5.4%, to Ps.16,791.2&nbsp;million for the year
ended December&nbsp;31, 2006 from Ps.15,927.4&nbsp;million for the year ended December&nbsp;31, 2005. This
increase was due to higher costs in the Television Broadcasting, Sky, Cable and Telecom,
Publishing, 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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Selling Expenses</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Selling expenses increased by Ps.252.5&nbsp;million, or 8.8%, to Ps.3,130.2&nbsp;million for the year
ended December&nbsp;31, 2006 from Ps.2,877.7&nbsp;million for the year ended December&nbsp;31, 2005. This increase
was attributable to higher selling expenses in our Publishing, Television Broadcasting, Sky,
Programming Exports, Cable and Telecom, 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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Administrative Expenses</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Administrative expenses increased by Ps.402.7&nbsp;million, or 20.3%, to Ps.2,390.8&nbsp;million for the
year ended December&nbsp;31, 2006, from Ps.1,988.1&nbsp;million for the year ended December&nbsp;31, 2005. This
increase reflects the administrative expense growth in our Sky, Cable and Telecom, Television
Broadcasting, Publishing, 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 Ps.243.9&nbsp;million. These increases were partially offset by
lower administrative expenses in our Pay Television Networks and Programming Exports segments.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television Broadcasting net sales increased by Ps.1,710.6&nbsp;million, or 8.5%, to
Ps.21,760.4&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.20,049.8&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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Television Broadcasting operating segment income increased by Ps.1,438.7&nbsp;million, or 15.1%, to
Ps.10,996.3&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.9,557.6&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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Pay Television Networks</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pay Television Networks net sales increased by Ps.179.3&nbsp;million, or 14.9%, to
Ps.1,379.0&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.1,199.7&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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pay Television Networks operating segment income increased by Ps.148.5&nbsp;million, or 26.6%, to
Ps.707.9&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.559.4&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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Programming Exports</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports net sales increased by Ps.165.0&nbsp;million, or 8.1%, to Ps.2,190.3&nbsp;million
for the year ended December&nbsp;31, 2006, from Ps.2,025.3&nbsp;million for the year ended December&nbsp;31, 2005.
This increase was primarily due to higher royalties paid to us under the PLA 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Programming Exports operating segment income increased by Ps.180.1&nbsp;million, or 24.9%, to
Ps.902.0&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.721.9&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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Publishing</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing net sales increased by Ps.288.8&nbsp;million, or 10.7%, to Ps.2,993.9&nbsp;million for the
year ended December&nbsp;31, 2006 from Ps.2,705.1&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.134.2&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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing operating segment income increased by Ps.58.3&nbsp;million, or 11.3%, to
Ps.576.7&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.518.4&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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Publishing Distribution</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing Distribution net sales increased by Ps.15.6&nbsp;million, or 3.6%, to Ps.449.8&nbsp;million
for the year ended December&nbsp;31, 2006, from Ps.434.2&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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Publishing Distribution operating segment income increased by Ps.11.6&nbsp;million, or 163.4%, to
Ps.18.7&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.7.1&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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Sky</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky net sales, increased by Ps.1,269.6&nbsp;million or 19.6% to Ps.7,732.9&nbsp;million for the year
ended December&nbsp;31, 2006, from Ps.6,463.3&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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky operating segment income increased by Ps.971.9&nbsp;million or 35.8% to Ps.3,689.1&nbsp;million for
the year ended December&nbsp;31, 2006, from Ps.2,717.2&nbsp;million for the year ended December&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Cable and Telecom</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom net sales increased by Ps.542.3&nbsp;million, or 35.7%, to Ps.2,059.4&nbsp;million for
the year ended December&nbsp;31, 2006 from Ps.1,517.1&nbsp;million for the year ended December&nbsp;31, 2005. This
increase was primarily due to a 17.5% increase in the number of video subscribers, which, as of
December&nbsp;31, 2006, reached 486,825 subscribers compared with 414,450 subscribers reported as of
December&nbsp;31, 2005. We also had a 57.5% increase in our broadband subscriber base to 96,035 at
December&nbsp;31, 2006, compared with 60,986 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cable and Telecom operating segment income increased by Ps.318.9&nbsp;million, or 60.3%, to
Ps.847.5&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.528.6&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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Other Businesses</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses net sales increased by Ps.120.4&nbsp;million, or 6.7%, to Ps.1,922.3&nbsp;million for
the year ended December&nbsp;31, 2006, from Ps.1,801.9&nbsp;million for the year ended December&nbsp;31, 2005.
This increase was primarily due to higher sales related to our radio, due to the broadcast of the
2006 FIFA World Cup and political advertising, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other Businesses operating segment loss increased by Ps.86.5&nbsp;million, or 62.5%, to
Ps.224.9&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.138.4&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 in our radio business
and lower cost of sales in our feature films distribution and internet businesses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Depreciation and Amortization</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Depreciation and amortization expense increased by Ps.168.2&nbsp;million, or 6.4%, to
Ps.2,779.8&nbsp;million for the year ended December&nbsp;31, 2006, from Ps.2,611.6&nbsp;million for the year ended
December&nbsp;31, 2005. This change was due to higher depreciation expense for decoders in connection
with the increase in the subscriber bases in our Sky and Cable and Telecom 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Non-Operating Results</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Other Expense, Net</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other expense, net, increased by Ps.117.2&nbsp;million, or 15.2%, to Ps.888.1&nbsp;million for the year
ended December&nbsp;31, 2006, compared with Ps.770.9&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 in the second quarter of 2006 for most of its Senior
Notes due 2013 and an increase in advisory and professional services. This increase was partially
offset by the absence of loss on disposition of both investments and fixed assets in 2006. In 2006,
other expense, net, primarily included expenses of debt placement, donations and advisory and
professional services.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Integral Cost of Financing</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The expense attributable to the integral cost of financing decreased by Ps.782.9&nbsp;million, or
40.7%, to Ps.1,141.0&nbsp;million for the year ended December&nbsp;31, 2006 from Ps.1,923.9&nbsp;million for the
year ended December&nbsp;31, 2005. This decrease reflected primarily a Ps.587.8&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.294.1&nbsp;million
decrease in interest expense, primarily due to both a lower average amount of outstanding debt and
a reduction in the weighted-average interest rate; and a Ps.129.0&nbsp;million increase in interest
income primarily in connection with a higher average amount of temporary investments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">These favorable variances were partially offset by a Ps.228.0&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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Equity in Results of Affiliates, Net</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Equity in results of affiliates, net, decreased by Ps.797.7&nbsp;million to an equity in losses of
affiliates of Ps.624.8&nbsp;million for the year ended December&nbsp;31, 2006, compared with an equity in
earnings of affiliates of Ps.172.9&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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Income Taxes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Income taxes increased by Ps.1,281.4&nbsp;million, to Ps.2,092.5&nbsp;million for the year ended
December&nbsp;31, 2006, from Ps.811.1&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. We are authorized
by the Mexican tax authorities to compute our income tax and asset tax on a consolidated basis.
Mexican controlling companies are allowed to consolidate, for income tax purposes, income or losses
of their Mexican subsidiaries up to 100% of their share ownership in such subsidiaries (through
December&nbsp;31, 2004, such percentage was 60%).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We and our Mexican subsidiaries were also subject to an asset tax, at a tax rate of 1.8%
through December&nbsp;31, 2006, on the adjusted book value of some of our assets. The asset 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 increased. The rate has now been applied to gross
assets versus an adjusted book value of assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Cumulative Loss of Accounting Change, Net</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2005, the cumulative loss of accounting change of Ps.546.4&nbsp;million, reflected (i)&nbsp;the
cumulative loss effect of Ps.349.4&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 Payment&#148;, issued by the International Accounting Standards Board; and (ii)&nbsp;the
cumulative loss effect of Ps.197.0&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 MIPA.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Minority Interest Net Income</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Minority interest in consolidated net income decreased by Ps.560.0&nbsp;million, or 47.9%, to
Ps.610.4&nbsp;million for the year ended December&nbsp;31, in 2006, from Ps.1,170.4&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 business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Majority Interest Net Income</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We generated majority interest net income in the amount of Ps.8,908.9&nbsp;million in 2006, an
increase of 34.7% as compared to net income of Ps.6,613.4&nbsp;million in 2005. The net increase of
Ps.2,295.5&nbsp;million reflected:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.2,602.5&nbsp;million increase in operating income;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.782.9&nbsp;million decrease in integral cost of financing, net;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.546.4&nbsp;million decrease in cumulative loss of accounting change; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.560.0&nbsp;million decrease in minority interest.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">These changes were partially offset by:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.117.2&nbsp;million increase in other expense, net;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.1,281.4&nbsp;million increase in income taxes; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.797.7&nbsp;million decrease in equity in results of affiliates, net.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Effects of Devaluation and Inflation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth, for the periods indicated:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">the percentage that the Peso devalued or appreciated against the U.S. Dollar;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">the Mexican inflation rate;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">the U.S. inflation rate; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">the percentage change in Mexican GDP compared to the prior period.</DIV></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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Year Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Devaluation (appreciation)&nbsp;of the Peso as compared to the U.S. Dollar(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4.7</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican inflation rate(2)</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">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. inflation rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on changes in the Interbank Rates, as reported by Banamex, at
the end of each period, which were as follows: Ps.10.6265 per U.S.
Dollar as of December&nbsp;31, 2005; Ps.10.8025 per U.S. Dollar as of
December&nbsp;31, 2006; and Ps.10.9222 per U.S. Dollar as of December&nbsp;31,
2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on changes in the NCPI from the previous period, as reported by
the Mexican Central Bank, which were as follows: 116.3 in 2005; 121.0
in 2006; and 125.6 in 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 2007,
as estimated by INEGI.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The general condition of the Mexican economy, the devaluation of the Peso as compared to the
U.S. Dollar, inflation and high interest rates have in the past adversely affected, and may in the
future adversely affect, our:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify"><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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify"><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 2005, 2006
and 2007:</DIV></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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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">Revenues</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$570</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs and expenses</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">615</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On a consolidated basis, in 2005, 2006 and 2007, 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: 10pt">
<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><DIV style="text-align: justify"><B><I>Depreciation and Amortization Expense. </I></B>Prior to January&nbsp;1, 2008, we restated 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, increased the carrying value of these assets, which in turn
increased the related depreciation expense.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify"><B><I>Integral Cost of Financing. </I></B>The devaluation of the Peso as compared to the U.S. Dollar
generated 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 increased our integral cost of financing.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.$971.9&nbsp;million as of December&nbsp;31, 2006 (see Notes 1(c), 2 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;Quantitative and Qualitative Disclosures About Market Risk &#151; Market Risk Disclosures&#148; and Note 9
to our year-end financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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: 10pt">
<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%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">restatement of all inventories at net replacement cost.</DIV></TD>
</TR>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>U.S. GAAP Reconciliation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2007, see Note 23 to our year-end financial
statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Recently Issued U.S. Accounting Standards</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. 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.
FASB Staff Position 157-2 delays the effective date of SFAS No.&nbsp;157, &#147;Fair Value Measurements,&#148; for non-financial
assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial
statements on a recurring basis (at least annually). This FSP defers the effective date of SFAS No.&nbsp;157 for the above
types of items to fiscal years beginning after November&nbsp;15, 2008, and interim periods within those fiscal years. We are currently
evaluating the impact, if any, the adoption of SFAS No.&nbsp;157 will have on our financial position,
results of operations and disclosures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In February&nbsp;2007, the FASB published SFAS No.&nbsp;159, &#147;The Fair Value Option for Financial Assets
and Financial Liabilities.&#148; This statement permits entities to choose to measure many financial
instruments and certain other items at fair value that are not currently required to be measured at
fair value. The objective is to improve financial reporting by providing entities with the
opportunity to mitigate volatility in reported earnings caused by measuring related assets and
liabilities differently without having to apply complex hedge accounting provisions. This statement
also establishes presentation and disclosure requirements designed to facilitate comparisons
between entities that choose different measurement attributes for similar types of assets and
liabilities. This statement does not affect any existing accounting literature that requires
certain assets and liabilities to be carried at fair value. This statement does not establish
requirements for recognizing and measuring dividend income, interest income, or interest expense.
This statement does not eliminate disclosure requirements included in other accounting standards,
including requirements for disclosures about fair value measurements included in SFAS No.&nbsp;157,
&#147;Fair Value Measurements,&#148; and SFAS No.&nbsp;107, &#147;Disclosures about Fair Value of Financial
Instruments.&#148; SFAS No.&nbsp;159 will be effective for all fiscal years beginning after November&nbsp;15,
2007. We are currently evaluating the impact this statement will have on our financial position,
results of operations and disclosures, should we elect to measure certain financial instruments at
fair value.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, the FASB published SFAS No.&nbsp;141(R), which replaces SFAS No.&nbsp;141, &#147;Business
Combinations.&#148; This statement improves the reporting of information about a business combination
and its effects. This statement establishes principles and requirements for how the acquirer will
recognize and measure the identifiable assets acquired, the liabilities assumed, and any
non-controlling interest in the acquisition. Also, the statement determines the recognition and
measurement of goodwill acquired in the business combination or a gain from a bargain purchase, and
finally, sets forth the disclosure requirements to enable users of the financial statements to
evaluate the nature and financial effects of the business combination. SFAS No 141(R) will be
effective for all business combinations with an acquisition date on or after the beginning of the
first annual reporting period after December&nbsp;15, 2008, and earlier adoption is prohibited. We will
adopt this pronouncement on January&nbsp;1, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, the FASB published SFAS No.&nbsp;160 on &#147;Noncontrolling Interests in Consolidated
Financial Statements &#151; an amendment of ARB No.&nbsp;51.&#148; This statement addresses the reporting of
minority interests in the results of the parent and provides guidance for the recording of such
interests in the financial statements. It also provides guidance for the recording of various
transactions related to the minority interests, as well as certain disclosure requirements.
SFAS No.&nbsp;160 will be effective for fiscal years and interim periods after December&nbsp;15, 2008, and
earlier adoption is prohibited. The presentation and disclosure requirements of SFAS No.&nbsp;160 must
be applied retrospectively for all periods presented. We will adopt this pronouncement on
January&nbsp;1, 2009. We are currently evaluating the impact this statement will have on our financial
position, results of operations and disclosures.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;19, 2008, the FASB issued SFAS No.&nbsp;161, &#147;Disclosures about Derivative Instruments and
Hedging Activities, an amendment of FASB Statement No.&nbsp;133.&#148; This new standard requires enhanced
disclosures for derivative instruments, including those used in hedging activities. It is
effective for fiscal years and interim periods beginning after November&nbsp;15, 2008, with early
adoption encouraged. The adoption of SFAS No.&nbsp;161 is not expected to have a material impact on our
results of operations and financial condition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2008, the FASB issued SFAS No.&nbsp;162, &#147;The Hierarchy of Generally Accepted Accounting
Principles,&#148; which identifies the sources of accounting principles and the framework for selecting
principles to be used in the preparation of financial statements of nongovernmental entities that
are presented in conformity with generally accepted accounting principles (GAAP)&nbsp;in the United
States. This Statement shall be effective 60&nbsp;days following the SEC&#146;s approval of the Public
Company Accounting Oversight Board (&#147;PCAOB&#148;) amendments to AU Section&nbsp;411, &#147;The Meaning of Present
Fairly in Conformity with Generally Accepted Accounting Principles.&#148; Any effect of applying the
provisions of this Statement shall be reported as a change in accounting principles in accordance
with SFAS No.&nbsp;154, &#147;Accounting Changes and Error Corrections.&#148; An entity shall follow the
disclosure requirements of that Statement, and additionally, disclose the accounting principles
that were used before and after the application of the provisions of this Statement and the reason
why applying this Statement resulted in a change in accounting principles. The adoption of SFAS No.
162 is not expected to have a material impact on the results of operations and financial condition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Recently Issued Mexican Financial Reporting Standards</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, or Mexican FRS. Before that date, the MIPA was responsible for issuing accounting
principles generally accepted in Mexico. Mexican FRS are comprised of: (i)&nbsp;Financial Reporting
Standards, or Normas de Informaci&#243;n Financiera, or NIF, and NIF Interpretations, or
Interpretaciones a las NIF, or INIF, issued by the CINIF; (ii)&nbsp;Bulletins of Generally Accepted
Accounting Principles in Mexico, or Mexican GAAP, issued through May&nbsp;2004 by the MIPA that have not
been modified, replaced or superseded by new NIF; and (iii)&nbsp;International Financial Reporting
Standards, or IFRS, issued by the International Accounting Standards Board, or IASB, that are
supplementary in Mexico when no general or specific guidance is provided by either NIF or
applicable Bulletins of Mexican GAAP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In August&nbsp;2007, the CINIF issued three new standards that became effective as of January&nbsp;1,
2008, as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF B-10, <I>Effects of Inflation</I>, establishes standards for recognizing the effects of inflation
in an entity&#146;s financial statements as measured by changes in a general price index only and does
not provide standards for valuation of any assets or liabilities. NIF B-10 provides criteria for
identifying both inflationary and non-inflationary environments, and provides guidelines to cease
or start recognizing the effects of inflation in financial statements when the general price index
applicable to a specific entity is up to or above 26% in a cumulative three-year period. NIF B-10
includes an option for the accounting treatment of the result from holding non-monetary assets
recognized by an entity as accumulated other comprehensive income or loss under previous guidelines
by either recycling this result from stockholders&#146; equity to income as it is realized, or
reclassifying the outstanding balance of such result to retained earnings in the period in which
this standard becomes effective. Additionally, restatement of financial statements for earlier
periods presented is not required by NIF B-10. Since the cumulative inflation in Mexico measured by
the NCPI in the three-year period ended December&nbsp;31, 2007 was below 26%, the Mexican companies in
Televisa ceased recognizing the effects of inflation in financial statements beginning January&nbsp;1,
2008. In addition, effective January&nbsp;1, 2008, Televisa classified in retained earnings the
outstanding balances of cumulative loss from holding non-monetary assets and accumulated monetary
loss in the aggregate amount of approximately Ps.2,672.5&nbsp;million, in accordance with the guidelines
provided by NIF B-10.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF D-3, <I>Benefits to Employees</I>, replaces the previous Mexican GAAP Bulletin D-3, <I>Labor
Obligations</I>, and provides standards for recognizing those benefits granted by an entity to its
employees, including direct, termination and retirement benefits, as well as other related
provisions. NIF D-3 requires shorter amortization periods for items subject to be amortized,
including an option to recognize any actual gain or loss in income, and does not require the
recognition of a transition asset or liability other than benefits granted in a plan amendment
(prior service cost). NIF D-3 eliminates the recognition of an additional liability determined on
the actual computation of retirement benefits without consideration of salary increases;
consequently, a related intangible asset and an eventual stockholders&#146; equity adjustment derived
from the recognition of this additional liability, are no longer required by this new standard. NIF
D-3 also requires the recognition of any termination benefit costs directly in income as a
provision, with no deferral of any unrecognized prior service cost or related actual gain or loss.
Additionally, NIF D-3 recognizes the employees&#146; profit sharing required to be paid under certain
circumstances in Mexico, as a direct benefit to employees. The provisions of NIF D-3 are not
expected to have a significant effect on our consolidated financial statements.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF D-4, <I>Income Taxes</I>, replaces the previous Mexican GAAP Bulletin D-4, <I>Accounting for Income
Tax, Asset Tax and Employees&#146; Profit Sharing</I>, and provides additional guidance for valuation,
presentation and disclosure of both current and deferred income taxes accrued for a period. NIF D-4
eliminates from its scope the accounting for employees&#146; profit sharing, since this line item is
deemed an ordinary expense associated with benefits to employees, and therefore under the scope of
NIF D-3. NIF D-4 also recognizes the Mexican asset tax paid as a tax credit to the extent of its
expected recovery. In addition, NIF D-4 requires the reclassification to retained earnings of any
outstanding cumulative effect of deferred income taxes recognized in stockholders&#146; equity, in the
period in which this standard becomes effective. The provisions of NIF D-4 are not expected to have
a significant effect on Televisa&#146;s consolidated financial statements. In accordance with the
guidelines provided by NIF D-4, effective January&nbsp;1, 2008, Televisa classified in retained earnings
the outstanding balance of cumulative loss effect of deferred income taxes in the amount of
approximately Ps.3,224.4&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2007, the CINIF issued two standards that became effective as of January&nbsp;1, 2008,
as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF B-2, <I>Statement of Cash Flows</I>, requires a statement of cash flows as part of a full set of
financial statements in place of a statement of changes in financial position. The statement of
cash flows classifies cash receipts and payments according to whether they stem from operating,
investing, or financing activities and provides a definition of each category. Cash flows from
operating activities can be reported by directly showing major classes of operating cash receipts
and payments (the direct method), or by reporting the same amount of net cash flow from operating
activities indirectly by adjusting net income to reconcile it to net cash flow from operating
activities (the indirect method) by removing the effects of (a)&nbsp;all deferrals of past operating
cash receipts and accruals of expected future operating cash receipts and payments and (b)&nbsp;all
items that are included in net income that do not affect operating cash receipts and payments. NIF
B-2 also requires that a statement of cash flows report the reporting currency equivalent of
foreign currency cash flows, using the current exchange rate at the time of the cash flows. The
effect of exchange rate changes on cash held in foreign currencies is reported as a separate item
in the reconciliation of beginning and ending balances of cash and cash equivalents. Restatement of
financial statements for years provided before 2008 is not required by NIF B-2.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF B-15, <I>Translation of Foreign Currencies</I>, replaces the previous Mexican GAAP Bulletin B-15,
<I>Foreign Currency Transactions and Translation of Financial Statements of Foreign Operations</I>, and
introduces the concepts of accounting currency, functional currency and reporting currency. NIF
B-15 sets forth procedures for translating financial statements from the accounting currency of a
foreign operation into the applicable functional currency, and from the functional currency of a
foreign operation into the required reporting currency. NIF B-15 also permits that an entity may
present its financial statements in a reporting currency other than its functional currency.
Restatement of financial statements for years provided before 2008 is not required by NIF B-15. The
provisions of NIF B-15 are not expected to have a significant effect on our consolidated financial
statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, the CINIF issued the INIF 8, <I>Effects of the Flat Rate Business Tax</I>. This
interpretation became effective in October&nbsp;2007, and requires a company to evaluate the effects of
the new Flat Rate Business Tax that became effective in Mexico beginning in January&nbsp;2008, on its
deferred income tax asset or liability position for the fourth quarter of 2007, based on projected
results of operations for periods beginning in 2008. The provisions of INIF 8 did not have a
significant effect on our consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Critical Accounting Policies</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, the evaluation of definite lived and indefinite lived long-lived
assets, and deferred income taxes. For a full description of these and other accounting policies,
see Note 1 and Note 23 to our year-end financial statements.&#096;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 remaining production costs over the remainder of
the expected future benefit period. See Note 1(e) to our year-end financial statements.
</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Equity Investments.</I></B>&nbsp;&nbsp;Some of our investments are structured as equity investments. See
Notes&nbsp;1(g) and 2 to our year-end financial statements. As a result, under both Mexican FRS and
U.S.&nbsp;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&nbsp;5 to our year-end
financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Once the carrying balance of a given investment is reduced to zero, we evaluate whether we
should suspend the equity method of 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Goodwill and Other Indefinite-lived Intangible Assets.</I></B>&nbsp;&nbsp;Under Mexican FRS, 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.&nbsp;GAAP
in this regard. However, Mexican FRS does not require a two-step impairment evaluation process for
goodwill but rather, a direct comparison of fair value to carrying value.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, which is publicly available. Estimates
of fair value are primarily determined using discounted cash flows and market comparisons. These
approaches use significant estimates and assumptions including projected future cash flows
(including timing), discount rate reflecting the risk inherent in future cash flows, perpetual
growth rate, determination of appropriate market comparables and the determination of whether a
premium or discount should be applied to comparables. Inherent in these estimates and assumptions
is a certain level of risk, which we believe we have considered in our valuations. Nevertheless, if
future actual results differ from estimates, a possible impairment charge may be recognized in
future periods related to the write-down of the carrying value of goodwill and other intangibles in
addition to the amounts recognized previously.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Long-lived Assets.</I></B>&nbsp;&nbsp;Under both Mexican FRS and U.S.&nbsp;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&nbsp;1(j), 7 and 17 to our year-end
financial statements. Unlike U.S.&nbsp;GAAP, Mexican FRS allows the reversal in subsequent periods of
previously taken impairment charges.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Deferred Income Taxes.</I></B>&nbsp;&nbsp;Under both Mexican FRS and U.S.&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We adopted Interpretation No.&nbsp;48 &#147;Accounting for Uncertainty in Income Taxes&#148; (&#147;FIN 48&#148;) under
the U.S. GAAP Financial Accounting Standards Board (&#147;FASB&#148;) issued in July&nbsp;2006, which interprets
FASB Statement of Financial Accounting Standards No.&nbsp;109, effective as of January&nbsp;1, 2007. FIN 48
prescribes a comprehensive model for the recognition, measurement, financial statement presentation
and disclosure of uncertain tax positions taken or expected to be taken in a tax return. FIN 48
provides guidance on derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. We classify income tax-related interest and penalties as income
taxes in the financial statements. The adoption of this pronouncement had no effect on our overall
financial position or results of operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Liquidity, Foreign Exchange and Capital Resources</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Liquidity.</I></B>&nbsp;&nbsp;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, 2007, December&nbsp;31, 2006, and December&nbsp;31, 2005, we had received Ps.16,085.0&nbsp;million
(nominal), Ps.15,946.0&nbsp;million (nominal)&nbsp;and Ps.14,232.7&nbsp;million (nominal), respectively, of
advertising deposits for television advertising during 2008, 2007 and 2006, respectively,
representing U.S.$1.5&nbsp;billion, U.S.$1.5&nbsp;billion, and U.S.$1.3&nbsp;billion, respectively, at the
applicable year-end exchange rates. The deposits as of December&nbsp;31, 2007, represented a 0.9%
(nominal)&nbsp;increase, or 3.2% decrease in real terms, as compared to year-end 2006, and deposits as
of December&nbsp;31, 2006 represented a 12% (nominal)&nbsp;increase, or 8.3% in real terms, as compared to
year-end 2005. Approximately 67.9%, 61.9% and 57.5% of the advanced payment deposits as of each of
December&nbsp;31, 2007, December&nbsp;31, 2006, and December&nbsp;31, 2005, 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, 2007 and December&nbsp;31,
2006, was 3.6&nbsp;months and at December&nbsp;31, 2005, was 3.1&nbsp;months.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We expect to fund our operating cash needs during 2008, 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 2008
through available cash from operations, cash on hand and/or borrowings. The amount of borrowings
required to fund these cash needs in 2008 will depend upon the timing of cash payments from
advertisers under our advertising sales plan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Net income adjusted for non-cash items.</I></B>&nbsp;&nbsp;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, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2007, we generated positive net income adjusted for non-cash items of Ps.13,839.5&nbsp;million,
as compared to a positive net income adjusted for non-cash items of Ps.14,617.8&nbsp;million during
2006. This change was due primarily to a Ps.2,907.8&nbsp;million increase in income and asset taxes.
This decrease in our net income adjusted for non-cash items was partially offset by:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.555.1&nbsp;million increase in operating income;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.729.2&nbsp;million decrease in integral cost of financing, which was due primarily to an
increase in interest income and in foreign exchange gain;&nbsp;and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.845.2&nbsp;million decrease in other expense, net.</DIV></TD>
</TR>

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

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2006, we generated positive net income adjusted for non-cash items of Ps.14,617.8&nbsp;million,
as compared to a positive net income adjusted for non-cash items of Ps.10,208.6&nbsp;million during
2005. This change was due primarily to the following:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.3,014.5&nbsp;million increase in operating income;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.861.7&nbsp;million decrease in income and asset taxes;&nbsp;and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.780.9&nbsp;million decrease in integral cost of financing, which was due primarily to a
decrease in foreign exchange loss and interest expense.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The increases in our net income adjusted for non-cash items were partially offset by a
Ps.247.9&nbsp;million increase in other expense, net.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2005, we generated positive net income adjusted for non-cash items of Ps.10,208.6&nbsp;million,
as compared to a positive net income adjusted for non-cash items of Ps.8,966.3&nbsp;million during 2004.
This change was due primarily to the following:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.2,412.6&nbsp;million increase in operating income;&nbsp;and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.96.6&nbsp;million decrease in other expense, net.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The increases in our net income adjusted for non-cash items were partially offset by:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.1,050.9&nbsp;million increase in income and asset taxes;&nbsp;and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a Ps.216.0&nbsp;million increase in integral cost of financing, which was due primarily to an
increase in foreign exchange loss.</DIV></TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2008, we expect to:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">make aggregate expenditures for property, plant and equipment of approximately
U.S.$360.0&nbsp;million, which amount includes capital expenditures in the amount of
approximately U.S.$85.0&nbsp;million, U.S.$120.0&nbsp;million and U.S.$50.0&nbsp;million for the expansion
and improvements of our Cable and Telecom, Sky and gaming segments, respectively;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">make investments related to our 40% interest in La&nbsp;Sexta for an aggregate amount of
&#128;44.4&nbsp;million (U.S.$64.8&nbsp;million);</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">make an additional investment of U.S.$100.0&nbsp;million in Alvafig to increase its interest
in the capital stock of Cablem&#225;s;&nbsp;and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">make additional capital contributions in Volaris, our 25% interest in a low-cost carrier
airline in Mexico for up to U.S.$12.0&nbsp;million.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2007, we:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">made aggregate capital expenditures totaling U.S.$355.1&nbsp;million, including
U.S.$78.7&nbsp;million for our Cable and Telecom segment, U.S.$122.3&nbsp;million for Sky,
U.S.$41.4&nbsp;million for gaming, and U.S.$112.7&nbsp;million in our Television Broadcasting and
Other Business segments;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">made investments related to our 40% interest in La&nbsp;Sexta for an aggregate amount of
&#128;65.9&nbsp;million (U.S.$89.9&nbsp;million);</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">acquired Editorial Atl&#225;ntida, a leading publishing company in Argentina, for
approximately U.S.$78.8&nbsp;million;&nbsp;and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">acquired in December&nbsp;2007 shares of companies that hold the majority of the assets of
Bestel, a privately held, facilities-based telecommunications company in Mexico by our
indirect majority-owned subsidiary, Cablestar for U.S.$256.0&nbsp;million in cash plus an
additional capital contribution of U.S.$69.0&nbsp;million.</DIV></TD>
</TR>

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2006, we:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">made aggregate capital expenditures totaling U.S.$298.5&nbsp;million, including
U.S.$75.9&nbsp;million for our cable television segment, U.S.$91.2&nbsp;million for Sky,
U.S.$22.5&nbsp;million for gaming, and U.S.$108.9&nbsp;million in our Television Broadcasting and
Other Business segments;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">made investments related to our 40% interest in La&nbsp;Sexta for an aggregate amount of
U.S.$132.4&nbsp;million (&#128;104.6&nbsp;million), and capital contributions of U.S.$7.5&nbsp;million in
Volaris related to our 25% interest in this venture;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">acquired a 50% interest in TVI, a cable television company in Mexico, in the amount of
Ps.798.3&nbsp;million, which was substantially paid in cash, and provided funding to TVI in the
form of a loan in the nominal amount of Ps. 240.6&nbsp;million;&nbsp;and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">invested U.S.$258.0&nbsp;million in long-term notes convertible, at our option, into 99.99% of
the equity of Alvafig, which held, at such time, 49% of the equity of Cablem&#225;s, a large
cable operator in Mexico, with a coupon rate of 8% in the first year and 10% in the four
remaining years.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Refinancings.</I></B>&nbsp;&nbsp;In May&nbsp;2004, we entered into a five-year credit agreement with a Mexican bank
for an aggregate principal amount of Ps.1,162.5&nbsp;million, which net proceeds were used by us to
repay any outstanding amounts under the U.S.$100.0&nbsp;million syndicated term loan. For a description
of the terms of the Ps.1,162.5&nbsp;million long-term credit agreement, see &#147;&#151;&nbsp;Indebtedness&#148; below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2004, we entered into a seven and one-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%&nbsp;Senior Notes due in August&nbsp;2005.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2005, we issued U.S.$400.0&nbsp;million aggregate principal amount of 6 5/8%&nbsp;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.$300.0&nbsp;million aggregate principal amount outstanding of
our 8.00%&nbsp;Senior Notes due 2011 and our Ps.3,839&nbsp;million (equivalent to approximately
U.S.$336.9&nbsp;million) aggregate principal amount of 8.15% UDI-denominated Notes due 2007. For a
description of our 6 5/8%&nbsp;Senior Notes due 2025, see &#147;&#151;&nbsp;Indebtedness&#148; below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2005, we reopened our 6 5/8%&nbsp;Senior Notes due 2025 for an additional U.S.$200.0&nbsp;million
for an aggregate principal amount of U.S.$600.0&nbsp;million of 6 5/8%&nbsp;Senior Notes due 2025
outstanding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2006, Innova successfully completed a cash tender offer to purchase its
U.S.$300.0&nbsp;million 9.375%&nbsp;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.3,500.0&nbsp;million at an average fixed interest rate for the first three years of 8.84%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2007, we issued Ps.4,500&nbsp;million aggregate principal amount of 8.49%&nbsp;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 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 used 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&nbsp;8 to our year-end financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2008, we issued U.S.$500.0&nbsp;million Senior Notes due 2018. We intend to use the net
proceeds for general corporate purposes, including to repay outstanding indebtedness and repurchase
our shares, among other uses, in each case, subject to market conditions and other factors.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Indebtedness.</I></B>&nbsp;&nbsp;As of December&nbsp;31, 2007, our consolidated long-term portion of debt amounted to
Ps.24,922.0&nbsp;million, and our consolidated current portion of debt was Ps.488.6&nbsp;million. As of
December&nbsp;31, 2006, our consolidated long-term portion of debt amounted to Ps.19,487.7&nbsp;million, and
our consolidated current portion of debt was Ps.1,023.5&nbsp;million. As of December&nbsp;31, 2005, our
consolidated long-term portion of debt amounted to Ps.19,949.4&nbsp;million, and our consolidated
current portion of debt was
Ps.367.6&nbsp;million. The following table sets forth a description of our outstanding indebtedness
as of December&nbsp;31, 2007, on a historical, actual basis. Information in the following table is
presented in millions of constant Pesos in purchasing power as of December&nbsp;31,&nbsp;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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="12" style="border-bottom: 1px solid #000000"><B>Debt Outstanding(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maturity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Debt</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Denomination</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Debt</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Long-term debt</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8%&nbsp;Senior Notes(2)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">785.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.5%&nbsp;Senior Notes(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,276.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.625%&nbsp;Senior Notes(2)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,553.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.625</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.49%&nbsp;Senior Notes(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,500.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.490</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova&#146;s 9.375%&nbsp;Senior Notes(4)(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.375</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2013</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2009(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2010 and 2012(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">2010 and 2012</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">JPMorgan Chase Bank, N.A. loan(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,457.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.330</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. Dollars</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2012</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Santander Serfin loan(4)(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.98</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2008(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.925</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2016(4)(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other debt(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.95</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Various</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">2008-2022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">Total debt (including current maturities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,922.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">15.2&nbsp;years</TD>
    <TD>(9)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: current maturities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">488.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Various</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right"><FONT style="white-space: nowrap">December 2008</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">Total long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,433.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">U.S. Dollar-denominated debt is translated into Pesos at an exchange rate
of Ps.10.9222 per U.S. Dollar, the Interbank Rate, as reported by Banamex,
as of December&nbsp;31, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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, 2032 and 2037,
including additional amounts payable in respect of certain Mexican
withholding taxes, is 8.41%, 6.97%, 8.94% and 8.93% 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 indenture governing 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.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 Company&#146;s tender offers made for any or all of the Senior
Notes due 2011 and the UDI-denominated Notes due 2007, and prepay a
portion of the outstanding principal amount of these securities in the
amount of U.S.$222.0&nbsp;million and Ps.3,045,427 (nominal Ps.2,935,097),
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
Company&#146;s outstanding indebtedness.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">These Senior Notes are unsecured and unsubordinated obligations of Sky.
Interest on these Senior Notes, including additional amounts payable in
respect of certain Mexican withholding taxes, is 9.8580%, and is payable
semi-annually. Sky 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. In March and April&nbsp;2006, Sky 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 for any or all of the Senior Notes due 2013, and
prepaid a principal amount of U.S.$288.7&nbsp;million or 96.2% of these
securities. The total aggregate amount paid by Sky in connection with this
tender offer was U.S.$324.3&nbsp;million, which included related consents and
accrued and unpaid interest. The 10-year Sky indebtedness is guaranteed by
the Company and includes a nominal 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 of &#147;TIIE&#148; plus 24&nbsp;basis points for the remaining seven
years. Interest on these two 10-year loans is payable on a monthly basis.</DIV></TD>
</TR>

</TABLE>


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

<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; margin-left: .25in; width: 7.20in">




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In December&nbsp;2007, Cablevisi&#243;n entered into a 5-year term loan facility in
the aggregate principal amount of U.S.$225.0&nbsp;million in connection with
the financing for the acquisition of Letseb and Bestel USA, Inc. This loan
is intended to be syndicated during the life of the facility. Annual
interest on this loan facility is payable on a quarterly basis at LIBOR
plus an applicable margin that may range from 0.375% to 0.625% depending
on a leverage ratio. Under the terms of the loan facility, Cablevisi&#243;n and
subsidiaries are required to (a)&nbsp;maintain certain financial coverage
ratios related to indebtedness and interest expense, and (b)&nbsp;comply with
certain restrictive covenants, primarily on debt, liens, investments and
acquisitions, capital expenditures, asset sales, consolidations, mergers
and similar transactions.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes notes payable to banks, bearing annual interest rates in a range
of 0.11 to 1.25 points above LIBOR. The maturities of these notes are
between 2008 and 2022.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In May&nbsp;2007, the Company issued these Senior Notes in the aggregate
principal amount of Ps.4,500,000. The net proceeds from this issuance were
used to replenish the Company&#146;s cash position following the payment, with
cash on hand, of Ps.992,900 of our outstanding 8.15% UDI-denominated Notes
that matured in April&nbsp;2007 and for the repurchase of the Company&#146;s shares.
The Company used the remaining net proceeds from this issuance for general
corporate purposes, including the repayment of other outstanding
indebtedness and the continued repurchase of the Company&#146;s shares, subject
to market conditions and other factors. 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.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes in 2006 and 2007, outstanding balances of long-term loans in the
principal amount of Ps.480,000, Ps.1,162,460 and Ps.2,000,000, in
connection with certain credit agreements entered into by the Company with
a Mexican bank, with various maturities through 2012. Interest on these
loans ranges from 8.925% to 10.350% 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 balance in 2006 and
2007 also includes the Sky long-term loans discussed in paragraph
(3)&nbsp;above in the aggregate principal amount of Ps.3,500,000.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Actual weighted average maturity of long-term debt as of December&nbsp;31, 2007.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Interest Expense.</I></B>&nbsp;&nbsp;Interest expense for 2007 was Ps.2,177.0&nbsp;million, Ps.13.0&nbsp;million of which
was attributable to the restatement of our UDI-denominated notes due 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table sets forth our interest expense for the years indicated (in millions of
U.S.&nbsp;Dollars and millions of Mexican Pesos):
</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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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>2007</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.$</TD>
    <TD align="right">118.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">95.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">87.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amounts currently payable under Mexican
withholding taxes(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total interest payable in U.S. Dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">124.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">99.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">90.9</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>
<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">&nbsp;&nbsp; 1,487.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&nbsp;&nbsp; 1,156.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&nbsp;&nbsp; 1,014.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest payable in Pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,149.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">34.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.0</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>
    <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 expense(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&nbsp;&nbsp; 2,304.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&nbsp;&nbsp; 2,010.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&nbsp;&nbsp; 2,177.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interest expense in these periods includes amounts effectively payable in U.S. Dollars as a result of U.S. Dollar-Peso swaps.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See &#147;Additional Information &#151; Taxation&nbsp;&#151; Federal Mexican Taxation&#148;.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Total interest expense amounts in these periods exclude capitalized and hedged interest expense.</DIV></TD>
</TR>

</TABLE>


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

<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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Guarantees.</I></B>&nbsp;&nbsp;We guarantee our proportionate share of our DTH joint ventures&#146; minimum
commitments for use on PanAmSat (now Intelsat Corporation) IS-9 satellite&#146;s transponders for
periods of up to 15&nbsp;years. The amount of these guaranteed commitments is estimated to be an
aggregate of U.S.$92.8&nbsp;million as of December&nbsp;31, 2007, related to Innova. In October&nbsp;2005, in a
series of related transactions, we disposed of our 30% interest in Techco and were released of any
obligation in connection with a guarantee granted by us in respect of certain of Techco&#146;s
indebtedness.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 on satellite 1S-9 (formerly PAS-9) 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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Contractual Obligations and Commercial Commitments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Contractual Obligations on the Balance Sheet</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes our contractual obligations on the balance sheet as of
December&nbsp;31, 2007 (these amounts do not include interest):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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: 10pt" 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: 10pt" 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&nbsp;1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January&nbsp;1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January&nbsp;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: 10pt" 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>2008 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2011 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: 10pt" 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&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>(Thousands 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">8%&nbsp;Senior Notes due 2011</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="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">71,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.5%&nbsp;Senior Notes due 2032</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.625%&nbsp;Senior Notes due 2025</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.49%&nbsp;Senior Notes due 2037</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">412,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">412,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova&#146;s 9.375%&nbsp;Senior Notes due 2013</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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,431</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">106,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2010 and 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,114</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">91,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">JPMorgan Chase Bank, N.A. loan due 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</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 align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Banamex loan due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">192,269</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Santander Serfin loan due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">128,179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,921</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,281,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,646,625</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,579</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 align="left">U.S.$</TD>
    <TD align="right">2,644,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">134,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">290,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">491,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">1,727,956</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>


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

<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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Contractual Obligations off the Balance Sheet</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes our contractual obligations off the balance sheet as of
December&nbsp;31, 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="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>12-36 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>36-60 Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>After 60</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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&nbsp;1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January&nbsp;1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January&nbsp;1,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Months</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2008 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009 to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2011 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: 10pt" 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&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>(Thousands 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">Satellite transponder commitments(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">50,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">14,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">16,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">9,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">8,986</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Agreement with Intelsat Corporation(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,600</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">138,600</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures commitments(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,900</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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lease commitments(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">330,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">111,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">181,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">18,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">20,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Our minimum commitments for the use of satellite transponders under operating lease contracts.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Agreement of Sky and Sky Brasil with Intelsat Corporation to build and launch a new
24-transponder satellite in the fourth quarter of 2009. See Note&nbsp;11 to our year-end financial
statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Our commitments for capital expenditures include U.S.$7,640, which are related to
improvements to leasehold facilities of our gaming operations.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Our minimum non-cancellable lease commitments for facilities under operating lease contracts,
which are primarily related to our gaming business, under operating leases expiring through
2046. See Note&nbsp;11 to our year-end financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">We have commitments of capital contributions in 2008 related to our 40% equity interest in
La&nbsp;Sexta in the aggregate amount of &#128;44.4&nbsp;million (U.S.$64,773).</DIV></TD>
</TR>

</TABLE>


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

<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; margin-left: .25in; width: 7.20in">




<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;6. Directors, Senior Management and Employees</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Board of Directors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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:15px; text-indent:-15px">Emilio Fernando Azc&#225;rraga Jean<BR>
(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">December&nbsp;1990</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Alfonso de Angoitia Noriega<BR>
(01/17/62)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Member
of the Executive Office of the
Chairman and Member of the
Executive Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Chief
Financial Officer
of Grupo Televisa
and former
Alternate Member of
the Board of
Univision and
Partner, Mijares,
Angoitia, Cort&#233;s y
Fuentes, S.C.
(1994-1999)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Mar&#237;a Asunci&#243;n Aramburuzabala <BR>
Larregui (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">Partner and Vice
Chairwoman of the
Board and Member of
the Executive
Committee of Grupo
Modelo, S.A.B. de
C.V. and Grupo
Televisa, S.A.B.
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&nbsp;2000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Pedro Aspe Armella (07/07/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Chairman of the Board of
Evercore Partners
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of The
McGraw-Hill
Companies and
Xignux, Chairman of
the Board of
Volaris and former
Member of the Board
of Vector Casa de
Bolsa, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2003</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">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&nbsp;1990</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

<TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Jos&#233;
Antonio Bast&#243;n Pati<FONT face="Times New Roman">&#241;</FONT>o<BR>
(04/13/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Vice President of
Television and Member of the
Executive Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Operations of Grupo
Televisa, former
General Director of
Programming of
Grupo Televisa and
former Member of
the Board of
Univision
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /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; margin-left: .25in; width: 7.20in">
<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="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Alberto Bailleres Gonz&#225;lez<BR>
(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
Peoles, 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&nbsp;2004</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Manuel Jorge Cutillas Covani<BR>
(03/01/32)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former President and Chief
Executive Officer 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
Grupo Bacardi
Limited
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1994</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Jos&#233; Antonio Fern&#225;ndez <BR>
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 Chairman of the Board of
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
Peoles, 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&nbsp;2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Carlos Fern&#225;ndez Gonz&#225;lez<BR>
(09/29/66)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer and
Chairman of the Board of Grupo
Modelo, S.A.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
Finaccess Mexico,
S.A.B. de C.V. and
Partner and CEO of
Tenedora
San&nbsp;Carlos, S.A. de
C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;2000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Bernardo G&#243;mez Mart&#237;nez<BR>
(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&nbsp;1999</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Claudio X. Gonz&#225;lez Laporte
(05/22/34)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board 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,
former President of
the Mexican
Business Council
and former Chief
Executive Officer
of Kimberly-Clark
de Mexico, S.A.B.
de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1997</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Roberto Hern&#225;ndez Ram&#237;rez<BR>
(03/24/42)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Banco
Nacional de M&#233;xico, S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Chief
Executive Officer
of Banco Nacional
de M&#233;xico, S.A. and
Member of the
Boards of
Citigroup, Inc.,
Gruma, S.A.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&nbsp;1992</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->82<!-- /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; margin-left: .25in; width: 7.20in">
<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="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Enrique Krauze Kleinbort<BR>
(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&nbsp;1996</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Germ&#225;n Larrea Mota Velasco<BR>
(10/26/53)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and Chief
Executive Officer 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,
former Member of
the Boards of Banco
Nacional de M&#233;xico,
S.A. and Bolsa
Mexicana de
Valores, S.A. de
C.V., and former
President of Grupo
M&#233;xico, S.A.B. de
C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Gilberto P&#233;rezalonso Cifuentes<BR>
(03/06/43)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Audit and Corporate
Practices 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,
S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1998</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Alejandro Quintero I&#241;iguez<BR>
(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&nbsp;1998</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Fernando Senderos Mestre<BR>
(03/03/50)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and President
of the Executive Committee of DESC,
S.A. de C.V., Dine, S.A.B. de C.V.
and Grupo Kuo, S.A.B. de C.V.
(formerly DESC, S.A. de C.V.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Boards of Tel&#233;fonos
de M&#233;xico, S.A.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
Peoles, S.A.B. de
C.V. and former
Chief Executive
Officer of DESC,
S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1992</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Enrique Francisco Jos&#233; Senior <BR>
Hern&#225;ndez (08/03/43)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 and former
Executive Vice
President of Allen
&#038; Company, LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2001</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Lorenzo H. Zambrano Trevio
(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&nbsp;1999</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<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; margin-left: .25in; width: 7.20in">
<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="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Alternate Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Herbert A. Allen&nbsp;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&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Juan Pablo Andrade Frich<BR>
(06/05/64)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Asset Manager of Tresalia Capital,
S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Member of
the Boards of
Televicentro,
S.A.&nbsp;de C.V. and
Empresas
Cablevisi&#243;n, S.A.B.
de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;2000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Lucrecia Aramburuzabala <BR>
Larregui de Fernandez<BR>
(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, S.A.
de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July&nbsp;2000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">F&#233;lix Jos&#233; Araujo Ram&#237;rez<BR>
(03/20/51)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of 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&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Joaqu&#237;n Balc&#225;rcel Santa Cruz<BR>
(01/04/69)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President&nbsp;&#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&nbsp;2000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Rafael Carabias Pr&#237;ncipe<BR>
(11/13/44)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer of Gestora
de Inversiones Audiovisuales
La&nbsp;Sexta, S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Member of
the Boards of
Promecap, S.C. and
Grupo Financiero
del Sureste, S.A.,
former Director of
Corporate Finance
of Scotiabank
Inverlat, S.A. and
former Vice
President of
Administration of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;1999</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Francisco Jos&#233; Ch&#233;vez Robelo<BR>
(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. de C.V.
</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&nbsp;2003</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Jos&#233; Luis Fern&#225;ndez Fern&#225;ndez<BR>
(05/18/59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner of Ch&#233;vez, Ru&#237;z, Zamarripa
y Cia., S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Member of
the Boards of
Alexander Forbes,
S.A. de C.V. and
Afore Bital, S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->84<!-- /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; margin-left: .25in; width: 7.20in">
<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="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Salvi Rafael Folch Viadero<BR>
(08/16/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Financial Planning
of Grupo Televisa,
Chief Executive
Officer and Chief
Financial Officer
of Comercio 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">April&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Leopoldo G&#243;mez Gonz&#225;lez Blanco<BR>
(04/06/59)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President of Newscasts of
Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Director of
Information to the
President of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2003</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Jorge Agust&#237;n Lutteroth <BR>
Echegoyen (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&nbsp;2000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Alberto Javier Montiel <BR>
Castellanos (11/22/45)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Montiel Font y
Asociados, S.C. and Member of the
Audit and Corporate Practices
Committees of Grupo Televisa and
Empresas Cablevisi&#243;n, S.A.B. de
C.V.
</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&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Ra&#250;l Morales Medrano (05/12/70)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner of Ch&#233;vez, Ruiz, Zamarripa
y Cia., S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Senior
Manager of Ch&#233;vez,
Ruiz, Zamarripa y
Cia., S.C.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2002</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mar&#237;a Asunci&#243;n Aramburuzabala Larregui and Carlos Fern&#225;ndez Gonz&#225;lez were beneficiaries of the
Investor Trust (as defined in &#147;Major Stockholders and Related Party Transactions&nbsp;&#151; The Major
Stockholders&#148;), 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&nbsp;&#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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our Board of Directors</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>General.</I></B>&nbsp;&nbsp;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: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">individuals who have significant influence over our decision making processes;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">controlling stockholders, in our case, the beneficiaries of the Stockholder Trust;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">partners or employees of any company which provides advisory services to us or any
company that is part of the same economic group as we are and that receives 10% or more of
its income from us;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">significant clients, suppliers, debtors or creditors, or members of the Board or
executive officers of any such entities;&nbsp;or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">spouses, family relatives up to the fourth degree, or cohabitants of any of the
aforementioned individuals.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->85<!-- /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; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Election of Directors.</I></B>&nbsp;&nbsp;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&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Quorum; Voting.</I></B>&nbsp;&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Meetings; Actions Requiring Board Approval.</I></B>&nbsp;&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the Mexican Securities Market Law and our bylaws, our Board of Directors must
approve, among other matters:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">our general strategy;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">with input from the Audit and Corporate Practices Committee, on an individual basis:
(i)&nbsp;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; (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)&nbsp;agreements with our external
auditors; and (vi)&nbsp;accounting policies within GAAP;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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 bylaws is expressly
reserved for the stockholders or the Board;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">matters related to antitakeover provisions provided for in our bylaws;&nbsp;and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">the exercise of our general powers in order to comply with our corporate purpose.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Duty of Care and Duty of Loyalty.</I></B>&nbsp;&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->86<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Audit and Corporate Practices Committee.</I></B>&nbsp;&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Audit and Corporate Practices Committee is responsible for, among other things:
(i)&nbsp;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 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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)&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Committees of Our Board of Directors.</I></B>&nbsp;&nbsp;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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->87<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Executive Officers</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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" 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:15px; text-indent:-15px">Emilio Fernando Azc&#225;rraga <BR>
Jean (02/21/68)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, President
and Chief Executive Officer and
President of the Executive
Committee of Grupo Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the 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" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Alfonso de Angoitia Noriega<BR>
(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" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">F&#233;lix Jos&#233; Araujo Ram&#237;rez<BR>
(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" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Maximiliano Arteaga Carlebach<BR>
(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&nbsp;&#151;
Televisa
Chapultepec, former
Vice President of
Administration&nbsp;&#151;
Televisa San&nbsp;Angel
and Chapultepec and
former Vice
President of
Administration and
Finance of Univisa,
Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;2002</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Jos&#233; Antonio Bast&#243;n Pati&#241;o<BR>
(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" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Jean Paul Broc Haro (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" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Salvi Rafael Folch Viadero<BR>
(08/16/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Financial Planning
of Grupo Televisa,
Chief Executive
Officer and Chief
Financial Officer
of Comercio 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" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Bernardo G&#243;mez Mart&#237;nez<BR>
(07/24/67)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and
Member of the Executive Office
of the Chairman and Member of
the Executive Committee of Grupo
Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Deputy to
the President of
Grupo Televisa,
member of the Board
and of the
Executive Committee
of Televisa and
former President of
the Mexican Chamber
of Television and
Radio Broadcasters
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2004</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->88<!-- /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; margin-left: .25in; width: 7.20in">
<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="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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" style="border-bottom: 1px solid #000000"><B>First Appointed</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Eduardo Michelsen Delgado<BR>
(03/03/71)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer of
Editorial Televisa
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Operations of
Editorial Televisa
International,
former General
Director of Grupo
Semana and former
Project Director
for McKinsey &#038; Co.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;2001</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Jorge Eduardo Murgu&#237;a Orozco<BR>
(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" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Alejandro Quintero I&#241;iguez<BR>
(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" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Francisco Javier M&#233;rida <BR>
Guzm&#225;n (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 Chief
Executive Officer
and National Sales
Manager of Cadena
SER
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October&nbsp;2006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD 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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Alexandre Moreira Penna Da <BR>
Silva (12/25/54)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer of Innova
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Vice
President of
Corporate Finance
of Grupo Televisa
and former Managing
Director of
JPMorgan Chase
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;2004</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Compensation of Directors and Officers</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For the year ended December&nbsp;31, 2007, we paid our directors, alternate directors and executive
officers for services in all capacities aggregate compensation of approximately nominal
Ps.407&nbsp;million (U.S.$37.3&nbsp;million using the Interbank Rate, as reported by Banamex, as of
December&nbsp;31, 2007).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We made Ps.86&nbsp;million in contributions to our pension and seniority premium plans on behalf of
our directors, alternate directors and executive officers in 2007. Projected benefit obligations as
of December&nbsp;31, 2007 were approximately Ps.60&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 &#147;&#151;&nbsp;Stock Purchase Plan&#148; and
&#147;&#151;&nbsp;Long-Term Retention Plan&#148; below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Use of Certain Assets and Services</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;&nbsp;Compensation of Directors and Officers&#148; does
include the cost to us of providing this service.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;&nbsp;Compensation of Directors and Officers&#148;.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->89<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Stock Purchase Plan</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.&nbsp;Dollars, generally from the date of the relevant conditional sale
agreement through the date of payment(s)). Pursuant to the related conditional sale agreements,
rights to approximately 30.0&nbsp;million CPOs vested in February&nbsp;2003, approximately 17.5&nbsp;million CPOs
vested in March&nbsp;2004, approximately 17.5&nbsp;million CPOs vested in March&nbsp;2005, approximately
9.5&nbsp;million CPOs vested in July&nbsp;2005, 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,
approximately 0.7&nbsp;million vested in March&nbsp;2007, 7.1&nbsp;million vested in July&nbsp;2007, 0.1&nbsp;million vested
in February&nbsp;2008, and 0.7&nbsp;million vested in March&nbsp;2008. 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&nbsp;12 and
23 to our year-end financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2002, we registered for sale CPOs by the special purpose trust to plan
participants pursuant to a registration statement on Form&nbsp;S-8 under the Securities Act. The
registration of these CPOs permits plan participants who are not affiliates and/or the special
purpose trust on behalf of these plan participants to sell their CPOs that have vested into the
Mexican and/or U.S.&nbsp;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, 2007, approximately 74.1&nbsp;million stock purchase
plan 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, 2008, and will continue to take
place during or after 2008.
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Long-Term Retention Plan</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;million
CPOs were early vested. During the three-month period ended March&nbsp;31, 2008, approximately
12.1&nbsp;million CPOs were 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, 2007 approximately 4.9&nbsp;million Long-Term Retention Plan CPOs that were transferred to
employee plan participants were sold in the open market. During the three-month period ended
March&nbsp;31, 2008, approximately 3.2&nbsp;million Long-Term Retention Plan CPOs from the Long-Term
Retention Plan CPOs that vested in January&nbsp;2008 were sold in the open market. Additional sales will
continue to take place during or after 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;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;&nbsp;Compensation of Directors and
Officers&#148;. As a consequence thereof, as of May&nbsp;2007, the Chief Executive Officer was awarded, under
the Long-Term Retention Plan, approximately 5.5&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of May&nbsp;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 at a weighted-average price of approximately Ps.56.93 per CPO. The remaining
7.6&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At our annual general ordinary stockholders&#146; meeting held on April&nbsp;30, 2008, our stockholders
approved the implementation of the second stage of the Long-Term Retention Plan. The shareholders
approved grants of up to 25&nbsp;million CPOs per year, or CPO equivalents, under this stage of the
Long-Term Retention Plan. The price at which the CPOs will be transferred to beneficiaries is based
on the lowest of (i)&nbsp;the closing price on March&nbsp;31 of the year in which the CPOs are transferred,
and (ii)&nbsp;the average price of the CPOs during the first three months of the year in which the CPOs
are transferred, less dividends, operating income before depreciation and amortization, or OIBDA
(including OIBDA affected by acquisitions), and liquidity discounts, among others.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Share Ownership of Directors and Officers</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Employees and Labor Relations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total number of employees</B></DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,810</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employees</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Executives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Geographic location:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mexico</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,871</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Latin America (other than Mexico)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,473</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Spain</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2005, 2006 and 2007, approximately 42%, 41% and 39% of our employees,
respectively, 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; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->92<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;7. Major Stockholders and Related Party Transactions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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,
2008. 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: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" 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="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" 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="2"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="30" style="border-bottom: 1px solid #000000"><B>Shares Beneficially Owned(1)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>A Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>B Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>D Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>L Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" 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>Percentage</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>Percentage</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>Percentage</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>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" 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="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">44.1</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="left">&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="left">&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="left">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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="left">&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="left">&nbsp;</TD>
    <TD align="right">2.6</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="left">&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="left">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Davis Advisers(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,759,684,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,188,522,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,663,558,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,663,558,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dodge&nbsp;&#038; Cox, Inc.(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,528,824,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,985,365,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,340,353,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,340,353,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AIM Trimark Investments(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,821,137,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,362,601,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,349,592,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,349,592,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fidelity Management &#038;
Research(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,106,817,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,733,999,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,349,544,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,349,544,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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, 2008. The number of shares issued
and outstanding for legal purposes as of May&nbsp;31, 2008 was 61,227,485,550 series&nbsp;A Shares,
53,880,187,284 series&nbsp;B Shares, 85,718,479,770 series&nbsp;D Shares and 85,718,479,770 series&nbsp;L
Shares, in the form of CPOs, and an additional 58,926,613,375 series&nbsp;A Shares, 2,357,207,692
series&nbsp;B Shares, 238,595 series&nbsp;D Shares and 238,595 series&nbsp;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, 2008 was 59,193,648,400 series&nbsp;A Shares, 52,090,410,592
series&nbsp;B Shares, 82,871,107,760 series&nbsp;D Shares and 82,871,107,760 series&nbsp;L Shares in the form
of CPOs, and an additional 52,915,848,965 series&nbsp;A Shares, 186,537 series&nbsp;B Shares, 238,541
series&nbsp;D Shares and 238,541 series&nbsp;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&nbsp;31, 2008 does not include: (i)&nbsp;25,906,797 CPOs and an additional 516,887,975 series&nbsp;A
Shares, 20,675,534 series&nbsp;B Shares, 25 series&nbsp;D Shares and 25 series&nbsp;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;55,446,689 CPOs and an additional 5,493,876,435 series&nbsp;A Shares, 2,336,345,621 series&nbsp;B
Shares, 29 series&nbsp;D Shares and 29 series&nbsp;L Shares not in the form of CPOs acquired by the
trust we created to implement our long-term retention plan. See Note 12 to our year-end
financial statements.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;Directors, Senior Management and Employees &#151; Share Ownership of Directors and Officers&#148;.
This information is based on information provided by directors and executive officers.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">For a description of the Stockholder Trust, see &#147;&#151;&nbsp;The Major Stockholders&#148; below.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based solely on information included in the report on Form&nbsp;13F filed on March&nbsp;31, 2008 by
Davis Advisers.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based solely on information included in the report on Form&nbsp;13F filed on March&nbsp;31, 2008 by
Dodge&nbsp;&#038; Cox, Inc.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based solely on information included in the report on Form&nbsp;13F filed on March&nbsp;31, 2008 by
AIM Trimark Investments.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based solely on information included in the report on Form&nbsp;13F filed on March&nbsp;31, 2008 by
Fidelity Management &#038; Research.</DIV></TD>
</TR>

</TABLE>


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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Approximately 45.48% of the outstanding A Shares, 2.71% of the outstanding B Shares, 2.83% of
the outstanding D Shares and 2.83% 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->93<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
Trust. On July&nbsp;1, 2005 the Inbursa Trust released 15,514,667,113&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Televisa shares held through the Stockholder Trust are voted by the trustee as instructed
by a Technical Committee comprising five members&nbsp;&#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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 stockholders participating in the Stockholder 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Because the B Shares held through the Stockholder Trust constitute only 2.71% 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;Agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->94<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;Agreement, and
Mr.&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Related Party Transactions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements With Innova.</I></B>&nbsp;&nbsp;In 2005, 2006 and 2007, we engaged in, and we
expect that we will continue to engage in, transactions with Innova, including, without limitation,
the transaction 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&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Capital Contributions and Loans</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Programming.</I></B>&nbsp;&nbsp;Pursuant to an agreement between us and Innova, we have granted Innova exclusive
DTH rights to some program services in Mexico. Innova paid us Ps.420.2&nbsp;million, Ps.683.4&nbsp;million
and Ps.791.4&nbsp;million for these rights in 2005, 2006 and 2007, 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Advertising Services.</I></B>&nbsp;&nbsp;Innova purchased magazine advertising space and television and radio
advertising time from us in connection with the promotion of its DTH satellite services in 2005,
2006 and 2007, 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.148.4&nbsp;million, Ps.155.6&nbsp;million and Ps.176.7&nbsp;million for
advertising services in 2005, 2006 and 2007, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Guarantees.</I></B>&nbsp;&nbsp;We have guaranteed a portion of Innova&#146;s payments to Intelsat Corporation
(formerly PanAmSat Corporation) 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
2015. As of December&nbsp;31, 2005, 2006 and 2007, we had guaranteed payments in the amount of
U.S.$101.4&nbsp;million and U.S.$104.8&nbsp;million and U.S.$92.8&nbsp;million respectively, which represented 51%
of Innova&#146;s obligations to PanAmSat at the end of each of 2005 and 2006 and 58.7% of Innova&#146;s
obligations to Intelsat Corporation (formerly PanAmSat Corporation) at the end of 2006 and at the
end of 2007. 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 Intelsat. We have also guaranteed
100% of Corporaci&#243;n Novavision, S. de R.L. de C.V.&#146;s payment obligation under both the
Ps.2.1&nbsp;billion, 8.3-year bank loan with Banamex, as well as the Ps.1.4&nbsp;billion, 8.3-year bank loan
with Banco Santander Serfin, S.A.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.500.0&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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Tax Sharing Agreement.</I></B>&nbsp;&nbsp;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 asset 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 asset 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 asset taxes that is in excess of the product of
(x)&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For additional information concerning transactions with Innova, as well as amounts paid to us
by Innova pursuant to these transactions in 2005, see Note&nbsp;16 to our year-end financial statements
and Note&nbsp;9 to Innova&#146;s year-end financial statements. See also &#147;Information on the Company &#151;
Business Overview &#151; DTH Joint Ventures&nbsp;&#151; Mexico and Central America&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements with MCOP.</I></B>&nbsp;&nbsp;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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements with TechCo.</I></B>&nbsp;&nbsp;In October&nbsp;2005, DIRECTV purchased all of our
equity interest in TechCo, our U.S.&nbsp;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 transaction described below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Guarantees.</I></B>&nbsp;&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For additional information concerning transactions with TechCo, see Note&nbsp;2 to our year-end
financial statements. See also &#147;Information on the Company &#151;&nbsp;Business&nbsp;Overview &#151;&nbsp;DTH Joint
Ventures&nbsp;&#151; Mexico and Central America&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements With Univision.&nbsp;&nbsp;</I></B>In 2005, 2006 and 2007 we engaged in, and we
expect that we will continue to engage in, certain transactions with Univision. Until March&nbsp;2007,
we owned 39,289,534&nbsp;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;Information on the Company &#150; Business Overview&#151; Univision&#148; and Note 16 to
our year end financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2006, we designated Ricardo Maldonado Yaez, 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 Yaez resigned from the Univision board of directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements With Vuela. </I></B>In 2007, Editorial Televisa, our subsidiary, entered
into an agreement with Vuela pursuant to which Vuela distributes five different magazines edited
and produced by Editorial Televisa. Under this agreement, Vuela distributes these magazines at no
cost to its clients, in boarding terminals at airports located in the Mexican territory and on its
airplanes. Televisa pays Vuela 10% of the net advertising sales generated by these magazines. We
believe that such percentage is comparable to the amounts paid to third parties in similar types of
transactions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2007, Televisa paid Vuela the amount of Ps.597,853.80 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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We entered into a lease agreement with Vuela pursuant to which Vuela leases approximately
2,000 meters of the real estate adjacent to our principal headquarters in Santa&nbsp;Fe, Mexico City.
Under this lease agreement, Vuela pays Televisa a monthly fixed consideration of U.S.$8,538 and an
additional variable consideration of approximately U.S.$10,673 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Transactions and Arrangements With Our Directors and Officers. </I></B>We invested Ps.55&nbsp;million
(approximately U.S.$5&nbsp;million) in the equity of Centros de Conocimiento Tecnol&#243;gico, or CCT, a
company that builds, owns and operates technological schools in Mexico and in which Claudio X.
Gonzalez Laporte and Carlos Fernandez Gonzalez, two of our directors, own a minority interest. We
currently hold 15% of the equity of CCT.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;Directors, Senior Management and Employees &#151; Stock Purchase Plan&#148;
and &#147;&#151;Long-Term Retention Plan.&#148;
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Production Services.</I></B>&nbsp;&nbsp;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 sole
stockholder. FV Productions, LLC has provided Televisa the following production services:
(i)&nbsp;during 2004, production services for the production of a telenovela 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 telenovela entitled &#147;El Amor no Tiene Precio&#148;,
which consisted of 279 episodes and had a cost of U.S.$11,280,007.00; (iii)&nbsp;during 2006 and ending
in 2007, production services for the production of a telenovela entitled &#147;Las Dos Caras de Ana&#148;,
which consisted of 120 episodes and had a cost of U.S.$7,711,682.00 and (iv)&nbsp;during 2007,
production services for the production of the telenovela entitled &#147;Bajo Las Riendas del Amor&#148;,
which consists of 150 episodes and had a cost of U.S.$14,041,532. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Consulting Services.</I></B>&nbsp;&nbsp;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 2005, 2006 and 2007 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 2007, and we expect to
continue these arrangements through 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Distribution Services.</I></B>&nbsp;&nbsp;Until 2007, Intermex, our subsidiary, distributed magazines edited and
produced by Compa&#241;&#237;a Editorial Cinemania, S.A. de C.V., a company in which the brother-in-law of
Emilio Azcarraga Jean has a 30% participation. Compa&#241;&#237;a Editorial Cinemania, S.A. de C.V. paid
Intermex 42% of the net sales of the magazines, based on the sale price of the magazines. We
believe that such percentage is comparable to those paid to third parties in this type of
transaction.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Loans from Banamex.</I></B>&nbsp;&nbsp;From time to time in the past and in 2003, 2004, 2005, 2006 and 2007,
Banamex made loans to us, Televicentro and several other of our affiliates and we expect that this
will continue to be the case in the future. These loans were made to us, Televicentro and our
affiliates, including Innova and its subsidiary, Corporaci&#243;n Novavisi&#243;n, S. de R.L. de C.V., 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 was 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 Trevio, 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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Advertising Services.</I></B>&nbsp;&nbsp;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. Alfonso de Angoitia Noriega, Director of the
Company, is also a member of the board of directors of Grupo Modelo. Grupo Modelo purchased
advertising services from us in connection with the promotion of its products from time to time in
2005, 2006 and 2007, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2007, Editorial Televisa, our subsidiary, entered into advertising agreements with
Comercializadora IMU, S.A. de C.V., or IMU, a company controlled by the brother-in-law of Emilio
Azc&#225;rraga Jean, whereby IMU provides advertising services to Editorial Televisa by promoting
magazines edited by Editorial Televisa, at billboards installed at bus stops. Editorial Televisa
pays IMU the amount of Ps.8.8&nbsp;million for such services. Likewise, Editorial Televisa entered into
an advertising agreement with IMU whereby Editorial Televisa promotes IMU&#146;s products and/or
services in the magazines it edits. IMU pays Televisa the amount of Ps.4.4&nbsp;million for such
services. We believe that the terms and conditions of these advertising agreements are on arm&#146;s
length basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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., FEMSA 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 2005, 2006 and 2007, 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 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 and 2007, TV Promo purchased unsold advertising from
Televisa for a total of Ps.166.7&nbsp;million and Ps.&nbsp;160.0&nbsp;million, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Agency Services.</I></B>&nbsp;&nbsp;From July&nbsp;2005 to October&nbsp;2007, Maximedios Alternativos, S.A. de C.V., or
Maximedios, a Mexican company, was Televisa&#146;s sales agent 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 Cablevisi&#243;n). Televisa, Innova,
Televisa Networks and Cablevisi&#243;n, respectively paid Maximedios 15% of the revenues from
advertising sales made on their behalf and Televisa paid 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>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2006 and
2007, Televisa and the aforementioned affiliates, paid Maximedios the amount of Ps.114.0&nbsp;million
and Ps.49.6&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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Legal and Advisory Services.</I></B>&nbsp;&nbsp;During 2005, 2006 and 2007, 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;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&nbsp;16 to our year-end financial
statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Potential Sale of Property. </I></B>During 2006 and 2007, Maximiliano Arteaga Carlebach, Vice
President of Operations of Televisa, purchased from Televisa two lots we owned in the residential
zone of Playas del Conchal, in Alvarado, Veracruz, for Ps.&nbsp;2.5&nbsp;million in the aggregate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We recently entered into a purchase agreement with Icon Servicios Administrativos, S. de R.L.
de C.V., or Icon, related to a sale to Icon of a portion of the real estate adjacent to our
principal headquarters in Santa&nbsp;Fe, Mexico City for a purchase price preliminarily estimated to be
approximately U.S.$80.0&nbsp;million. A stockholder of Icon is Mr.&nbsp;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 sale is still subject to a number of closing conditions and regulatory approvals as well as
obtaining a third party appraisal.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->99<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;8. Financial Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">See &#147;Item&nbsp;18 &#151; Financial Statements&#148; and pages F-1 through F-55, which are incorporated herein
by reference.
</DIV>
<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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: 10pt"><B>Trading History of CPOs and GDSs</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Since December&nbsp;1993, the GDSs have been traded on the NYSE and the CPOs have been traded on
the Mexican Stock Exchange. In September&nbsp;2007, we removed JPMorgan Chase Bank as the depository for
the GDSs and appointed The Bank of New York pursuant to a new deposit agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Nominal Pesos per CPO(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">23.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12.63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">34.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">22.22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">44.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">29.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">60.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">37.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <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" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <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" style="background: #cceeff; padding-top: 1px">
    <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">58.22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">68.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">48.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">58.99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</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">57.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</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">52.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008
(through June 24, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second
Quarter (through June 24, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">June
(through June 24, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.68</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Source: Mexican Stock Exchange.</DIV></TD>
</TR>

</TABLE>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->100<!-- /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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>U.S. Dollars per GDS(1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">10.5675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">5.815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">15.6625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">9.8075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">20.775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">13.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">28.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">16.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">31.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">22.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008
(through June 24, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">27.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">20.85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second
Quarter (through June 24, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">June
(through June 24, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.90</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Source: NYSE.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;23, 2008, approximately
333,861,439 GDSs were held of record by
114 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>
<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Trading on the Mexican Stock Exchange</B>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->101<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Market Regulation and Registration Standards</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 &#151; Bylaws &#151; Other Provisions
&#151; Appraisal Rights and Other Minority Protections&#148; and &#147;Additional Information &#151; Bylaws
&#151;Antitakeover Protections.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, or NRS, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In March&nbsp;2003, the CNBV issued general rules, or General CNBV Rules, applicable to issuers and
other securities market participants. The General CNBV Rules, which repealed several previously
enacted rules, or <I>circulares</I>, of the CNBV, now provide a single set of rules governing issuers and
issuer activity, among other things.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">a minimum number of years of operating history;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a minimum financial condition;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a minimum number of shares or CPOs to be publicly offered to public investors;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a minimum price for the securities to be offered;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a minimum of 15% of the capital stock placed among public investors;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">complied with certain corporate governance requirements.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->102<!-- /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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To maintain its registration, an issuer will be required to have, among other things:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">a minimum financial condition;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">minimum operating conditions, including a minimum number of trades;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">a minimum trading price of its securities;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">a minimum of 12% of the capital stock held by public investors;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">complied with certain corporate governance requirements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Issuers of listed securities are required to file unaudited quarterly financial statements and
audited annual financial statements as well as various periodic reports with the CNBV and the
Mexican Stock Exchange. Pursuant to the General CNBV Rules, the internal regulations of the Mexican
Stock Exchange must be amended to include, among other things, the implementation of the <I>Sistema
Electr&#243;nico de Env&#237;o y Difusi&#243;n de Informaci&#243;n</I>, or the SEDI, an automated system for the electronic
transfer of the information required to be filed with the Mexican Stock Exchange, which will be
similar to, but will replace, the existing <I>Sistema Electr&#243;nico de Comunicaci&#243;n con Emisores de
Valores</I>, or EMISNET. Issuers of listed securities must prepare and disclose their financial
information by a Mexican Stock Exchange-approved system known as the <I>Sistema de Informaci&#243;n
Financiera Computarizada</I>, or Computerized Financial Information System, commonly known as the
SIFIC. Immediately upon its receipt, the Mexican Stock Exchange makes that information available to
the public.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">the entering into or termination of joint venture agreements or agreements with key
suppliers;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">the creation of new lines of businesses or services;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">significant deviations in expected or projected operating performance;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">the restructuring or payment of significant indebtedness;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">material litigation or labor conflicts;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">changes in dividend policy;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">the commencement of any insolvency, suspension or bankruptcy proceedings;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">changes in the directors; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">any other event that may have a material adverse effect on the results, financial
condition or operations of the relevant issuer.</DIV></TD>
</TR>

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

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

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</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The CNBV and the Mexican Stock Exchange may suspend the dealing in securities of an issuer:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">if the issuer does not adequately disclose a material event; or</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican Stock Exchange must immediately inform the CNBV and the general public of any such
suspension. An issuer may request that the CNBV or the Mexican Stock Exchange resume trading,
provided it demonstrates that the causes triggering the suspension have been resolved and that it
is in full compliance with the periodic reporting requirements under the applicable law. If its
request has been granted, the Mexican Stock Exchange will determine the appropriate mechanism to
resume trading in its securities. If trading of an issuer is suspended for more than 20 business
days and the issuer is authorized to resume trading without conducting a public offering, the
issuer must disclose through the SEDI, before trading resumes, a description of the causes that
resulted in the suspension and reasons why it is now authorized to resume trading.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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: 10pt"><B>Mexican Securities Market Law</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the new Mexican Securities Market Law:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">members of a listed issuer&#146;s board of directors,</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">stockholders controlling 10% or more of a listed issuer&#146;s outstanding share capital,</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">advisors,</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">groups controlling 25% or more of a listed issuer&#146;s outstanding share capital and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">other insiders</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">must inform the CNBV of any transactions undertaken with securities of a listed issuer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt"><B>Bylaws</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Organization and Register</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Voting Rights and Stockholders&#146; Meetings</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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: 10pt">
<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><DIV style="text-align: justify">our transformation from one type of company to another;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">any merger (even if we are the surviving entity);</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">extension of our existence beyond our prescribed duration;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">our dissolution before our prescribed duration (which is currently December);</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">a change in our corporate purpose;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">a change in our nationality; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">the cancellation from registration of the D Shares or the securities which represent the
D Shares with the securities or special section of the NRS and with any other Mexican or
foreign stock exchange in which such shares or securities are registered.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">our transformation from one type of company to another;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">any merger in which we are not the surviving entity; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">the cancellation from registration of the L Shares or the securities that represent the L
Shares with the special section of the NRS.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Holders of CPOs</I>. Holders of CPOs who are Mexican nationals or Mexican corporations whose
bylaws exclude foreign ownership of their shares are entitled to exercise voting rights with
respect to the A Shares, B Shares, D Shares and L Shares underlying their CPOs. The CPO Trustee
will vote such shares as directed by Mexican holders of CPOs, which must provide evidence of
Mexican nationality. Non-Mexican holders of CPOs may only vote the L Shares held in the CPO Trust
and are not entitled to exercise any voting rights with respect to the A Shares, B Shares and D
Shares held in the CPO Trust. Voting rights in respect of these A Shares, B Shares and D Shares may
only be exercised by the CPO Trustee. A Shares, B Shares and D Shares underlying the CPOs of
non-Mexican holders or holders that do not give timely instructions as to voting of such Shares,
(a)&nbsp;will be voted at special meetings of A Shares, B Shares or D Shares, as the case may be, as
instructed by the CPO Trust&#146;s Technical Committee (which consists of members of the Board of
Directors and/or Executive Committee, who must be Mexican nationals), and (b)&nbsp;will be voted at any
general meeting where such series has the right to vote in the same manner as the majority of the
outstanding A Shares held by Mexican nationals or Mexican corporations (directly, or through the
CPO Trust, as the case may be) are voted at the relevant meeting. L Shares underlying the CPOs of
any holders that do not give timely instructions as to the voting of such Shares will be voted, at
special meetings of L Shares and at general extraordinary meetings where L Shares have voting
rights, as instructed by the Technical Committee of the CPO Trust. The CPO Trustee must receive
voting instructions five business days prior to the 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
2.71% 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Holders of GDRs</I>. Global Depositary Receipts, or GDRs evidencing GDSs are issued by The Bank of
New York, the Depositary, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 same manner described under &#147;&#151; Holders
of CPOs&#148; with respect to shares for which timely instructions as to voting are not given.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&#146; meeting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Dividend Rights</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Preferential Rights of D Shares</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">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</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">accrued but unpaid dividends in respect of their D Shares; plus</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">the theoretical value of their D Shares as set forth in our bylaws. See &#147;&#151; Other
Provisions &#151; Dissolution or Liquidation.&#148;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Limitation on Capital Increases</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Preemptive Rights</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Limitations on Share Ownership</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Ownership by non-Mexicans of shares of Mexican enterprises is regulated by the Foreign
Investment Law and the accompanying Foreign Investment Law Regulations. The Economics Ministry and
the Foreign Investment Commission are responsible for the administration of the Foreign Investment
Law and the Foreign Investment Law 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, which comply with certain conditions, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 Law 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 Law 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Foreign Investment Law and Foreign Investment Law 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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We may restrict transfers or, to the extent permitted under applicable law, cause the
mandatory sale or disposition of CPOs and GDRs where such transfer or ownership, as the case may
be, might result in ownership of CPOs or GDRs exceeding the limits under applicable law or our
bylaws, the CPO Trust Agreement or the CPO Deed. Non-Mexican states and governments are prohibited
under our bylaws and Radio and Television Law from owning our Shares and are, therefore, prohibited
from being beneficial or record owners of GDRs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Other Provisions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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: 10pt">
<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><DIV style="text-align: justify">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</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">not to invoke the protection of their own governments with respect to their ownership of
L Shares and CPOs.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Duration</I>. Our corporate existence under our bylaws continues until 2105.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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: 10pt">
<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><DIV style="text-align: justify">any redemption shall be made on a pro-rata basis among all of our stockholders;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">any redeemed shares must be cancelled.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican Securities Market Law and our bylaws include provisions that permit:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Antitakeover Protections</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>General</I>. Our bylaws provide that, subject to certain exceptions, (i)&nbsp;any person, entity or
group of persons and/or entities that wishes to acquire beneficial ownership of common Shares (as
defined below) which, when coupled with common Shares previously beneficially owned by such persons
or their affiliates, represent 10% or more of our outstanding common Shares, (ii)&nbsp;any competitor or
group of competitors that wishes to acquire beneficial ownership of Shares which, when coupled with
Shares previously beneficially owned by such competitor, group of competitors or their affiliates,
represent 5% or more of our outstanding capital stock, (iii)&nbsp;any person, entity or group of persons
and/or entities that wishes to acquire beneficial ownership of Shares representing 10% or more of
our outstanding Shares, and (iv)&nbsp;any competitor or group of competitors that wishes to acquire
beneficial 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 &#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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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: 10pt"><B>Enforceability of Civil Liabilities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="129"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;&#151; Risk Factors Related to Our Business&nbsp;&#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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We operate our DTH satellite service in Mexico and Central America through a partnership with
DIRECTV. See &#147;Information on the Company &#151; Business Overview &#151; DTH Joint Ventures.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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%&nbsp;Senior Notes due 2005 in August&nbsp;2000, U.S.$300.0&nbsp;million aggregate principal amount of
8%&nbsp;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.$100.0&nbsp;million term loan facility in December&nbsp;2001 and
U.S.$300.0&nbsp;million in aggregate principal amount of 8.5%&nbsp;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.$300.0&nbsp;million aggregate
principal amount of 8.00%&nbsp;Senior Notes due 2011 and our outstanding Ps.&nbsp;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.$400.0&nbsp;million aggregate principal amount of 6 5/8%&nbsp;Senior Notes due 2025. In May&nbsp;2005, through
a reopening of the same series of note, we issued an additional U.S.$200.0&nbsp;million aggregate
principal amount of 6 5/8%&nbsp;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%&nbsp;Senior Notes due 2037. In May&nbsp;2008, we issued
U.S.$500.0&nbsp;million aggregate principal amount of 6.0% Senior
Notes due 2018. 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%&nbsp;Senior Notes due 2011, our 8.5%&nbsp;Senior Notes due 2032, our 6 5/8%&nbsp;Senior Notes due 2025, our
8.49%&nbsp;Senior Notes due 2037, and our 6.0% Senior Notes due 2018, our facilities with a Mexican bank, our five-year term
U.S.$100.0&nbsp;million loan facility and our Ps.800.0&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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On May&nbsp;17, 2004, we entered into a long-term credit agreement with Banamex 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On October&nbsp;22, 2004, we entered into another long-term credit agreement with Banamex 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, our subsidiary, Innova, and Sky Brasil reached an agreement with Intelsat
Corporation and Intelsat LLC, to build and launch a new 24-transponder satellite, IS-16. The
agreement contemplates payment of a one-time fixed fee in the aggregate amount of
U.S.$138.6&nbsp;million that will be paid in two installments, the first in the fourth quarter of 2009,
and the second in the fourth quarter of 2010, as well as a monthly service fee of U.S.$150,000
commencing on the service start date.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, our indirect majority-owned subsidiary, Cablestar, completed the acquisition
of shares of companies owning the majority of the assets of Bestel, a privately held,
facilities-based telecommunications company in Mexico, for U.S.$256.0&nbsp;million in
cash plus an additional capital contribution of U.S.$69.0&nbsp;million. In connection with the
financing of the acquisition of the majority of the assets of Bestel, Cablem&#225;s, TVI and Cablevisi&#243;n, which hold 15.4%, 15.4% and
69.2% of the equity stock of Cablestar, respectively, entered into five year term loan facilities
for U.S.$50.0&nbsp;million, U.S.$50.0&nbsp;million and U.S.$225.0&nbsp;million, respectively. These loans are
intended to be syndicated during the life of the facility. Bestel focuses on providing data and
long-distance services solutions to carriers and other telecommunications service providers in both
Mexico and the United States. Bestel owns a fiber-optic network of approximately 8,000 kilometers
that covers several important cities and economic regions in Mexico and has direct crossing of its
network into Dallas, Texas and San&nbsp;Diego, California in the United States. This enables the company
to provide connectivity between the United States and Mexico.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Our transactions and arrangements with related parties are described under &#147;Major Stockholders
and Related Party Transactions&nbsp;&#151; Related Party Transactions&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt"><B>Legal Proceedings</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.&nbsp;996&nbsp;million, including inflationary effects,
penalties and surcharges, for an alleged asset tax liability for the year 1994. In the fourth
quarter of 2007, the Company settled this tax liability according to the tax amnesty provided in
the Law on Transitional Federal Revenue for fiscal year 2007; therefore, there is no longer a tax
liability for the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2001, a claim for damages was filed in connection with an alleged copyright
infringement on a technical written work titled La&nbsp;Lupa, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We were 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 alleged 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 (El Chavo
del 8, El Chapulin Colorado and Chespirito) and (ii)&nbsp;possibly in ring tones and video games. The
plaintiff also named our distributors in the United States (Univision, Galavision and Xenon
Pictures), as well as Roberto Gomez
Bola<FONT face="Times New Roman">&#241;</FONT>os, the original producer of the shows, as defendants.
Plaintiff sought to recover &#147;all gains, direct and indirect profits&#148; from defendants&#146; alleged
wrongful conduct. On November&nbsp;29, 2007, parties reached an amicable resolution of the matter and
executed an out-of-court settlement. As a result, all of plaintiff&#146;s claims have been dismissed
with prejudice. The terms of the settlement agreement are confidential.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;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 and Innova in respect of their respective DTH 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2005, Televisa, S.A. de C.V., or Televisa, a subsidiary of the Company, filed a
complaint (which was subsequently amended) in the U.S.&nbsp;District Court for the Central District of
California, or the Court, alleging that Univision breached the PLA, as well as the December&nbsp;19,
2001 letter agreement between Televisa 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 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 telenovelas.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2006 and 2007, in connection with the Company&#146;s complaint in the District Court Action,
Univision made payments to the Company under protest of the disputed royalties and of other license
fees that Univision alleges have been overcharged and is seeking recovery of these amounts via its
counterclaims. The Company has recognized these payments made by Univision as customer deposits and
advances in its consolidated balance sheets (see Note&nbsp;16 to our year-end financial statements).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">After a continuance motion, in June&nbsp;2007, the Court, among other things, reset the trial date
of the District Court Action for January&nbsp;18, 2008. After an additional continuance motion, in
October&nbsp;2007, the Court reset the trial date in the District Court Action for March&nbsp;18, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2007, Univision filed a motion for summary judgment whereby it sought a judgment
from the Court that Televisa&#146;s claimed breaches of the PLA between Univision and Televisa were not
material, and, therefore, the PLA was not subject to termination by Televisa. On December&nbsp;21, 2007,
the Court issued an order denying Univision&#146;s motion for summary judgment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On January&nbsp;11, 2008, Univision filed a motion to continue the trial date to October&nbsp;2008.
Televisa opposed Univision&#146;s motion. On February&nbsp;5, 2008, the Court denied Univision&#146;s motion to
continue the trial date, and rescheduled the trial in the District Court Action for April&nbsp;29, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;7, 2008, Univision dismissed without prejudice its counterclaims against Televisa
with the exception of its claim for recoupment of disputed royalty payments made to the Company
under protest and its claim 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, and Televisa dismissed its claim that Univision engaged in
unauthorized, significant edits to certain programs licensed to Univision under the PLA and thereby
infringed Televisa&#146;s copyrights and breached the PLA with respect to such programs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;22, 2008, the Court in the District Court Action conducted a final pre-trial
conference. During the final pre-trial conference, the Court confirmed that the trial would
commence on April&nbsp;29, 2008. Further, the Court ordered that the trial of the Univision Internet
Counterclaim will be bifurcated and tried to the Court after the conclusion of the jury trial
regarding Televisa&#146;s claims and Univision&#146;s recoupment counterclaim.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;28, 2008, at the request of Televisa and Univision, the Court reset the trial date in
the District Court Action for July&nbsp;1, 2008. On June&nbsp;12, 2008, at the request of Televisa and Univision, the Court further postponed the trial date for
October&nbsp;14, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We cannot predict how this dispute will affect our overall business relationship with
Univision and our overall business. The Company believes the remaining counterclaims and
affirmative defenses made by Univision are without merit and will defend its position vigorously.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">See &#147;Key Information &#151; Risk Factors &#151; Risk Factors Related to Our Business &#151; Current
Litigation We Are Engaged In With Univision May Affect Our Relationship With Univision&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;11 to our year-end financial statements.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="131"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>New York Stock Exchange Corporate Governance Standards</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below sets forth a description of the significant differences between corporate
governance practices required for U.S. companies under the NYSE listing standards and the Mexican
corporate governance standards that govern our practices.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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:15px; text-indent:-15px">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 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" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">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" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">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" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">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" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>



<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">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" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Listed companies must require shareholder
approval for equity compensation plans, subject
to limited exemptions.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Companies listed on the Mexican Stock Exchange are
required to obtain shareholder approval for equity
compensation plans, provided that such plans are
subject to certain conditions.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">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>


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

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="132"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt"><B>Taxation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>U.S. Taxes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>General. </I></B>The following is a summary of the anticipated material U.S. federal income tax
consequences of the purchase, ownership and disposition of GDSs, CPOs and the A Shares, B Shares, L
Shares and D Shares underlying the CPOs (referred to herein as the &#147;Underlying Shares&#148;), in each
case, except as otherwise noted, by U.S. Holders (as defined below). This discussion does not
address all aspects of U.S. federal income taxation that may be relevant to a particular beneficial
owner of GDSs, CPOs or Underlying Shares based on the beneficial owner&#146;s particular circumstances.
For example, with respect to U.S. Holders, the following discussion does not address the U.S.
federal income tax consequences to a U.S. Holder:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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);</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">that is a dealer in securities, insurance company, financial institution, tax-exempt
organization, U.S. expatriate, broker-dealer or trader in securities; or</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">whose functional currency is not the U.S. Dollar.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Also, this discussion does not consider:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">the tax consequences to the stockholders, partners or beneficiaries of a U.S. Holder; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 U.S. Internal Revenue Code &#167;&nbsp;1986, as amended (referred to herein as the
&#147;Code&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">the Code, applicable U.S. Treasury regulations and judicial and administrative
interpretations, and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;U.S.&#150;Mexico Tax Treaty,&#148; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">is subject to changes to those laws and the U.S.&#150;Mexico Tax Treaty subsequent to the
date of this annual report, which changes could be made on a retroactive basis, and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->119<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">a citizen or individual resident of the United States;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">an estate the income of which is included in gross income for U.S. federal income tax
purposes regardless of source; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If a partnership (or an entity or arrangement classified as a partnership for U.S. federal
income tax purposes) holds CPOs, GDSs or Underlying Shares, the U.S. federal income tax treatment
of a partner in the partnership generally will depend on the status of the partner and the
activities of the partnership, and partnerships holding CPOs, GDSs or Underlying Shares should
consult their own tax advisors regarding the U.S. federal income tax consequences of purchasing,
owning and disposing of CPOs, GDSs or Underlying Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">An individual may be treated as a resident of the United States in any calendar year for U.S.
federal income tax purposes by being present in the United States 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The application of the U.S.&#150;Mexico Tax Treaty to U.S. Holders is conditioned upon, among other
things, the assumptions that the U.S. Holder:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">is not a resident of Mexico for purposes of the U.S.&#150;Mexico Tax Treaty;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">is an individual who has a substantial presence in the United States;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">is entitled to the benefits of the U.S.&#150;Mexico Tax Treaty under the limitation on
benefits provision contained in Article&nbsp;17 of the U.S.&#150;Mexico Tax Treaty; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>


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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 U.S.&#150;Mexico 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 U.S.&#150;Mexico 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 Code. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, The Bank of New York, 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;general category income&#148;.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
U.S.&#150;Mexico Tax Treaty. If capital gains are subject to Mexican taxation under the U.S.&#150;Mexico 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>



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

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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">the gain is effectively connected with the beneficial owner&#146;s conduct of a trade or
business in the United States; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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: 10pt">
<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><DIV style="text-align: justify">is a corporation or comes within an exempt category; or</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 timely 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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Federal Mexican Taxation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">U.S. Holders should consult with their own tax advisors as to their entitlement to benefits
afforded by the U.S.-Mexico Tax Treaty. 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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This discussion does not constitute, and shall not be considered as, legal or tax advice to
holders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">According to the Mexican Tax Legislation:
</DIV>

<DIV style="margin-top: 10pt">
<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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">an individual is a Mexican tax resident if the individual has established his permanent home
in Mexico. When an individual, in addition to his permanent home in Mexico, has a permanent
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. Mexican nationals who filed a change of tax residence to a country or jurisdiction
that does not have a comprehensive exchange of information agreement with Mexico in which
her/his income is subject to a preferred tax regime pursuant to the provisions of the Mexican
Income Tax Law, will be considered Mexican residents for tax purposes during the year of
filing of the notice of such residence change and during the following three years. Unless
otherwise proven, a Mexican national is considered a Mexican tax resident;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->122<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2008, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 U.S.-Mexico
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
U.S.-Mexico 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
U.S.-Mexico Tax Treaty benefits.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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: 10pt"><B>Documents on Display</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For further information with respect to us and our CPOs and GDSs, we refer you to the filings
we have made with the SEC. Statements contained in this annual report concerning the contents of
any contract or any other document are not necessarily complete. If a contract or document has been
filed as an exhibit to any filing we have made with the SEC, we refer you to the copy of the
contract or document that has been filed. Each statement in this annual report relating to a
contract or document filed as an exhibit to any filing we have made with the SEC is qualified in
its entirety by the filed exhibit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 100 F Street, N.E., Room&nbsp;1580, Washington, D.C. 20549. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We furnish The Bank of New York, 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 FRS, and include reconciliations of net income and stockholders&#146; equity to
U.S. GAAP. The historical financial statements included in 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->123<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="135"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;11. Quantitative and Qualitative Disclosures About Market Risk</B>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 U.S. markets.
Our risk management activities are monitored by our Risk Management Committee and reported to our
Executive Committee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In compliance with the procedures and controls established by our Risk Management Committee,
in 2005, 2006 and 2007 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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Foreign Currency, Exchange Rate Risk</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
2006 in order to cover our U.S. Dollar cash flow requirements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Interest Rate Risk</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the Senior Notes due 2011, 2025 and 2032 and Sky&#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. In January&nbsp;2008, we terminated part of these option
contracts early for a notional amount of U.S.$200.0&nbsp;million and with no material additional gain or
loss. During the first quarter of 2006, as a result of the cash tender offer of Senior Notes due
2013, Sky 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, 2008, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of May&nbsp;31, 2008, and December&nbsp;31, 2007 and 2006, the net fair value of the cross-currency
interest rate swap agreements including the option contracts was a liability of U.S$21.9&nbsp;million,
U.S$18.1&nbsp;million and U.S.$29.2&nbsp;million, respectively. The increase in the potential loss in fair
value for such instruments from a hypothetical 5% adverse change in quoted Mexican Peso exchange
rate would be approximately U.S.$7.0&nbsp;million,
U.S.$9.9&nbsp;million and U.S.$13.4&nbsp;million at May&nbsp;31, 2008, and December
31, 2007 and 2006, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During March and April&nbsp;2005, May&nbsp;2007 and November&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 and the Senior Notes due 2018 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 of the Notes for a notional amount of U.S.$500.0&nbsp;million,
Ps.2,000.00&nbsp;million and U.S.$150.0&nbsp;million, respectively. These hedges resulted in an accumulated
net loss of U.S.$3.4&nbsp;million and a net gain of Ps.45.1&nbsp;million.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->124<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with Sky&#146;s variable rate bank loans guaranteed by Televisa, in December&nbsp;2006, we
entered into forward starting interest rate swap agreements 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 will allow us to fix the coupon payments for a period of seven years at an
interest rate of 8.415% starting on April&nbsp;2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of May&nbsp;31, 2008 and December&nbsp;31, 2007, the net fair value of the interest rate swap was an
asset of Ps.34&nbsp;million and, Ps34.1&nbsp;million, respectively. The potential loss in fair value for such
instruments from a hypothetical 50 bps adverse change in market interest rates would be
approximately Ps.39.3&nbsp;million, and Ps.35.4&nbsp;million at May&nbsp;31, 2008 and December&nbsp;31, 2007,
respectively. This sensitivity analysis assumes a downward parallel shift in the Mexican Interest
Rates Swaps Yield Curve.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, in connection with the Empresas Cablevisi&#243;n variable rate loan denominated
in U.S. Dollars and due 2012, we entered into a cross-currency swap agreement on a nominal amount
of U.S.$225.0&nbsp;million. This agreement involves the exchange of variable rate coupon payments in
U.S. Dollars for fixed rate coupon payments in Pesos, and the principal amount in U.S. Dollars for
a principal amount in Pesos. The principal amount for the final exchange is Ps.2,435.0&nbsp;million with
an interest rate of 8.365% for the coupon payments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of May&nbsp;31, 2008 and December&nbsp;31, 2007, the net fair value of the cross-currency swap was a
(liability)&nbsp;asset of U.S.$(15.3) million and U.S.$1.8&nbsp;million, respectively. The potential loss in
fair value for such instruments from a hypothetical 50 bps adverse change in market interest rates
would be approximately U.S.$5.3&nbsp;million and U.S.$4.4&nbsp;million at May&nbsp;31, 2008 and December&nbsp;31, 2007,
respectively. This sensitivity analysis assumes a downward parallel shift in the Mexican Interest
Rates Swap Yield Curve.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Sensitivity and Fair Value Analyses</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2006 and
2007. 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: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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>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>2006</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>2007</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, 2007 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" style="padding-top: 1px">
    <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">15,703.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">26,461.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">2,422.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; 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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Notes due 2011(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">880.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">861.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Notes due 2032(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,186.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,046.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">370.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Innova&#146;s Senior Notes due 2013(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Notes due 2025(6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,050.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,747.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">J.P. Morgan Chase Bank, N.A. Loan
due 2012(7)</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">2,456.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; 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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Notes due 2037(8)</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">4,280.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term notes payable to Mexican
Banks(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,598.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,403.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">677.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivative financial instruments(10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Peso amounts have been converted to U.S. Dollars solely for the
convenience of the reader at a nominal exchange rate of Ps.10.9222
per U.S. Dollar, the Interbank Rate as of December&nbsp;31, 2007.</DIV></TD>
</TR>


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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">At December&nbsp;31, 2007, our temporary investments consisted of fixed
rate short-term deposits, structured notes and corporate fixed income
securities (primarily Peso- and U.S. Dollar-denominated in 2006 and
2007). 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.</DIV></TD>
</TR>

</table>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->125<!-- /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; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>



<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">At December&nbsp;31, 2007, fair value exceeded the carrying value of these
notes by Ps.75.4&nbsp;million (U.S.$6.9&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.161.6&nbsp;million (U.S.$14.8&nbsp;million) at December&nbsp;31, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">At December&nbsp;31, 2007, fair value exceeded the carrying value of these
notes by Ps.769.4&nbsp;million (U.S.$70.4&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.1,174.0&nbsp;million (U.S.$107.5&nbsp;million) at December&nbsp;31, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">At December&nbsp;31, 2007, fair value exceeded the carrying value of these
notes by Ps.9.8&nbsp;million (U.S.$0.9&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.23.1&nbsp;million (U.S.$2.1&nbsp;million) at December&nbsp;31, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">At December&nbsp;31, 2007, fair value exceeded the carrying value of these
notes by Ps.194.2&nbsp;million (U.S.$17.8&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.868.9&nbsp;million (U.S.$79.5&nbsp;million) at December&nbsp;31, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">At December&nbsp;31, 2007, carrying value exceeded the fair value of these
notes by Ps.1.0&nbsp;million (U.S.$0.1&nbsp;million). Assuming an increase in
the fair value of these notes of a hypothetical 10% increase in the
quoted market price of these notes, the fair value would exceed the
carrying value by approximately Ps.244.6&nbsp;million (U.S.$22.4&nbsp;million)
at December&nbsp;31, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">At December&nbsp;31, 2007, carrying value exceeded the fair value of these
notes by Ps.219.4&nbsp;million (U.S.$20.1&nbsp;million). Assuming an increase
in the fair value of these notes of a hypothetical 10% increase in
the quoted market price of these notes, the fair value would exceed
the carrying value by approximately Ps.208.6&nbsp;million
(U.S.$19.1&nbsp;million) at December&nbsp;31, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">At December&nbsp;31, 2007, fair value exceeded the carrying value of these
notes by Ps.261.3&nbsp;million (U.S.$23.9&nbsp;million). At December&nbsp;31, 2007,
a hypothetical 10% increase in Mexican interest rates would increase
the fair value of these notes by approximately Ps.1,001.7&nbsp;million
(U.S.$91.7&nbsp;million) at December&nbsp;31, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Given the nature of these derivative instruments, an increase of 10%
in the interest and or exchange rates would not have a significant
impact on the fair value of these financial instruments.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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
monetary assets, primarily
short-term investments and
<font style="white-space: nowrap">long-term notes receivable</font></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">2,199.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S.$</TD>
    <TD align="right">2,130.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">U.S. Dollar-denominated
monetary liabilities,
primarily senior debt
securities and other notes
payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,276.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,725.0</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(923.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(405.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative instruments, net</DIV></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">4.7</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">Net asset position</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S.$</TD>
    <TD align="right">(917.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S.$</TD>
    <TD align="right">(400.4</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: 3px double #000000">&nbsp;</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, a hypothetical 5.0% depreciation in the U.S. Dollar to Peso exchange
rate would result in a gain in earnings of Ps.218.7&nbsp;million. This depreciation rate is based on the
December&nbsp;31, 2007 forecast of the U.S. Dollar to Peso exchange rate for 2008 by the Mexican
government for such year.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->126<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="136"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;12. Description of Securities Other than Equity Securities</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="137"></A>
</DIV>

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

<DIV align="left">
<A name="138"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="139"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="140"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;15. Controls and Procedures</B>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Based on the evaluation as of December&nbsp;31, 2007, 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 15d-15(e)) are effective to ensure
that the information required to be disclosed by the Company in the reports that it files or
submits under the Securities Exchange Act of 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: 10pt"><B>Management&#146;s Report on Internal Control Over Financial Reporting</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Management assessed the effectiveness of the Company&#146;s internal control over financial
reporting as of December&nbsp;31, 2007. In making this assessment, management used the criteria
established in <I>Internal Control &#151; Integrated Framework </I>issued by the Committee of Sponsoring
Organizations of the Treadway Commission (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, 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">There was no change in the Company&#146;s internal control over financial reporting (as such term
is defined in Rules&nbsp;13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended)
that occurred during the year ended December&nbsp;31, 2007 that has materially affected, or is
reasonably likely to materially affect, the Company&#146;s internal controls over financial reporting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2007,
as stated in their report which is included herein.
</DIV>
<DIV align="left">
<A name="141"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16A. Audit Committee Financial Expert</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="142"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16B. Code of Ethics</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 8%; margin-top: 10pt">Grupo Televisa, S.A.B.<BR>
Avenida Vasco de Quiroga, 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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16C. Principal Accountant Fees and Services</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">PricewaterhouseCoopers acted as our independent auditor for the fiscal years ended December
31, 2006 and 2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The chart below sets forth the total amount billed by our independent auditors for services
performed in the years 2006 and 2007, 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>as of December 31, 2007)</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">53.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">54.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees</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">7.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</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>
</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">82.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">65.7</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: 3px double #000000">&nbsp;</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#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, advisory services associated with our financial reporting, and due
diligence reviews in connection with potential acquisitions and business combinations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Tax Fees&#148; are fees for professional services rendered by the Company&#146;s independent auditor
for tax compliance in connection with our subsidiaries and interests in the United States, as well
as tax advice on actual or contemplated transactions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Other Fees&#148; are fees charged by our independent auditor primarily for performing royalty
compliance reviews in 2006 for certain revenue reported in our Programming Exports segment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Audit Committee Pre-approval Policies and Procedures</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2006 and 2007, 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="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16D. Exemptions from the Listing Standards for Audit Committees</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</DIV>
<DIV align="left">
<A name="145"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt"><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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>Maximum Number (or</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>Total Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Appropriate Mexican Peso</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Value) of CPOs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number</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>Purchased as part of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>that May Yet Be</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Publicly Announced</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased Under the</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid per CPO(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Plans or Programs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Plans or Programs(2)</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>January 1 to January 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,829,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.781037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,464,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,668,894,542</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">2,700,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63.355787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,164,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,497,833,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">9,799,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62.136777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149,964,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">888,930,781</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>April 1 to April 30</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,698,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.364994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,662,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,962,627,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">9,876,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62.924817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,538,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,341,182,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">11,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.819166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,638,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,677,189,637</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">2,550,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.156673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,188,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,528,890,127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">5,815,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.979506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,003,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,209,184,262</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">4,646,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.973979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,649,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,949,101,159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">3,150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.401222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,799,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,780,887,309</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">7,375,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.823180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,175,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,406,040,894</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">2,649,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.808291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,825,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,266,104,241</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,189,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">58.854755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,825,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,266,104,241</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The values have not been restated in constant Mexican Pesos and therefore represent nominal
historical figures.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;27, 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Table does not include repurchases or purchases by the special purpose trust formed in
connection with our stock purchase plan.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Purchases of Equity Securities by Special Purpose Trust<BR>
formed in connection with Stock Purchase Plan(1)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>Maximum Number (or</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>Appropriate Mexican Peso</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>Value) of CPOs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>Total Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>that May Yet Be</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number</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>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased Under the</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Purchased as part of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock Purchase</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="2" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid per CPO(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>the Stock Purchase Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Plan(3)</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>January 1 to January 31</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">59.7301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,513,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63.2971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,263,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">938,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.6196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,201,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">1,830,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.7597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,031,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">1,360,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63.0424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,391,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">1,300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.1698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,691,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">260,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.7627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,951,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,051,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">395,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.2544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,446,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,446,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">0.0000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,446,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.0463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,646,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,483,300</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Ps.</B></TD>
    <TD align="right"><B>61.6623</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>66,646,600</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See &#147;Directors, Senior Management and Employees &#151; Stock Purchase Plan&#148; for a description of
the implementation, limits and other terms of our Stock Purchase Plan.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The values have not been restated in constant Mexican Pesos and therefore represent nominal
historical figures.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>

<DIV align="left">
<A name="146"></A>
</DIV>

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

<DIV align="left">
<A name="147"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;17. Financial Statements</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">We have responded to Item&nbsp;18 in lieu of Item&nbsp;17.
</DIV>
<DIV align="left">
<A name="148"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;18. Financial Statements</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">See pages F-1 through F-55, which are incorporated herein by reference.
</DIV>
<DIV align="left">
<A name="149"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;19. Exhibits</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Documents filed as exhibits to this annual report appear on the following
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(a)&nbsp;Exhibits.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="150"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" 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" style="background: #cceeff">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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 April&nbsp;30, 2008.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture relating to Senior Debt Securities, dated as of August&nbsp;8, 2000, between the Registrant,
as Issuer, and The Bank of New York, as Trustee (previously filed with the Securities and
Exchange Commission as Exhibit&nbsp;4.1 to the Registrant&#146;s Registration Statement on Form&nbsp;F-4 (File
number 333-12738), as amended (the &#147;2000 Form&nbsp;F-4&#148;), and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;13,
2001, between the Registrant, as Issuer, and The Bank of New York and Banque Internationale &#224;
Luxembourg, S.A. (previously filed with the Securities and Exchange Commission as Exhibit&nbsp;4.4 to
the Registrant&#146;s Registration Statement on Form&nbsp;F-4 (File number 333-14200) (the &#147;2001 Form&nbsp;F-4&#148;)
and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;4.5 to the Registrant&#146;s
Registration Statement on Form&nbsp;F-4 (the &#147;2002 Form&nbsp;F-4&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;4.5 to the 2001 Form&nbsp;F-4 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;4.7 to the 2002 Form&nbsp;F-4 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;18,
2005 (previously filed with the Securities and Exchange Commission as Exhibit&nbsp;2.8 to the
Registrant&#146;s Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2004 (the &#147;2004 Form
20-F&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;26, 2005
(previously filed with the Securities and Exchange Commission as Exhibit&nbsp;2.9 to the 2004 Form
20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;6,
2005 (previously filed with the Securities and Exchange Commission as Exhibit&nbsp;2.8 to the
Registrant&#146;s Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2005 (the &#147;2005 Form
20-F&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;9, 2007
(previously filed with the Securities and Exchange Commission as Exhibit&nbsp;2.9 to the 2006 Form
20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Eleventh Supplemental Indenture related to the 8.49% Senior Exchange Notes due 2037
between Registrant, as Issuer, The Bank of New York and The Bank of New York (Luxembourg) S.A.
(previously filed with the Securities and Exchange Commission as Exhibit&nbsp;4.12 to the
Registrants&#146;s Registration Statement on Form&nbsp;F-4/A (File number 333-144460) (the 2007 Form&nbsp;F-4/A)
and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Twelfth Supplemental Indenture related to the 6.0% Senior Notes due 2018 between Registrant, as
Issuer, The Bank of New York and The Bank of New York (Luxembourg) S.A., dated as of May&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement between the Registrant, The Bank of New York, as depositary and all
holders and beneficial owners of the Global Depositary Shares, evidenced by Global Depositary
Receipts (previously filed with the Securities and Exchange Commission as an Exhibit to the
Registrant&#146;s Registration Statement on Form&nbsp;F-6 (File number 333-146130) (the &#147;2007 Form&nbsp;F-6&#148;)
and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;10.1 to the Registrant&#146;s
Registration Statement on Form&nbsp;F-4 (File number 33-69636), as amended, (the &#147;1993 Form&nbsp;F-4&#148;) and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Collateral Trust Agreement, dated as of June&nbsp;13, 1997, as amended, among
PanAmSat Corporation, Hughes Communications, Inc., Satellite Company, LLC, the Registrant and IBJ
Schroder Bank and Trust Company (previously filed with the Securities and Exchange Commission as
an Exhibit to the Registrant&#146;s Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2001
(the &#147;2001 Form&nbsp;20-F&#148;) and incorporated herein by reference).</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" 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" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Program License Agreement, dated as of December&nbsp;19, 2001, by and between
Productora de Teleprogramas, S.A. de C.V. and Univision Communications Inc. (&#147;Univision&#148;)
(previously filed with the Securities and Exchange Commission as Exhibit&nbsp;10.7 to the 2001 Form
F-4 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participation Agreement, dated as of October&nbsp;2, 1996, by and among Univision, Perenchio, the
Registrant, Venevision and certain of their respective affiliates (previously filed with the
Securities and Exchange Commission as Exhibit&nbsp;10.8 to Univision&#146;s Registration Statement on Form
S-1 (File number 333-6309) (the &#147;Univision Form&nbsp;S-1&#148;) and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated International Program Rights Agreement, dated as of December&nbsp;19, 2001, by
and among Univision, Venevision and the Registrant (previously filed with the Securities and
Exchange Commission as Exhibit&nbsp;10.9 to the 2001 Form&nbsp;F-4 and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Production Agreement, dated as of March&nbsp;27, 1998, between the Registrant and Univision Network
Limited Partnership (previously filed with the Securities and Exchange Commission as an Exhibit
to Univision&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 1997 and incorporated
herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Program License Agreement, dated as of May&nbsp;31, 2005, between Registrant and Univision (previously
filed with the Securities and Exchange Commission as Exhibit&nbsp;4.7 to the 2005 Form&nbsp;20-F and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;22, 1998 (previously filed with the Securities and Exchange Commission as an
Exhibit to Innova&#146;s Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2004 and
incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English translation of investment agreement, dated as of March&nbsp;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&nbsp;4.7 to the 2005 Form&nbsp;20-F and incorporated herein by
reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.1,162.5&nbsp;million credit agreement, dated as of May&nbsp;17, 2004, between the
Registrant and Banamex (the &#147;May&nbsp;2004 Credit Agreement&#148;) and the May&nbsp;2004 Credit Agreement (in
Spanish) (previously filed with the Securities and Exchange Commission as Exhibit&nbsp;4.9 to the 2004
Form&nbsp;20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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&nbsp;2004 Credit
Agreement (in Spanish) (previously filed with the Securities and Exchange Commission as Exhibit
4.10 to the 2004 Form&nbsp;20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.2,000.0&nbsp;million credit agreement, dated as of October&nbsp;22, 2004, between the
Registrant and Banamex (the &#147;October&nbsp;2004 Credit Agreement&#148;) and the October Credit Agreement (in
Spanish) (previously filed with the Securities and Exchange Commission as Exhibit&nbsp;4.11 to the
2004 Form&nbsp;20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English translation of Ps.2,100.0&nbsp;million credit agreement, dated as of March&nbsp;10, 2006, by and
among Innova, the Registrant and Banamex (previously filed with the Securities and Exchange
Commission as Exhibit&nbsp;4.7 to the 2005 Form&nbsp;20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English summary of Ps.1,400.0&nbsp;million credit agreement, dated as of April&nbsp;7, 2006, by and among
Innova, the Registrant and Banco Santander Serfin, S.A. (the &#147;April&nbsp;2006 Credit Agreement&#148;) and
the April Credit Agreement (in Spanish) (previously filed with the Securities and Exchange
Commission as Exhibit&nbsp;4.7 to the 2005 Form&nbsp;20-F and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administration Trust Agreement relating to Trust No.&nbsp;80375, dated as of March&nbsp;23, 2004, by and
among Nacional Financiera, S.N.C., as trustee of Trust No.&nbsp;80370, Banco Inbursa, S.A., as trustee
of Trust No.&nbsp;F/0553, Banco Nacional de M&#233;xico, S.A., as trustee of Trust No.&nbsp;14520-1, Nacional
Financiera, S.N.C., as trustee of Trust No.&nbsp;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" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Full-Time Transponder Service Agreement, dated as of November&nbsp;_____, 2007, by and among Intelsat
Corporation, Intelsat LLC, Corporaci&#243;n de Radio y Televisi&#243;n del Norte de M&#233;xico, S. de R. L. de
C.V. and SKY Brasil Servi&#231;os Ltda.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Agreement, dated as of December&nbsp;19, 2007, by and among Empresas Cablevisi&#243;n, S.A.B. de
C.V., JPMorgan Chase Bank, N.A., as administrative agent and J.P. Morgan Securities Inc., as sole
bookrunner and lead arranger.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">List of Subsidiaries of Registrant.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CEO Certification pursuant to
Section&nbsp;302 of the Sarbanes-Oxley Act of 2002, dated June 25, 2008.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CFO Certification pursuant to
Section&nbsp;302 of the Sarbanes-Oxley Act of 2002, dated June 25, 2008.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CEO Certification pursuant to
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, dated June 25, 2008.</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CFO Certification pursuant to
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, dated June 25, 2008.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->132<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;Financial Statement Schedules
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->133<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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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; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="151"></A>
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt">Date
June 25, 2008
</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>GRUPO TELEVISA, S.A.B.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <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 style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Salvi Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 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">Title:&nbsp;&nbsp; Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <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/ Jorge Lutteroth Echegoyen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <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">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Jorge Lutteroth Echegoyen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" nowrap><DIV style="margin-left:38px; text-indent:-38px">Title:&nbsp;&nbsp;Vice
President &#151; Controller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->134<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><A href="#300">Report of Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">Consolidated Balance Sheets as of December&nbsp;31, 2006 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#302">Consolidated Statements of Income for the Years Ended December&nbsp;31, 2005, 2006 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><A href="#303">Consolidated Statements of Changes in Stockholders&#146; Equity for the Years Ended December&nbsp;31, 2005, 2006 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#304">Consolidated Statements of Changes in Financial Position for the Years Ended December&nbsp;31, 2005, 2006 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#305">Notes to Consolidated Financial Statements for the Years Ended December&nbsp;31, 2005, 2006 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
<!-- End Table Body --></TABLE>
</DIV>

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

<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"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="300"></A>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In our opinion, the accompanying consolidated balance sheets and the related consolidated
statements of income, of changes in stockholders&#146; equity and of changes in financial position,
present fairly, in all material respects, the financial position of Grupo Televisa, S.A.B. (the
&#147;Company&#148;) and its subsidiaries at December&nbsp;31, 2007 and 2006, 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, 2007 in conformity with Mexican Financial Reporting Standards. Also in our opinion,
the Company maintained, in all material respects, effective internal control over financial
reporting as of December&nbsp;31, 2007, based on the criteria established in Internal Control -
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). The Company&#146;s management is responsible for these financial statements, for maintaining
effective internal control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting, included in &#147;Management&#146;s Report on Internal Control
Over Financial Reporting&#148; appearing on Item&nbsp;15. Our responsibility is to express opinions on these
financial statements and on the Company&#146;s internal control over financial reporting based on our
audits (which were integrated audits in 2007 and 2006). We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States) and with generally
accepted auditing standards in Mexico. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are free of material
misstatement and whether effective internal control over financial reporting was maintained in all
material respects. Our audits of the financial statements included examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall
financial statement presentation. Our audit of internal control over financial reporting included
obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. Our audit also included performing such other
procedures as we consider necessary in the circumstances. We believe that our audits provide a
reasonable basis for our opinions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 23 to the consolidated financial statements.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">C.P.C. Jos&#233; Miguel Arrieta M&#233;ndez<BR>
Audit Partner<BR>
<BR>
M&#233;xico, D. F.<BR>
June&nbsp;24, 2008

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

<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; margin-left: .25in; width: 7.20in">

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

<DIV align="left">
<A name="301"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Balance Sheets</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>As of December&nbsp;31, 2006 and 2007</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2007)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Notes</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>2007</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:90px; 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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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">701,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">843,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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">15,703,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,461,365</TD>
    <TD>&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">16,405,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,304,896</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trade notes and accounts receivable, net</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">14,108,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,294,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">1,544,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,590,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,023</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,167,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,154,681</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">801,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">833,996</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,266,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">800,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">653,260</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,286,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,026,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,557,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,252,748</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,959,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,115,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,764,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,171,331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets and deferred charges, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,592,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,098,667</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">25,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,286</TD>
    <TD>&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 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">86,186,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">98,703,476</TD>
    <TD>&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">
    <TD align="center"><DIV style="margin-left:75px; text-indent:-15px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,023,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">488,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of satellite transponder lease obligation</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">89,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,696</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">3,580,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,457,519</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">17,528,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,145,053</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">1,223,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">684,497</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">271,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">307,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due to affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,191</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">2,124,712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,173,926</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total 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">25,881,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,482,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt, net of current portion</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">18,464,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,433,387</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder lease obligation, net of current portion</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">1,162,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035,134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; 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">278,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,665,185</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">541,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,849,369</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred taxes</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">1,544,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,272,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pension plans, seniority premiums and severance indemnities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,921</TD>
    <TD>&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 liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,171,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,053,176</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>&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">Commitments and contingencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="center"><DIV style="margin-left:60px; text-indent:-15px"><B>STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital stock issued, no par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,506,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,267,570</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">4,547,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,547,944</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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">15,054,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,815,514</TD>
    <TD>&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">Retained earnings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">2,135,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,135,423</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">4,626,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,240,869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">17,343,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,713,378</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">8,908,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,082,463</TD>
    <TD>&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">33,014,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,172,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive loss, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,808,377</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,009,468</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares repurchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,888,974</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,939,066</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>&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">21,317,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,223,599</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total 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">36,372,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,039,113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,642,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,611,187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total 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">38,014,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,650,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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 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">86,186,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">98,703,476</TD>
    <TD>&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: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


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

<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; margin-left: .25in; width: 7.20in">



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

</DIV>
<DIV align="center" style="font-size: 10pt"><B>For the Years Ended December&nbsp;31, 2005, 2006 and 2007</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2007,</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>except per CPO amounts)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Notes</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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">35,068,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">39,357,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">41,561,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">15,927,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,791,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,128,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling 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 align="right">2,877,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,130,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,277,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative 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 align="right">1,988,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,390,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,452,027</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6 and 7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,611,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,779,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,223,070</TD>
    <TD>&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">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,663,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,265,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,480,896</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">770,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">888,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">953,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Integral cost of financing, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,923,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,141,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410,214</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in (earnings)&nbsp;losses of affiliates, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(172,913</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">624,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,299</TD>
    <TD>&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">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,141,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,611,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,368,031</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income taxes</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">811,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,092,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,349,641</TD>
    <TD>&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">Income before 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">8,330,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,519,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,018,390</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative loss of accounting change, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1(n)(r)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">7,783,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,519,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,018,390</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,170,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">610,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935,927</TD>
    <TD>&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">Majority interest net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,613,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,908,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,082,463</TD>
    <TD>&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">Majority interest net income per CPO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.84</TD>
    <TD>&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: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


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

<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; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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: 10pt"><B>Consolidated Statements of Changes in Stockholders&#146; Equity</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>For the years ended December&nbsp;31, 2005, 2006 and 2007</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2007)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" 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 12)</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, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,677,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,547,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,586,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,858,311</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(7,022,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,930,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(134,482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">30,795,792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(4,648,726</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">(4,648,726</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">(4,648,726</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(1,289,552</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,289,552</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">(1,289,552</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(366,181</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">705,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,611</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">339,611</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">1,053,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,053,123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">349,302</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">349,302</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">349,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">6,613,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(970,514</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">5,642,900</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">5,642,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,677,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,547,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,533,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,828,825</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,606,260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,323,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">918,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,242,450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(1,161,839</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">(1,161,839</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">(1,161,839</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(170,258</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">(1,575,231</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">1,745,489</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; padding-top: 1px">
    <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">(3,224,515</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,224,515</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">(3,224,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(609,049</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">1,196,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">587,263</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">587,263</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">723,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">723,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefit from capital contribution of
minority interest in Sky</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">385,596</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">385,596</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">385,596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss on minority interest acquisition of Sky</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">(711,311</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">(711,311</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">(711,311</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">243,882</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">243,882</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">243,882</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,908,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,448</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">8,929,391</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">8,929,391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,506,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,547,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,014,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,808,377</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,888,974</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,372,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,642,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,014,877</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(4,506,492</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">(4,506,492</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">(4,506,492</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(239,286</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">(3,386,013</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,625,299</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; padding-top: 1px">
    <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">(3,948,331</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,948,331</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">(3,948,331</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(173,169</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">272,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,771</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">99,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">1,968,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,968,586</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">140,517</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">140,517</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">140,517</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,082,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">798,909</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">8,881,372</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">8,881,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,267,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,547,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">33,172,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,009,468</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(7,939,066</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">37,039,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,611,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">40,650,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


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

<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; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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: 10pt"><B>Consolidated Statements of Changes in Financial Position</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>For Years Ended December&nbsp;31, 2005, 2006 and 2007</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2007)</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Notes 1 and 2)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">7,783,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,519,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,018,390</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile net income to resources 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" style="padding-top: 1px">
    <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">(172,913</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">624,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,611,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,779,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,223,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Impairment of long-lived assets and other amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">541,996</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(850,520</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,292,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(358,122</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss on disposition of available-for sale 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">565,862</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">184,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,556</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41,527</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">243,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,517</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cumulative loss of accounting change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546,386</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,208,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,617,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,839,485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Increase) decrease in:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Trade notes and accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,474,612</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">894,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,090,936</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,054,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,878,256</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,053</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other accounts and notes receivable and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">860,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,104,190</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(443,962</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,411,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,676,832</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,840,116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">807,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">840,911</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(801,669</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">560,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">519,488</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pension plans, seniority premiums and severance indemnities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">1,988,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(179,949</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,227,595</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">Resources provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,196,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,437,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,611,890</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">6,883,712</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance of Senior Notes due 2037</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">4,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Empresas Cablevisi&#243;n&#146;s long-term loan due 2012</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">2,457,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepayments of Senior Notes and UDIs denominated Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,131,987</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">(1,017,093</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,315,749</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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>&nbsp;</TD>
    <TD align="right">3,631,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,051</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(5,808,505</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(888,623</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(675,234</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(949,941</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,637,252</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,848,560</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(4,648,726</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,161,839</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,506,492</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(565,862</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss on minority interest acquisition of Sky</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">(711,311</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Benefit from capital contribution of minority interest in Sky</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">385,596</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; padding-top: 1px">
    <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">(117,236</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,032,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Translation effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,877</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">(10,651,538</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,132,666</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,974,297</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">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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Due from affiliated companies, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">577,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(644,409</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,636</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,297,043</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,938,453</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,385,342</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Disposition of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,194,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(2,956,172</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,428,532</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,915,439</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">342,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">532,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">704,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in goodwill and other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,790,712</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,224,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,310,968</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">728,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,924,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,266,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,266,318</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisition of Telecom net 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,975,666</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,026</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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) provided by investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,155,779</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,855,030</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,123,968</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 (decrease)&nbsp;increase in cash and temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,610,575</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,761,561</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase in cash and temporary investments upon Telecom acquisition</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">138,261</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">18,565,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,954,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,405,074</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and temporary investments at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,954,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">16,405,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">27,304,896</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: 3px double #000000">&nbsp;</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: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>


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

<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; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><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: 10pt"><B>Notes to Consolidated Financial Statements</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><B>For the Years Ended December&nbsp;31, 2005, 2006 and 2007<BR>
(In thousands of Mexican pesos in purchasing power as of December&nbsp;31, 2007,<BR>
except per CPO, per share and exchange rate amounts)</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>1. Accounting Policies</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(a)&nbsp;Basis of Presentation</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 include the recognition of the effects of inflation on financial
information.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Mexican FRS are comprised of: (i)&nbsp;Financial Reporting Standards (&#147;Normas de Informaci&#243;n
Financiera&#148; or &#147;NIF&#148;) and NIF Interpretations (&#147;Interpretaciones a las NIF&#148; or &#147;INIF&#148;) issued by
the CINIF; (ii)&nbsp;Bulletins of generally accepted accounting principles in Mexico (&#147;Mexican GAAP&#148;)
issued through May&nbsp;2004 by the Mexican Institute of Public Accountants (&#147;MIPA&#148;) that have not been
modified, replaced or superseded by new NIF; and (iii)&nbsp;International Financial Reporting Standards
(&#147;IFRS&#148;) issued by the International Accounting Standards Board (&#147;IASB&#148;) that are supplementary in
Mexico when no general or specific guidance is provided by either NIF or applicable Bulletins of
Mexican GAAP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 in which the Group is
deemed the primary beneficiary. The primary beneficiary of a variable interest entity 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. See Note 1(b) for further discussion of all variable interest entities. All
significant intercompany balances and transactions have been eliminated from the financial
statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">These
consolidated financial statements were authorized for issuance on June&nbsp;20, 2008, by the
Group&#146;s Chief Financial Officer.
</DIV>




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

<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; margin-left: .25in; width: 7.20in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(b)&nbsp;Members of the Group</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, 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="50%">&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="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Consolidated Entities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><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:15px; text-indent:-15px">Telesistema Mexicano, S.A. de C.V. and subsidiaries, including Televisa, S.A. de C.V.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Television Broadcasting, Pay Television Networks and Programming Exports</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisi&#243;n Independiente de M&#233;xico, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Television Broadcasting</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TuTv, LLC (&#147;TuTv&#148;)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pay Television Networks</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Editorial Televisa, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Publishing</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Publishing Distribution</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Innova, S. de R. L. de C.V. and subsidiaries (collectively, &#147;Sky&#148;)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">58.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Sky</TD>
</TR>



<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Empresas Cablevisi&#243;n, S. A. B. de C.V. (&#147;Empresas Cablevisi&#243;n&#148;) and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">51</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Cable and Telecom</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paxia, S.A.
de C.V., including its investment in Alvafig, S.A. de C.V. (&#147;Alvafig&#148;)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Cable and Telecom</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporativo Vasco de Quiroga, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Businesses</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CVQ Espect&#225;culos, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Businesses</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sistema Radi&#243;polis, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Businesses</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Juegos, S.A. de C.V. and subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Businesses</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Percentage of equity interest directly or indirectly held by the Company in the holding entity.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See Note 22 for a description of each of the Group&#146;s business segments.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Group has identified Sky, TuTv and Alvafig as variable interest entities and the Group as
the primary beneficiary of the investment in each of these entities. The Group has 58.7%
interest in Sky, a satellite television provider. 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. Alvafig is a holding company owning 49% of the
equity in Cablem&#225;s, S.A. de C.V. (&#147;Cablem&#225;s&#148;), the second largest cable operator in Mexico
(see Notes 2 and 5).</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group&#146;s Television Broadcasting, Sky, Cable and Telecom, 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, requires a permit granted by the Mexican Federal Government for a fixed
term. Additionally, the Group&#146;s Sky business in certain Central American and Caribbean countries
requires concessions granted by local regulatory authorities for a fixed term and subject to
renewal. At December&nbsp;31, 2007, the expiration dates of the Group&#146;s concessions and permit 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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Businesses</B></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><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In 2021</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">Various from 2020 to 2027</FONT></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Various from 2018 to 2030</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Radio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Various from 2008 to 2016</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gaming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In 2030</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(c)&nbsp;Foreign Currency Translation</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. Assets and liabilities 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>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with its investment in shares of Univision, the Group designated as an effective
hedge of foreign exchange exposure a portion of the outstanding principal amount of its
U.S.-dollar-denominated Senior Notes due 2011, 2025 and 2032, which amounted to U.S.$971.9&nbsp;million
as of December&nbsp;31, 2006. The investment in shares of Univision was disposed by the Group in March
2007, and through that date any foreign exchange gain or loss attributable to this long-term debt
was credited or charged directly to equity (other comprehensive income or loss) (see Notes 2 and
9).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(d)&nbsp;Temporary Investments</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group considers all highly liquid investments with original maturities of one year or
less, to be temporary investments. Temporary investments are valued at market value.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2006 and 2007, temporary investments consisted of fixed short-term
deposits, structured notes and corporate fixed income securities (primarily U.S. dollars and
Mexican pesos), with an average yield of approximately 4.69% for U.S. dollar deposits and 7.38% for
Mexican peso deposits in 2006, and approximately 5.34% for U.S. dollar deposits and 7.18% for
Mexican peso deposits in 2007.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(e)&nbsp;Transmission Rights and Programming</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Programming is comprised of programs, literary works, production talent advances and films.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(f)&nbsp;Inventories</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(g)&nbsp;Investments</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 Notes 5 and 14).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Other investments are accounted for at cost.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(h)&nbsp;Property, Plant and Equipment</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Property, plant and equipment are recorded at acquisition cost and thereafter are restated to
constant Mexican pesos using the NCPI, except for equipment of non-Mexican origin, which is
restated using an index which reflects the inflation in the respective country of origin and the
exchange rate of the Mexican Peso against the currency of such country at the balance sheet date
(&#147;Specific Index&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 20&nbsp;years for technical equipment and from 3 to 10&nbsp;years for other property
and equipment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(i)&nbsp;Intangible Assets and Deferred Financing Costs</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Intangible assets and deferred financing costs are recognized at cost and thereafter restated
using the NCPI.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 3 to 20&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(j)&nbsp;Impairment of Long-lived Assets</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(k)&nbsp;Customer Deposits and Advances</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(l)&nbsp;Stockholders&#146; Equity</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2007.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(m)&nbsp;Revenue Recognition</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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><DIV style="text-align: justify">Advertising revenues, including deposits and advances from customers for future
advertising, are recognized at the time the advertising services are rendered.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">Revenues from program services for pay television and licensed television programs are
recognized when the programs are sold and become available for broadcast.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 10<!-- /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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">The revenue from publishing distribution is recognized upon distribution of the products.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">Sky 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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">Cable television, internet and telephone subscription, and pay-per-view and installation
fees are recognized in the period in which the services are rendered.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">Revenues from telecommunications and data services are recognized in the period in which
these services are provided.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">Motion picture production and distribution revenues are recognized as the films are
exhibited.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">Gaming revenues consist of the net win from gaming activities, which is the difference
between amounts wagered and amounts paid to winning patrons.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(n)&nbsp;Pension Plans, Seniority Premiums and Severance Indemnities</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Plans exist for pension and retirement payments for substantially all of the Group&#146;s
employees, funded through an irrevocable trust. Payments to the trust are determined in accordance
with actuarial computations of funding requirements. Pension payments are made by the trust
administrators.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Increases or decreases in the seniority premium liability are based upon actuarial
calculations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Beginning January&nbsp;1, 2005, severance indemnities to dismissed personnel, other than those
arising from restructurings, are recognized based upon actuarial calculations. Before that date,
severance indemnities to dismissed personnel were charged to income in the year in which they were
incurred. In connection with this accounting change, the Group recognized a cumulative loss effect
of accounting change in the amount of Ps.197,084, net of an income tax benefit of Ps.84,465, for
the year ended December&nbsp;31, 2005.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(o)&nbsp;Income Taxes</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The income taxes and the asset tax are recognized in income as they are incurred.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(p)&nbsp;Derivative Financial Instruments</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group recognizes derivative financial instruments as either assets or liabilities in the
consolidated balance sheets and measures those instruments at fair value. The accounting for
changes in the fair value of a derivative depends on the intended use of the derivative and the
resulting designation. For a derivative instrument designated as a fair value hedge, the gain or
loss is recognized in income in the period of change together with the offsetting loss or gain on
the hedged item attributed to the risk being hedged. For a derivative financial instrument
designated as a cash flow hedge, the effective portion of the derivative&#146;s gain or loss is
initially reported as a component of accumulated other comprehensive income and subsequently
reclassified into income when the hedged exposure affects income. The ineffective portion of the
gain or loss is reported in income immediately. For derivative instruments that are not designated
as accounting hedges, changes in fair value are recognized in income in the period of change.
During the years ended December&nbsp;31, 2005, 2006 and 2007, none of the Group&#146;s derivatives qualified
for hedge accounting.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(q)&nbsp;Comprehensive Income</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(r)&nbsp;Stock-based Compensation</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.349,302, 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, Supplementary Financial Reporting Standards. The Group recognized a stock-based
compensation expense of Ps.243,882 and Ps.140,517 for the years ended December&nbsp;31, 2006 and 2007,
respectively, which was accounted for in consolidated income as an administrative expense.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(s)&nbsp;Prior Years&#146; Financial Statements</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group&#146;s financial statements for prior years have been restated to Mexican pesos in
purchasing power as of December&nbsp;31, 2007, by using a restatement factor derived from the change in
the NCPI, which for 2005 and 2006 was 1.0796 and 1.0375, 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 2005 and 2006 would have been 1.0821 and 1.0400, respectively.
</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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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">The NCPI at December&nbsp;31 was:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116.301</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121.015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125.564</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Beginning in January&nbsp;2007, the Group adopted the provisions of Mexican FRS NIF B-3, <I>Statement
of Income</I>, and INIF 4, <I>Presentation of the Employees&#146; Profit Sharing in the Statement of Income</I>.
Accordingly, the Group&#146;s consolidated statements of income for the years ended December&nbsp;31, 2005
and 2006 have been reclassified to conform to the presentation required by these provisions, and
included the reclassification of restructuring and non-recurring charges and statutory employees&#146;
profit sharing that were previously reported as separate lines into the other expense, net line.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(t)&nbsp;Recently Issued Mexican FRS</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In August&nbsp;2007, the CINIF issued three new standards that became effective as of January&nbsp;1,
2008, as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF B-10, <I>Effects of Inflation</I>, establishes standards for recognizing the effects of inflation
in an entity&#146;s financial statements as measured by changes in a general price index only, and does
not provide standards for valuation of any assets or liabilities. NIF B-10 provides criteria for
identifying both inflationary and non- inflationary environments, and provides guidelines to cease
or start recognizing the effects of inflation in financial statements when the general price index
applicable to a specific entity is up to or above 26%, respectively, in a cumulative three-year
period. NIF B-10 includes an option for the accounting treatment of the result from holding
non-monetary assets recognized by an entity as accumulated other comprehensive income or loss under
previous guidelines by either recycling this result from stockholders&#146; equity to income as it is
realized, or reclassifying the outstanding balance of such result to retained earnings in the
period in which this standard becomes effective. Additionally, restatement of financial statements
for earlier periods presented is not required by NIF B-10. Since the cumulative inflation in Mexico
measured by the NCPI in the three-year period ended December&nbsp;31, 2007 was below 26%, the Mexican
companies in the Group ceased recognizing the effects of inflation in financial statements
beginning January&nbsp;1, 2008. In addition, effective January&nbsp;1, 2008, the Group classified in retained
earnings the outstanding balances of cumulative loss from holding non-monetary assets and
accumulated monetary loss in the aggregate amount of Ps.2,672,502, in accordance with the
guidelines provided by NIF B-10 (see Note 14).
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF D-3, <I>Benefits to Employees</I>, replaces the previous Mexican GAAP Bulletin D-3, <I>Labor</I>
Obligations, and provides standards for recognizing those benefits granted by an entity to its
employees, including direct, termination and retirement benefits, as well as other related
provisions. NIF D-3 requires shorter amortization periods for items subject to be amortized,
including an option to recognize in income any actuarial gain or loss, and does not require the
recognition of a transition asset or liability other than benefits granted in a plan amendment
(prior service cost). NIF D-3 eliminates the recognition of an additional liability determined on
the actuarial computation of retirement benefits without consideration of salary increases;
consequently, a related intangible asset and an eventual stockholders&#146; equity adjustment derived
from the recognition of this additional liability, are no longer required by this new standard. NIF
D-3 also requires the recognition of any termination benefit costs directly in income as a
provision, with no deferral of any unrecognized prior service cost or related actuarial gain or
loss. Additionally, NIF D-3 recognizes the employees&#146; profit sharing required to be paid under
certain circumstances in Mexico, as a direct benefit to employees. The provisions of NIF D-3 are
not expected to have a significant effect on the Group&#146;s consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF D-4, <I>Income Taxes</I>, replaces the previous Mexican GAAP Bulletin D-4, <I>Accounting for income
tax, asset tax and employees&#146; profit sharing</I>, and provides additional guidance for valuation,
presentation and disclosure of both current and deferred income taxes accrued for a period. NIF D-4
eliminates from its scope the accounting for employees&#146; profit sharing, since this line item is
deemed an ordinary expense associated with benefits to employees, and therefore, now is under the
scope of NIF D-3. NIF D-4 also recognizes the Mexican asset tax paid as a tax credit to the extent
of its expected recovery. In addition, NIF D-4 requires the reclassification to retained earnings
of any outstanding cumulative effect of deferred income taxes recognized in stockholders&#146; equity,
in the period in which this standard becomes effective. The provisions of NIF D-4 are not expected
to have a significant effect on the Group&#146;s consolidated financial statements. Effective January&nbsp;1,
2008, the Group classified in retained earnings the outstanding balance of cumulative loss effect
of deferred income taxes in the amount of Ps.3,224,437, in accordance with the guidelines provided
by NIF D-4 (see Note 14).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2007, the CINIF issued two standards that became effective as of January&nbsp;1, 2008,
as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF B-2, <I>Statement of Cash Flows</I>, requires a statement of cash flows as part of a full set of
financial statements in place of a statement of changes in financial position. The statement of
cash flows classifies cash receipts and payments according to whether they stem from operating,
investing, or financing activities and provides a definition of each category. Cash flows from
operating activities can be reported by directly showing major classes of operating cash receipts
and payments (the direct method), or by reporting the same amount of net cash flow from operating
activities indirectly by adjusting net income to reconcile it to net cash flow from operating
activities (the indirect method). Restatement of financial statements for years provided before
2008 is not required by NIF B-2.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NIF B-15, <I>Translation of Foreign Currencies</I>, replaces the previous Mexican GAAP Bulletin B-15,
<I>Foreign Currency Transactions and Translation of Financial Statements of Foreign Operations</I>, and
introduces the concepts of accounting currency, functional currency and reporting currency. NIF
B-15 sets forth procedures for translating financial statements from the accounting currency of a
foreign operation into the applicable functional currency, and from the functional currency of a
foreign operation into the required reporting currency. NIF B-15 also permits that an entity may
present its financial statements in a reporting currency other than its functional currency.
Restatement of financial statements for years provided before 2008 is not required by NIF B-15. The
provisions of NIF B-15 are not expected to have a significant effect on the Group&#146;s consolidated
financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, the CINIF issued the INIF 8, <I>Effects of the Flat Rate Business Tax</I>. This
Interpretation became effective in October&nbsp;2007, and requires a company to evaluate the effects of
the new Flat Rate Business Tax that became effective in Mexico beginning in January&nbsp;2008, on its
deferred income tax asset or liability position for the fourth quarter of 2007, based on projected
results of operations for periods beginning in 2008. The provisions of INIF 8 did not have a
significant effect on the Group&#146;s consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>2. Acquisitions, Investments and Dispositions</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2005, in a series of related transactions, the Group disposed its 30% interest in
DTH TechCo Partners (&#147;TechCo&#148;), a general partnership that provided technical services to DTH
ventures in Latin America through September&nbsp;2005, 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.172,896 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 amounts receivable in connection with long-term loans made by
the Group to TechCo (see Note 17).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
<FONT face="'Times New Roman',times,serif">&#128;</FONT>1.2&nbsp;million euros (Ps.16,541). 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&nbsp;2006. During 2006 and 2007, the Group made additional capital contributions related to its
40% interest in La Sexta in the amount of approximately <FONT face="'Times New Roman',times,serif">&#128;</FONT>104.6&nbsp;million euros (Ps.1,535,176) and
<FONT face="'Times New Roman',times,serif">&#128;</FONT>65.9&nbsp;million euros (Ps.1,004,697), respectively. The Group&#146;s investment in La Sexta is accounted
for using the equity method. Also, in connection with this investment and the framework agreement
entered into by the Company in March&nbsp;2006 with the MediaPro Group and the Grupo &#193;rbol (the
controlling partners of the company that holds a majority equity interest in La Sexta), the Group
received, among other rights: (i)&nbsp;a call option under which the Group could subscribe, at a price
of <FONT face="'Times New Roman',times,serif">&#128;</FONT>80&nbsp;million euros, a certain 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 Grupo
&#193;rbol; and (ii)&nbsp;a right of first refusal until June&nbsp;2011 to acquire a certain percentage of the
capital stock of Imagina. During 2007, a third party acquired a 20% stake in Imagina. As a result
of this acquisition, Imagina paid the Company <FONT face="'Times New Roman',times,serif">&#128;</FONT>29&nbsp;million euros (Ps.462,083) as a termination fee
for the cancellation of the call option to subscribe a certain percentage of the capital stock of
Imagina (see Notes 5, 11 and 17).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.292,412) and U.S.$7.5&nbsp;million (Ps.87,408), respectively. The
Group&#146;s investment in Volaris is accounted for using the equity method (see Note 5).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2005, the Group completed the acquisition of all of the outstanding equity of
Comtelvi, S. de R. L. de C.V. (&#147;Comtelvi&#148;), an entity owned by a third party that at the time of
acquisition had structured note investments and other financial instrument assets and liabilities,
as well as tax losses of approximately Ps.3,575,276 that were used by the Group in the fourth
quarter of 2005 (see Note 19). The total consideration paid in connection with this acquisition was
the equivalent of U.S.$39.1&nbsp;million (Ps.458,223).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.172,448).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In February&nbsp;2006, affiliates of The DIRECTV Group, Inc. (&#147;DIRECTV&#148;) completed the acquisition
of equity interests in Sky, which were formerly held by News Corporation (&#147;News Corp.&#148;) and Liberty
Media Corp. (&#147;Liberty Media&#148;). This acquisition included the capitalization of the purchase price
of the list of subscribers sold by DIRECTV Mexico to Sky in the aggregate amount of Ps.665,653. As
a result of these transactions, the Group&#146;s equity stake in Sky 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 that DIRECTV acquired from Liberty Media. This
minority interest acquisition amounted to approximately U.S.$58.7&nbsp;million (Ps.699,891), and was
financed with cash on hand. After this transaction, the Group (i)&nbsp;increased its equity stake in Sky
from 52.7% to 58.7%, and DIRECTV became the owner of the remaining 41.3%; 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.711,311.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 with a license to operate in the city of Monterrey and
surrounding areas, which expires in 2026, in the amount of Ps.798,304, which was substantially paid
in cash. In conjunction with this transaction, the Group provided TVI with a short-term financing
at the acquisition date in the principal nominal 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, and paid a
first purchase price adjustment in the second quarter of 2006, in the amount of Ps.19,287. Also,
during the first half of 2007, the Group (i)&nbsp;paid a second purchase price adjustment in the amount
of Ps.19,155; (ii)&nbsp;recognized a final third purchase price adjustment to be paid in 2008, subject
to certain conditions, in the amount of Ps.18,417; and (iii)&nbsp;capitalized all of the amounts
receivable from TVI in the aggregate amount of Ps.269,028, in connection with the short-term
financing provided at the acquisition date. In the third quarter of 2007, the Group completed a
final valuation of this acquisition and recognized a related goodwill in the amount of Ps.405,264.
This transaction was approved by the Mexican regulatory authorities in 2007 (see Notes 5 and 7).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Beginning in the third quarter of 2006, the Group announced its intention to have its
investment in 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, the Group (i)&nbsp;classified its investment in shares of Univision 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 income or loss; and (iv)&nbsp;this financial asset was 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. As of December&nbsp;31, 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 well as warrants to acquire
6,374,864 shares Class &#147;A&#148; and 2,727,136 shares Class &#147;T&#148; of common stock of Univision, most of
which had an exercise price of U.S.$38.261 per share and expired in December&nbsp;2017. Most of the
warrants to acquire shares of Univision common stock did not have a carrying value at December&nbsp;31,
2006, since the exercise price was greater than the tender offer price. The proposed merger was
concluded by Univision on March&nbsp;29, 2007, and the 30,187,534 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.12,385,515). As a result of this disposition, the Group recognized in consolidated income for
the year ended December&nbsp;31, 2007, a non-cash loss of Ps.669,473 (see Notes 1 (c), 9, 11,14 and 17).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2006, the Group invested U.S.$258&nbsp;million (Ps.2,943,986) in convertible debentures
of Alvafig, S.A. de C.V. (&#147;Alvafig&#148;), which holds 49% of the voting equity of Cablem&#225;s. These
debentures are convertible into 99.99% of the equity of Alvafig and have a five-year maturity.
Annual interest on these debentures is 8% in the first year and 10% in the remaining four years,
and is payable on an annual 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 and the compliance with certain regulatory
requirements. 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. In February&nbsp;2008, the Group
made an additional investment of U.S.$100&nbsp;million (Ps.1,082,560) in convertible debentures of
Alvafig, which proceeds were used by this entity to increase its interest in the outstanding equity
of Cablem&#225;s to approximately 54.6%, and retain a 49% of the voting equity of Cablem&#225;s (see Notes 1
(b)&nbsp;and 5).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In August&nbsp;2007, the Group acquired substantially all of the outstanding shares of capital
stock of Editorial Atl&#225;ntida, S.A. (&#147;Atl&#225;ntida&#148;), a leading magazine publishing company in
Argentina, in the aggregate amount of approximately U.S.$78.8&nbsp;million (Ps.885,377), which was paid
in cash. The Group completed a purchase price allocation of this transaction and recognized a
related goodwill in the amount of Ps.668,338 (see Note 7).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In August&nbsp;2007, the Group announced an agreement signed by Cablestar, S.A. de C.V.
(&#147;Cablestar&#148;), an indirect subsidiary of the Company and Empresas Cablevisi&#243;n, to acquire the
majority of the assets of Bestel, S.A. de C.V. (&#147;Bestel&#148;), a Mexican facilities-based
telecommunications company engaged in providing data and long-distance services solutions to
carriers and other telecommunications service providers through a fiber-optic network of
approximately 8,000 kilometers that covers the most important cities and economic regions of Mexico
and crosses directly into the United States in the cities of San Antonio, Texas and San Diego,
California. In December&nbsp;2007, after obtaining the approval from the Mexican regulatory authorities,
Cablestar completed this transaction by acquiring, at an aggregate purchase price of
U.S.$256&nbsp;million (Ps.2,772,352), all of the outstanding equity of Letseb, S.A. de C.V. (&#147;Letseb&#148;)
and Bestel USA, Inc. (&#147;Bestel USA&#148;), the companies that owned the majority of assets of Bestel. In
connection with this acquisition: (i)&nbsp;Cablestar made an additional capital contribution to Letseb
in the amount of U.S.$69&nbsp;million (Ps.747,236), which was used by Letseb to pay certain
pre-acquisition liabilities; (ii)&nbsp;the Company granted a guarantee to a third-party creditor for any
amounts payable in connection with a Letseb&#146;s long-term liability in the amount of U.S.$80&nbsp;million;
(iii)&nbsp;Empresas Cablevisi&#243;n issued long-term debt to finance this acquisition in the amount of
U.S.$225&nbsp;million (Ps.2,457,495); (iv)&nbsp;Cablem&#225;s and TVI made capital contributions for an aggregate
amount of U.S.$100&nbsp;million related to their aggregate 30.8% minority interest in Cablestar; and
(v)&nbsp;Cablestar recognized an excess of the purchase price over the carrying value of the acquired
net assets in the amount of approximately Ps.1,552,054, based upon a preliminary valuation. The
Group expects to complete a final valuation and purchase price allocation of this transaction in
the first half of 2008 (see Notes 7 and 8).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>3. Trade Notes and Accounts Receivable</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Trade notes and accounts receivable as of 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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 from customers as deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12,406,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">14,753,180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">2,773,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,507,639</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(1,071,428</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(966,145</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">14,108,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">17,294,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>4. Transmission Rights and Programming</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">At December&nbsp;31, 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">3,721,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,439,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,004,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,967,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">6,725,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,407,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transmission rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,950,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,626,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,606,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,626,428</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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">3,557,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,252,748</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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">3,167,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,154,681</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt"><B>5. Investments</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">At December&nbsp;31, 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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>
    <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: 10pt" 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: 10pt" 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>
    <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>2007</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,978,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,208,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">49%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">La Sexta (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,238,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">40%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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">522,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">40%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Volaris (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">25%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">TVI (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">324,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">50%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,758</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">4,726,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,555,214</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Held-to-maturity debt securities (see Note 1(g))(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,525,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">TVI (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,378</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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,233,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,560,370</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 align="left">Ps.</TD>
    <TD align="right">5,959,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,115,584</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Group has identified Alvafig as a variable interest entity, and
the Group as the primary beneficiary of the investment in this entity.
Hence, the assets of Alvafig, consisting of a 49% equity interest in
Cablem&#225;s (including goodwill of Ps.1,870,393), as well as its
liabilities and results of operations have been included in the
consolidated financial statements of the Company (see Notes 1 (b)&nbsp;and
2).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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, and in
the second and third quarter of 2007, OCEN paid dividends to the Group
in the aggregate amount of Ps.106,429 and Ps.94,382 respectively (see
Note 16).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Held-to-maturity securities represent structured notes and corporate
fixed income securities with long-term maturities. These investments
are stated at cost.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group recognized equity in comprehensive income (loss)&nbsp;of affiliates for the years ended
December&nbsp;31, 2005, 2006 and 2007, 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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 in earnings (losses)&nbsp;of affiliates, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">172,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(624,843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(749,299</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in other comprehensive (loss)&nbsp;income of affiliates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(313,807</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">578,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,297</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Result from holding non-monetary assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(960</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,161</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Loss) gain on equity accounts, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(204,485</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">(346,339</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(570,469</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>6. Property, Plant and Equipment, Net</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Property, plant and equipment as of 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">8,709,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,178,003</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Buildings improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,694,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,715,965</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Technical equipment(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,875,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,330,386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,757,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,789,890</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Furniture and fixtures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">597,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">672,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transportation equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,310,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,411,444</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computer equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,653,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,162,639</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,599,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,260,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(20,180,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,750,195</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">16,418,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,510,558</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,138,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,232,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Construction in progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,207,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">21,764,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,171,331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2007 includes telecommunications facilities in connection with the
acquisition of Letseb and Bestel USA (see Note 2).</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2006 and 2007, the Group&#146;s Mexican subsidiaries had technical, transportation
and computer equipment of non-Mexican origin totaling Ps.5,022,958 and Ps.5,029,332, respectively,
net of accumulated depreciation (see Note 1(h)).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2006 and 2007 would have been Ps.22,032,839 and
Ps.25,190,443, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Depreciation charged to income in 2005, 2006 and 2007 was Ps.2,250,354, Ps.2,438,234 and
Ps.2,793,310, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2006 and 2007, satellite transponders, net of accumulated depreciation,
amounted to Ps.1,015,607 and Ps.914,832, respectively.
</DIV>


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

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>7. Intangible Assets and Deferred Charges, Net</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&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>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2007</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" style="padding-top: 1px">
    <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">2,267,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">3,978,277</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">602,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">806,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">650,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">650,603</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">TVI 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">147,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">262,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telecom 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">&#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">29,113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Licenses and software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">845,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(475,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,026,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(632,998</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393,843</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Subscriber list Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">615,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(302,041</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(461,509</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Subscriber list TVI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,887</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">50,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,011</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Leasehold improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(71,825</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(138,663</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">682,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(127,657</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(157,214</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,821</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred financing costs (see Note 8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,085,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(241,621</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">844,312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,107,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(277,451</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">830,293</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">3,143,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,218,792</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,592,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,052,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,680,846</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,098,667</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Amortization of intangible assets with finite lives (other than goodwill) and deferred
financing costs charged to income in 2005, 2006 and 2007, was Ps.458,557, Ps.424,958 and
Ps.478,063, respectively, of which Ps.51,903, Ps.49,849 and Ps.48,303 in 2005, 2006 and 2007,
respectively, were recorded as interest expense (see Note 18) and Ps.45,379 and Ps.33,571 in 2005
and 2006, respectively, were recorded as other expense in connection with the extinguishment of
long-term debt (see Note 17).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The changes in the net carrying amount of goodwill and trademarks for the year ended
December&nbsp;31, 2007, were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&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>2006</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>2007</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,403,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(493,693</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">909,826</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</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">1,552,054</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">1,552,054</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">668,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,773</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">690,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,406</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">39,406</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity-method investees(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">799,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,028</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">(281,754</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">786,882</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">2,267,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,489,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,773</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(281,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(493,693</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,978,277</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: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trademarks(3):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">552,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">141,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">695,066</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telecom</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">21,860</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">21,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TVI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#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">89,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">602,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">202,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">806,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See Note 17.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See Note 5.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">See Note 2.</DIV></TD>
</TR>

</TABLE>


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

<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; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>8. Long-term Debt and Satellite Transponder Lease Obligation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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 debt:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8% Senior Notes due 2011(1)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">806,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">785,863</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.50% Senior Notes due 2032(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,362,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,276,660</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.625% Senior Notes due 2025(1)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,725,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,553,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9.375% Senior Notes due 2013(3)(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">JPMorgan Chase Bank loan facility(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">2,457,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican peso debt:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.49% Senior Notes due 2037(1)(6)</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">4,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.15% UDI-denominated Notes due 2007(2)(6)(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,017,093</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bank loans(3)(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,410,945</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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other currency debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,321</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,487,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,922,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,023,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">488,650</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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">18,464,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">24,433,387</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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">Satellite transponder lease obligation(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,251,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,132,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,696</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">1,162,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,035,134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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, 2032 and
2037, including additional amounts payable in respect of certain
Mexican withholding taxes, is 8.41%, 6.97%, 8.94% and 8.93% 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;).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 for any or all
of the Senior Notes due 2011 and the UDI-denominated Notes due 2007,
and prepay a portion of the outstanding principal amount of these
securities in the amount of approximately U.S.$222.0&nbsp;million and
Ps.3,045,427 (nominal Ps.2,935,097), 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.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">These Senior Notes are unsecured and unsubordinated obligations of
Sky. Interest on these Senior Notes, including additional amounts
payable in respect of certain Mexican withholding taxes, is 9.8580%,
and is payable semi-annually. Sky 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. In March and April&nbsp;2006, Sky 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 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 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 indebtedness is guaranteed by the
Company and includes a nominal 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 of &#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.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In December&nbsp;2007, Empresas Cablevisi&#243;n entered into a 5-year term loan
facility in the aggregate principal amount of U.S.$225&nbsp;million in
connection with the financing for the acquisition of Letseb and Bestel
USA (see Note 2). This loan is intended to be syndicated during the
life of the facility. Annual interest on this loan facility is payable
on a quarterly basis at LIBOR plus an applicable margin that may range
from 0.375% to 0.625% depending on a leverage ratio. Under the terms
of the loan facility, Empresas Cablevisi&#243;n and subsidiaries are
required to (a)&nbsp;maintain certain financial coverage ratios related to
indebtedness and interest expense, and (b)&nbsp;comply with certain
restrictive covenants, primarily on debt, liens, investments and
acquisitions, capital expenditures, asset sales, consolidations,
mergers and similar transactions.</DIV></TD>
</TR>
 </table>

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

<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; margin-left: .25in; width: 7.20in">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>



<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes notes payable to banks, bearing annual interest rates in a
range of 0.11 to 1.25 points above LIBOR. The maturities of these
notes are between 2008 and 2010.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In May&nbsp;2007, the Company issued these Senior Notes in the aggregate
principal amount of Ps.4,500,000. The net proceeds from this issuance
were used to replenish the Group&#146;s cash position following the
payment, with cash on hand, of approximately Ps.992,900 of our
outstanding 8.15% UDI-denominated Notes that matured in April&nbsp;2007 and
for the repurchase of the Company&#146;s shares. The Group intends 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 the Company&#146;s shares, subject to
market conditions and other factors. 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.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Notes denominated in Mexican Investment Units (&#147;Unidades de Inversi&#243;n&#148;
or &#147;UDIs&#148;), representing 258,711,400 UDIs at December&nbsp;31, 2006.
Interest on these notes was payable semi-annually. The balance as of
December&nbsp;31, 2006 includes restatement of Ps.275,561.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes in 2006 and 2007, outstanding balances of long-term loans in
the principal amount of Ps.480,000, Ps.1,162,460 and Ps.2,000,000, in
connection with certain credit agreements entered into by the Company
with a Mexican bank, with various maturities from 2008 through 2012.
Interest on these loans is, in a range of 8.925% to 10.350% 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 balance in 2006 and 2007 also
includes the Sky long-term loans discussed in paragraph (3)&nbsp;above
mentioned in the aggregate principal amount of Ps.3,500,000.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Sky 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) in 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 under the IS-9 agreement are proportionately guaranteed by the
Company and the other Sky equity owners in relation to their
respective ownership interests (see Notes 6 and 11).</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Maturities of Debt and Satellite Transponder Lease Obligation</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Debt maturities for the years subsequent to December&nbsp;31, 2007, 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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">488,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,167,321</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,034,705</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">787,412</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,459,190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,984,759</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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">24,922,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Future minimum payments under satellite transponder lease obligation for the years subsequent
to December&nbsp;31, 2007, 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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">222,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">595,174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</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">1,709,239</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: amount representing interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576,409</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</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">1,132,830</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt"><B>9. Financial Instruments</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 as of December&nbsp;31, 2006 (see Note 2), debt securities
classified as held-to-maturity 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>


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

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The carrying and estimated fair values of the Group&#146;s financial instruments at 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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Carrying Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Carrying Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale investment in Univision (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12,266,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12,266,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">1,185,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,185,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,525,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,525,204</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Notes due 2011, 2025 and 2032</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,894,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12,117,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,615,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">11,654,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Senior Notes due 2037</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">4,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,280,581</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">126,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,717</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">1,017,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,033,993</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="padding-top: 1px">
    <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">7,410,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,598,921</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">7,403,793</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Syndicated loan facility</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">2,457,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,456,471</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky&#146;s interest rate swaps(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">36,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">36,040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky&#146;s foreign currency forwards(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">999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest rate cross currency swaps(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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest rate treasury lock(d)</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">77,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">77,595</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest rate swaps(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,891</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In February&nbsp;2004, Sky 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 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 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
and 2007, Sky recorded the change in fair value of these transactions
in the integral cost of financing (foreign exchange loss).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of December&nbsp;31, 2007, Sky had foreign currency forward contracts to
cover a portion of its foreign currency cash flow requirements for an
aggregate amount of U.S.$15&nbsp;million to exchange U.S. dollars and
Mexican pesos in 2008 at an average exchange rate of Ps.10.89 per
U.S.$1.00 dollar.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In December&nbsp;2007, in connection with the issuance of its
U.S.$225&nbsp;million long-term debt, Empresas Cablevisi&#243;n entered into
cross currency swaps agreements to hedge interest rate risk and
foreign currency exchange risk on such long-term debt.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the third quarter of 2007, the Company entered into interest rate
lock agreements to hedge the risk that the cost of a future issuance
of fixed-rate debt may be adversely affected by changes in interest
rates. Under these agreements, the Company agrees to pay or receive an
amount equal to the difference between the net present value of the
cash flows for a notional principal amount of indebtedness based on
the existing yield of a U.S. treasury bond at the date when the
agreements are established and at the date when the agreements are
settled.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The notional amounts of the agreements are not exchanged. Interest
rate lock agreements are reflected at fair value in the Group&#146;s
consolidated balance sheet and the related gains or losses on these
agreements are recognized in income as integral cost of financing
(interest expense). At December&nbsp;31, 2007, the Company had outstanding
interest rate lock agreements for an aggregate U.S.$150.0&nbsp;million
notional principal amount of indebtedness.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(e)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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, 2006
and 2007, 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, 2006 and 2007, 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&nbsp;31, 2006 and 2007, the Company recorded a loss and (gain)&nbsp;of
Ps.91,550 and Ps.(1,440), 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.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>10. Pension Plans, Seniority Premiums and Severance Indemnities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2005, 2006 and 2007. The Group used a 5%, 5.4% and 9.3% return on assets rate
for 2005, 2006 and 2007, 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.
As of December&nbsp;31, 2006 and 2007, plan assets were invested in a portfolio that primarily consisted
of debt and equity securities, including shares of the Company. Pension and seniority premium
benefits are paid when they become due.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The pension plan, seniority premium and severance indemnity liability (see Note 1(n)) 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">Pension plans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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="padding-top: 1px">
    <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; padding-top: 1px">
    <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">318,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">329,413</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374,373</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" 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">670,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">703,786</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">163,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">834,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">872,167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,254,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,153,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">420,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Items to be amortized over a period from 5 to 18&nbsp;years:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transition obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(13,851</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,828</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrecognized net gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(644,624</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(435,665</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(537,941</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(340,057</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; padding-top: 1px">
    <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">(117,461</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59,019</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">Seniority premiums:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">250,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">19,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</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">270,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,941</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">548,355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plan assets in excess of projected benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">213,584</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items to be amortized over a period from 5 to 8&nbsp;years:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transition obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(115,726</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(106,446</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrecognized net gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(92,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,569</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">(102,380</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,103</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net projected asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Severance indemnities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-vested benefit obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">342,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,180</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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">342,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">27,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,521</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">370,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">413,701</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">
    <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">(370,379</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(413,701</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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items to be amortized over a period from 5 to 6&nbsp;years:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrecognized net loss (gain)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,682</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net projected liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(356,250</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(439,383</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total labor liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(297,824</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(314,921</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The components of net periodic pension, seniority premium and severance indemnity plan cost
(income)&nbsp;as of December&nbsp;31, 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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">89,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">96,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">97,878</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(60,251</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81,152</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(168,141</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net amortization and deferral</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,280</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cost (income)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">96,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">76,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(23,739</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>11. Commitments and Contingencies</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, the Group had commitments in an aggregate amount of Ps.173,664, of which
Ps.83,446 were commitments related to gaming operations, Ps.45,557 were commitments to acquire
television technical equipment, Ps.40,042, were commitments for the acquisition of software and
related services, and Ps.4,619 were construction commitments for building improvements and
technical facilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2006 and 2007. The Group may fund up to 50% of certain working capital
requirements of EMI Televisa Music during 2008, in the form of long-term loans.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, 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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S.$</TD>
    <TD align="right">14,665</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,740</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,726</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S.$</TD>
    <TD align="right">50,075</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>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group has guaranteed a 58.7% of Sky minimum commitments for use of satellite transponders
over a period ending in 2015. As of December&nbsp;31, 2007, this guarantee is estimated to be an
aggregate of approximately U.S.$92.8&nbsp;million (undiscounted)&nbsp;as of December&nbsp;31, 2007 (see Notes 2, 8
and 9).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company has guaranteed the obligation of Sky for direct loans in an aggregate amount of
Ps.3,500,000, which are reflected in the December&nbsp;31, 2007 balance sheet as liabilities (see
Note 8).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
2007. As of December&nbsp;31, 2007, non-cancellable 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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">174,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,242</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,453</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,086</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,709</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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">672,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, the Group had commitments of capital contributions to be made in 2008
related to its 40% equity interest in La Sexta in the aggregate amount of approximately
<FONT face="'Times New Roman',times,serif">&#128;</FONT>44.4&nbsp;million euros (Ps.707,465) (see Notes 2 and 5).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In June&nbsp;2003, the Company was notified by the Mexican tax authority of a federal tax claim
made against the Company for an alleged asset tax liability for the year 1994. As of December&nbsp;31,
2007, the Company accrued Ps.71,313 to settle this claim in accordance with a tax amnesty provided
by the Mexican tax law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 withheld income taxes in
connection with the acquisition of exclusivity rights of certain soccer players from foreign
entities in 1999, 2000, 2001 and 2002. As of December&nbsp;31, 2007, the Group accrued Ps.16,796 to
settle this caim in accordance with a tax amnesty provided by the Mexican tax law (see Note 17).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In November&nbsp;2007, Sky and Sky Brasil Servicos Ltda. (&#147;Sky Brasil&#148;) reached an agreement with
Intelsat Corporation, and an affiliate, to build and launch a new 24-transponder satellite
(&#147;IS-16&#148;) for which service will be dedicated to Sky and Sky Brasil over the satellite&#146;s estimated
15-year service life. The IS-16, which is expected to be launched in the fourth quarter of 2009,
will provide back up for both platforms, and will also double Sky&#146;s current capacity. The agreement
considers the payment related to Sky of a one-time fixed fee in the aggregate amount of
U.S.$138.6&nbsp;million that will be paid in two installments, the first one of U.S.$27.7&nbsp;million in the
fourth quarter of 2009, and the second one of U.S.$110.9&nbsp;million in the fourth quarter of 2010. The
agreement also considers the payment related to Sky of a monthly service fee of U.S.$150 thousand
to be paid from the start of service date through September&nbsp;2015.
</DIV>

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;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 (the &#147;Court&#148;) 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 24<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2005, 2006 and 2007, 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, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">After a continuance motion, in June&nbsp;2007, the Court, among other things, reset the trial date
for January&nbsp;18, 2008 in the District Court Action. After an additional continuance motion, in
October&nbsp;2007, the Court reset the trial date in the District Court Action for March&nbsp;18, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In October&nbsp;2007, Univision filed a motion for summary judgment whereby it sought a judgment
from the Court that its claimed breaches of the long-term PLA between Univision and Televisa were
not material and therefore the PLA was not subject to termination by Televisa. On December&nbsp;21,
2007, the Court issued its order denying Univision&#146;s motion for summary judgment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On January&nbsp;11, 2008, Univision filed a motion to continue the trial to October&nbsp;2008. Televisa
opposed Univision&#146;s motion. On February&nbsp;5, 2008, the Court denied Univision&#146;s motion to continue
the trial date, and rescheduled the trial in the District Court Action for April&nbsp;29, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;6, 2008, Univision dismissed without prejudice its counterclaims against Televisa
with the exception of its claim for recoupment of disputed royalty payments made to the Company on
the protest and its claim for a judicial declaration that, on or after December&nbsp;19, 2006, Televisa
would not transmit or permit others to transmit any television programming into the United States
by means of the internet.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;22, 2008, the Court in the District Court Action conducted a final pre-trial
conference. During the final pre-trial conference, the Court confirmed that the trial would
commence on April&nbsp;29, 2008. Further, the Court ordered that the trial of the Univision Internet
Counterclaim will be bifurcated and tried by the Court after the conclusion of the jury trial
regarding Televisa&#146;s claims and Univision&#146;s recoupment counterclaim.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;28, 2008, at the request of Televisa and Univision, the Court reset the trial date
in the District Court Action for July&nbsp;1, 2008. On June&nbsp;12, 2008, at the request of Televisa and Univision, the Court further postponed the trial date for October&nbsp;14, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>12. Capital Stock, Stock Purchase Plan and Long-term Retention Plan</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Capital Stock</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company has four classes of capital stock: Series &#147;A&#148; Shares, Series &#147;B&#148; Shares, Series
&#147;D&#148; Shares and Series &#147;L&#148; Shares, with no par value. The Series &#147;A&#148; Shares and Series &#147;B&#148; Shares
are common shares. The Series &#147;D&#148; Shares are limited-voting and preferred dividend shares, with a
preference upon liquidation. The Series &#147;L&#148; Shares are limited-voting shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, shares of capital stock and CPOs consisted of (in millions):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Authorized</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>Acquired by a</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Acquired by a</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>by the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Company&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Issued(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Company(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Trust(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Subsidiary(4)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Outstanding</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">Series &#147;A&#148; Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,709.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,254.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,164.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,177.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,113.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">57,606.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,103.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,806.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(602.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,093.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">87,896.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,755.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,339.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(925.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,876.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">87,896.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,755.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,339.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(925.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,876.6</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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355,109.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,869.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,649.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,629.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,960.2</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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">Shares in the form of CPOs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,824.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,869.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,819.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,092.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,043.7</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: 3px double #000000">&nbsp;</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">CPOs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,511.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,367.9</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>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of December&nbsp;31, 2007, the authorized and issued capital stock amounted to Ps.10,267,570 (nominal Ps.2,427,353).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2005, 2006 and 2007, the Company repurchased 3,645.5&nbsp;million, 6,714.1&nbsp;million and 7,861.2&nbsp;million shares in
the form of 31.2&nbsp;million, 57.4&nbsp;million and 67.2&nbsp;million CPOs, respectively, in the amount of Ps.1,150,000,
Ps.2,692,926 and Ps.4,049,902, 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 April&nbsp;2006, the Company&#146;s
stockholders approved (i)&nbsp;the cancellation of 5,888.5&nbsp;million shares of capital stock in the form of 50.3&nbsp;million
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.
In April&nbsp;2007, the Company&#146;s stockholders approved (i)&nbsp;the cancellation of 8,275.8&nbsp;million shares of capital
stock in the form of 70.7&nbsp;million CPOs, which were repurchased by the Company in 2006 and 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In connection with the Company&#146;s Long-Term Retention Plan described below.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In connection with the Company&#146;s Stock Purchase Plan described below.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Holders of Series &#147;D&#148; Shares are entitled to receive an annual, cumulative and preferred
dividend equivalent to 5% of the nominal capital attributable to those Shares (nominal
Ps.0.00034177575 per share) before any dividends are payable in respect of Series &#147;A&#148; Shares,
Series &#147;B&#148; Shares or Series &#147;L&#148; Shares. Holders of Series &#147;A&#148; Shares, Series &#147;B&#148; Shares and Series
&#147;L&#148; Shares are entitled to receive the same dividends as holders of Series &#147;D&#148; Shares if
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, the restated tax value of the Company&#146;s common stock was Ps.23,186,027.
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="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Stock Purchase Plan</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 of options to sell up to 8% of the
Company&#146;s capital stock to key Group employees. Pursuant to this Plan, as of December&nbsp;31, 2007, the
Company had assigned approximately 117.4&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 2005, 2006 and
2007, approximately 26.9&nbsp;million CPOs, 33.1&nbsp;million CPOs, and 7.8&nbsp;million CPOs, respectively, were
exercised pursuant to this Plan in the amount of Ps.337,799, Ps.443,941 and Ps.123,653,
respectively, and transferred to the Plan participants.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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,
2006 and 2007, the Company had assigned approximately 47.4&nbsp;million CPOs and 52.5&nbsp;million CPOs,
respectively, at a weighted-average price of Ps.13.45 per CPO and Ps.18.39 per CPO, respectively,
subject to certain conditions, including a vesting period between 2008 and 2012. During 2006,
approximately 9,675 thousand CPOs were early exercised pursuant to this Retention Plan in the
amount of Ps.117,959.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2007, 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 2009 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Long-term</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Purchase Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Retention Plan</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">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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,971</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">3-5 years</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expected volatility(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22.12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.98</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.99</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.54</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">3.68 years</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Volatility was determined by reference to historically observed prices
of the Group&#146;s CPO.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A summary of the stock awards for employees as of December&nbsp;31, 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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>Weighted-</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>Weighted-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>Average</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>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPOs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercise Price</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">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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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 valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</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">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&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>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,074</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&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>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.30</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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Outstanding at beginning of year</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercisable at end of year</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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 valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,851</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&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>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(856</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.30</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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Outstanding at beginning of year</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercisable at end of year</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.30</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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2007, the weighted-average remaining contractual life of the awards under
the Stock Purchase Plan and the Long-term Retention Plan is 0.5 and 1.32&nbsp;years, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>13. Retained Earnings</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2005 and 2006, the Company&#146;s
stockholders approved increases to the legal reserve amounting to Ps.240,794 and Ps.193,802,
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In prior years the Company&#146;s stockholders approved appropriating from retained earnings a
reserve amounting to Ps.7,764,593 for the repurchase of shares, at the discretion of management.
Through December&nbsp;31, 2007, this reserve has been used in an amount of Ps.6,523,724, in connection
with the cancellation of shares repurchased by the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2005, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps.4,648,726 (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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2006, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps.1,161,839 (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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2007, the Company&#146;s stockholders approved the payment of a dividend in the aggregate
amount of Ps.4,506,492 (nominal Ps.4,384,719), which consisted of nominal Ps.1.45 per CPO and
nominal Ps.0.01239316239 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;2007.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Dividends, either in cash or in other forms, paid by the Mexican companies in the Group will
be subject to income tax if the dividends are paid from earnings that have not been subject to
Mexican income taxes computed on an individual company basis under the provisions of the Mexican
Income Tax Law. In this case, dividends will be 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, cumulative earnings that have been subject to income tax and can be
distributed by the Company free of Mexican withholding tax were approximately Ps.1,081,163. In
addition, the payment of dividends is restricted under certain circumstances by the terms of
certain Mexican peso loan agreements (see Note 8).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>14. Comprehensive Income (Loss)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Comprehensive income related to the majority interest for the years ended December&nbsp;31, 2005,
2006 and 2007, 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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">6,613,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,908,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,082,463</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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; padding-top: 1px">
    <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">(192,360</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">595,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(573,669</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(67,302</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,491</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(565,862</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565,862</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Loss) gain on equity accounts of investees, net(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(204,485</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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)&nbsp;income, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(970,514</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">798,909</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">5,642,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,929,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,881,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The amounts for 2005 and 2006 include the foreign exchange gain (loss)
of, Ps.450,057 and Ps.(594,267), respectively, which relate to the
hedge of the Group&#146;s net investment in Univision as a foreign entity
investment through June&nbsp;30, 2006 (see Notes 1(c) and 18).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.229,603, Ps.31,439 and Ps.(7,523) for the years ended December&nbsp;31,
2005, 2006 and 2007, respectively.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The amount for 2006 includes a foreign exchange loss of Ps.(617,148);
a foreign exchange gain of Ps.559,845, which relates to the hedge of
the Group&#146;s investment in Univision as an available-for-sale
investment beginning in July&nbsp;2006; a loss on monetary position of
Ps.(433,492); and a fair value loss effect of Ps.(75,067). In 2007,
the net amount of Ps.565,862 was applied to consolidated income as
other expense, net (see Note 18).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Represents the gains or losses on the dilution of investments in
equity investees, as well as other comprehensive income recognized by
equity investees.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The changes in components of accumulated other comprehensive (loss)&nbsp;income for the years ended
December&nbsp;31, 2005, 2006 and 2007, were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" 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="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" 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: 9pt" 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: 9pt" 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: 9pt" 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: 9pt" 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, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,377,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(35,186</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" nowrap align="center">Ps.</TD>
    <TD colspan="1" nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,019,836</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,956,075</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,224,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,858,311</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(204,485</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">(573,669</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(192,360</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">(970,514</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">4,172,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,186</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">(2,593,505</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,148,435</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,224,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,828,825</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current year change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,930</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">(565,862</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(67,302</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">595,682</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">20,448</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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>&nbsp;</TD>
    <TD align="right">4,230,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,186</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(565,862</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,660,807</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,552,753</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,224,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,808,377</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current year change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,382</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">565,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,174</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">798,909</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,236,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(35,186</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" nowrap align="center">Ps.</TD>
    <TD colspan="1" nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(2,637,316</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,348,579</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,224,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,009,468</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: 3px double #000000">&nbsp;</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cumulative result from holding non-monetary assets as of December&nbsp;31, 2005, 2006 and 2007 is
net of a deferred income tax benefit of Ps.358,975, Ps.390,414 and Ps.382,891, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>15. Minority Interest</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Minority interest at 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,964,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,398,744</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Accumulated losses) retained earnings(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,526,961</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,665,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(345,034</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(389,720</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(521</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(161</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(59,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,328</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">610,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935,927</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">1,642,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,611,187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2007 Sky capitalized accumulated losses.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>16. Transactions with Related Parties</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The principal transactions carried out by the Group with affiliated companies, including
equity investees, stockholders and entities in which stockholders have an equity interest, for the
years ended 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" 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>2007</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" style="padding-top: 1px">
    <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">1,195,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,466,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Soccer transmission rights (Univision)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">100,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,836</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administrative services(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,586</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advertising(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,510,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,766,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">244,544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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">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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Donations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">114,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">105,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">98,029</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administrative services(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">263,714</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">395,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">197,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">391,844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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. Univision was no longer considered a related party
during 2007 (see Note 2).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Services rendered to Endemol and other affiliates in 2005, 2006 and 2007.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Advertising services rendered to OCEN in 2005, 2006 and 2007, and Volaris in 2006 and 2007.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Other transactions with related parties carried out by the Group in the normal course of
business include the following:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(1)&nbsp;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. Total fees for such services during 2006 and 2007
amounted to Ps.19,281 and Ps.20,816, respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(2)&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(3)&nbsp;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 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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(4)&nbsp;Several other members of the Company&#146;s current board serve as members of the boards
and/or are stockholders of other companies, some of which purchased advertising services from the
Group in connection with the promotion of their respective products and services, paying rates
applicable to third-party advertisers for these advertising services.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(5)&nbsp;During 2005, 2006 and 2007, 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.19,128, Ps.17,256 and Ps.21,831,
respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(6)&nbsp;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 2005, 2006 and 2007, in the amount of Ps.123,202, Ps.84,229 and Ps.153,364,
respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(7)&nbsp;During 2006 and 2007 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.113,972 and Ps.49,614,
respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(8)&nbsp;During 2005, 2006 and 2007, a company in which a current director and executive of the
Company is a stockholder, purchased unsold advertising from the Group for a total of Ps.156,225,
Ps.166,741 and Ps.160,000, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The balances of receivables and (payables)&nbsp;between the Group and affiliates 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grupo TV Promo, S.A. de C.V.</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">103,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Univision (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">7,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,241</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Volaris (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,859</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OCEN (see Note 5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,666</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,757</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">191,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">195,023</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: 3px double #000000">&nbsp;</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TechCo (see Note 2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(4,229</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(71,159</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(24,397</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,303</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,940</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,729</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">(39,566</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(127,191</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>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All significant account balances included in amounts due from affiliates bear interest. In
2005, 2006 and 2007, average interest rates of 9.6%, 7.5% and 7.7% were charged, respectively.
Advances and receivables are short-term in nature; however, these accounts do not have specific due
dates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Customer deposits and advances as of December&nbsp;31, 2006 and 2007, 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 Volaris in 2006 and 2007, in an
aggregate amount of Ps.297,917 and Ps.161,286, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>17. Other Expense, Net</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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">172,896</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">669,473</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donations (see Note 16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">78,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employees&#146; profit sharing(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,821</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">119,938</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">37,989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring severance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,736</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment adjustments(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">93,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">493,693</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses of debt placement(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496,999</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Termination fee income for the cancellation of a call option (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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(462,083</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense (income), net(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,903</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(175,996</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">770,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">888,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">953,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Mexican companies in the Group are required by law to pay
employees, in addition to their agreed compensation and benefits,
employees&#146; 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></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2006 and 2007, the Group tested for impairment the carrying
value of certain trademarks of its Publishing segment, and goodwill of
certain business of its Television Broadcasting segment, respectively.
As a result of such testing, an impairment adjustment was made to
trademarks in 2006, and goodwill in 2007, of Ps.93,464 and Ps.493,693,
respectively.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2005, these expenses were related to Senior Notes due 2011 and
Notes denominated in Mexican UDIs due 2007, and in 2006, these
expenses were related to Senior Notes due 2013 (see Note 8).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2007, includes primarily a cancellation of a provision for certain
contingencies in connection with the acquisition of exclusivity rights
of certain soccer players from foreign entities (see Note 11).</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>18. Integral Cost of Financing</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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">2,304,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,010,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,176,998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(1,006,364</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,135,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,844,653</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange loss (gain), net(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">785,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(215,897</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(159,671</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,766</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">1,923,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,141,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">410,214</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Interest expense in 2005, 2006 and 2007, includes Ps.41,109, Ps.41,341
and Ps.13,034, 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.6,803, in 2005, (see Notes 8 and 9).</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes in 2005, 2006 and 2007 a net loss (gain)&nbsp;from foreign
currency derivative contracts of Ps.768,987, Ps.59,916 and
Ps.(39,087), respectively. A foreign exchange (gain)&nbsp;loss in 2005,
2006 and 2007 of Ps.(450,057), Ps.34,422, and Ps.211,520,
respectively, related to the hedge of the Group&#146;s net investment in
Univision, was recognized in 2005 and 2006 in consolidated
stockholders&#146; equity as other comprehensive income or loss, and in
2007 in consolidated income as other expense, net (see Notes 1(c) and
14).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 2005, 2006 and 2007
of Ps.143,831, Ps.111,652 and Ps.135,548, respectively, arising from
temporary differences of non-monetary items in calculating deferred
income tax (see Note 19).</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>19. Income Taxes</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is authorized by the Mexican tax authorities to compute its income tax and asset
tax on a consolidated basis. Mexican controlling companies are allowed to consolidate, for income
tax purposes, income or losses of their Mexican subsidiaries up to a certain percentage of their
share ownership in such subsidiaries, which was 100% as of December&nbsp;31, 2006, and 2007. The asset
tax is computed on a fully consolidated basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Mexican corporate income tax rate in 2005, 2006 and 2007 was 30%, 29% and 28%,
respectively. In accordance with the current Mexican Income Tax Law, the corporate income tax rate
in subsequent years will be 28%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The income tax provision for the years ended December&nbsp;31, 2005, 2006 and 2007 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax and asset tax, current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,661,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">799,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,707,763</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax and asset tax, deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(850,520</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,292,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(358,122</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">811,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,092,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,349,641</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>%</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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">Tax at the statutory rate on income before provisions</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">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">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Special tax consolidation items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2</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" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unconsolidated income tax</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">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(2</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</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Excess in tax provision of prior years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Asset tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax loss carryforwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign operations</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">(2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in losses (earnings)&nbsp;of affiliates, 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">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Use of tax losses(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income tax and the asset tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</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">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 in connection with a
corporate reorganization.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group has tax loss carryforwards at December&nbsp;31, 2007, 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating tax loss carryforwards:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <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">2,899,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>From 2008 to 2017</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Mexican subsidiaries(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,707,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">From 2008 to 2028</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,607,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unconsolidated Mexican subsidiaries(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">From 2008 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">4,720,408</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">During 2005, 2006 and 2007, certain Mexican subsidiaries utilized unconsolidated operating tax loss
carryforwards of Ps.483,304, Ps.3,279,827 and Ps.3,438,922, respectively. In 2005, 2006 and 2007, the
carryforward amount includes the operating tax loss carryforwards related to the minority interest of Sky.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Approximately for the equivalent of U.S.$156.4&nbsp;million related to losses from subsidiaries in Europe,
South America and the United States.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">These carryforwards can only be used in connection with capital gains to be generated by such subsidiaries.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The asset tax rate was 1.8% in 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.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The deferred taxes as of December&nbsp;31, 2006 and 2007, 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">672,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">700,449</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">807,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">945,687</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax loss carryforwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,345,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">843,549</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allowance for doubtful accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286,933</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Customer advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,238,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">901,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,517</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(641,907</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(401,788</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(1,112,795</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(961,509</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(1,293,728</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,403,224</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(923,767</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(525,164</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" 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">548,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(119,690</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">547,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,455,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,477,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(3,428,544</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,832,186</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, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,544,741</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,272,834</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Reflects valuation allowances of foreign subsidiaries of Ps.357,753
and Ps.565,912 at December&nbsp;31, 2006 and 2007, respectively.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A roll forward of the Group&#146;s valuation allowance for 2007 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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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">(1,467,715</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,153,376</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(807,453</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,428,544</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(323,661</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(138,234</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(461,895</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decreases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,253</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">58,253</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">(1,409,462</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,477,037</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(945,687</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(3,832,186</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>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The change in the deferred income tax liability for the year ended December&nbsp;31, 2007,
representing a charge of Ps.271,907 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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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">79,582</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the stockholder&#146;s equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(890</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charge to the result from holding non-monetary assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the provision for deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(358,122</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 nowrap align="left">Ps.</TD>
    <TD align="right">(271,907</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"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Net of Ps.135,548, representing the effect on restatement of the
non-monetary items included in the deferred tax calculation.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On October&nbsp;1, 2007, the Mexican government enacted the new Flat Rate Business Tax (&#147;Impuesto
Empresarial a Tasa &#218;nica&#148; or &#147;IETU&#148;). This law became effective as of January&nbsp;1, 2008. The law
introduces a flat tax, which replaces Mexico&#146;s asset tax and is applied along with Mexico&#146;s regular
income tax. In general, Mexican companies are subject to paying the greater of the IETU or the
income tax. The flat tax is calculated by applying a tax rate of 16.5% in 2008, 17% in 2009, and
17.5% in 2010 and the following years. Although the IETU is defined as a minimum tax it has a wider
taxable base as many of the tax deductions allowed for income tax purposes are not allowed for the
IETU. As of December&nbsp;31, 2007, this tax law change did not have an effect on the Group&#146;s deferred
tax position, and the Group does not expect to have to pay the new tax in the near future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>20. Earnings per CPO/Share</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the years ended December&nbsp;31, 2005, 2006 and 2007, 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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 Shares</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">333,652,535</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CPOs</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,399,453</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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" style="padding-top: 1px">
    <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">52,915,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,915,849</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; padding-top: 1px">
    <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">108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">113</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">239</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">113</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">239</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2005, 2006 and 2007, 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="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="8" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="8" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="8" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="4"><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="4"><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="4"><B>Per Each</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="4"><B>Series &#147;A&#148;, &#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="4"><B>Series &#147;A&#148;, &#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="4"><B>Series &#147;A&#148;, &#147;B&#148;,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="4"><B>&#147;D&#148; and &#147;L&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>&#147;D&#148; and &#147;L&#148;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>&#147;D&#148; and &#147;L&#148;</B> </TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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="4" style="border-bottom: 1px solid #000000"><B> Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #000000"><B> Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>CPO</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.46</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(0.19</TD>
    <TD nowrap>)</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 align="right">&#151;</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</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>&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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Majority interest net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.27</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">0.02</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 nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>21. Foreign Currency Position</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The foreign currency position of monetary items of the Group at December&nbsp;31, 2007, 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <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: 10pt" valign="bottom">
    <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>Year-End</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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amounts</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exchange Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Pesos</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Thousands)</B></TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</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">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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,110,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10.9222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">23,047,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Euros</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.9339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,493,499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Argentinean pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,990</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chilean pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,849,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Colombian pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,060,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">127,209</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,758,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10.9222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">19,203,597</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Euros</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.9339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,321</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Argentinean pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chilean pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,711,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Colombian pesos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,999,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,199</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">47,210</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The foreign currency position of non-monetary items of the Group as of December&nbsp;31, 2007, 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <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: 10pt" valign="bottom">
    <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>Year-End</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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amounts</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exchange Rate</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>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Thousands)</B></TD>
    <TD nowrap align="center" colspan="7"><B>&nbsp;</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">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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10.9222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,782,358</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Japanese yen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,232,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">315,849</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Euros</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.9339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">387,212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. dollars</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">481,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10.9222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,258,122</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Amounts translated at the year-end exchange rates for reference
purposes only; does not indicate the actual amounts accounted for in
the financial statements.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Transactions incurred during 2007 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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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>
    <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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equivalent of 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: 10pt" 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 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"><B>Mexican</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>U.S. Dollar</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Transactions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>U.S. Dollar</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>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Thousands)</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">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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">488,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">81,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">570,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,228,811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689,245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">972,458</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">588,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">133,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">722,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">7,890,514</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchases of inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">178,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">191,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,094,255</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">76,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,031,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,522,636</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Costs and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">453,656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">521,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,695,512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">971,803</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">1,206,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">196,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,402,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,315,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Income statement amounts translated at the year-end exchange rate of
Ps.10.9222 for reference purposes only; does not indicate the actual
amounts accounted for in the financial statements (see Note 1(c)).</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2007, the exchange rate was Ps.10.9222 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of June&nbsp;20,
2008, the exchange rate was Ps.10.2772 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B>22. Segment Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Reportable segments are those that are based on the Group&#146;s method of internal reporting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group is organized on the basis of services and products. The Group&#146;s segments are
strategic business units that offer different entertainment services and products. The Group&#146;s
reportable segments are as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Television Broadcasting</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Pay Television Networks</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Programming Exports</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Publishing</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Publishing Distribution</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Sky</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Sky segment includes direct-to-home (&#147;DTH&#148;) broadcast satellite pay television services in
Mexico. Sky revenues are primarily derived from program services, installation fees and equipment
rental to subscribers, and national advertising sales.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Cable and Telecom</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Cable and Telecom segment includes the operation of a cable television system in the
Mexico City metropolitan area, and beginning in December&nbsp;2007, the operation of telecommunications
facilities through a fiber-optic network that covers the most important cities and economic regions
of Mexico and crosses directly into the United States in the cities of San Antonio, Texas and
San Diego, California. The cable business derives revenues from cable subscribers, principally from
basic and premium television services subscription, pay-per-view fees, installation fees, internet
services subscription and telephone services subscription (beginning in the third quarter of 2007),
as well as from local and national advertising sales. The telecommunications business derives
revenues from providing data and long-distance services solutions to carriers and other
telecommunications service providers through its fiber-optic network.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Other Businesses</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Other Businesses segment includes the Group&#146;s domestic operations in sports and show
business promotion, soccer, feature film production and distribution, Internet, gaming (beginning
in the second quarter of 2006), and radio (beginning in the first quarter of 2007). The Group&#146;s
Radio business was presented as a separate reportable segment in 2005 and 2006, and was classified
into the Other Businesses segment since its operations are no longer significant to the Group&#146;s
consolidated financial statements taken as a whole.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below presents information by segment and a reconciliation to consolidated total for
the years ended December&nbsp;31, 2005, 2006 and 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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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>
    <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: 10pt" 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">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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,049,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">592,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">19,457,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,557,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,199,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">883,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">559,336</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,025,325</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">2,025,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">721,939</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,705,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,663,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">434,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">423,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,463,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,428,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,717,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,517,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,513,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">528,551</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,801,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,672,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(138,379</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">36,196,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,128,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,068,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,471,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <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">(1,128,394</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,128,394</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">(197,004</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(2,611,629</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">35,068,013</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">35,068,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">11,663,182</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">21,760,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">579,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">21,180,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,996,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,379,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,089,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707,897</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,190,272</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">2,190,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">901,965</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,993,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,974,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576,677</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,676</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,732,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,639,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,689,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,059,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,054,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">847,527</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,922,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,791,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(224,898</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">40,487,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,130,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,357,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,513,315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <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">(1,130,268</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,130,268</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">(467,828</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(2,779,772</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">39,357,699</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">39,357,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">14,265,715</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">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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">21,213,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">456,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">20,757,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">10,518,063</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pay Television Networks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,851,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">487,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,364,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,150,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Programming Exports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,262,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,261,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,032,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,311,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,294,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">624,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">479,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,402,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,322,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,037,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,611,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,608,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">947,178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,560,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,487,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(265,939</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">42,692,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,561,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,072,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <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">(1,131,053</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,131,053</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">(368,344</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(3,223,070</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">41,561,526</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">41,561,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">14,480,896</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consolidated totals represent consolidated operating income.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Accounting Policies</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accounting policies of the segments are the same as those described in the Group&#146;s summary
of significant accounting policies (see Note 1). The Group evaluates the performance of its
segments and allocates resources to them based on operating income before depreciation and
amortization.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Intersegment Revenue</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Intersegment revenue consists of revenues derived from each of the segments principal
activities as provided to other segments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group accounts for intersegment revenues as if the revenues were from third parties, that
is, at current market prices.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B>Allocation of General and Administrative Expenses</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Non-allocated corporate expenses include payroll for certain executives, related employee
benefits and other general expenses.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2005, 2006 and 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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>
    <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: 10pt" 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: 10pt" 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: 10pt" 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">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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <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">50,112,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">24,107,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">944,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,228,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,419</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">988,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">459,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,251</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,916,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,452,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,281,951</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,519,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">506,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,991</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,432,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">557,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,681</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">65,196,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,459,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,956,172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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">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" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <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">60,019,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">24,294,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,150,077</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,185,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,002,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">473,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,564</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,445,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,619,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,038,535</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,050,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">763,844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">860,518</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,254,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">963,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">77,959,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">32,480,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,428,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <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">60,211,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">26,298,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,149,261</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,012,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">673,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,341</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,183,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">605,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,568</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,893,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,178,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,338,938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,806,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,706,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">851,379</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,502,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">832,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">86,609,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">39,294,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,915,439</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">77,959,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">86,609,615</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,737,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,781,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,992,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,583,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other segments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,252,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">772,648</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill 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" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,403,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">909,792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">690,144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom</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">1,780,024</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">817,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">86,186,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">98,703,476</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes goodwill attributable to equity investments of Ps.41,105 and
Ps.22,004 in 2006 and 2007, respectively.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Equity method income (loss)&nbsp;for the years ended December&nbsp;31, 2005, 2006 and 2007 attributable
to television operations, equity investments approximated Ps.193,499, Ps.(630,086) and
Ps.(768,457), respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">32,480,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">39,294,873</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">15,690,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,758,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">48,171,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">58,053,176</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: 3px double #000000">&nbsp;</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Geographical segment information:
</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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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>
    <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: 10pt" 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: 10pt" 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" 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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">31,004,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">58,287,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,924,115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,063,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,909,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,057</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">35,068,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">65,196,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,956,172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">34,793,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">72,199,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,391,671</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,564,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,759,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,861</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">39,357,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">77,959,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,428,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">36,532,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">71,194,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,779,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,028,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,415,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">41,561,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">86,609,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,915,439</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net sales are attributed to geographical segment based on the location of customers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>23. Differences between Mexican FRS and U.S. GAAP</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 stockholders&#146; equity as of December&nbsp;31, 2006 and 2007, and
for the years ended December&nbsp;31, 2005, 2006 and 2007.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Reconciliation of Net Income</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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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">Majority interest net income as reported under Mexican FRS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">6,613,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,908,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,082,463</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">10,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,713</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(4,032</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(604,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,420</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d)&nbsp;Equipment inflation restatement, net of depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(518,917</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(121,055</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(43,042</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of network affiliation agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,159</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,159</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,159</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation of fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,118</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,118</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,118</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,034</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,003</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,006</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(104,179</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(156,268</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment of goodwill</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">493,693</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sky Multi-Country Partners (&#147;SMCP&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,408,545</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s</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">(25,057</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Sale of investment</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">(298,336</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

    <TD><DIV style="margin-left:45px; text-indent:-15px">Hedge accounting</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">559,845</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; padding-top: 1px">

    <TD><DIV style="margin-left:15px; text-indent:-15px">(i)&nbsp;Derivative financial instruments(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(265,395</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,397,789</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

    <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">36,217</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(k)&nbsp;Employee stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,156</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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(l)&nbsp;Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,895</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,905</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred employees&#146; profit sharing(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33,252</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(n)&nbsp;Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,744</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,949</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(o)&nbsp;Minority interest on U.S. GAAP adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,239</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,632</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total U.S. GAAP adjustments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">754,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(600,866</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,933</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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; padding-top: 1px">
    <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">7,368,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,308,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,233,396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Net of inflation effects</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Reconciliation of Stockholders&#146; Equity</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">38,014,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">40,650,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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; padding-top: 1px">
    <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">(848,806</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(756,093</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(113,490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,818</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(573,252</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(541,832</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">268,413</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; padding-top: 1px">
    <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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Broadcast license and network affiliation agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,407</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,463</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill on acquisition of Bay City</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,104,843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(611,150</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill on acquisition of minority interest in Editorial Televisa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,358,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,358,428</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subscribers list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">364,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill on acquisition of minority interest in Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,236</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reversal of Mexican FRS goodwill amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; 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">109,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">OCEN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,446</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,446</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cablem&#225;s</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">(25,057</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">640,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,842</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(1,538,667</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,514,772</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514,647</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred employees&#146; profit sharing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,027</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(148,279</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(n)&nbsp;Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(o)&nbsp;Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,688,208</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,655,162</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">(2,215,768</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,070,441</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">35,799,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">36,579,859</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2006</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>
</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">30,589,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">35,799,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">8,308,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,233,396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(3,224,515</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,948,331</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,161,839</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,506,492</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">587,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,517</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefit from capital contribution of minority interest in Sky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">385,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Changes in other comprehensive income of equity investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,382</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,466,475</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565,862</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(72,322</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(138,776</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">595,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505,446</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pension and post retirement adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(176,025</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">Balance at December&nbsp;31,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">35,799,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">36,579,859</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(a)&nbsp;Capitalization of Financing Costs, Net of Accumulated Depreciation</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Prior to 2007, Mexican FRS allowed, but did 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. As from January&nbsp;1, 2007, the Group
applies NIF D-6, &#147;Capitalization of financing costs,&#148; which is similar to the provisions set forth
under U:S GAAP.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
presented. Rather, 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(b)&nbsp;Deferred Costs, Net of Amortization</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(c)&nbsp;Deferred Debt Refinancing Costs, Net of Amortization</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 and 2007 adjustments reflects the reversal of amortization expense recorded under
Mexican FRS in such periods.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(d)&nbsp;Equipment Inflation Restatement, Net of Depreciation</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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.6,963 and (Ps.225,371) for the years ended
December&nbsp;31, 2006 and 2007, respectively, has been reversed for U.S. GAAP purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, the 2005 U.S. GAAP net income adjustment includes a catch-up adjustment of
Ps.397,165, of depreciation expense of non-Mexican origin equipment, related to prior years.
Individually, the amount related to each prior period was not significant.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(e)&nbsp;Purchase Accounting Adjustments</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, recognizing 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, network affiliation agreements, programming and advertising
contracts, fixed assets and other assets. Such purchase price adjustments were being amortized over
the remaining estimated useful lives of the respective assets. Upon the adoption of SFAS No.&nbsp;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 herein represents the amortization of the various definite lived
intangibles mentioned above for U.S. GAAP purposes. In addition, in 2007 and for Mexican FRS
purposes, the Group recorded an impairment of goodwill for an amount of Ps. 493,693 (which had a
net balance after impairment of Ps.611,150). Therefore, the 2007 U.S. GAAP net income and
stockholders&#146; equity reconciliation reflects the reversal of such impairment, since for U.S. GAAP
purposes, the carrying value of goodwill was lower than Mexican FRS (due to the previous purchase
price allocation to intangible assets and fixed assets).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
treasury shares at the acquisition date, with a related goodwill of Ps.87,771 being recognized.
Under U.S. GAAP, this acquisition was also accounted for by the purchase method, with the purchase
price being equal to the fair value of the shares issued by the Group. The purchase price
adjustment under U.S. GAAP was allocated to goodwill. There is no net income adjustment as goodwill
is no longer amortized for either Mexican FRS and U.S. GAAP purposes. The U.S. GAAP stockholders&#146;
equity adjustment for each of the periods presented reflects (i)&nbsp;the difference in the goodwill
carrying value under U.S. GAAP versus Mexican FRS; (ii)&nbsp;net of the difference in amortization of
goodwill since under Mexican FRS, amortization continued through December&nbsp;31, 2003 versus January&nbsp;1, 2002 for U.S. GAAP purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In April&nbsp;2006, the Group exercised its right to acquire two-thirds of the equity interest in
Sky that DIRECTV acquired from Liberty Media. This minority interest acquisition amounted to
approximately U.S.$58.7&nbsp;million (Ps.699,891). After this transaction, the Group (i)&nbsp;increased its
equity stake in Sky 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.711,311
within stockholders&#146; equity. 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.86,236. The 2006 and 2007 U.S. GAAP net income adjustment reflects only the
amortization of the subscribers list recognized for U.S. GAAP purposes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(f)&nbsp;Goodwill and Other Intangible Assets</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The carrying amount of goodwill by segment under U.S. GAAP as of December&nbsp;31, 2006 and 2007,
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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated subsidiaries:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Television Broadcasting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">337,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">337,094</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cable and Telecom(1)</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">1,552,054</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Publishing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,389,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,055,103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other segments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155,224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity method investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">865,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">852,696</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">2,747,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,952,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The U.S. GAAP net carrying value of intangible assets as of December&nbsp;31, 2006 and 2007
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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">620,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">824,263</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Television network concession(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">742,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">742,605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TVI concession(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,925</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telecom concession</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">29,113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Network affiliation agreements(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Licenses and software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393,843</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subscriber list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">885,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">705,027</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred financing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288,462</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Broadcast license</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leasehold improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">682,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,522</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">3,401,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">4,161,443</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">In 2007, the Group acquired the majority of the assets of Bestel. As a result of
such acquisition, the Group recorded goodwill of Ps.1,552,054.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Indefinite-lived.</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Includes translation effect, impairment adjustments and acquisitions (see Note 7).</DIV></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The aggregate amortization expense for intangible assets subject to amortization under
U.S. GAAP, is estimated at Ps.429,528 for each of the next five fiscal years.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(g)&nbsp;Equity Method Investees</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>SMCP</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The 2005 income statement adjustment represents the reversal of the cumulative carrying amount
difference recorded through December&nbsp;31, 2004 related to SMCP. This equity method investment was
sold in 2005.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Cablem&#225;s</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As described in Note 2, in November&nbsp;2006, the Group invested U.S.$258&nbsp;million (Ps.2,943,986)
in convertible debentures of Alvafig, an entity created to hold a 49% equity interest in
Cablem&#225;s. The Group has identified Alvafig as a variable interest entity, and the Group as the
primary beneficiary of the investment in this entity. Hence, the assets of Alvafig, consisting of a
49% equity interest in Cablem&#225;s, as well as its liabilities and results of operations have been
included in the consolidated financial statements of the Group.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For Mexican FRS purposes, Cablem&#225;s has recorded a reversal of a goodwill impairment loss
previously recognized, as a result of changes in economic conditions affecting its investment.
Under U.S. GAAP, reversal of goodwill impairment losses is not allowed. Therefore, the 2007 U.S.
GAAP net income and stockholders&#146; equity adjustment reflects the reversal of the amount of
impairment reversed for Mexican FRS purposes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(h)&nbsp;Univision</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Available-for-sale financial asset in 2006</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As described in Note 2, beginning July&nbsp;1, 2006, the Group&#146;s investment in Univision, for both
Mexican FRS and U.S. GAAP purposes, no longer qualified 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 existed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Therefore, under both Mexican FRS and U.S. GAAP, the Group reclassified its carrying value in
Univision as a current available-for-sale equity security. Subsequently, the carrying value was
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 2 and 14).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Reversal of Hedge Accounting for Investment in Univision in 2006</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As mentioned above, through June&nbsp;30, 2006, the investment in Univision was accounted for under
the equity method. The Group managed the currency exposure related to the net assets of Univision
through the U.S. dollar-denominated debt agreements, which the Group entered 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 measured the ineffectiveness of such hedge based upon the change
in the spot foreign exchange rate. Gains and losses in the Group&#146;s net investment in Univision, for
both Mexican FRS and U.S. GAAP purposes, were offset by exchange losses and gains in the Group&#146;s
debt obligations, which were charged or credited to other comprehensive income or loss.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Beginning July&nbsp;1, 2006, the Group classified its investment in shares of Univision common
stock, for both Mexican FRS and U.S. GAAP purposes, as a current available-for-sale equity security
and 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 2). 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 were charged or
credited to other comprehensive income or loss under Mexican FRS.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 45<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under U.S. GAAP, a non-derivative 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 gains and losses related to the
Group&#146;s debt obligations, which were charged or credited to other comprehensive income or loss
under Mexican FRS from the date that equity method accounting was discontinued through December&nbsp;31,
2006. There was no equity adjustment at December&nbsp;31, 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Sale of investment in 2007</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;29, 2007, the Group sold its investment in Univision. Upon the sale, under Mexican
FRS the entire balance previously recorded in accumulated other comprehensive income when the
investment was accounted for under the equity method related to (i)&nbsp;the foreign exchange gains and
losses, (ii)&nbsp;the Group&#146;s share of amounts reported in other comprehensive income or loss in the
financial statements of Univision, and (iii)&nbsp;the foreign exchange losses and gains in the Group&#146;s
debt obligations recorded as part of the hedge accounting described above, remained in
stockholders&#146; equity rather than being reclassified into earnings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For U.S. GAAP purposes, upon the sale of the investment, those amounts should be reclassified
into the income statement. Therefore, the 2007 U.S. GAAP net income reconciliation includes the
reclassification into earnings of those items recorded in other comprehensive income under Mexican
FRS. There was no equity adjustment at December&nbsp;31, 2007.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(i)&nbsp;Derivative Financial Instruments</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As described in Note 2, 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 2005.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2006, as described in Note 2, 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(j)&nbsp;Pension Plan and Seniority Premiums</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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; 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 there is no longer a
U.S GAAP difference relating to periodic plan costs. The U.S. GAAP adjustment for 2005 is
determined by separate actuarial computations for each year under both SFAS No.&nbsp;87 and
Bulletin D-3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In September&nbsp;2006, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards (&#147;SFAS&#148;) No.&nbsp;158, &#147;Employers&#146; Accounting for Defined Benefit Pension and Other
Postretirement Plans &#151; an amendment of SFAS Nos. 87, 88, 106, and 132(R)&#148;. SFAS No.&nbsp;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 No.&nbsp;158 and has
recognized the effects of adoption within its financial statements as of December&nbsp;31, 2006.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, SFAS No.&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The components of net periodic pension and seniority premium plan cost for the year ended
December&nbsp;31, calculated in accordance with SFAS No.&nbsp;87, consist of the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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">89,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">96,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">97,878</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(60,251</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81,152</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(168,141</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net amortization and deferral</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,001</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,280</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cost under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,739</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">96,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,739</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">Reduction 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">(36,217</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD colspan="1" nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD colspan="1" nowrap 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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Obligations and Funded Status at December&nbsp;31</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The pension and seniority premium plan liability, and the severance indemnities as of
December&nbsp;31, 2006 and 2007, under SFAS 158, 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">1,104,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,134,108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(1,802,958</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,628,730</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">(698,746</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(494,622</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">Prepaid pension asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(698,746</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(494,622</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">356,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">413,701</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 sheet asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(342,496</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(80,921</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" style="background: #cceeff">
    <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="padding-top: 1px">
    <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">1,041,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,104,212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,709</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(67,788</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(54,529</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(18,542</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,529</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">Projected benefit obligation at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,104,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,134,108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 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" style="background: #cceeff; padding-top: 1px">
    <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">1,539,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,802,958</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">304,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(140,779</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(41,410</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33,449</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">1,802,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,628,730</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Plan Assets</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">72.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">68.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">27.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Included within plan assets at December&nbsp;31, 2006 and 2007 are shares of the Group held by the
trust with a fair value of Ps.1,306,790 and Ps.1,121,446, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 47<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group has substantially funded its projected benefit obligation as of December&nbsp;31, 2007,
accordingly, the Group does not expect to make significant contributions to its plan assets in
2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The table below shows the effects within the statement of financial position of adopting SFAS
No.&nbsp;158 at 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of SFAS No. 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 No. 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" style="padding-top: 1px">
    <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">342,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">342,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,463,087</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">91,463,087</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">91,463,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">342,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">91,805,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,632,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">161,978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">5,794,073</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">235,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(235,995</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,524,193</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">48,524,193</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,392,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(74,017</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,318,266</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,688,208</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">1,688,208</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,382,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,799,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">91,463,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">342,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">91,805,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following table summarizes the changes in accumulated other comprehensive income for the year
ended December&nbsp;31 related to pension and post-retirement plans (net of income 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">Accumulated other comprehensive income as of
beginning of year (net of income tax)</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">416,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase / (decrease) due to adoption of SFAS No.&nbsp;158</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">401,424</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,646</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of net (gain)/loss</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">(22,561</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of prior service cost</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">7,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inflation adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,089</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">Accumulated other comprehensive income as of end of
year (net of income tax)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">416,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">329,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The amounts recognized in accumulated other comprehensive income 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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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">Prior service costs, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(37,630</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(29,840</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net actuarial gains, net of income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">454,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358,936</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Accumulated other comprehensive
income as of end of year (net of
income tax)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">416,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">329,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(k)&nbsp;Employee Stock-based Compensation</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During 2005, the Group adopted SFAS No.&nbsp;123(R), &#147;Share Based Payment,&#148; utilizing the modified
retrospective application method for all periods presented. Prior to the early adoption of SFAS No.
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 as these plans were classified as variable plans for APB 25
purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of December&nbsp;31, 2005, the U.S. GAAP net income adjustment relates to the reversal of
compensation expense recorded in 2006 for Mexican FRS purposes upon the adoption of IFRS 2, that
was previously expensed under SFAS No.&nbsp;123(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 No.&nbsp;123(R),
which were out-of-scope under IFRS 2, but were considered for purposes of applying SFAS No.&nbsp;123(R).
As of December&nbsp;31, 2005, these awards were fully vested. Therefore, there is no U.S. GAAP net
income adjustment recorded in 2006 and 2007 for employee stock-based compensation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The compensation expense recorded for these plans for U.S. GAAP purposes for the years ended
December&nbsp;31, 2005, 2006 and 2007 amounted to Ps.302,145, Ps.243,882, and Ps.140,517, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">At December&nbsp;31, 2007, there was Ps.227,016 of unrecognized compensation expense related to
these plans, which is expected to be recognized over a period of 5&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The weighted average remaining contractual term of options outstanding is approximately 4
years, as of December&nbsp;31, 2007.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(l)&nbsp;Production and Film Costs</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(m)&nbsp;Deferred Income Taxes and Employees&#146; Profit Sharing</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under U.S. GAAP, SFAS No.&nbsp;109, &#147;Accounting for Income Taxes,&#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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The components of the net deferred tax liability applying SFAS No.&nbsp;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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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 nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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 19)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,544,741</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(1,272,834</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclassification of non-current taxes related to non-wholly owned subsidiaries (Sky)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">923,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">525,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred income tax amount under SFAS No.&nbsp;109 applied to Mexican FRS balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(620,974</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(747,670</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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capitalization of financing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211,706</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(75,156</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(65,328</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59,349</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(179,290</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110,836</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Production and film costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">424,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,163</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,057</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subscriber list</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(145,850</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(102,095</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred debt refinancing costs, net of amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,713</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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">388,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514,647</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 liability under U.S. GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(231,980</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(233,023</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income tax amount under SFAS No.&nbsp;109 applied to Mexican FRS balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(620,974</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(747,670</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">388,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">514,647</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For purposes of the U.S. GAAP, the change in the deferred income tax liability for the year
ended December&nbsp;31, 2007, representing a charge of Ps.1,043 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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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 provision for deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(125,968</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the result from holding non-monetary assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,581</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credit to the stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,344</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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">(1,043</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The components of net deferred employees&#146; profit sharing (&#147;EPS&#148;) liability applying SFAS
No.&nbsp;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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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 nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,124</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" style="padding-top: 1px">
    <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; padding-top: 1px">
    <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">(117,522</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110,669</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(59,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,143</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">79,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,498</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">(115,027</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(148,279</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,124,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">95,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,111,895</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">1,339,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,309,160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexican</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(786,430</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,820,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,799</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,169</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD align="right">(784,282</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,823,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,968</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">554,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,119,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">3,435,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Financial Accounting Standards Board (FASB)&nbsp;Interpretation No.&nbsp;48 &#147;Accounting for Uncertainty
in Income Taxes&#148;, (FIN 48) was issued in July&nbsp;2006 and interprets SFAS No.&nbsp;109. FIN 48 became
effective for the Company on January&nbsp;1, 2007 and prescribes a
comprehensive model for the recognition, measurement, financial statement presentation and
disclosure of uncertain tax positions taken or expected to be taken in a tax return. FIN 48
provides guidance on derecognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. The Company classifies income tax-related interest and
penalties as income taxes in the financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The adoption of this pronouncement had no effect on the Group&#146;s overall financial position or
results of operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Group classifies income tax related interest and penalties as income taxes in the
financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following tax years remain open to examination and adjustment by the Group&#146;s four major
tax jurisdictions:
</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="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="72%">&nbsp;</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">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2003 and all following years</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United States of America
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 and all following years for federal tax
examinations, and 2003 and all following years
for state tax examinations</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Argentina
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2002 and all following years</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chile
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2003 and all following years</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Effects of inflation accounting on U.S. GAAP adjustments</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, as disclosed in Notes 18 and 19, 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 2005 and 2006, the Ps.49,352 and Ps.6,967, 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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(n)&nbsp;Maintenance Reserve</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 1%"><B><I>(o)&nbsp;Minority Interest</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 0%"><B><I>Additional disclosure requirements</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Presentation in the Financial Statements &#151; Operating Income</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 certain financial
advisory and professional fees, restructuring charges and employees&#146; profit sharing expense (see
Note 17). The differences relate primarily to the Television Broadcasting and Publishing segments.
Operating income of the Television Broadcasting segment would have been, Ps.8,876,350,
Ps.12,484,311 and Ps.12,701,655 and operating income of the Publishing segment would have been
Ps.466,086, Ps.447,372 and Ps.1,248,720 for the years ended December&nbsp;31, 2005, 2006 and 2007,
respectively.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, 2005, 2006 and 2007 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 (o)&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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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>2007</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">35,068,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">39,357,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">41,561,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">15,555,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,512,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,108,061</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,460,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,752,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,826,861</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,246,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,024,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,304,581</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">10,805,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,067,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,322,023</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(2,846,969</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,290,042</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(250,909</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">972,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(693,939</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes, minority interest and equity in earnings or
losses of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,931,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,662,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,377,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax and assets tax &#151; current and deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(554,920</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,119,902</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,435,128</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">8,376,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,542,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,942,047</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(1,181,596</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(609,219</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(934,295</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in earnings (losses)&nbsp;of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(624,843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(774,356</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">7,368,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,308,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,233,396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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">Weighted average common shares outstanding (in millions)</DIV></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">333,653</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Presentation in the financial statements &#151; Earnings per CPO and per share</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Earnings per CPO and per share under U.S. GAAP are presented in constant pesos for the years
ended December&nbsp;31, 2005, 2006 and 2007, 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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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: 10pt" 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: 10pt" 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" style="padding-top: 1px">
    <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">6,000,075</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,865,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,305,558</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">6,000,075</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,865,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,305,558</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">2,463,608</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,399,453</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; padding-top: 1px">
    <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">2.44</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>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.86</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">
    <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">2.44</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>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.86</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" 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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilutive Potential Shares</DIV></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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,018</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; padding-top: 1px">
    <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">2,526,672</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,439,471</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="padding-top: 1px">
    <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">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>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.81</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" 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">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>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2.81</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">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Presentation in the Financial Statements &#151; Consolidated Balance Sheets</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">To provide a better understanding of the differences in accounting standards, the table below
presents the condensed consolidated balance sheet as of December&nbsp;31, 2006 and 2007, 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 (o)&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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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 nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <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">15,461,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,479,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">943,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,825,355</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">14,108,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,294,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accounts and notes receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,544,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,590,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">458,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,023</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,167,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,154,681</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">801,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">833,996</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,266,318</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,432,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,313,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">800,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">653,260</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">51,984,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,340,458</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission rights and programming</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,019,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,737,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,750,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,322,304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">21,238,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,457,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,747,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,952,171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,401,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,161,443</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,308,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,906,544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">765,777</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">342,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,921</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,745</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">91,805,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">103,808,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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 align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">1,023,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">488,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">89,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,696</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,580,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,457,519</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,528,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,145,053</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">684,497</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,293,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,579,727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">307,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,102,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,155,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,191</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,153,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,044,011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,464,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,433,387</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Satellite transponder lease obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035,134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer deposits and advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,665,185</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,465,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,374,533</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,794,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,021,717</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>
</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">54,318,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,573,967</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,688,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,655,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">35,799,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,579,859</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">91,805,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">103,808,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Cash flow information</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, SFAS No.&nbsp;95, &#147;Statement of Cash Flows,&#148; a statement of cash flows is
required, which presents only cash movements and excludes non-cash items.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 2005, 2006 and 2007) of Mexican financial institutions, to be cash equivalents.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 No.&nbsp;95:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">7,368,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,308,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">8,233,396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in (income)&nbsp;loss of affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(172,913</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">624,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">774,356</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">1,181,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">609,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">934,295</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,246,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,024,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,304,581</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,396</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,420</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,464</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; padding-top: 1px">
    <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">342,207</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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(784,282</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,823,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,968</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Gain) loss on disposal of investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,223,640</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,556</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">822,671</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized foreign exchange gain, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(657,558</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(339,650</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employee stock option plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,517</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maintenance reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,345</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,949</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Income) loss from monetary position</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(192,502</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(58,543</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">542,533</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Increase) decrease in:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(473,721</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,367,269</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,651,317</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,053</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">715,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,882,412</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other accounts and notes receivable and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,152,498</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(528,894</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; 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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trade accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">893,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">937,012</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities and taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(871,609</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,801</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">90,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,094</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,477,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,074,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,966,141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">7,185,905</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of Senior Notes due 2037</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">4,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of Senior Notes due 2012</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">2,481,521</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepayments of Senior Notes and UDIs denominated Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,873,517</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" style="padding-top: 1px">
    <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="left">&nbsp;</TD>
    <TD align="right">(3,034,536</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other increase (decrease)&nbsp;in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,631,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,054,007</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred debt refinancing costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604,648</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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other changes in notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,861,141</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(752,094</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,532,111</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,398</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">(1,289,552</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,224,515</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,948,331</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of repurchased shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">587,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,648,726</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,161,839</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,506,492</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">(117,236</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,032,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 cash used for financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,412,102</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,620,566</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,254,481</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>
<!-- End Table Body --></TABLE>
</DIV>


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

<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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">671,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(826,920</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(915,818</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due from affiliated companies, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">577,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(894,658</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity investments and other advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">558,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,703,858</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,746,807</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,626,055</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,887,888</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,977,154</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; 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>&nbsp;</TD>
    <TD align="right">11,821,932</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions of Telecom net 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,975,666</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="left">&nbsp;</TD>
    <TD align="right">(1,574,196</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(902,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,762,332</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash used for investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,392,106</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,216,031</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(293,675</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 (decrease)&nbsp;increase in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,326,268</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,417,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Translation effect on cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,654</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,086</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase in cash and temporary
investments upon Telecom acquisition</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">138,261</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of inflation on cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(572,337</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(616,759</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(560,136</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <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">17,745,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,833,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,461,345</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>
    <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 cash equivalents at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,833,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">15,461,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">25,479,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Net cash provided by 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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,156,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,894,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,905,621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">578,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,955,115</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Supplemental disclosures about non-cash activities:</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="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>2007</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">Note receivable related to customer deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">13,278,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">12,406,786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">14,753,180</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 0%"><B><I>Recently issued accounting standards</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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. 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. FASB Staff Position 157-2 delays the
effective date of SFAS 157, &#147;Fair Value Measurements,&#148; for non-financial assets and non-financial
liabilities, except for items that are recognized or disclosed at fair value in the financial
statements on a recurring basis (at least annually). This FSP defers the effective date of
Statement 157 for the above types of items to fiscal years beginning after November&nbsp;15, 2008, and
interim periods within those fiscal years. The Group is currently evaluating the impact, if any,
the adoption of SFAS No.&nbsp;157 will have on the financial position, results of operations and
disclosures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In February&nbsp;2007, the FASB published SFAS No.&nbsp;159, &#147;The Fair Value Option for Financial Assets
and Financial Liabilities.&#148; This statement permits entities to choose to measure many financial
instruments and certain other items at fair value that are not currently required to be measured at
fair value. The objective is to improve financial reporting by providing entities with the
opportunity to mitigate volatility in reported earnings caused by measuring related assets and
liabilities differently without having to apply complex hedge accounting provisions. This statement
also establishes presentation and disclosure requirements designed to facilitate comparisons
between entities that choose different measurement attributes for similar types of assets and
liabilities. This statement does not affect any existing accounting literature that requires
certain assets and liabilities to be carried at fair value. This statement does not establish
requirements for recognizing and measuring dividend income, interest income, or interest expense.
This statement does not eliminate disclosure requirements included in other accounting standards,
including requirements for disclosures about fair
value measurements included in SFAS No.&nbsp;157, &#147;Fair Value Measurements,&#148; and SFAS No.&nbsp;107,
&#147;Disclosures about Fair Value of Financial Instruments.&#148; SFAS No.&nbsp;159 will be effective for all
fiscal years beginning after November&nbsp;15, 2007. The Group is currently evaluating the impact this
statement will have on the financial position, results of operations and disclosures, should the
Group elect to measure certain financial instruments at fair value.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, the FASB published SFAS No.&nbsp;141(R), which replaces SFAS No.&nbsp;141, &#147;Business
Combinations.&#148; This statement improves the reporting of information about a business combination
and its effects. This statement establishes principles and requirements for how the acquirer will
recognize and measure the identifiable assets acquired, the liabilities assumed, and any
non-controlling interest in the acquisition. Also, the statement determines the recognition and
measurement of goodwill acquired in the business combination or a gain from a bargain purchase, and
finally, sets forth the disclosure requirements to enable users of the financial statements to
evaluate the nature and financial effects of the business combination. SFAS No.&nbsp;141(R) will be
effective for all business combinations with an acquisition date on or after the beginning of the
first annual reporting period after December&nbsp;15, 2008, and earlier adoption is prohibited. The
Group will adopt this pronouncement on January&nbsp;1, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December&nbsp;2007, the FASB published SFAS No.&nbsp;160 on &#147;Noncontrolling Interests in Consolidated
Financial Statements &#151; an amendment of ARB No.&nbsp;51.&#148; This statement addresses the reporting of
minority interests in the results of the parent and provides direction for the recording of such
interests in the financial statements. It also provides guidance for the recording of various
transactions related to the minority interests, as well as certain disclosure requirements.
SFAS No.&nbsp;160 will be effective for fiscal years and interim periods after December&nbsp;15, 2008, and
earlier adoption is prohibited. The presentation and disclosure requirements of SFAS No.&nbsp;160 must
be applied retrospectively for all periods presented. The Group will adopt this pronouncement on
January&nbsp;1, 2009. The Group is currently evaluating the impact this statement will have on the
financial position, results of operations and disclosures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On March&nbsp;19, 2008, the FASB issued SFAS No.&nbsp;161, &#147;Disclosures about Derivative Instruments and
Hedging Activities,&#148; an amendment to FASB Statement No.&nbsp;133. This new standard requires enhanced
disclosures for derivative instruments, including those used in hedging activities. It is
effective for fiscal years and interim periods beginning after November&nbsp;15, 2008, with early
adoption encouraged. The adoption of FASB 161 is not expected to have a material impact on the
results of operations and financial condition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2008, the FASB issued SFAS No.&nbsp;162, &#147;The Hierarchy of Generally Accepted Accounting
Principles,&#148; which identifies the sources of accounting principles and the framework for selecting
principles to be used in the preparation of financial statements of nongovernmental entities that
are presented in conformity with generally accepted accounting principles (GAAP)&nbsp;in the United
States. This Statement shall be effective 60&nbsp;days following the SEC&#146;s approval of Public Company
Accounting Oversight Board (&#147;PCAOB&#148;) amendments to AU Section&nbsp;411, &#147;The Meaning of Present Fairly
in Conformity with Generally Accepted Accounting Principles.&#148; Any effect of applying the
provisions of this Statement shall be reported as a change in accounting principles in accordance
with SFAS No.&nbsp;154, &#147;Accounting Changes and Error Corrections.&#148; An entity shall follow the
disclosure requirements of that Statement, and additionally, disclose the accounting principles
that were used before and after the application of the provisions of this Statement and the reason
why applying this Statement resulted in a change in accounting principles. The adoption of SFAS No.
162 is not expected to have a material impact on the results of operations and financial condition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><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>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>End</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Additions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Deductions</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Year</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Continuing operations:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reserve for damage, obsolescence or deterioration of inventories:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">2,529</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">11,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,900</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">(4,932</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,968</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,165</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; 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; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,339,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">335,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Ps.</TD>
    <TD align="right">(371,302</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">1,304,285</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,304,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">592,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(645,213</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,251,595</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year ended December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,251,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(303,684</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,102,866</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Include allowances for trade and non-trade doubtful accounts.</DIV></TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 56<!-- /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; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>24. Subsequent Events</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On April&nbsp;30, 2008, the Company&#146;s stockholders approved (i)&nbsp;the payment of a dividend for an
aggregate amount of up to Ps.2,276,340, which consisted of Ps.0.75 per CPO and Ps.0.00641025641 per
share, not in the form of a CPO, which was paid in cash in May&nbsp;2008; and (ii)&nbsp;the cancellation of
approximately 7,146.1&nbsp;million shares of capital stock in the form of approximately 61.1&nbsp;million
CPOs, which were repurchased by the Company in 2007 and 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May&nbsp;2008, the Company issued U.S.$500&nbsp;million aggregate principal amount of 6% Senior Notes
due 2018. The Group intends to use the net proceeds from this issuance for general corporate
purposes, including the repayment of the Company&#146;s outstanding indebtedness and the repurchase of
the Company&#146;s shares, among other uses, in each case, subject to market conditions and other
factors. The indenture of these Senior Notes contains certain covenants similar to those applicable
to the Company&#146;s Senior Notes due 2011, 2025, 2032 and 2037. The Senior Notes due 2018 are intended
to be registered in the third quarter of 2008 with the U.S. Securities and Exchange Commission (see
Note 8).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On May&nbsp;13, 2008, the Mexican Antitrust Commission announced that the Group complied with all
of the required regulatory conditions, and therefore, authorized the conversion of debentures
issued by Alvafig and held by the Group into 99.99% of the capital stock of Alvafig. As a result of
this conversion, which was effected by the Group and Alvafig in May&nbsp;2008, Alvafig became an
indirect subsidiary of the Company (see Note 2).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the period from January&nbsp;1, 2008 through June&nbsp;13, 2008, the Group made additional
capital contributions related to its 40% interest in La Sexta in the aggregate amount of &#128;24.8
million.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F- 57<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="2"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">1.1</TD>
    <TD valign="top" align="center">&#151;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">English translation of Amended and Restated Bylaws (<I>Estatutos Sociales</I>) of the Registrant, dated
as of April&nbsp;30, 2008.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">2.11</TD>
    <TD valign="top" align="center">&#151;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Twelfth Supplemental Indenture related to the 6.0% Senior Notes due 2018 between Registrant, as
Issuer, The Bank of New York and The Bank of New York (Luxembourg) S.A., dated as of May&nbsp;12, 2008</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">4.16</TD>
    <TD valign="top" align="center">&#151;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Full-Time Transponder Service Agreement, dated as of November __, 2007, by and among Intelsat
Corporation, Intelsat LLC, Corporaci&#243;n de Radio y Televisi&#243;n del Norte de M&#233;xico, S. de R. L. de
C.V. and SKY Brasil Servi&#231;os Ltda.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">4.17</TD>
    <TD valign="top" align="center">&#151;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Credit Agreement, dated as of December&nbsp;19, 2007, by and among Empresas Cablevisi&#243;n, S.A.B. de
C.V., JPMorgan Chase Bank, N.A., as administrative agent and J.P. Morgan Securities Inc., as sole
bookrunner and lead arranger.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">8.1</TD>
    <TD valign="top" align="center">&#151;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">List of Subsidiaries of Registrant.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">12.1</TD>
    <TD valign="top" align="center">&#151;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">CEO
Certification pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act
of 2002, dated June 25, 2008.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">12.2</TD>
    <TD valign="top" align="center">&#151;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">CFO
Certification pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act
of 2002, dated June 25, 2008.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">13.1</TD>
    <TD valign="top" align="center">&#151;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">CEO
Certification pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002, dated June 25, 2008.</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">13.2</TD>
    <TD valign="top" align="center">&#151;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">CFO
Certification pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002, dated June 25, 2008.</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

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





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>c73656exv1w1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><b>Exhibit 1.1</b>
</DIV>


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


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


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

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>ARTICLE FOUR. </B>The corporate purpose of the Company shall be:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;To issue, subscribe, accept, endorse and guarantee any negotiable instruments or real
estate securities as allowed by the law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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; text-indent: 4%">&nbsp;

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(h)&nbsp;To act as commission agent and to mediate and accept the representation in all kind of
negotiations whatsoever.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt">Series &#147;A&#148;, &#147;B&#148; and &#147;D&#148; can only be acquired by:
</DIV>

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


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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE SIX</B>.- The capital stock is fixed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The subscribed and paid capital is $2,378,506,384 (two thousand three hundred seventy eight million
five hundred six thousand three hundred eighty four pesos CERO CENTS, MEXICAN CURRENCY),
represented by 347,963,012,631 (three hundred forty seven thousand nine hundred sixty three million
twelve thousand six hundred thirty one) registered shares, without par value, divided into four
series, as follows;
</DIV>
<DIV style="margin-top: 10pt">
<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%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Series &#147;A&#148; consisting of up to 120,182,748,925 ordinary shares;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Series &#147;B&#148; consisting of up to 56,262,606,976 ordinary shares;</DIV></TD>
</TR>
</TABLE>
</DIV>

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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV style="margin-top: 10pt">
<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%" nowrap align="left">iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Series &#147;D&#148; consisting of up to 85,758,828,365 shares with limited
voting rights and preferred dividend, issued pursuant to Article&nbsp;One
Hundred Thirteen of the Mexican Companies Law; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Series &#147;L&#148; consisting of up to 85,758,828,365 shares with limitations
to voting and other corporate rights.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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: 10pt">
<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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Extension of the corporate existence of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Advance dissolution of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Change in the corporate purpose of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Change of nationality of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Transformation of the Company; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Merger of the Company with another company or legal entity.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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. 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>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Holders of Series &#147;L&#148;, 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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">I.&nbsp;<U>Board of Directors approval</U>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;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:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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 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>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">II.&nbsp;<U>Shareholders&#146; meeting approval</U>:
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 14 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 15 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">For purposes of this Article, the terms or concepts mentioned below shall have the meaning that
follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#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="justify" style="font-size: 10pt; margin-top: 10pt">&#147;<U>Affiliate</U>&#148; means any company that Controls, is controlled by, or is under common Control
with, another Person.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#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
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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 16 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&#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="justify" style="font-size: 10pt; margin-top: 10pt">&#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="justify" style="font-size: 10pt; margin-top: 10pt">&#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="justify" style="font-size: 10pt; margin-top: 10pt">&#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="justify" style="font-size: 10pt; margin-top: 10pt">&#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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">To amend the Section&nbsp;Second of this Article the prior written authorization of the National Banking
and Securities Commission shall be required.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><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: 10pt"><B>CHAPTER III<BR>
INCREASE AND DECREASE IN THE CAPITAL STOCK</B>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 18 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">(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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 19 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(c)&nbsp;Share certificates of redeemed shares shall be cancelled.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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: 10pt"><B>CHAPTER IV<BR>
SHAREHOLDERS MEETINGS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE FOURTEEN. </B>The Shareholders Meetings shall be General or Special and Extraordinary or
Ordinary.
</DIV>

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

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 20 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(i) <U>Special Meetings for Series &#147;D&#148;</U>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(ii) <U>Special Meetings for Series &#147;L&#148;</U>:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 21 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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,
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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 22 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 23 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">4 (four), the audited consolidated and unconsolidated financial statements, including the notes
necessary to clarify and supplement the information thereof;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5 (five), the other reports, opinions and documents as established by the applicable legislation;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6 (six), decide on applying profit of the fiscal year;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">8 (eight), &nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt">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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 24 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">The
appointment and/or 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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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: 10pt">
<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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Increase or reduction of capital stock of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Change in the corporate purpose;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Issue of privileged shares;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Issue of debentures or any other type of bonds;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Merger of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Spin-off of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The resolution of matters referred to in Article&nbsp;Nine Section&nbsp;Two of these
By-laws.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any amendment to these By-laws.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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
Shareholders Meeting, through the person who have acted as Secretary in each of the Special
Meetings.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 25 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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)
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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 26 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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: 10pt">
<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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The report by Audit Committee Chairman, the report by the Corporate Practice Committee
Chairman and the report by the Chief Executive Officer;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The consolidated and unconsolidated financial statements audited by an independent
public accountant, including the notes necessary to clarify and supplement the information
thereof;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The application of fiscal year profits, including, expressly, the payment of dividends
in cash or in shares, in any manner;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 27 - <!-- /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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

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


<DIV style="margin-top: 10pt">
<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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Define the amount that may be assigned to repurchase of shares, as determine the
percentage of the capital stock susceptible of such operations;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><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 align="justify" style="font-size: 10pt; margin-top: 10pt">I.&nbsp;First Call.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Increase or reduction of capital stock of the Company;<BR></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Change in the corporate purpose;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Issue of privileged shares;</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 28 - <!-- /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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

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


<DIV style="margin-top: 10pt">
<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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Issue of debentures or any other type of bonds;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Merger of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Spin-off of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any amendment in the By-laws;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Increase in capital stock according to Article&nbsp;53 (Fifty-three) of the
Securities Market Law.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other matters for which the applicable legislation and the By-laws expressly
require a special quorum.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In any case, the provisions of Article&nbsp;Twenty-fourth of these Bylaws must be complied with.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">II.&nbsp;<U>Second Call</U>.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 29 - <!-- /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; margin-left: .25in; width: 7.20in">

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


<DIV style="margin-top: 10pt">
<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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Increase or reduction of capital stock of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Change in the corporate purpose;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Issue of privileged shares;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Issue of debentures or any other type of bonds;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Merger of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Spin-off of the Company;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any amendment in the By-laws;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Increase in capital stock according to Article&nbsp;53 (Fifty-three) of the
Securities Market Law.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Other matters for which the applicable legislation and the By-laws expressly
require a special quorum.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In either case, the provisions of Article&nbsp;Twenty-four of these By-Laws shall be observed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">In either case, the provisions of Article&nbsp;Twenty Four of these By-Laws shall be observed.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 30 - <!-- /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; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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: 10pt"><B>CHAPTER V<BR>
MANAGEMENT OF THE COMPANY;<BR>
THE BOARD OF DIRECTORS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SECTION I</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>MISCELLANEOUS</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 31 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE TWENTY-SEVEN. </B>The majority of the members of the Board of Directors must be of Mexican
citizenship. The following individuals shall not be members of the Board of Directors of the
Company: (i)&nbsp;individuals who are members of the board of directors or any other management or
operation body of a company, other than the Company or its subsidiaries, that holds one or more
telecommunications concessions in M&#233;xico and (ii)&nbsp;individuals that are partners or shareholders,
directly or indirectly, of another company, other than the Company or its subsidiaries, that holds
one or more telecommunications concessions in M&#233;xico, except for those cases in which their
ownership in the capital stock of the such company does not allow them to appoint one or more
members of the board of directors, or of any other management or operation body.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 32 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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 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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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
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="justify" style="font-size: 10pt; margin-top: 10pt">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&nbsp;Twenty-one of these By-laws.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 33 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE TWENTY-NINE.</B>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 34 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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
according to the provisions of article nine (9)&nbsp;of the General Law of Credit Instruments and
Operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE THIRTY.</B>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 35 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><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>
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<P align="center" style="font-size: 10pt"><!-- Folio --> - 36 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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: 10pt"><B>SECTION II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>AUTHORITIES AND OBLIGATIONS OF THE BOARD OF DIRECTORS</B>

</DIV>

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

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 37 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">3 (Three). 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), 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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">6 (Six). To assign assets, settle, receive payments, bid and outbid in auctions and submit to
arbitrators;
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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 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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">17 (Seventeen). To establish branches and agencies of the Company anywhere in the Mexican Republic
or abroad;
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">19 (Nineteen). To prepare domestic labor rulings;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">22 (Twenty-Two). To prepare the financial statements;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">23 (Twenty-Three). To call the Meetings;
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 40 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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;.</DIV>


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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">C.&nbsp;Obligations and responsibility, and Liability Limitations of the Board Members.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 42 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>EXECUTIVE COMMITTEE</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE THIRTY-FOUR.</B>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 43 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">H.&nbsp;The Executive Committee shall meet when so required by the Chairman or any 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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">K.&nbsp;The Executive Committee may pass resolutions without a Meeting by unanimous vote of the Members
or their respective Alternates. For al 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="justify" style="font-size: 10pt; margin-top: 10pt">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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 44 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">N.&nbsp;The Executive Committee must inform the Board of Directors, through its 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="justify" style="font-size: 10pt; margin-top: 10pt">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: 10pt"><B>SECTION IV</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>THE PRESIDENT OF THE COMPANY</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 45 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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 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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 46 - <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">L) To appoint the members of the Executive Committee of the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">M) To create special committees and to appoint members thereof, as well as their authorities,
duties and remunerations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The President or Chief Executive Company shall also have the functions and duties provided in the
Securities Market Law.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SURVEILLANCE OF THE COMPANY</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">According to the provisions of the applicable law, the Corporate Practice Committee and the Audit
Committee shall have the following functions:
</DIV>

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

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

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>FISCAL YEAR AND FINANCIAL INFORMATION</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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 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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">(a)&nbsp;The report referred to in Article&nbsp;172 section b) of the Mexican Companies Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;The report on operations and activities where the Board of Directors intervened as established
in the Securities Market Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(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="justify" style="font-size: 10pt; margin-top: 10pt">(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: 10pt"><B>CHAPTER VIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>PROFITS AND LOSSES</B>

</DIV>

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

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 48 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">5.&nbsp;In the event of capitalization of accounting capital accounts, all the shareholders 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="justify" style="font-size: 10pt; margin-top: 10pt"><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: 10pt"><B>CHAPTER IX</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>DISSOLUTION AND LIQUIDATION</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt">(a)&nbsp;They shall complete the businesses in the manner they may deem the most convenient;
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(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>

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 49 - <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(c)&nbsp;They shall prepare the final liquidation balance sheet; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(d)&nbsp;Once the final liquidation balance sheet has been approved, they shall allocate the liquid
assets as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">d.2.- Following and once the dividend to which paragraph d-1 (d point one) One refers 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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt">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="justify" style="font-size: 10pt; margin-top: 10pt"><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>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> - 50 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>JURISDICTION AND COMPETENCE</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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: 10pt"><B>CHAPTER XI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SPECIAL PROVISIONS</B>

</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio --> - 51 - <!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.11
<SEQUENCE>3
<FILENAME>c73656exv2w11.htm
<DESCRIPTION>EXHIBIT 2.11
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;2.11</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXECUTION COPY</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">as Issuer,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>THE BANK OF NEW YORK,</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">as Trustee, Registrar, Paying Agent

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">and Transfer Agent

</DIV>

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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>THE BANK OF NEW YORK (LUXEMBOURG)&nbsp;S.A.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">as Luxembourg Paying Agent,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Transfer Agent and Listing Agent

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 10pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>TWELFTH SUPPLEMENTAL INDENTURE</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Dated as of May&nbsp;12, 2008

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 10pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Supplementing the Trust Indenture

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Dated as of August&nbsp;8, 2000

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 10pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">U.S.$500,000,000 6.0% Senior Notes due 2018

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">TWELFTH SUPPLEMENTAL INDENTURE, dated as of the 12<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of May, 2008, between
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 (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, as paying agent, transfer agent and listing
agent (a &#147;<U>Paying Agent</U>&#148;, &#147;<U>Transfer Agent</U>&#148; and &#147;<U>Listing Agent</U>&#148;, as the case
may be);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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, the Tenth Supplemental Indenture dated as of
May&nbsp;9, 2007, the Eleventh Supplemental Indenture dated as of August&nbsp;24, 2007, and this Twelfth
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;12,
2008, this Twelfth 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>6.0% Senior Notes due 2018</U>&#148; under the Original Indenture in the aggregate principal amount
of U.S.$500,000,000 subject to Section&nbsp;202 hereof;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 Twelfth Supplemental
Indenture a valid, binding and legal agreement of the Company, have been done;
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW, THEREFORE, This TWELFTH SUPPLEMENTAL INDENTURE WITNESSETH that, in order to establish the
terms of the series of Securities designated as the &#147;<U>6.0% Senior Notes due 2018</U>&#148; and for
and in consideration of the premises and of the covenants contained in the Original Indenture and
in this Twelfth 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: 10pt"><B>ARTICLE I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>DEFINITIONS AND OTHER<BR>
PROVISIONS OF GENERAL APPLICATION</B>

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;101. Definitions.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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 DTC, Euroclear or Clearstream
Banking, as the case may be, that apply to such transfer or exchange.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>&#147;Depositary&#148; </I>shall mean <I>DTC </I>or its nominee, 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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">"<I>DTC</I>&#148; shall mean The Depository Trust Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>&#147;Euroclear&#148; </I>shall mean the Euroclear System or any successor.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>&#147;Initial Purchasers&#148; </I>shall mean HSBC Securities (USA)&nbsp;Inc. and J.P. Morgan Securities Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>&#147;Mexican GAAP&#148; </I>shall mean, with respect to the Notes, <I>Normas de Informaci&#243;n Financiera
aplicables en M&#233;xico </I>(Financial Reporting Standards in Mexico) and the accounting principles and
policies of the Company and its Restricted Subsidiaries, in each case in effect as of the date of
this Twelfth Supplemental Indenture.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>&#147;Notes&#148; </I>shall mean the Company&#146;s 6.0% Senior Notes due 2018.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>&#147;Securities&#148; </I>shall mean the Notes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>&#147;Securities Act&#148; </I>shall mean the United States Securities Act of 1933, as amended.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;102. Section&nbsp;References.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Each reference to a particular Section set forth in this Twelfth Supplemental Indenture shall,
unless the context otherwise requires, refer to this Twelfth Supplemental Indenture.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>TITLE AND TERMS OF THE SECURITIES</B>

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;201. Title of the Securities.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The title of the Securities of the series established hereby is the &#147;6.0% Senior Notes due
2018&#148;.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;202. Amount and Denominations.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The aggregate original principal amount of the Notes which may be authenticated and delivered
under this Twelfth Supplemental Indenture is limited to U.S.$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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;203. Registered Securities.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The certificates for the Notes shall be Registered Securities in global form and shall be in
substantially the forms attached hereto as Exhibits A-1 and A-2 (collectively, the &#147;<U>Global
Securities</U>,&#148; each a &#147;<U>Global Security</U>&#148;). Unless otherwise agreed by the Company and the
Trustee, the Notes shall bear the legends as are inscribed thereon until, with respect to the Notes
in the form attached hereto as Exhibit&nbsp;A-1, (a)&nbsp;the first anniversary of the last date of original
issuance of the Notes (or such shorter period of time permitted by Rule 144(d) of the Securities
Act) and (b)&nbsp;such later date, if any, as may be required by applicable law.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;204. Issuance and Pricing.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Notes shall be issued under the Indenture and sold by the Company to the Initial
Purchasers at a price equal to 99.055% of the principal amount thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;205. Stated Maturity.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Stated Maturity of the Notes on which the principal thereof is due and payable shall be
May&nbsp;15, 2018.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;206. Interest.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The principal of the Notes shall bear interest from the later of May&nbsp;12, 2008 or from the most
recent Interest Payment Date to which interest has been paid or provided for, payable semi-annually
on May&nbsp;15 and November&nbsp;15 of each year, commencing on November&nbsp;15, 2008, to the Persons in whose
names the Notes (or one or more Predecessor Securities) are registered at the close of business on
the fifteenth calendar day preceding such Interest Payment Date. Interest payable at maturity will
be payable to the person to whom principal is payable on that date. Interest on the Notes shall be
computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or
Maturity would otherwise be a day that is not a Business Day (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 as if it were made on the date the payment was due, and no
interest will accrue on the amounts so payable for the period from and after the Interest Payment
Date or Maturity, as the case may be, to the next succeeding 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 Twelfth Supplemental Indenture.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Interest on the Notes will accrue at the rate of 6.0% per annum, until the principal thereof
is paid or made available for payment.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;207. Registration, Transfer and Exchange.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 and Transfer Agent under the Indenture and 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Notwithstanding the foregoing, a Holder 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 date of Maturity 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;Restricted Period&#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 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;208. Redemption of the Securities.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;209. Denominations.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Interests in the Rule&nbsp;144A Security shall be in minimum denominations of U.S.$100,000 and
integral multiples of U.S.$1,000 in excess thereof and interests in the Regulation&nbsp;S Security shall
be in minimum denominations of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;210. Currency.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The interest, premium, if any, Additional Amounts, if any, and principal on the Notes shall be
payable only in Dollars.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;211. Applicability of Certain Indenture Provisions.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All Sections of the Original Indenture shall apply to the Notes, except for Articles Twelve,
Thirteen and Fourteen.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;212. Security Registrar and Paying Agent.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;213. Global Securities.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(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 of each series shall be DTC,
and the depositary arrangements shall be those employed by whoever shall be the Depositary
with respect to the Notes from time to time.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(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&nbsp;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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 or (B)&nbsp;the Depositary has ceased to be a
clearing agency registered under the Exchange Act, or (C)&nbsp;there shall have occurred and be
continuing an Event of Default with respect to such Global Security or (D)&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; <I>provided, however,</I>
that interests in the Regulation&nbsp;S Security will not be exchangeable for certificated Notes until
expiration of the Restricted Period and receipt of certification of non-U.S. beneficial ownership.
Any Global Security exchanged pursuant to Clause (A)&nbsp;or (B)&nbsp;above shall be so exchanged in whole
and not in part and any Global Security exchanged pursuant to Clause (C)&nbsp;above may be exchanged in
whole or from time to time in part in the manner directed by the Depositary. In the event of the
occurrence of any of the events specified
in this paragraph, the Company will promptly make available to the Trustee a reasonable supply of
certificated Notes in definitive, fully registered form, without interest coupons.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 and shall be registered in such names and be
in such denominations as the Depositary shall designate. Unless otherwise agreed by the Company
and the Trustee, such Notes shall bear any legends required hereunder until, with respect to the
Notes in the form attached hereto as Exhibit&nbsp;A-1, (a)&nbsp;the first anniversary of the last date of
original issuance of the Notes (or such shorter period of time permitted by Rule 144(d) of the
Securities Act) and (b)&nbsp;such later date, if any, as may be required by applicable law. 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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;<U>Management Regulations</U>&#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, as between DTC and its agent members,
the operation of customary practices governing the exercise of the rights of a holder of any
Security.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;214. &#091;INTENTIONALLY OMITTED&#093;</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;215. Sinking Fund.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;216. Conversion; Exchange.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;217. Amendments.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;218. Applicable Procedures.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Notwithstanding anything else herein, the Company shall not be required to permit a transfer
to a Global Security that is not permitted by the Applicable Procedures.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Section&nbsp;219. Paying and Transfer Agent.</I>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 Luxembourg Paying Agent and Transfer Agent.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>MISCELLANEOUS PROVISIONS</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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
Twelfth 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Twelfth 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 Twelfth
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Twelfth 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; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have caused this Twelfth 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">/s/
Salvi 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 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>

<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 align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
/s/ Joaqu&#237;n Balc&#225;rcel Santa Cruz</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">Vice President - Legal and <BR>
General Counsel</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<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>
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">/s/
Humberto Ribeiro</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Humberto Ribeiro</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<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<BR>
(LUXEMBOURG)&nbsp;S.A.</B><BR>
as Luxembourg Paying Agent, Transfer<BR>
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">/s/
Humberto Ribeiro</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Humberto Ribeiro</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Exhibit&nbsp;A-1</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>RULE 144A NOTE</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>THIS NOTE IS A RULE 144A SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS GLOBAL
SECURITY 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="justify" style="font-size: 10pt; margin-top: 10pt"><B>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (&#147;</B><U><B>DTC</B></U><B>&#148;), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF
CEDE &#038; CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.</B>
</DIV>

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

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">No.&nbsp;1
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">U.S.$&#091;_____&#093;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">CUSIP No.&nbsp;40049JAW7</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>Grupo Televisa, S.A.B.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">6.0% Senior Note due 2018

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Rule&nbsp;144A Note

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Grupo Televisa, S.A.B., a publicly-traded limited liability company (<I>sociedad an&#243;nima
burs&#225;til</I>), organized under the laws of the United Mexican States (hereinafter called the &#147;Company&#148;,
which term includes any successor corporation under the Indenture referred to below), for value
received, hereby promises to pay Cede &#038; Co., or registered assigns, the principal sum of <B>&#091;<B>&#149;</B>&#093;</B>
million U.S. dollars (U.S.$<B>&#091;<B>&#149;</B>&#093;</B>) (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;15, 2018 and to pay interest
thereon from May&nbsp;12, 2008 or from the most recent date to which interest has been paid or provided
for, semiannually on May&nbsp;15 and November&nbsp;15, in each year (each, an &#147;<U>Interest Payment
Date</U>&#148;), commencing November&nbsp;15, 2008 at the rate of 6.0% per annum, until the principal hereof
is paid or made available for payment. Interest on this Note shall be calculated on the basis of a
360-day year consisting of twelve 30-day months. The interest so payable and paid or provided for
on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest, which shall be the fifteenth calendar day (whether or
not a Business Day) preceding such Interest Payment Date. Any such interest which is payable, but
is not paid or provided for, on any Interest Payment Date shall forthwith cease to be payable to
the registered Holder hereof on the relevant Regular Record Date by virtue of having been such
Holder, and may be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Company, notice whereof shall be given to the Holders of
Notes of this Series not less than 10&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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 public and private debts; <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 DTC or any successor Depositary may be made by wire transfer to the account designated
by DTC or such successor Depositary in writing.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Note is a global Rule&nbsp;144A Security issued on the date hereof which represents U.S.$<B>&#091;<B>&#149;</B>&#093;</B>
of the principal amount of the Company&#146;s 6.0% Senior Notes due 2018, 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, 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, the tenth
supplemental indenture dated May&nbsp;9, 2007 and the eleventh supplemental indenture dated as of August
24, 2007 (herein called, together with the Twelfth 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 Twelfth Supplemental Indenture
between the Company, The Bank of New York, as Trustee, Registrar, Paying Agent and Transfer Agent
and The Bank of New York (Luxembourg) S.A. as Luxembourg Paying Agent, Transfer Agent and Listing
Agent, dated as of May&nbsp;12, 2008, establishing the terms of the Notes pursuant to the Indenture (the
&#147;<U>Twelfth Supplemental Indenture</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Notes are issuable in book-entry fully registered form without coupons in minimum
denominations of U.S$100,000, and integral multiples of U.S.$1,000 as specified in the Twelfth
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 money or U.S. Government Obligations
sufficient to pay and discharge the entire indebtedness on all Notes of this series, and satisfies
certain other conditions, all as more fully provided in the Indenture.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;5-1401 of the New York General Obligations Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">GRUPO TELEVISA, S.A.B.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
    <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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attest:
</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</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 style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</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 colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ricardo Maldonado Y&#225;&#241;ez
</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">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Salvi Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary of the
Board of Directors of Grupo
Televisa, S.A.B.
</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
    <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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</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 style="font-size: 1px">
    <TD valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 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">&nbsp;</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#151; Legal and
General Counsel</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: 10pt">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Dated:  May 12, 2008.&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>

</TABLE>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<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: 10pt"><B>FORM OF REVERSE OF RULE 144A NOTE</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Note is one of a duly authorized issue of Notes of the Company designated as its 6.0%
Senior Notes due 2018 (hereinafter called the &#147;<U>Notes</U>&#148;), limited in aggregate principal
amount to U.S.$500,000,000 issued and to be issued under a Twelfth Supplemental Indenture, dated as
of May&nbsp;12, 2008 (hereinafter called the &#147;<U>Twelfth Supplemental Indenture</U>&#148;), among the
Company, The Bank of New York, as Trustee, Registrar, Paying Agent and Transfer Agent and The Bank
of New York (Luxembourg) S.A., as Luxembourg Paying Agent, Transfer Agent and Listing Agent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Additional Amounts</I><B><I>. </I></B>All payments of amounts due in respect of the Notes by the Company will be
made without withholding or deduction 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 of or in 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 amounts 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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(i)&nbsp;any Taxes which are imposed on, or deducted or withheld from, payments made to
the Holder or beneficial owner of a Note by reason of the existence of any present
or former connection between the Holder or beneficial owner of the Note (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 maintained an office,
permanent establishment, fixed base or branch therein, or (z)&nbsp;being or having been
present or engaged in trade or business therein) other than the mere holding of
such Note or the receipt of amounts due in respect thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(ii)&nbsp;any estate, inheritance, gift, sales, stamp, transfer or personal property
Tax;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(iii)&nbsp;any Taxes that are imposed on, or withheld or deducted from, payments made to
the Holder or beneficial owner of a Note 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 Note 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 Note 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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(iv)&nbsp;any Taxes imposed on, or withheld or deducted from, payments made to a Holder
or beneficial owner of a Note 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>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(v)&nbsp;to or on behalf of a Holder of a Note 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&nbsp;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 Note
would have been entitled to Additional Amounts in respect of such Taxes on
presenting such Note for payment on any date during such 15-day period;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(vi)&nbsp;any withholding or deduction imposed on a payment to an individual required to
be made pursuant to the European Council Directive
2003/48/EC (the &#147;<U>Directive</U>&#148;) or any law implementing or introduced in order
to conform to, such Directive; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(vii)&nbsp;any combination of (i), (ii), (iii), (iv), (v)&nbsp;or (vi)&nbsp;above (the Taxes
described in clauses (i)&nbsp;through (vii), for which no Additional Amounts are
payable, are hereinafter referred to as &#147;<U>Excluded Taxes</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 fund or a non-Mexican financial
institution or any other Holder register with the Ministry of Finance and Public Credit for the
purpose of establishing eligibility for an exemption from or reduction of Mexican withholding tax
or to require that a Holder or beneficial owner certify or provide information concerning whether
it is or is not a tax-exempt pension or retirement fund.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 Twelfth 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), Redemption Price, interest or any other amount payable under or with respect to any Note,
such mention shall be deemed to include mention of the payment of Additional Amounts to the extent
that, in such context, Additional Amounts are, were or would be payable in respect thereof.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Optional Redemption. </I>The Company may redeem any of the Notes (the &#147;<U>Optional
Redemption</U>&#148;) in whole or in part, at any time or from time to time prior to their maturity,
upon not less than 30 nor more than 60&nbsp;days&#146; prior notice of the date for such redemption (the
&#147;<U>Redemption Date</U>&#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 (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 30 basis points (the &#147; <U>Make-Whole Amount</U>&#148;), plus in each case accrued and unpaid
interest on the principal amount of the Notes to the Redemption Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Treasury 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 Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Comparable Treasury Issue&#148; means the United States Treasury security or securities selected
by an Independent Investment Banker as having an actual or interpolated maturity comparable to the
remaining term of the notes to be redeemed that would be utilized, at the time of the selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities
of a comparable maturity to the remaining term of such notes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Independent Investment Banker&#148; means one of the Reference Treasury Dealers appointed by the
Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Comparable Treasury Price&#148; means, with respect to any redemption date (1)&nbsp;the average of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and
lowest such Reference Treasury Dealer Quotation or (2)&nbsp;if the
Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Reference Treasury Dealer&#148; means HSBC Securities (USA)&nbsp;Inc., J.P. Morgan Securities Inc. or
their affiliates which are primary United States government securities dealers and two other
leading primary United States government securities dealers in New York City reasonably designated
by the Company; provided, however, that if any of the foregoing shall cease to be a primary United
States government securities dealer in New York City (a &#147;Primary Treasury Dealer&#148;), the Company
will substitute therefore another Primary Treasury Dealer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Reference Treasury Dealer Quotation&#148; means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Company, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer at 3:30 pm New York time on the
third business day preceding such redemption date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 fair and appropriate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The notice of Optional Redemption shall state:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;the Redemption Date;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(ii)&nbsp;the Make-Whole Amount;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(iii)&nbsp;the sum of all other amounts due to the holders under the Notes and the Indenture;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(iv)&nbsp;that on the Redemption Date the Make-Whole Amount will become due and payable upon each
such Note so to be redeemed;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(vi)&nbsp;the ISIN number of the Notes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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; <I>provided </I>that moneys
sufficient therefor have been deposited with the Trustee for the holders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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;), 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The notice of Withholding Tax Redemption shall state:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the Withholding Tax Redemption Date;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;the Withholding Tax Redemption Price;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;the sum of all other amounts due to the Holders under the Notes and the
Indenture;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(vi)&nbsp;the ISIN number of the Notes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><U>SCHEDULE OF EXCHANGES</U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Principal</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>
    <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: 10pt" valign="bottom">
    <TD nowrap align="left">amount of this</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Change in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Rule 144A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">amount of this</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Note as of the</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of this</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Rule 144A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Notation made</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">date of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Date exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Rule 144A Note</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Note following</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">by or on behalf</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">exchange</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">made</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">due to exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">such exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">of the Trustee</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.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-16<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Exhibit&nbsp;A-2</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>REGULATION S NOTE</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><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="justify" style="font-size: 10pt; margin-top: 10pt"><B>THIS NOTE IS A REGULATION S SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS GLOBAL
SECURITY 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="justify" style="font-size: 10pt; margin-top: 10pt"><B>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (&#147;</B><U><B>DTC</B></U><B>&#148;), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE &#038; CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.</B>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->A-17<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">No.&nbsp;1
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">U.S.$&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">CUSIP No.&nbsp;P4987VAR4</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">6.0% Senior Note due 2018

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">Regulation&nbsp;S Note

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Grupo Televisa, S.A.B., a publicly-traded limited liability company (<I>sociedad an&#243;nima
burs&#225;til</I>), organized under the laws of the United Mexican States (hereinafter called the &#147;Company&#148;,
which term includes any successor corporation under the Indenture referred to below), for value
received, hereby promises to pay to Cede &#038; Co., or registered assigns, the principal sum of <B>&#091;<B>&#149;</B>&#093;</B>
U.S. dollars (U.S.$<B>&#091;<B>&#149;</B>&#093;</B>) (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;15, 2018 and to pay interest thereon
from May&nbsp;12, 2008 or from the most recent date to which interest has been paid or provided for,
semiannually on May&nbsp;15 and November&nbsp;15 in each year (each, an &#147;<U>Interest Payment Date</U>&#148;),
commencing November&nbsp;15, 2008 at the rate of 6.0% per annum, until the principal hereof is paid or
made available for payment. Interest on this Note shall be calculated on the basis of a 360-day
year consisting of twelve 30-day months. The interest so payable and paid or provided for on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the fifteenth calendar day (whether or not a Business
Day) preceding such Interest Payment Date. Any such interest which is payable, but is not paid or
provided for, on any Interest Payment Date shall forthwith cease to be payable to the registered
Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be
paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest to be
fixed by the Company, notice whereof shall be given to the Holders of Notes of this Series not less
than 10&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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 public and private debts; <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 DTC or any successor Depositary may be made by wire transfer to the account designated
by DTC or such successor Depositary in writing.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-18<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Note is a Regulation&nbsp;S Security issued on the date hereof which represents
U.S.$500,000,000 of the principal amount of the Company&#146;s 6.0% Senior Notes due 2018 (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, 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, the tenth
supplemental indenture dated as of May&nbsp;9, 2007 and the eleventh supplemental indenture dated as of
August&nbsp;24, 2007 (herein called, together with the Twelfth 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 twelfth supplemental indenture between the Company,
The Bank of New York, as Trustee, Registrar, Paying Agent and Transfer Agent and The Bank of New
York (Luxembourg) S.A., as Luxembourg Paying Agent, Transfer Agent and Listing Agent, dated as of
May&nbsp;12, 2008, establishing the terms of the Notes pursuant to the Indenture (the &#147;<U>Twelfth
Supplemental Indenture</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-19<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 the Twelfth 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 or DTC in effect at the time of the
transfer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Notes are issuable in book-entry fully registered form without coupons in minimum
denominations of U.S.$100,000, and integral multiples of U.S.$1,000 as specified in the Twelfth
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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-20<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 money or U.S. Government Obligations
sufficient to pay and discharge the entire indebtedness on all Notes of this series, and satisfies
certain other conditions, all as more fully provided in the Indenture.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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&nbsp;5-1401 of the New York General Obligations Law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-21<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">GRUPO TELEVISA, S.A.B.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
    <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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attest:
</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</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 style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</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 colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ricardo Maldonado Y&#225;nez
</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">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Salvi Folch Viadero</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary of the
Board of Directors of Grupo
Televisa, S.A.B.
</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
    <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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 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>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</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 style="font-size: 1px">
    <TD valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joaqu&#237;n Balc&#225;rcel Santa Cruz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 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">&nbsp;</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#151; Legal and
General Counsel</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: 10pt">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Dated: May 12, 2008&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>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->A-22<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<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: 10pt"><B>FORM OF REVERSE OF REGULATION S NOTE</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Note is one of a duly authorized issue of Notes of the Company designated as its 6.0%
Senior Notes due 2018 (hereinafter called the &#147;<U>Notes</U>&#148;), limited in aggregate principal
amount to U.S.$500,000,000 issued and to be issued under a Twelfth Supplemental Indenture, dated as
of May&nbsp;12, 2008 (hereinafter called the &#147;<U>Twelfth Supplemental Indenture</U>&#148;), among the
Company, The Bank of New York, as Trustee, Registrar, Paying Agent and Transfer Agent and The Bank
of New York (Luxembourg) S.A., as Luxembourg Paying Agent, Transfer Agent and Listing Agent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Additional Amounts</I><B><I>. </I></B>All payments of amounts due in respect of the Notes by the Company will be
made without withholding or deduction 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 of or in 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 amounts 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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(i)&nbsp;any Taxes which are imposed on, or deducted or withheld from, payments made to
the Holder or beneficial owner of a Note by reason of the existence of any present
or former connection between the Holder or beneficial owner of the Note (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 maintained an office,
permanent establishment, fixed base or branch therein, or (z)&nbsp;being or having been
present or engaged in trade or business therein) other than the mere holding of
such Note or the receipt of amounts due in respect thereof;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(ii)&nbsp;any estate, inheritance, gift, sales, stamp, transfer or personal property
Tax;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(iii)&nbsp;any Taxes that are imposed on, or withheld or deducted from, payments made to
the Holder or beneficial owner of a Note 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 Note 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 Note 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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(iv)&nbsp;any Taxes imposed on, or withheld or deducted from, payments made to a Holder
or beneficial owner of a Note 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>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(v)&nbsp;to or on behalf of a Holder of a Note 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&nbsp;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 Note
would have been entitled to Additional Amounts in respect of such Taxes on
presenting such Note for payment on any date during such 15-day period;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-24<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(vi)&nbsp;any withholding or deduction imposed on a payment to an individual required to
be made pursuant to the European Council Directive
2003/48/EC (the &#147;<U>Directive</U>&#148;) or any law implementing or introduced in order
to conform to, such Directive; or
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(vii)&nbsp;any combination of (i), (ii), (iii), (iv), (v)&nbsp;or (vi)&nbsp;above (the Taxes
described in clauses (i)&nbsp;through (vii), for which no Additional Amounts are
payable, are hereinafter referred to as &#147;<U>Excluded Taxes</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 fund or a non-Mexican financial
institution or any other Holder register with the Ministry of Finance and Public Credit for the
purpose of establishing eligibility for an exemption from or reduction of Mexican withholding tax
or to require that a Holder or beneficial owner certify or provide information concerning whether
it is or is not a tax-exempt pension or retirement fund.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 Twelfth 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), Redemption Price, interest or any other amount payable under or with respect to any Note,
such mention shall be deemed to include mention of the payment of Additional Amounts to the extent
that, in such context, Additional Amounts are, were or would be payable in respect thereof.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>Optional Redemption. </I>The Company may redeem any of the Notes (the &#147;<U>Optional
Redemption</U>&#148;) in whole or in part, at any time or from time to time prior to their maturity,
upon not less than 30 nor more than 60&nbsp;days&#146; prior notice of the date for such redemption (the
&#147;<U>Redemption Date</U>&#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 (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 30 basis points (the &#147;<U>Make-Whole Amount</U>&#148;), plus in each case accrued and unpaid
interest on the principal amount of the Notes to the Redemption Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Treasury 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 Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Comparable Treasury Issue&#148; means the United States Treasury security or securities selected
by an Independent Investment Banker as having an actual or interpolated maturity comparable to the
remaining term of the notes to be redeemed that would be utilized, at the time of the selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities
of a comparable maturity to the remaining term of such notes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Independent Investment Banker&#148; means one of the Reference Treasury Dealers appointed by the
Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Comparable Treasury Price&#148; means, with respect to any redemption date (1)&nbsp;the average of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and
lowest such Reference Treasury Dealer Quotation or (2)&nbsp;if the
Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-26<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Reference Treasury Dealer&#148; means HSBC Securities (USA)&nbsp;Inc., J.P. Morgan Securities Inc. or
their affiliates which are primary United States government securities dealers and two other
leading primary United States government securities dealers in New York City reasonably designated
by the Company; provided, however, that if any of the foregoing shall cease to be a primary United
States government securities dealer in New York City (a &#147;Primary Treasury Dealer&#148;), the Company
will substitute therefore another Primary Treasury Dealer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;Reference Treasury Dealer Quotation&#148; means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Company, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer at 3:30 pm New York time on the
third business day preceding such redemption date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 fair and appropriate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The notice of Optional Redemption shall state:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(i)&nbsp;the Redemption Date;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(ii)&nbsp;the Make-Whole Amount;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(iii)&nbsp;the sum of all other amounts due to the holders under the Notes and the Indenture;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(iv)&nbsp;that on the Redemption Date the Make-Whole Amount will become due and payable upon each
such Note so to be redeemed;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(vi)&nbsp;the ISIN number of the Notes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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; <I>provided </I>that moneys
sufficient therefor have been deposited with the Trustee for the holders.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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;), 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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-28<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The notice of Withholding Tax Redemption shall state:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the Withholding Tax Redemption Date;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;the Withholding Tax Redemption Price;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;the sum of all other amounts due to the Holders under the Notes and the
Indenture;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(vi)&nbsp;the ISIN number of the Notes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->A-29<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><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; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-30<!-- /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; margin-left: .25in; width: 7.20in">

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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><U>SCHEDULE OF EXCHANGES</U>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Change in</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: 10pt" valign="bottom">
    <TD nowrap align="left">amount of this</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Regulation S</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of this</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">amount of this</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Note as of the</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Regulation S</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Regulation S</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Notation made</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">date of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Date exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Note due to</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Note following</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">by or on behalf</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">exchange</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">made</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">such exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">of the Trustee</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.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-31<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Exhibit&nbsp;B</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">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: 10pt">The Bank of New York<BR>
101 Barclay Street<BR>
New York, New York 10286<BR>
Attention: Corporate Trust Administration

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="right">Re:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Grupo Televisa, S.A.B.<br>
<U>U.S.$500,000,000 6.0% Senior Notes due 2018 (the &#147;Notes&#148;)</U></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Certificate relates to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> principal amount of Notes represented by a
beneficial interest in the Rule&nbsp;144A Security (CUSIP No.&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#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 (CUSIP (CINS)&nbsp;No. &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt">
<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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the offer of the Notes was not made to a person in the United States;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">either:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 prearranged with a buyer in the United
States;</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->B-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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">upon completion of the transaction, the beneficial interest being transferred
as described above is to be held with the Depositary in account &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Grupo Televisa, S.A.B.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Exhibit&nbsp;C</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">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: 10pt">The Bank of New York<BR>
101 Barclay Street<BR>
New York, New York 10286<BR>
Attention: Corporate Trust Administration

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="right">Re:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Grupo Televisa, S.A.B.<br>
<U>U.S.$500,000,000 6.0% Senior Notes due 2018 (the &#147;Notes&#148;)</U></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Certificate relates to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> principal amount of Notes represented by a beneficial
interest in the Rule&nbsp;144A Security (CUSIP No. &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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 align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(i)&nbsp;&nbsp;&nbsp;&nbsp; (A) &nbsp;&nbsp;the offer of the Notes was not made to a person in the United States;
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">either:</DIV></TD>
</TR>

</TABLE>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(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="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(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; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(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="justify" style="font-size: 10pt; margin-top: 10pt; 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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:</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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Exhibit&nbsp;D</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">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: 10pt">The Bank of New York<BR>
101 Barclay Street<BR>
New York, New York 10286<BR>
Attention: Corporate Trust Administration

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="right">Re:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Grupo Televisa, S.A.B.<br>
<U>U.S.$500,000,000 6.0% Senior Notes due 2018 (the &#147;Notes&#148;)</U></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Certificate relates to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> principal amount of Notes
which are held in the form of a beneficial interest in the Regulation&nbsp;S Security (CUSIP No.
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#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 (CUSIP No. &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:</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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Exhibit&nbsp;E </U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="right">Re:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Grupo Televisa, S.A.B.<br>
<U>U.S.$500,000,000 6.0% Senior Notes due 2018 (the &#147;Notes&#148;)</U></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This certification excepts and does not relate to U.S.$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>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>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">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: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</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><DIV style="text-align: justify">Not earlier than 15&nbsp;days prior to the certification
event to which the certification relates.</DIV></TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>Exhibit&nbsp;F </U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">FORM OF REGISTRATION RIGHTS AGREEMENT

</DIV>


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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.16
<SEQUENCE>4
<FILENAME>c73656exv4w16.htm
<DESCRIPTION>EXHIBIT 4.16
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;4.16</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B><I>Execution Copy</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>FULL-TIME TRANSPONDER SERVICE AGREEMENT (IS-16 PRE-LAUNCH)</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Agreement (the &#147;<B>Agreement</B>&#148;) is entered into this
&nbsp;_____&nbsp;
day of November, 2007 (the
"<B>Execution Date</B>&#148;), by and among Intelsat Corporation, a Delaware corporation (&#147;<B>Intelsat</B>&#148;), Intelsat
LLC, a Delaware limited liability company operating in Bermuda (&#147;<B>LLC</B>"<B>)</B>, Corporaci&#243;n de Radio y
Televisi&#243;n del Norte de M&#233;xico, S. de R. L. de C.V. d/b/a Sky Mexico, a company organized and
existing under the laws of Mexico (&#147;<B>Sky Mexico</B>&#148;), and SKY Brasil Servi&#231;os Ltda. d/b/a Sky Brasil, a
limited liability company organized and existing under the laws of Brazil (&#147;<B>Sky Brasil</B>;&#148; and
together with Sky Mexico, hereinafter referred to collectively as &#147;<B>Customer</B>&#148; and &#147;<B>Customer
Parties,&#148; </B>and the term &#147;<B>Customer</B>&#148; and &#147;<B>Customer Party</B>&#148; shall also include each of Sky Brasil and
Sky Mexico acting separately in its individual capacity).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>WITNESSETH</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, pursuant to a Transponder Service Agreement, dated February&nbsp;8, 1999, as amended (the
"<B>IS-9 Service Agreement</B>&#148;), between Intelsat and Sky Mexico, Intelsat provides satellite
transmission services to Sky Mexico using Ku-band satellite capacity on twelve (12)&nbsp;transponders
located on the Intelsat 9 satellite (&#147;<B>IS-9</B>&#148;) at the nominal orbital location 58.0&#176;W.L. (&#043;/- 0.5&#176;)
(the &#147;<B>58&#176;W Orbital Location</B>&#148;);
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, pursuant to a Full-Time Transponder Capacity Agreement, dated August&nbsp;19, 2004 (the
"<B>IS-11 Service Agreement</B>&#148;), between Intelsat and The DIRECTV Group, Inc. (&#147;<B>DIRECTV</B>,&#148; the parent
company of Sky Brasil), Intelsat has agreed to provide satellite transmission services to DIRECTV
using Ku-band satellite capacity on the Intelsat 11 satellite (&#147;<B>IS-11</B>&#148;), which is currently
scheduled to replace the Intelsat 6B satellite at the nominal orbital location of 43.0&#176; W.L. (&#043;/-
0.5&#176;) (the &#147;<B>43&#176;W Orbital Location</B>&#148;) during the fourth quarter of 2007;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, in accordance with an existing commitment to DIRECTV (the &#147;<B>Completion Phase
Agreement</B>&#148;), Intelsat ordered a satellite (known as &#147;<B>IS-11R</B>&#148;) from Orbital Sciences Corporation
(&#147;<B>Orbital</B>&#148;), which satellite was to have a Brazil payload only and was scheduled to be used as a
replacement for IS-11 at the 43&#176;W Orbital Location if IS-11 was not successfully placed into
service;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, IS-11 has been successfully launched and placed into position at the 43&#176;W Orbital
Location, and the parties desire to enter into a new service agreement on the terms set forth
herein for additional satellite transmission services on a new Ku-band satellite which will
include, to the extent practicable, the components of IS-11R (&#147;<B>IS-16</B>&#148; or the &#147;<B>Satellite</B>&#148;) and which
satellite Intelsat will procure from Orbital and co-locate with IS-9 at the 58&#176;W Orbital Location;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Intelsat intends to provide expansion capacity to Sky Mexico by using twelve (12)
designated transponders on IS-16 that will not interfere with existing services on IS-9;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, in addition to providing Sky Mexico with expansion capacity, Customer has requested
that Intelsat operate (and Intelsat has agreed to operate) IS-16 as an in-orbit spare to provide
back-up services for IS-9 and back-up and expansion services for IS-11 and subsequently to allow
Sky Mexico to use IS-16 to replace IS-9 at the 58&#176;W Orbital Location, all subject to the provisions
stated herein; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, to implement the terms of this Agreement, LLC intends to procure the Satellite, and
Intelsat will, in accordance with its normal internal customer distribution structure, structure
the delivery of capacity and services as provided below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW, THEREFORE, in consideration of the terms and conditions and mutual promises contained
herein, the parties hereby agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 1. <U>THE CUSTOMER&#146;S TRANSPONDER CAPACITY</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">1.1 <U>Description of Capacity; Construction and Launch of IS-16</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;During the Capacity Term (as defined in Section&nbsp;2.1(a) below), Intelsat agrees to provide
to Customer and any Affiliate of either Customer Party in accordance with the terms hereof, and
Customer agrees to accept from Intelsat, on a full-time basis (24 hours a day, seven days a week),
in outer space, the satellite transmission services (the &#147;<B>IS-16 Service</B>&#148;) using the Customer
Transponder Capacity (defined below) meeting the &#147;<B>Performance Specifications</B>&#148; set forth in the
"<B>Technical Appendix</B>&#148; attached hereto as <U>Appendix&nbsp;B</U> on the terms and conditions set forth
herein. For purposes of this Agreement, the &#147;<B>Customer&#146;s Transponder Capacity</B>&#148; or &#147;<B>Customer
Transponders</B>&#148; shall consist of twenty-four (24),
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">thirty-six (36)&nbsp;MHz Ku-Band transponders located on IS-16 (as defined below) that meet or
exceed the Performance Specifications set forth in the Technical Appendix (<U>Appendix&nbsp;B</U>),
which Satellite shall be located in geostationary orbit at the 58&#176;W Orbital Location, or if used as
an in-orbit replacement of IS-11, at the 43&#176;W Orbital Location (subject in each case to the orbital
tolerances specified in <U>Appendix&nbsp;B</U>).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Customer Transponders are more particularly identified in <U>Appendix&nbsp;B</U>. As provided
in Section&nbsp;1.2 below, during the period in which IS-16 is co-located with IS-9 at the 58&#176;W Orbital
Location, Intelsat shall initially make available twelve (12)&nbsp;Customer Transponders on the
Satellite for use by Sky Mexico (and any of its Affiliates) (the &#147;<B>Expansion Transponders</B>&#148;). As
provided in Section&nbsp;1.3 below, Intelsat shall make available an additional twelve (12)&nbsp;or
twenty-four (24)&nbsp;Customer Transponders on IS-16 for Customer&#146;s use as back-up capacity if IS-9 or
IS-11, respectively, suffers a failure. Finally, in accordance with the terms of Section&nbsp;1.4
below, Intelsat shall make available all twenty-four (24)&nbsp;Customer Transponders for Sky Mexico&#146;s
use as a replacement for IS-9 or twenty-four (24)&nbsp;of the Customer Transponders for Sky Brasil&#146;s use
as a replacement for IS-11. If Sky Mexico contracts to procure capacity services from Intelsat on
IS-9R pursuant to the IS-9R Agreement, then, in addition to making the IS-16 Customer Transponders
available for Customer&#146;s use as backup capacity for IS-9 and IS-11, and effective as of the IS-9R
Term Commencement Date (as defined in Section&nbsp;1.3(c)(ii) below), Intelsat shall make available all
twenty-four (24)&nbsp;Customer Transponders on IS-16 for Customer&#146;s use as back-up capacity if IS-9R
suffers a failure. The transponders on IS-16 and the beams in which these transponders are grouped
are referred to as &#147;<B>Transponder(s)</B>&#148; and the &#147;<B>Beam(s)</B>,&#148; respectively. As used in this Agreement,
the term &#147;<B>Affiliate</B>&#148; means, with respect to any entity, any entity directly or indirectly, through
one or more intermediaries, controlling, controlled by, or under common control with such entity.
The term &#147;control&#148; (including, with its correlative meanings, &#147;controlled by&#148; and &#147;under common
control with&#148;) shall mean, with respect to any party, ownership, directly or indirectly, by such
party of equity securities entitling it to either (i)&nbsp;exercise in the aggregate more than 50% of
the voting power of the entity in question; or (ii)&nbsp;exercise in the aggregate at least 25% of the
voting power of the entity in question and direct the decisions of the board of directors of the
entity in question.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;LLC shall procure from Orbital a new Ku-band satellite containing all of the IS-16
Transponders as follows: LLC shall direct Orbital to re-purpose, to the extent practicable, the
IS-11R parts and items for the construction of IS-16. Any existing contract rights with Orbital
at that time existing in favor of Intelsat shall be transferred by Intelsat Corp to LLC for said
re-purpose. In this case, LLC shall use commercially reasonable efforts to cause
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">IS-16 to be launched within twenty-four (24)&nbsp;months from the Execution Date. Notwithstanding
anything contained herein to the contrary, LLC makes no representation or warranty with respect to
the schedule for construction and launch of the IS-16 Satellite, and Customer understands that
technical issues related to the construction or launch of the Satellite beyond the reasonable
control of LLC may occur which could prevent any schedule from being maintained. Notwithstanding
anything to the contrary in Appendix&nbsp;B, Intelsat shall secure a launch vehicle for the IS-16
Satellite that would be expected to yield an in-orbit mission lifetime of at least 15&nbsp;years. In
the event that Intelsat, after using all commercially reasonable efforts to do so, cannot secure
such launch vehicle, it shall promptly notify Customer, which notice shall specify the
circumstances, the extent of any anticipated delay, and the other launch alternatives then
available to Intelsat. Within thirty (30)&nbsp;days of receipt of such notice, the Customer shall
instruct Intelsat on the launch vehicle solution to be followed; provided, however, that (a)&nbsp;in any
case where as a result of Customer&#146;s decision the launch is delayed by twelve (12)&nbsp;months or more,
Customer shall pay to Intelsat an additional fee equal to eight percent (8%) of the amount
previously paid by Intelsat to Orbital for the IS-16 Satellite, and (b)&nbsp;compensate Intelsat for any
increased launch costs occasioned by its instructions or, in the case of lower launch costs,
receive a credit against the first Installment Payment of the Fixed Service Fee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.2 <U>Expansion Transponder Capacity</U>. Intelsat will make the Expansion Transponders (as
more particularly described in <U>Appendix&nbsp;B</U> hereto) available at the 58&#176;W Orbital Location
for use by Sky Mexico and its Affiliates during the period commencing on the Start of Service Date
(as defined in Section&nbsp;2.1(a) below) and, subject to Sections&nbsp;1.3 and 1.4 below, continuing until
the earlier of (a)&nbsp;the expiration or earlier termination of the Capacity Term, or (b)&nbsp;if Sky Mexico
has entered into the IS-9R Agreement, the IS-9R Term Commencement Date (as defined in Section
1.3(c)(ii) below). Sky Mexico and its Affiliates may use the Expansion Transponders to meet the
satellite transmission requirements of their own services (but not for resale). Sky Mexico shall
cause its Affiliates to comply with the terms of this Agreement, and shall be deemed in material
breach of this Agreement for any material failure by any such Affiliate to so comply.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">1.3 <U>In-Orbit Sparing Options</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Back-Up for IS-11 In-Orbit Failure</U>. In the event that (x)&nbsp;any transponder on
IS-11 suffers, or is reasonably expected to suffer, a failure at any time on or after the
&#147;Commencement Date&#148; (as defined in the IS-11 Service Agreement), which failure results, or is
reasonably expected to result, in the automatic termination of the IS-11 Service Agreement with
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">respect to such transponder in accordance with Section&nbsp;7.2 thereof, or (y)&nbsp;Intelsat takes
IS-11 out of commercial operation pursuant to Section&nbsp;7.3 of the IS-11 Service Agreement, and in
each case Intelsat is unable to promptly provide, from the same or another Intelsat satellite
operating at the 43&#176;W Orbital Location, replacement transponder capacity with materially the same
or better coverage and performance (each of the foregoing events described in clauses (x)&nbsp;and (y)
hereinafter being referred to as an &#147;<B>IS-11 In-Orbit Failure</B>&#148;), then in either case Sky Brasil and
Sky Mexico may, through a joint written notice to Intelsat signed by both Customer Parties, elect
to relocate IS-16 to the 43&#176;W Orbital Location and for each IS-11 transponder the use of which is
terminated by DIRECTV in accordance with Section&nbsp;7.2 and/or Section&nbsp;7.3 of the IS-11 Service
Agreement (each, a &#147;<B>Terminated IS-11 Transponder</B>&#148;), DIRECTV may commence using (either directly or
through any Affiliate) a Customer Transponder on IS-16 (each, an &#147;<B>IS-11 Replacement Transponder</B>&#148;)
in lieu of such Terminated IS-11 Transponder, together with the six (6)&nbsp;additional IS-16 Customer
Transponders that will not interfere with existing services on IS-11 (the &#147;<B>Sky Brasil Expansion
Transponders</B>&#148;) (the parties acknowledging that if DIRECTV terminated its use of all IS-11
transponders in accordance with Section&nbsp;7.2 and/or Section&nbsp;7.3 of the IS-11 Service Agreement, Sky
Brasil would be entitled to use a total of twenty-four (24)&nbsp;Customer Transponders on IS-16).
Notwithstanding the foregoing, if Intelsat is unable to provide the &#147;Minimum Complement&#148; (as that
term is defined in the IS-11 Service Agreement) of IS-11 transponders pursuant to the IS-11 Service
Agreement (hereinafter, an &#147;<B>IS-11 Minimum Complement Failure</B>,&#148; which term does not include the
normal end-of-life process for IS-11; i.e., the satellite has insufficient fuel to maintain its
licensed orbital position, but such circumstance is not caused by a satellite malfunction or any
extraordinary event), or is reasonably expected to be unable to do so (as indicated in the most
recent Intelsat satellite health report) within 12&nbsp;months, such written notice need be signed by
Sky Brasil only. For the avoidance of doubt, the parties acknowledge that the provision of any
IS-11 Replacement Transponder(s) for the Terminated IS-11 Transponder(s) shall be on a one-for-one
basis, along with the six (6)&nbsp;Sky Brasil Expansion Transponders that shall be made available to
DIRECTV, such that DIRECTV (or its Affiliate, as applicable) is not using, at any given time while
IS-16 is located at the 43&#176;W Orbital Location, transponder capacity on more than an aggregate of
twenty-four (24)&nbsp;transponders from IS-11 and IS-16. As long as Intelsat makes the Customer
Transponders available to Customer, the IS-11 Service Agreement shall remain in full force and
effect (notwithstanding the termination rights of DIRECTV pursuant to Sections&nbsp;7.2 and 7.3
thereof), except with respect to the Terminated IS-11 Transponders and any IS-11 transponders the
use of which DIRECTV terminates pursuant to the proviso in clause (ii)&nbsp;of this sentence below, and
DIRECTV&#146;s use of the Customer Transponders shall be governed by, and shall be subject to, all of
the applicable terms and conditions of the IS-11 Service Agreement (other than
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Article&nbsp;5 thereof), <U>provided</U> that (i)&nbsp;DIRECTV shall not be required to pay Intelsat
the &#147;Monthly Fee&#148; payable under Article&nbsp;3 of such agreement with respect to the IS-11 Replacement
Transponders or the six (6)&nbsp;additional Customer Transponders (subject to Customer&#146;s performance of
its obligations hereunder) but shall be required to continue to pay such &#147;Monthly Fee&#148; only for the
remaining IS-11 transponders that were not terminated in accordance with the terms of the IS-11
Service Agreement (or pursuant to the proviso in clause (ii)&nbsp;of this sentence), and (ii)&nbsp;if an
IS-11 Minimum Complement Failure occurred, Customer may elect, by written notice from Sky Brasil
only, to discontinue further use of any IS-11 transponders and use all twenty-four (24)&nbsp;Customer
Transponders on IS-16. In addition to the payments of such &#147;Monthly Fee&#148; under the IS-11 Service
Agreement, if any, following an IS-11 Minimum Complement Failure Customer shall continue to pay
Intelsat the Fixed Service Fees and (in lieu of the Variable Service Fees) the Reduced Variable
Service Fees as stated in Article&nbsp;3 below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">DIRECTV may continue to use the IS-11 Replacement Transponders and the Sky Brasil Expansion
Customer Transponders on IS-16 until the earliest of (i)&nbsp;the expiration or earlier termination of
the Capacity Term under this Agreement, or (ii)&nbsp;if directed by Customer pursuant to a written
notice executed by Sky Brasil and Sky Mexico, the date on which LLC (at Intelsat&#146;s direction
pursuant to instructions from Customer) relocates the IS-16 Satellite to the 58&#176;W Orbital Location,
or (iii)&nbsp;the date on which Intelsat has placed a &#147;Replacement Satellite&#148; (as defined in
subparagraph (c)&nbsp;below) at the 43&#176;W Orbital Location with at least twelve (12)&nbsp;customer
transponders meeting the applicable performance specifications set forth in the IS-11 Service
Agreement, provided that if the Replacement Satellite at the 43&#176;W Orbital Location provides DIRECTV
with less than twenty-four (24)&nbsp;customer transponders meeting the applicable performance
specifications (as set forth in the IS-11 Service Agreement or, in the case of the Sky Brasil
Expansion Transponders, as set forth in the Technical Appendix hereto), then Customer may continue
using certain of the IS-11 Replacement Transponders on IS-16, and in any circumstance, Customer may
continue using the six (6)&nbsp;additional Sky Brasil Expansion Transponders on IS-16, so that there are
an aggregate of twenty-four (24)&nbsp;transponders available to Customer on the Replacement Satellite
and IS-16 combined (DIRECTV agreeing that it shall be required to make payment for any of the
Replacement Satellite transponders, up to a maximum of twenty-four (24), that meet their applicable
performance specifications).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Back-Up for IS-9 In-Orbit Failure</U>. In the event that (x)&nbsp;any transponder on IS-9
suffers, or is reasonably expected to suffer, a failure which results, or is reasonably expected to
result, in the automatic termination of the IS-9 Service Agreement with respect to such transponder
in accordance with Section&nbsp;7.3 thereof, or (y)&nbsp;Intelsat takes IS-9 out of
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">commercial operation pursuant to Section&nbsp;7.4 of the IS-9 Service Agreement, and in each case
Intelsat is unable to immediately provide, from the same or another Intelsat satellite operating at
the 58&#176;W Orbital Location, replacement transponder capacity with materially the same or better
coverage and performance (each of the foregoing events described in clauses (x)&nbsp;and (y)&nbsp;hereinafter
being referred to as an &#147;<B>IS-9 In-Orbit Failure</B>&#148;), then in either case Sky Brasil and Sky Mexico
may, through a joint written notice to Intelsat signed by both Customer Parties, elect to have
IS-16 continue operating at the 58&#176;W Orbital Location (or relocated to the 58&#176;W Orbital Location as
the case may be) and for each IS-9 transponder the use of which is terminated by Sky Mexico in
accordance with Section&nbsp;7.3 and/or Section&nbsp;7.4 of the IS-9 Service Agreement (each, a &#147;<B>Terminated
IS-9 Transponder</B>&#148;), Sky Mexico may commence using (either directly or through any Affiliate) an
IS-16 Customer Transponder (each, an &#147;<B>IS-9 Replacement Transponder</B>&#148;) in lieu of such Terminated
IS-9 Transponder. Notwithstanding the foregoing, if Intelsat is unable to provide the applicable
&#147;Minimum Complement&#148; (as such term is defined in the IS-9 Service Agreement) of IS-9 transponders
pursuant to the IS-9 Service Agreement (hereinafter, an &#147;<B>IS-9 Minimum Complement Failure</B>,&#148; which
term does not include the normal end-of-life process for IS-9; i.e., the satellite has insufficient
fuel to maintain its licensed orbital position, but such circumstance is not caused by a satellite
malfunction or other extraordinary event), or is reasonably expected to be unable to do so (as
indicated in the most recent Intelsat satellite health report) within 12&nbsp;months, such written
notice need be signed by Sky Mexico only. For the avoidance of doubt, the parties acknowledge that
the provision of any IS-9 Replacement Transponder(s) for the Terminated IS-9 Transponder(s) shall
be on a one-for-one basis such that Customer is not using, at any given time while IS-16 is located
at the 58&#176;W Orbital Location, transponder capacity on more than an aggregate of twenty-four (24)
transponders from IS-9 and IS-16. As long as Intelsat makes the Customer Transponders available to
Customer, the IS-9 Service Agreement shall remain in full force and effect (notwithstanding the
termination rights of Sky Mexico pursuant to Sections&nbsp;7.3 and 7.4 thereof), except with respect to
the Terminated IS-9 Transponders and any IS-9 transponders the use of which Sky Mexico terminates
pursuant to the proviso in clause (ii)&nbsp;of this sentence below, and Sky Mexico&#146;s use of the Customer
Transponders shall be governed by, and shall be subject to, all of the applicable terms and
conditions of the IS-9 Service Agreement (other than Article&nbsp;5 thereof), <U>provided</U> that (i)
Sky Mexico shall not be required to pay Intelsat the &#147;Monthly Service Fee&#148; payable under Article&nbsp;3
of such agreement with respect to the IS-9 Replacement Transponders (subject to Customer&#146;s
performance of its obligations hereunder) but shall be required to continue to pay such &#147;Monthly
Service Fee&#148; only for the remaining IS-9 transponders that were not terminated in accordance with
the terms of the IS-9 Service Agreement (or pursuant to the proviso in clause (ii)&nbsp;of this
sentence), and (ii)&nbsp;if an IS-9 Minimum Complement
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Failure occurred, Customer may elect, by written notice from Sky Mexico only, to discontinue
further use of any IS-9 transponders and use all twenty-four (24)&nbsp;IS-9 Replacement Transponders on
IS-16. In addition to the payments of such &#147;Monthly Service Fee&#148; under the IS-9 Service Agreement,
if any, following an IS-9 Minimum Complement Failure Customer shall continue to pay Intelsat the
Fixed Service Fees and (in lieu of the Variable Service Fees) the Reduced Variable Service Fees as
stated in Article&nbsp;3 below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Sky Mexico may continue to use the IS-9 Replacement Transponders on IS-16 until the earlier of
(i)&nbsp;the expiration or earlier termination of the Capacity Term under this Agreement, or (ii)&nbsp;if
directed by Customer pursuant to written notice executed by Sky Brasil and Sky Mexico, the date on
which LLC (at Intelsat&#146;s direction pursuant to instructions from Customer) relocates the IS-16
Satellite to the 43&#176;W Orbital Location, or (iii)&nbsp;the date on which Intelsat has placed a
&#147;Replacement Satellite&#148; (as described in subparagraph (c)&nbsp;below) at the 58&#176;W Orbital Location with
at least nine (9)&nbsp;customer transponders meeting the applicable performance specifications set forth
in the IS-9 Service Agreement, provided that if the Replacement Satellite at the 58&#176;W Orbital
Location provides Customer with less than twenty-four (24)&nbsp;customer transponders meeting the
applicable performance specifications (set forth in this Service Agreement), then Customer may
continue using certain of the IS-9 Replacement Transponders on IS-16 so that there are an aggregate
of twenty-four (24)&nbsp;transponders available to Customer on the Replacement Satellite and IS-16
combined (Sky Mexico agreeing that it shall be required to make payment for any of the Replacement
Satellite transponders, up to a maximum of twenty-four (24), that meet their applicable performance
specifications).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c) <U>Replacement Satellite; Disposition of Failed Transponder Capacity</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;Notwithstanding anything contained herein to the contrary, Intelsat shall have the right
(which it may exercise in its sole discretion) to replace IS-9 or IS-11 should either suffer a IS-9
Minimum Complement Failure or IS-11 Minimum Complement Failure, as applicable, with another
Intelsat satellite (a &#147;<B>Replacement Satellite</B>&#148;) which includes Ku-band transponders that provide
materially the same or better coverage and performance than the &#147;Performance Specifications&#148;
applicable to the satellite being replaced under the IS-9 Service Agreement or the IS-11 Service
Agreement, as applicable (or in the case of the Sky Brasil Expansion Transponders, the &#147;Performance
Specifications&#148; applicable thereto in the Technical Appendix), provided that such replacement shall
not operate to extend the applicable &#147;Capacity Term&#148; or &#147;Service Term&#148; of the relevant service
agreement beyond the date therein specified had the existing satellite remained in service. If
Intelsat elects to provide such Replacement Satellite
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">for IS-9, the capacity thereon shall be deemed to be &#147;Substitute Capacity,&#148; as that term is
defined and used in the IS-9 Service Agreement, and Sky Mexico shall resume payment for such
capacity at the monthly per transponder fees set forth in Section&nbsp;3.1 of the IS-9 Service
Agreement. Likewise, if Intelsat elects to provide such Replacement Satellite for IS-11, it shall
be deemed to be a &#147;Replacement Satellite,&#148; as that term is defined and used in the IS-11 Service
Agreement, and DIRECTV shall resume payment for such capacity at the monthly per transponder fees
set forth in Section&nbsp;3.1 of the IS-11 Service Agreement. Sky Brasil agrees that any IS-11
Replacement Satellite provided by Intelsat shall be designed to include twenty-four (24)
transponders designated for DIRECTV&#146;s use, and DIRECTV shall pay for such capacity at the monthly
per transponder fees set forth in Section&nbsp;3.1 of the IS-11 Service Agreement, provided that if
DIRECTV did not use all six (6)&nbsp;of the Sky Brasil Expansion Transponders on IS-16, then Intelsat
may not require DIRECTV to use and pay for more than eighteen (18)&nbsp;transponders on the Replacement
Satellite plus an additional number of transponders equal to the number of Sky Brasil Expansion
Transponders that were so used by DIRECTV. For the avoidance of doubt, if Intelsat utilizes IS-9R
as the Replacement Satellite for IS-9 following Sky Mexico&#146;s execution of the IS-9R Agreement, Sky
Mexico shall not be required to pay the monthly per transponder fees set forth in Section&nbsp;3.1 of
the IS-9 Service Agreement for more than twelve (12)&nbsp;of such replacement transponders on IS-9R
until the IS-9R Term Commencement Date (all as more particularly described in subparagraph (ii)
below).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;In any case where Sky Mexico and Intelsat have not already entered into an IS-9R
Agreement, and either: (y)&nbsp;Sky Mexico (or an Affiliate, as applicable) is utilizing capacity on
IS-16 following an IS-9 Minimum Complement Failure, or (z)&nbsp;Intelsat has notified Sky Mexico of
Intelsat&#146;s decision to enter into a procurement contract for a new satellite to replace IS-9 at the
58&#176;W Orbital Location, Sky Mexico shall have the option to cause Intelsat to replace IS-9 at the
58&#176;W Orbital Location with a new satellite <B>(</B>"<B>IS-9R</B>"<B>) </B>that includes twenty-four (24)&nbsp;Ku-band
transponders which provide materially the same or better coverage and performance than the
&#147;Performance Specifications&#148; applicable to Sky Mexico&#146;s payload on IS-16, subject to and
conditioned upon the following:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;Intelsat shall provide written notice to Sky Mexico of Intelsat&#146;s decision to enter into a
procurement contract for IS-9R (the &#147;<B>IS-9R Procurement Notice</B>&#148;), provided that Intelsat shall not
give such notice unless it has determined in its reasonable, good faith discretion that either the
then projected end of orbital maneuver life of IS-9 or an IS-9 Minimum Complement Failure will
occur within the thirty-six (36)&nbsp;month period immediately following the date of such notice. Sky
Mexico must notify Intelsat of Sky Mexico&#146;s
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">desire to exercise its option (the &#147;<B>Sky Mexico Option Exercise Notice</B>&#148;) on or before the date
(the &#147;<B>IS-9R Determination Date</B>&#148;) which is the earlier of (x)&nbsp;the 180<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the
date of an IS-9 Minimum Complement Failure in the case of clause (ii) (y)&nbsp;above, (y)&nbsp;January&nbsp;1,
2012, or (z)&nbsp;the 60<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following its receipt of the IS-9R Procurement Notice from
Intelsat in the case of clause (ii)(z) above;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;During the 90-day period following Intelsat&#146;s receipt of the Sky Mexico Option Exercise
Notice, each of Intelsat and Sky Mexico shall endeavor in good faith to negotiate and enter into a
service agreement (the &#147;<B>IS-9R Agreement</B>&#148;) which (1)&nbsp;provides for a capacity service term that
commences on 1 September&nbsp;2015 or, if later, the date on which Intelsat has placed IS-9R into
service at the 58&#176;W Orbital Location, with at least sixteen (16)&nbsp;transponders meeting the
applicable performance specifications, and Intelsat has so certified to Sky Mexico and made such
transponders available for its use (the &#147;<B>IS-9R Term Commencement Date</B>&#148;), and continues until the
satellite&#146;s end of orbital maneuver life (or if a failed satellite is replaced by Intelsat in
accordance with the terms of the IS-9R Agreement, on the 15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> anniversary of the
applicable service commencement date), subject in each case to any applicable earlier termination
provisions (the &#147;<B>IS-9R Term</B>&#148;), (2)&nbsp;commits Sky Mexico to procure services from Intelsat using
twenty-four (24)&nbsp;transponders on IS-9R at a monthly rate per transponder of One Hundred Twenty-Five
Thousand United States Dollars (U.S.$125,000.00), (3)&nbsp;includes other terms and conditions that are
substantially the same as those set forth in the existing IS-9 Service Agreement, as applicable, as
the same may be modified as appropriate to reflect changes in the service commencement date,
changes in technology and equipment employed, legal requirements and other differences in
circumstances that reasonably require modification in, or updating from, the terms and conditions
stated therein (provided that (x)&nbsp;subparagraphs (a), (b), (c)&nbsp;and (e)&nbsp;of Section&nbsp;1.4, Section&nbsp;1.8,
Section&nbsp;3.2 and Section&nbsp;17 thereof shall not be included (but provisions substantially similar to
Section&nbsp;16.1 dealing with rights associated with Successor or Collocated Satellites shall be
included in the IS-9R Agreement), (y)&nbsp;a provision comparable to Section&nbsp;5.7 of the IS-11 Service
Agreement shall be included, and (z)&nbsp;Section&nbsp;7.3 thereof shall be modified to permit restoration on
a different satellite that provides materially the same or better coverage and performance), and
(4)&nbsp;may require Sky Mexico to post collateral in a form and in an amount as determined by Intelsat
reasonably in its good faith discretion based upon Intelsat&#146;s analysis of Sky Mexico&#146;s financial
condition, payment history and other risk factors (e.g., political, contractual enforcement or
other risks), which collateral may include the requirement of a satisfactory parent company
guarantee, and in any case, will be subject to negotiation and mutual agreement of the parties.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The parties hereby agree that the provisions contained in this Section&nbsp;1.3(c)(ii) supersede
and replace in their entirety those provisions contained in Section&nbsp;16.1 of the IS-9 Service
Agreement that pertain to a &#147;Successor Satellite&#148; as defined therein, and Intelsat and Sky Mexico
shall promptly execute a formal amendment to the IS-9 Service Agreement to acknowledge that such
provisions are null and void; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(C)&nbsp;If Sky Mexico fails to timely provide the Sky Mexico Option Exercise Notice on or before
the IS-9R Determination Date, or if the parties fail to execute a binding IS-9R Agreement within
the 90-day negotiation period, neither party shall have any further obligation to the other party
pursuant to this Section&nbsp;1.3(c)(ii), provided that such 90-day negotiation period shall be extended
until the day immediately preceding the date on which Intelsat (or an Affiliate thereof) thereafter
enters into an IS-9R procurement contract.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;In any case where Sky Brasil and Intelsat have not already entered into an IS-11
Replacement Agreement, and either: (y)&nbsp;Sky Brasil (or an Affiliate, as applicable) is utilizing
capacity on IS-16 following an IS-11 Minimum Complement Failure, or (z)&nbsp;Intelsat has notified Sky
Brasil of Intelsat&#146;s decision to enter into a procurement contract for a new satellite to replace
IS-11 at the 43&#176;W Orbital Location, Sky Brasil shall have the option to cause Intelsat to replace
IS-11 at the 43&#176;W Orbital Location with a new satellite <B>(</B>"<B>IS-11 Replacement</B>"<B>) </B>that includes
twenty-four (24)&nbsp;transponders which provide materially the same or better coverage and performance
than the &#147;Performance Specifications&#148; applicable to IS-11 under the IS-11 Service Agreement (or in
the case of the Sky Brasil Expansion Transponders, the &#147;Performance Specifications&#148; applicable
thereto in the Technical Appendix), subject to and conditioned upon the following:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(A)&nbsp;Intelsat shall provide written notice to Sky Brasil of Intelsat&#146;s decision to enter into a
procurement contract for the IS-11 Replacement (the &#147;<B>IS-11 Replacement Procurement Notice</B>&#148;),
provided that Intelsat shall not give such notice unless it has determined in its reasonable, good
faith discretion that either the then projected end of orbital maneuver life of IS-11 or an IS-11
Minimum Complement Failure will occur within the thirty-six (36)&nbsp;month period immediately following
the date of such notice. Sky Brasil must notify Intelsat of Sky Brasil&#146;s desire to exercise its
option (the &#147;<B>Sky Brasil Option Exercise Notice</B>&#148;) on or before the date (the &#147;<B>IS-11 Replacement
Determination Date</B>&#148;) which is the earlier of (x)&nbsp;the 180<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the date of an
IS-11 Minimum Complement Failure in the case of clause (iii) (y)&nbsp;above, or (y)&nbsp;the 60<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
day following its receipt of the IS-11 Replacement Procurement Notice from Intelsat in the case of
clause (iii)(z) above;
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(B)&nbsp;During the 90-day period following Intelsat&#146;s receipt of the Sky Brasil Option Exercise
Notice, each of Intelsat and Sky Brasil shall endeavor in good faith to negotiate and enter into a
service agreement (the &#147;<B>IS-11 Replacement Agreement</B>&#148;) which (1)&nbsp;provides for an &#147;end of life&#148;
capacity service term that commences on the date on which Intelsat places the satellite into
commercial service and continues until the satellite&#146;s end of orbital maneuver life (or if a failed
satellite is replaced by Intelsat in accordance with the terms of the IS-11 Replacement Agreement,
on the 15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> anniversary of the applicable service commencement date), subject in each
case to any applicable earlier termination provisions (the &#147;<B>IS-11 Replacement Term</B>&#148;), (2)&nbsp;commits
Sky Brasil to procure services from Intelsat using at least eighteen (18)&nbsp;but no more than
twenty-four (24)&nbsp;transponders on the IS-11 Replacement at a monthly rate per transponder of One
Hundred Twenty-Five Thousand United States Dollars (U.S.$125,000.00), provided that if Sky Brasil
commits to less than twenty (20)&nbsp;transponders on the IS-11 Replacement, then the monthly rate per
transponder will be One Hundred Thirty-Nine Thousand, One Hundred Sixty-Six United States Dollars
and Sixty-Seven Cents (US$139,166.67), (3)&nbsp;includes other terms and conditions that are
substantially the same as those set forth in the existing IS-11 Service Agreement, as applicable,
as the same may be modified as appropriate to reflect changes in the service commencement date,
changes in technology and equipment employed, legal requirements and other differences in
circumstances that reasonably require modification in, or updating from, the terms and conditions
stated therein (provided that subparagraphs (a), (b), (c)&nbsp;and (d)&nbsp;of Section&nbsp;1.4, Section&nbsp;1.5, and
Section&nbsp;3.2 thereof shall not be included) (provisions substantially similar to Section&nbsp;15.1
dealing with rights associated with Successor or Collocated Satellites shall be included in the
IS-11 Replacement Agreement), and (4)&nbsp;may require Sky Brasil to post collateral in a form and in an
amount as determined by Intelsat reasonably in its good faith discretion based upon Intelsat&#146;s
analysis of Sky Brasil&#146;s financial condition, payment history and other risk factors (e.g.,
political, contractual enforcement or other risks), which collateral may include the requirement of
a satisfactory parent company guarantee, and in any case will be subject to negotiation and mutual
agreement of the parties. The parties agree that Sky Brasil may commit to procure services using
up to twenty-four (24)&nbsp;transponders on the IS-11 Replacement, provided that it shall commit to
procure services using at least eighteen (18)&nbsp;transponders on the IS-11 Replacement, together with
such additional number of transponders that is equal to the number of Sky Brasil Expansion
Transponders used by DIRECTV (or its Affiliate) on IS-16 following an IS-11 Minimum Complement
Failure. The parties agree that the provisions contained in this Section&nbsp;1.3(c)(iii) supersede and
replace in their entirety those provisions contained in Section&nbsp;15.1 of the IS-11 Service Agreement
that pertain to a &#147;Successor Satellite&#148; as defined therein, and Sky Brasil shall cause DIRECTV to execute an amendment to the IS-11 Service Agreement to acknowledge that such provisions are
null and void.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 16%">(C)&nbsp;If Sky Brasil fails to timely provide the Sky Brasil Option Exercise Notice on or before
the IS-11 Replacement Determination Date, or if the parties fail to conclude a binding IS-11
Replacement Agreement within the 90-day negotiation period, neither party shall have any further
obligation to the other party pursuant to this Section&nbsp;1.3(c)(iii), provided that such 90-day
negotiation period shall be extended until the day immediately preceding the date on which Intelsat
(or an Affiliate thereof) thereafter enters into an IS-11 replacement procurement contract.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;Intelsat shall use commercially reasonable efforts to place IS-9R or the IS-11
Replacement into commercial service within three (3)&nbsp;years of the execution of the IS-9R Agreement
or the IS-11 Replacement Agreement, as applicable. Following Intelsat&#146;s provision of service on
any such satellite, Customer shall discontinue further use of Customer&#146;s Transponder Capacity on
IS-16, and such satellite shall resume its function as an in-orbit spare; provided, however, that
if such replacement satellite provides less than twenty-four (24)&nbsp;Customer Transponders in the case
of IS-9R, or less than twenty-four (24)&nbsp;Customer Transponders in the case of the IS-11 Replacement,
then Customer may continue using certain of the IS-16 Transponders so that there are an aggregate
of twenty-four (24)&nbsp;transponders available for Customer&#146;s use on the Replacement Satellite and
IS-16, and provided further that Customer shall use all of the transponders on the Replacement
Satellite that meet their applicable performance specifications.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(v)&nbsp;In any case where either Customer or any of its Affiliates, as applicable, is utilizing
capacity on IS-16 as a back-up following an IS-9 In-Orbit Failure or an IS-11 In-Orbit Failure,
Customer and its Affiliates and Intelsat shall cease any further use of the transponders that are
being replaced. Notwithstanding the foregoing, if Intelsat has provided a Replacement Satellite,
Intelsat shall thereafter have the sole and exclusive use of such replaced transponder capacity for
any purpose(s), including the use of such capacity to provide satellite transmission services to
other customers of Intelsat or its Affiliates (Intelsat and such Affiliates hereinafter sometimes
being referred to as the &#147;<B>Intelsat Companies</B>&#148;); provided, however, that such use by Intelsat or its
other customers shall be on a non-interfering basis to both Customer Parties&#146; use of capacity
hereunder at the 43&#176;W Orbital Location and 58&#176;W Orbital Location.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Sale of Preemptible Capacity</U>. Intelsat and its Affiliates may, with the prior
written consent of and with a revenue share agreement that is acceptable to Customer (such consent
to be withheld or granted in Customer&#146;s sole discretion), use all or any portion of the Customer
Transponders on IS-16 to provide satellite transmission services, on a preemptible but
non-interfering basis, to other third party customers that do not provide direct-to-home services
to Mexico, Brazil or the &#147;Pan-Americana&#148; region (i.e., the predominately Spanish speaking countries
of South America and Central America) during any period in which Customer is not utilizing
Customer&#146;s Transponder Capacity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Approval for Movement of the Satellite as a Back-Up</U>. Notwithstanding anything in
this Section&nbsp;1.3 to the contrary, if the Satellite is in use as a back-up due to an IS-9 or IS-11
Minimum Complement Failure at either the 43&#176;W Orbital Location or the 58&#176;W Orbital Location, then
the Satellite shall not be moved by LLC from such Orbital Location unless Customer provides written
notice, signed by both Sky Mexico and Sky Brasil, directing Intelsat to move the Satellite.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;The parties acknowledge that: (i)&nbsp;in the event Intelsat provides one or more Replacement
Satellites hereunder or subsequently launches a satellite into either the 43&#176;W Orbital Location or
the 58&#176;W Orbital Location as a replacement therefor, the parties&#146; rights and obligations specified
in Sections&nbsp;1.3(a) and (b)&nbsp;above with respect to IS-16 shall likewise apply to such other
satellite(s); (ii)&nbsp;any Replacement Satellite (including IS-9R and the IS-11 Replacement) located by
Intelsat at the 43&#176;W Orbital Location or the 58&#176;W Orbital Location may include payloads that
Intelsat will utilize to provide services to other Intelsat customers, provided that such operation
thereof shall be on a non-interfering basis to both Customer Parties&#146; use of capacity hereunder at
the 43&#176;W Orbital Location and 58&#176;W Orbital Location; and (iii)&nbsp;IS-16 will not include any
transponder capacity other than the Customer Transponders.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">1.4 <U>Use of IS-16 in Lieu of IS-9R or an IS-11 Replacement Satellite</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;Subject to subparagraphs (c)&nbsp;and (d)&nbsp;below, and provided that as of September&nbsp;1, 2015 Sky
Mexico and Intelsat have not already entered into the IS-9R Agreement and IS-16 has not suffered a
Total Loss (as defined in <U>Appendix&nbsp;F</U>), then commencing on September&nbsp;1, 2015 and continuing
until expiration of the Capacity Term (the &#147;<B>Sky Mexico Exclusive Use Term</B>&#148;): (i)&nbsp;Intelsat shall
make available all twenty-four (24)&nbsp;Customer Transponders on the IS-16 Satellite for use by Sky
Mexico and any of its Affiliates; and (ii)&nbsp;Sky Mexico&#146;s primary use of the IS-16 Capacity (as
replacement of its IS-9 capacity) shall thereafter
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">be governed by the terms and conditions set forth in this Agreement. In this event, Sky
Brasil shall still be entitled to use the IS-16 capacity at the 43&#176;W Orbital Location as backup for
IS-11 (or any replacement(s) thereof) during the Sky Mexico Exclusive Use Term in accordance with
the provisions of Section&nbsp;1.3(a) upon written notice to Intelsat following an IS-11 or IS-11R
Minimum Complement Failure, but only if Sky Mexico was not otherwise using IS-9 Replacement
Transponders on IS-16 at the 58&#176;W Orbital Location following an IS-9 Minimum Complement Failure.
Notwithstanding the foregoing, Sky Brasil&#146;s right to so use the IS-16 capacity as backup for IS-11
(or any replacement(s) thereof) at the 43&#176;W Orbital Location in this case is conditioned upon Sky
Brasil entering into an IS-11 Replacement Agreement with Intelsat on the terms described in Section
1.3(c)(iii)(B) above within sixty (60)&nbsp;days of the date on which Intelsat commences the drift of
the Satellite to the 43&#176;W Orbital Location, or in the absence of such agreement, Sky Brasil shall,
from and after the date of the Satellite&#146;s relocation to the 43&#176;W Orbital Location, be obligated to
pay Intelsat each Sky Mexico MRC payment as the same is due (or as the same would have been due if
Intelsat terminates this Agreement as to Sky Mexico) from Sky Mexico from and after the date of
such relocation for the provision of such capacity if and to the extent each such payment is not
made by Sky Mexico for the period in question (each of such payments owed by Sky Brasil hereinafter
being referred to as a &#147;<B>Sky Brasil Substitute MRC Payment</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;During each month of the Sky Mexico Exclusive Use Term, in addition to any Service Fees
payable pursuant to Section&nbsp;3.1, but subject to the outage/restoration provisions of Article&nbsp;5, Sky
Mexico shall pay Intelsat a monthly recurring charge (the &#147;<B>Sky Mexico MRC</B>&#148;) of Sixty-Two Thousand,
Five Hundred United States Dollars (US$62,500) per month for each of the twenty-four (24)&nbsp;Customer
Transponders on the IS-16 Satellite made available by Intelsat for Sky Mexico&#146;s use. During the
Sky Mexico Exclusive Use Term, any Transponder that suffers, or had previously suffered, a
Confirmed Failure shall, unless restored to its Performance Specifications within thirty (30)&nbsp;days
of such Confirmed Failure, cease to be a Customer Transponder or be subject to this Agreement and
may be used exclusively by Intelsat for any non-interfering purpose(s), including the use of such
capacity to provide satellite transmission services to other customers of Intelsat or its
Affiliates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;Notwithstanding subparagraph (a)&nbsp;above, if (i)&nbsp;as of September&nbsp;1, 2015 Sky Brasil is using
IS-11 Replacement Transponders on IS-16 at the 43&#176;W Orbital Location following an IS-11 Minimum
Complement Failure, and (ii)&nbsp;prior to September&nbsp;1, 2015 Intelsat and Sky Brasil entered into the
IS-11 Replacement Agreement or Intelsat otherwise provided written notice to Sky Brasil of
Intelsat&#146;s decision to provide a Replacement Satellite at the 43&#176;W
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Orbital Location pursuant to Section&nbsp;1.3(c) above, then the commencement of the Sky Mexico
Exclusive Use Term will be delayed, and Sky Mexico&#146;s obligation to commence payment of the Sky
Mexico MRC to Intelsat will be deferred, until such time as LLC has moved IS-16 back to the 58&#176;W
Orbital Location for Sky Mexico&#146;s use following deployment of an IS-11 Replacement Satellite at the
43&#176;W Orbital Location with at least twelve (12)&nbsp;customer transponders meeting the applicable
performance specifications set forth in the IS-11 Service Agreement. If the condition in the
preceding clause (i)&nbsp;is met, but the condition in the preceding clause (ii)&nbsp;is not met, then
commencing on September&nbsp;1, 2015 and continuing until expiration of the Capacity Term (the &#147;<B>Sky
Brasil Exclusive Use Term</B>&#148;), Intelsat shall make available twenty-four (24)&nbsp;Customer Transponders
on the IS-16 Satellite for use by Sky Brasil. During the Sky Brasil Exclusive Use Term, Sky
Brasil&#146;s primary use of the IS-16 Capacity (as replacement of its IS-11 capacity) shall thereafter
be governed by the terms and conditions set forth in this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;During each month of the Sky Brasil Exclusive Use Term, in addition to any Service Fees
payable pursuant to Section&nbsp;3.1, but subject to the outage/restoration provisions of Article&nbsp;5, Sky
Mexico shall pay Intelsat an MRC of Sixty-Two Thousand, Five Hundred United States Dollars
(US$62,500) per month (the &#147;<B>Sky Brasil MRC</B>&#148;) for each of the twenty-four (24)&nbsp;Customer Transponders
on the IS-16 Satellite made available by Intelsat for Sky Brasil&#146;s use. During the Sky Brasil
Exclusive Use Term, any Transponder that suffers, or previously had suffered, a Confirmed Failure
shall, unless restored to its Performance Specifications within thirty (30)&nbsp;days of such Confirmed
Failure, cease to be a Customer Transponder or be subject to this Agreement and may be used
exclusively by Intelsat for any non-interfering purpose(s), including the use of such capacity to
provide satellite transmission services to other customers of Intelsat or its Affiliates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;Notwithstanding anything to the contrary in this Agreement, (i)&nbsp;under no circumstances
will the Sky Mexico MRC and the Sky Brasil MRC be due and payable for the same period of time, (ii)
neither the Sky Mexico MRC nor the Sky Brasil MRC shall be due if Sky Mexico and Intelsat have
entered into the IS-9R Agreement prior to September&nbsp;1, 2015, and (iii)&nbsp;the Sky Mexico MRC and the
Sky Brasil MRC shall cease to be due and payable upon the execution of an IS-9R Agreement if such
execution occurs after September&nbsp;1, 2015.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.5 <U>Transmission Plan for Transponders</U>. Customer&#146;s transmissions to the Satellite
(which may be performed by one or more third party uplink providers, as provided in Section&nbsp;4.4
below) shall conform to digital transmission plans to be submitted by Customer to Intelsat and that
shall be subject to Intelsat&#146;s prior written approval, not to be unreasonably withheld. The
transmission plan shall include such information as called for in Customer&#146;s current transmission
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">plan approved by Intelsat for Customer&#146;s transmissions to IS-9 and such other technical
information as Intelsat may require in its reasonable engineering judgment to manage the operation
of its satellites. Customer shall be permitted to modify these transmission plans from time to
time, subject to Intelsat&#146;s prior written approval. Intelsat shall not unreasonably withhold or
delay its approval of a transmission plan or modification to such a plan, which approval shall be
based solely upon the considerations identified in Section&nbsp;4.1 below. Intelsat makes no
representation, warranty, or covenant regarding the efficacy of the use of any number of carriers
or other alternative uses of capacity provided under this Agreement. If not otherwise provided by
Intelsat pursuant to separate agreement, Customer will provide Intelsat, at no cost to Intelsat,
with equipment necessary to decode its signals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.6 <U>Covenants on Use</U>. Subject to the provisions of this Agreement, if the Fixed
Service Fees have been paid in full, the Customer Parties (other than a defaulting Customer Party
to whom Intelsat is entitled to deny access in accordance with Section&nbsp;7.5) and their respective
Affiliates may use the IS-16 Satellite for any lawful purpose related to their own transmissions
needs and services of whatever nature. In any circumstances in which Customer is permitted above
to allow the Customer Transponders to be used by other Affiliates, Customer shall remain ultimately
responsible to Intelsat for all such use. In such circumstances, Customer&#146;s responsibilities to
Intelsat with respect to Customer&#146;s use of Customer Transponders, Customer&#146;s transmissions to the
Satellite, Customer&#146;s programming and the responsibilities of Customer to Intelsat for other
activities hereunder shall be read to include the use, transmissions, programming, and activities
of any such other entity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.7 <U>TT&#038;C Services</U>. During the Capacity Term, Intelsat shall perform tracking,
telemetry, control, command, monitoring and other related services (collectively, the &#147;<B>TT&#038;C
Services</B>&#148;) to operate and control the Satellite at the 58&#176;W Orbital Location or, as applicable, at
the 43&#176;W Orbital Location. The TT&#038;C Services shall be performed at all times in a manner
consistent with Intelsat&#146;s standard operating procedures and processes for its own fleet. Sky
Brasil and Sky Mexico may jointly request Intelsat to relocate the IS-16 Satellite to any other
non-Intelsat orbital location <B>(</B>an &#147;<B>Alternative Location</B>"<B>) </B>and to continue provision of the TT&#038;C
Services from such location, provided that such relocation shall be subject to Intelsat&#146;s prior
consent, which it may withhold in its reasonable discretion on the basis of FCC licensing, ITU or
other similar regulatory concerns. In addition, any such relocation at the request of Sky Brasil
and Sky Mexico to an Alternative Location shall be subject to: (a)&nbsp;Intelsat&#146;s receipt of any and
all necessary or appropriate governmental authorizations (the parties acknowledging that Intelsat
will not be required to assign any regulatory authorizations to Customer related to operation of
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">the Satellite at any orbital location) and, where reasonably required, its ability to lease or
otherwise secure new equipment and/or facilities necessary to accommodate such request; (b)
Customer&#146;s reimbursement to Intelsat (within 30&nbsp;days of invoice) of its incremental costs as and
when they are incurred in completing such effort, whether or not successful, including (without
limitation) for additional internal labor, at Intelsat&#146;s then-current labor rates, associated with
the operation of the Satellite at the Alternative Location. Customer acknowledges that Intelsat
shall, in its reasonable discretion, determine the drift rate with respect to any relocation
hereunder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 2. CAPACITY TERM.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.1 <U>Capacity Term</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;This Agreement shall be effective as of the Execution Date. The &#147;<B>Capacity Term</B>&#148; shall
commence on the date (the &#147;<B>Start of Service Date</B>&#148;) that: (i)&nbsp;IS-16 has been placed in the 58&#176;W
Orbital Location (or the 43&#176;W Orbital Location, as applicable), and (ii)&nbsp;Intelsat has so certified
to Customer in writing and made one or more Transponders that meet the Performance Specifications
available to Customer for its use; provided, however, that if IS-16 suffers a &#147;Total Loss&#148; (as
defined below) prior to the Start of Service Date, Intelsat shall promptly deliver notice thereof
to Customer, and either party shall have the right to terminate this Agreement as provided in
Section&nbsp;7.1 below upon written notice to the other party, which notice must be given no later than
sixty (60)&nbsp;days following the date of Intelsat&#146;s Total Loss notice, or notice of delay to launch.
The term &#147;Total Loss&#148; is defined in <U>Appendix&nbsp;F</U> attached hereto. Intelsat shall give the
certification to Customer required for the Start of Service Date to occur, if it would be true and
correct, when the Satellite is ready to be placed into commercial service. Subject to the
foregoing, if one or more, but not all, of the Transponder(s) that constitute the Customer
Transponder Capacity meet the Performance Specifications, Intelsat shall so state in its
certification, and the Capacity Term shall commence. If any Transponder fails to meet the
Performance Specifications, and is therefore not a Customer Transponder, then: (i)&nbsp;during the
period prior to 1 September&nbsp;2015 (and if Sky Mexico contracts to procure capacity services from
Intelsat on IS-9R pursuant to the IS-9R Agreement, then during the period after the date of such
agreement), such Transponder shall remain available for Customer&#146;s use as provided herein, subject
to any applicable salvage rights under the &#147;Launch Insurance Policy,&#148; as defined below (such rights
being shown in <U>Appendix&nbsp;F</U> hereto); and (ii)&nbsp;during the Sky Mexico Exclusive Use Term or the
Sky Brasil Exclusive Use Term (as applicable), such Transponder shall (unless the Parties otherwise
agree upon an alternative payment arrangement) be reserved for Intelsat&#146;s exclusive use for any
purpose(s), including the use of such capacity to provide satellite transmission services to other
customers of Intelsat or its Affiliates.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Subject to the early termination provisions of this Agreement, the Capacity Term shall
continue until the Satellite is taken out of commercial service and permanently de-orbited pursuant
to Section&nbsp;7.2(a).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.2 <U>Pre-Start of Service Date Testing</U>. LLC shall have its manufacturer conduct the
pre-Start of Service Date testing of the Satellite in a manner that does not interfere with the
operations of IS-9 or IS-11, as applicable. Intelsat shall use all reasonable efforts to
coordinate with Customer to allow Customer, in consultation with Intelsat, to test Customer&#146;s
transmit and receive equipment to be used with the Satellite on a noncommercial basis prior to the
Start of Service Date, provided that such tests do not interfere with any in-orbit testing,
maneuvers, or other related activities that are being conducted or with any operations of IS-9.
Customer shall comply with all of the provisions of this Agreement regarding such transmissions and
any other additional restrictions of which it may be notified <I>vis-a-vis </I>the requirement not to
interfere with the in-orbit tests or related activities relative to the Satellite or with the
operations of IS-9.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.3 <U>Insurance</U>. LLC shall procure, at its own expense, launch risk management
insurance coverage (the &#147;<B>Launch Insurance Policy</B>&#148;) to insure against a &#147;Partial Loss&#148; or &#147;Total
Loss&#148; (as defined in <U>Appendix&nbsp;F</U>) affecting the IS-16 Customer Transponders that may occur
during the period commencing at the time of &#147;Intentional Ignition&#148; of IS-16 (as such term will be
defined in the Launch Insurance Policy (and such definition is provided to Customer) following
Intelsat&#146;s execution of the launch services agreement and which definition will coincide with the
time at which attachment of risk occurs under the Launch Insurance Policy) and continuing for a
period that expires at 12:01&nbsp;A.M. on the first anniversary thereof (the &#147;<B>Insurance Term</B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 3. <U>SERVICE FEE PAYMENTS</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.1 <U>Service Fees</U>. Sky Brasil and Sky Mexico shall be apportioned liability pursuant
to this Agreement in the amount of 40% and 60%, respectively (such percentages hereinafter referred
to as such Customer Party&#146;s &#147;<B>Allocated Share</B>&#148;). In accordance with their respective Allocated
Shares, Sky Brasil and Sky Mexico each agrees to pay a service fee to Intelsat as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;As partial consideration for Intelsat&#146;s provision of the IS-16 Service, Sky Brasil and Sky
Mexico shall pay Intelsat a one-time fixed service fee in the aggregate amount of Two Hundred,
Thirty-One Million, Forty-One Thousand United States Dollars (US$231,041,000) (the &#147;<B>Fixed Service Fee</B>&#148;), payable in two lump sum payments (each, an
"<B>Installment Payment</B>&#148;) as follows:
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;The first Installment Payment shall be in the amount of Forty-Six Million, One Hundred
Sixty-Two Thousand United States Dollars (US$46,162,000) and shall be due and payable within ten
(10)&nbsp;days of the Start of Service Date; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;The second Installment Payment shall be in the amount of One Hundred, Eighty-Four
Million, Eight Hundred Seventy-Nine Thousand United States Dollars (US$184,879,000) and shall be
due and payable on the last day of the Insurance Term; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;As further consideration for Intelsat&#146;s provision of the IS-16 Service and its provision
of the TT&#038;C Services, during the period commencing on the Start of Service Date hereunder and
continuing until 1 September&nbsp;2015 (such period of time to be referred to herein as the &#147;<B>Variable
Fee Period</B>&#148;), Customer shall pay Intelsat a variable monthly service fee (the &#147;<B>Variable Service
Fee</B>&#148;) of Two-Hundred Fifty Thousand U.S. Dollars (US$250,000) (with partial months pro-rated).
Notwithstanding the foregoing, during any portion of the Variable Fee Period in which either Sky
Mexico or Sky Brasil is using additional Transponder Capacity on IS-16 following an IS-9 Minimum
Complement Failure or an IS-11 Minimum Complement Failure, or fewer than nine (9)&nbsp;of the Expansion
Transponders meet the Performance Specifications and are available to Sky Mexico as described in
Section&nbsp;1.1(a) above, Customer shall pay Intelsat a reduced Variable Service Fee (the &#147;<B>Reduced
Variable Service Fee</B>&#148;) of One-Hundred Sixty-Six Thousand, Six Hundred and Sixty-Six U.S. Dollars
(US$166,666) (with partial months pro-rated) per month. The Variable Service Fee, or the Reduced
Variable Service Fee, if applicable, is inclusive of all IS-16 FCC fees (including, but not limited
to, registration fees, filing fees, regulatory fees, annual fees, etc.), other than fees that are
associated with the nature of Customer&#146;s usage (e.g., universal service fund fees) or as may be
associated with any relocation, or effort to relocate the Satellite to an Alternative Location at
Customer&#146;s direction in accordance with Section&nbsp;1.7 above. For the avoidance of doubt, Customer
shall continue to pay Intelsat the Fixed Service Fee in full notwithstanding any reduction of the
Variable Service Fees. The Fixed Service Fee and the Variable Service Fee (or the Reduced Variable
Service Fee, as applicable) are hereinafter referred to collectively as the &#147;<B>Service Fee.</B>&#148; Subject
to Sections&nbsp;1.4 and 1.7 above, at the conclusion of the Variable Fee Period, Intelsat shall
continue to provide the IS-16 Service and TT&#038;C Services free of charge to Customer (i.e., no
additional Service Fee shall be due or payable).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;If one or more of the Customer Transponder(s) does not meet the Performance Specifications
(each, a &#147;<B>Failed Transponder</B>&#148;) such that Intelsat has a claim for a Partial Loss or a Total Loss
under the Launch Insurance Policy (and provided that notice of such failure is given to Intelsat by
Sky Brasil or Sky Mexico as soon as practicable, but in event within fifteen (15)&nbsp;days, after
either of such parties learns of the occurrence of such failure to meet such Performance
Specifications), then Sky Brasil&#146;s and Sky Mexico&#146;s obligations to pay the Installment Payment(s)
shall be reduced or refunded (x)&nbsp;pro rata based upon the same proportion that the number of Failed
Transponders bears to the total number of Customer Transponders (i.e., 24); or (y)&nbsp;in full if there
is a Total Loss. With respect to each Failed Transponder, any such adjustment to the Installment
Payment(s) shall be reduced to take into account any period in which such transponder was available
for Customer&#146;s use prior to its becoming a Failed Transponder in the same manner that any claim
made by LLC under its Launch Insurance Policy would be limited to the actual loss in operational
capability based on an orbital design life of 15&nbsp;years (or, if less, the applicable mission life
under the Launch Insurance Policy). By way of example, if ten (10)&nbsp;of the Customer Transponders
are Failed Transponders as of the Start of Service Date (i.e., prior to the first Installment
Payment date), then each Installment Payment would be reduced by 41.66%. Similarly, if ten (10)&nbsp;of
the Customer Transponders become Failed Transponders eleven (11)&nbsp;months after the Start of Service
Date (but prior to the second Installment Payment date), then the second Installment Payment would
be reduced by $90,383,239 resulting in a Second Installment payment of $94,495,761 (<U>see</U>
methodology for calculating such reduction in <U>Appendix&nbsp;E</U> hereto).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Provided that LLC is not in breach of its insurance obligations as stated in Section&nbsp;2.3, each
of Sky Brasil and Sky Mexico acknowledges that it shall not be entitled to any refund or reduction
of the Fixed Service Fees if a Customer Transponder becomes a Failed Transponder such that the loss
is not covered by the Launch Insurance Policy.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;The Service Fee shall be apportioned between Sky Brasil and Sky Mexico so that Sky Brasil
and Sky Mexico shall pay a percentage of each fee that shall equal its Allocated Share thereof.
Sky Brasil&#146;s and Sky Mexico&#146;s obligation to pay its Allocated Share of such Service Fee shall be
several and not joint.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;If LLC receives any liquidated damage payment(s) from the Satellite contractor or launch
vehicle services provider for late delivery or mass penalties related to the Satellite, the Fixed
Service Fee shall be reduced by the amount of such
<FONT style="white-space: nowrap">payment(s);</FONT> provided,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">however, that Sky Mexico and Sky Brasil acknowledge that LLC may, subject to receipt of their
prior consent (not to be unreasonably withheld, conditioned or delayed), waive any liquidated
damages in connection with its oversight and management of the IS-16 procurement program.
Likewise, if LLC is required to pay the Satellite contractor and/or launch vehicle services
provider any incentive fee(s) for early delivery of the IS-16 spacecraft, the Fixed Service Fee
shall be increased by the amount of such incentive payment(s), but not by more than shown in the
contractual excerpts setting forth these incentives that are set forth in <U>Appendix&nbsp;G</U>
hereto. In the case of any adjustment of the Fixed Service Fee hereunder, the Installment Payments
shall be adjusted on a pro rata basis.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.2 <U>Manner of Payment</U>. Sky Mexico and Sky Brasil shall make all payments of their
Allocated Shares of the Variable Service Fee (or, as applicable, the Reduced Variable Service Fee)
no later than the first business day of each month of the Capacity Term and Sky Mexico shall make
all payments of the applicable MRC as set forth in Section&nbsp;1.4, in advance, no later than the first
business day of each month during the Sky Mexico Exclusive Use Term or the Sky Brasil Exclusive Use
Term, as applicable, in each case following receipt by such Customer Party of Intelsat&#146;s invoice at
least thirty (30)&nbsp;days in advance of payment (it being acknowledged that each Customer Party shall
have thirty (30)&nbsp;days following receipt of the relevant invoice to remit payment); provided that
the first Variable Service (or Reduced Variable Service Fee) payment shall be due and payable
within five (5)&nbsp;business days following the Start of Service Date and the first MRC payment shall
be due and payable within five (5)&nbsp;business days following the commencement of the Sky Mexico
Exclusive Use Term or the Sky Brasil Exclusive Use Term, as applicable (in each case as the same
shall be proportional (i.e., prorated) for a partial calendar month). In the case of Sky Mexico
invoicing, each invoice shall include the corporate name of Sky Mexico as stated in this Agreement
(including punctuation), Mexican tax identification number and correct billing address and the
amount due. Any other payments required to be made hereunder shall be due and payable thirty (30)
days from invoice. Sky Mexico and Sky Brasil shall make all payments (i)&nbsp;in U.S. dollars without
offset, deduction or withholding and (ii)&nbsp;by bank wire transfer to such bank account as Intelsat
may designate by written notice to Sky Mexico and Sky Brasil, or by cashier&#146;s or certified check,
from a U.S. bank, delivered to Intelsat at such address as Intelsat may designate by written notice
to Sky Mexico and Sky Brasil. In addition, Sky Mexico and Sky Brasil shall be responsible for
their Allocated Shares of any and all transfer, or other similar charges. All payments shall be
deemed to be made only upon Intelsat&#146;s receipt of collected funds. For the avoidance of doubt and
except as set forth in Sections&nbsp;1.3(d) and 3.1(c) and (e)&nbsp;above, each of Sky Mexico and Sky Brasil
acknowledges that it shall not be entitled to any credits, deductions or other form of set off
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">against any payment of the Service Fee (including any component thereof) due to the failure of
a Customer Transponder or any service degradation during the Capacity Term, provided that Sky
Mexico shall be entitled to outage credits against payments of the applicable MRC in accordance
with the provisions set forth in Article&nbsp;5 below. At the beginning of every calendar year,
Intelsat shall, at the Sky Mexico&#146;s request, send Sky Mexico a U.S. resident certificate for tax
purposes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.3 <U>Late Payment</U>. Any payments due from any party and not received within five (5)
days after the due date shall be subject to a delinquency charge (liquidated damages) at the rate
of one percent (1%) per month, or the highest rate permitted by law, if less, on such overdue
amount from the due date until it is actually received by the party that is owed. The parties
acknowledge that such delinquency charge is reasonable under all the circumstances existing as of
the Execution Date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.4 <U>Taxes</U>. With the exception of any Excluded Income Tax (as defined below), FCC fees
excluded under 3.1(b) above, property tax (but not including property taxes on the Satellite
itself) or employment tax imposed on Intelsat or any Affiliate of Intelsat (defined as an &#147;<B>Intelsat
Company</B>&#148;), each of Sky Mexico and Sky Brasil shall pay for and indemnify and hold harmless Intelsat
and any Intelsat Company from their respective Allocated Shares of any taxes, charges, levies,
duties, usage (for spectrum or otherwise) or other fees (including, without limitation, value added
taxes, universal service fund contribution charges, landing rights, non-U.S. income, and other
similar taxes and charges, if any) which may be asserted against Intelsat, any Intelsat Company, or
the Customer by any governmental entity with respect to or arising out of this Agreement
(collectively, &#147;<B>Taxes</B>&#148;). If any Taxes are so asserted, Sky Mexico and Sky Brasil agree to pay
Intelsat that amount, if any, which ensures that Intelsat receives the same amount, after reduction
for, or payment of, such Taxes, as it would have received had such Taxes not been asserted
(&#147;<B>Customer Indemnified Taxes</B>&#148;). If any Taxes are asserted with respect to the Satellite itself,
the point of space that it occupies or the frequencies employed, and such Taxes are not
specifically attributable to the Customer&#146;s Transponder Capacity, then Sky Mexico and Sky Brasil
shall be responsible only for its proportional allocation of such Taxes as determined by Intelsat
acting in good faith.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Notwithstanding the foregoing, each Customer Party shall be solely responsible for, and shall
pay for and indemnify and hold harmless Intelsat and any Intelsat Company from 100% of any Taxes
that relate solely to a payment made by such Customer Party to Intelsat hereunder and are not
levied in connection with or as a result of the other Customer Party&#146;s payments hereunder. Any Taxes related to payments of the Sky Mexico MRC or the Sky Brasil MRC
shall be paid by Sky Mexico.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As used herein, the term &#147;<B>Excluded Income Tax</B>&#148; means any Taxes on Intelsat&#146;s or any Intelsat
Company&#146;s net income that are imposed because of a connection between Intelsat or such Intelsat
Company and the jurisdiction imposing such Taxes other than a connection arising in respect of this
Agreement or the implementation thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 4. <U>CUSTOMER&#146;S OBLIGATIONS</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.1 <U>Non-interference and Use Restrictions</U>. Customer&#146;s transmissions to and from the
Satellite and its use of the IS-16 Service shall comply in all material respects with all
applicable governmental laws, rules and regulations. Customer will follow established practices
and procedures for frequency coordination and will not use the IS-16 Service in a manner which
would or could be expected to, under standard engineering practices, harm the Customer&#146;s
Transponder Capacity or interfere with the use of or harm any portion of the Transponder from which
the Customer&#146;s Transponder Capacity is provided that is not assigned to Customer, any other
Transponder, the Satellite, or any other in-orbit satellite or transponder on such satellite.
Customer shall also comply with the &#147;<B>Operational Requirements</B>&#148; set forth in <U>Appendix&nbsp;C</U>, as
the same may be modified from time to time by Intelsat, in its reasonable discretion and on prior
notice to Customer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.2 <U>Terrestrial Facilities</U>. Customer shall be responsible for the provision,
installation, operation, maintenance of, and for securing all necessary licenses and/or
authorizations for all earth station facilities and equipment (&#147;<B>Customer-Provided Facilities</B>&#148;), for
transmitting signals to, or receiving signals from, the Satellite in accordance with the
requirements set forth in this Agreement. Any provision by Intelsat to Customer of earth station
or other terrestrial facilities or services shall be the subject of a separate agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Subject to Intelsat&#146;s right to control its own costs, Intelsat shall provide reasonable
consultative assistance to Customer in evaluating data, setting test criteria, assessing possible
causes, and addressing associated regulatory issues that Customer may encounter with respect to any
widespread (over any particular area) terrestrial RF interference that Customer may find is
affecting the use of the Customer Transponders within Mexico (or Brazil). The foregoing
notwithstanding, it is understood and agreed that the absence of terrestrial interference is not a
Performance Specification under this Agreement.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.3 <U>Customer&#146;s Transmitting Stations</U>. Customer will configure, equip and operate its
transmit facilities so that the interface of these facilities, in outer space, with the Satellite
shall conform to the characteristics and technical parameters of the Satellite as specified in
<U>Appendix&nbsp;B</U>. Customer will follow Intelsat&#146;s procedures for initiating, or terminating any
transmission to the Satellite. Customer will operate all transmit facilities in a manner that
allows for cessation of, and will cease, transmission immediately upon receiving notice from
Intelsat under Section&nbsp;14.5(a) (&#147;<B>Telephone Notices</B>&#148;). Customer will furnish such information
regarding the technical parameters of its transmissions as may be required by Intelsat in its good
faith engineering judgment prior to commencing, during, and upon the conclusion of any transmission
to the Satellite.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For the purpose of implementing this Agreement, Intelsat shall have the right, but not the
obligation, to inspect any Customer-Provided Facilities together with associated facilities and
equipment used by Customer, or by a third party under the authority of Customer, to transmit to any
of the Customer&#146;s Transponder Capacity. Intelsat will comply with all reasonable Customer rules
and requirements associated with such facilities, and will use all reasonable efforts to schedule
inspections to minimize the disruption of the operation of the facilities, and Customer shall make
the facilities available for inspection at all reasonable times during normal business hours.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.4 <U>Customer Uplink Providers</U>. Customer shall be permitted to contract with other
parties to transmit its signals to, or receive its signals from the Satellite; provided, that
Customer requires its contractors to comply with all of the requirements of this Agreement
regarding transmissions to, or reception from, the Satellite. If Customer retains third parties as
permitted by the previous sentence, these third parties&#146; facilities shall be deemed to be
Customer-Provided Facilities and the acts and omissions of these third parties in connection with
the transmission or reception of Customer&#146;s signals shall be deemed to be the acts and omissions of
such third parties and of Customer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.5 <U>Third Party Use</U>. Without implying any right of Customer to permit any third party
use of the Customer&#146;s Transponder Capacity other than as provided herein, Customer shall be
responsible to Intelsat for any third party use or transmissions that is/are permitted by Customer
to the same extent as it would be for Customer&#146;s own use or transmissions and references in this
Agreement with respect to Customer&#146;s responsibilities to Intelsat regarding Customer&#146;s use or
transmissions shall be interpreted accordingly.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.6 <U>Consistent Application of Satellite Operating Procedures</U>. Without implying any
right of Intelsat to permit any third party use of the Satellite other than as provided herein,
Intelsat shall have similar (but not necessarily identical) restrictions not to interfere with or
cause physical harm to the Satellite, its Transponders, and other satellites and their
transponders, as contained in this Agreement with all other customers, including any of its
Affiliates, having a right to uplink to the Satellite and shall enforce these restrictions (and, to
the extent it may use them for its own services, follow these restrictions itself) in a consistent
and nondiscriminatory manner <I>vis-a-vis </I>Customer and the other customers with a right to uplink to
the Satellite. Allowing for the fact (understood and accepted by Customer) that technical
variations in the kinds of transmissions that different customers may employ, different performance
characteristics of different Transponders, differences in the use of adjacent frequencies or the
same frequencies on other satellites, other technical factors, and the use of different uplink
providers and facilities may require the application of different restrictions to achieve the same
non-interference and satellite protection goals, Intelsat shall not require Customer to follow
Operational Requirements or transmission procedures that are more stringent than those imposed upon
other customers on the same Satellite in comparable technical circumstances.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 5 <U>RESTORATION</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.1 <U>Certain Outage Definitions</U>. For purposes of determining Customer&#146;s and Intelsat&#146;s
respective rights and responsibilities in the event of a failure of Customer&#146;s Transponder
Capacity, the following definitions apply:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;"<B>Confirmed Failure</B>&#148; means Measured Failure(s) of Customer&#146;s Transponder Capacity to meet
the Performance Specifications for any of the following periods:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(i)&nbsp;six (6)&nbsp;consecutive hours;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(ii)&nbsp;ten (10)&nbsp;cumulative hours in any consecutive thirty (30)-day period;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">(iii)&nbsp;ten (10)&nbsp;or more Outage Units within any consecutive thirty (30)-day period; or
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;any period of time following a catastrophic event that makes it clearly ascertainable
that a failure described in any of clauses (i), (ii), or (iii)&nbsp;will occur.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;"<B>Measured Failure</B>&#148; means a failure of Customer&#146;s Transponder Capacity to meet the
Performance Specifications that is confirmed by Intelsat in good faith, based upon
objective engineering evidence available to it. Such a failure, if so confirmed, shall be deemed
to (i)&nbsp;commence when Customer notifies Intelsat or Intelsat otherwise has actual knowledge,
recorded at Intelsat&#146;s network operations center, of the occurrence of such a failure, and (ii)&nbsp;end
when Intelsat notifies Customer or Customer has actual knowledge (where applicable, recorded at
Customer&#146;s facilities responsible for outage monitoring) that the Customer&#146;s Transponder Capacity
has been restored and is meeting the Performance Specifications. For purposes of determining a
Confirmed Failure, any period during which Customer continues to use Customer&#146;s Transponder
Capacity after being notified by Intelsat to discontinue use to allow for testing or other remedial
measures shall not count as a period of Measured Failure.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;"<B>Outage Unit</B>&#148; means the Measured Failure of Customer&#146;s Transponder Capacity to meet its
Performance Specifications for a period of two (2)&nbsp;consecutive minutes or more; provided that any
such failure that occurs within the same one (1)&nbsp;hour period shall constitute but one and the same
failure; provided further that the foregoing exception shall not be applied to count multiple
failures that occur over a period of greater than one (1)&nbsp;hour, but each within one (1)&nbsp;hour of
another, as a single failure (e.g., three (3)&nbsp;failures, each otherwise meeting the definition of an
Outage Unit, that occur over ninety (90)&nbsp;minutes would constitute two (2)&nbsp;Outage Units, regardless
of the timing of the middle failure).
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(d) &#147;<B>Spare Equipment</B>&#148; means certain spare power component equipment units on the Satellite.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;"<B>Substitute Capacity</B>&#148; means capacity that is equivalent to Customer&#146;s Transponder Capacity
on another Transponder meeting the Performance Specifications in the same Beam(s) of the Satellite
as such Customer&#146;s Transponder Capacity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.2 <U>Exclusions</U>. A Confirmed Failure shall not be deemed to have occurred if such
failure is due to: (a)&nbsp;the failure or non-performance of any Customer-Provided Facility; (b)&nbsp;the
fault, negligent act, a failure to act of Customer, its employees, or agents; or (c)&nbsp;intermittent
failures due to sun outages, meteorological, or astronomical disturbances.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.3 <U>Restoration</U>. If, after the Start of Service Date, the Customer&#146;s Transponder
Capacity suffers a Confirmed Failure, Intelsat shall, as soon as possible and to the extent
technically feasible, employ Spare Equipment or Substitute Capacity, if available.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.4 <U>Confirmed Outage</U>. During the Sky Mexico Exclusive Use Term or the Sky Brasil
Exclusive Use Term, if any, there shall be deemed to have occurred a &#147;<B>Confirmed Outage</B>&#148; of a Customer Transponder if it fails to meet the Performance Specifications for a
continuing and uninterrupted period of thirty (30)&nbsp;minutes (or, if failure is intermittent, a
cumulative period of thirty (30)&nbsp;minutes or more during any one-hour period) and such failure is
confirmed by Intelsat. Any &#147;Outage Credit&#148; (as defined below) shall be measured in accordance with
the procedures set forth in Section&nbsp;5.5.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.5 <U>Outage Credit</U>. If there is a Confirmed Outage of a Customer Transponder during
the Sky Mexico Exclusive Use Term or the Sky Brasil Exclusive Use Term, Intelsat shall credit to
Sky Mexico its next applicable MRC payment an &#147;<B>Outage Credit</B>&#148; that shall be determined by the
following formula:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Outage Credit equals:
</DIV>
<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="92%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>N</U><BR>
M
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">multiplied by S;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">where,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">N =
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the number of hours (or portion thereof) during a month that
there is a Confirmed Outage on a particular Service Transponder</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M =
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the number of hours in the month, and</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">S =
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the MRC, applicable to the affected Customer Transponder, for
said month</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Sky Mexico shall not be entitled to any Outage Credit for any Transponder failure that does
not constitute a Confirmed Outage. For purposes of determining Outage Credits, each failure that
is confirmed by Intelsat shall be measured as commencing from the later to occur of (i)&nbsp;the
applicable Customer Party&#146;s cessation of use of the affected Customer Transponder and (ii)&nbsp;notice
from the applicable Customer Party to Intelsat of such failure (provided that the affected Customer
Transponder is, in fact, not meeting the Service Specifications). Any such failure shall be deemed
to have ended upon the earlier to occur of (i)&nbsp;the applicable Customer Party&#146;s resumption of use of
the affected Customer Transponder and (ii)&nbsp;notice to the applicable Customer Party from Intelsat
that the affected Customer Transponder has been restored to the Performance Specifications
(provided that the affected Transponder is, in fact, meeting the Performance Specifications).
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 6. <U>PREEMPTIVE RIGHTS</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.1 <U>Preemptive Rights</U>. Customer recognizes that it may be necessary, if the Satellite
or any component thereof, loses power, or in other unusual or abnormal technical situations, or
other unforeseen conditions, for Intelsat deliberately to preempt or interrupt Customer&#146;s use of
the Customer&#146;s Transponder Capacity, solely in order to protect the overall health and performance
of the Satellite, or as otherwise necessitated by any reduction in available power. Intelsat shall
make such decisions in good faith. To the extent technically feasible, Intelsat shall give
Customer at least 24 hours notice of such preemption or interruption and will use all reasonable
efforts to schedule and conduct its activities during periods of such preemption or interruption so
as to avoid or minimize the disruption to Customer, including, but not limited to, the scheduling
of activities between the hours of 12 a.m. and 6 a.m. local time in Brazil or Mexico, as
applicable. Customer shall immediately cease transmissions to the affected Transponder(s) at such
time as Customer&#146;s Transponder Capacity is preempted or interrupted pursuant to this Section.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.2 <U>Testing in the Event of Customer&#146;s Transponder Capacity Failure</U>. If a Transponder
that is part of Customer&#146;s Transponder Capacity is not meeting Performance Specifications, but
Customer elects to continue to use such Customer&#146;s Transponder Capacity, as degraded, Intelsat may
interrupt Customer&#146;s use as necessary to perform testing or take any other action that may be
appropriate to attempt to restore the affected Transponder to its Performance Specifications. In
such event, Intelsat shall coordinate activities with Customer and shall use all reasonable efforts
to avoid or minimize the overall disruption.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 7. <U>TERMINATION RIGHTS</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.1 <U>Termination for Failure or Launch Delay</U>. Either Intelsat or Customer may
terminate this Agreement if, in accordance with Section&nbsp;2.1(a), the Start of Service Date does not
occur as a result of a Total Loss. Notwithstanding the provisions of Section&nbsp;8.1, Customer may
terminate this Agreement, through written notice to Intelsat, if the IS-16 &#147;Pre-Ship Review&#148;
milestone event under its spacecraft manufacturing agreement has not occurred (which in the case of
launch vehicle delay, may require that the spacecraft be placed into storage rather than delivered
to the launch site) by the date which is thirty-four (34)&nbsp;months after the Execution Date. In the
event of any default by the satellite manufacturer or other force majeure delays that give rise to
an LLC right to terminate the IS-16 satellite procurement contract in accordance with its terms,
LLC shall give Customer notice thereof in writing. Likewise, if
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">LLC becomes aware of any fact or circumstance that would lead a reasonable person to conclude
with absolute assurance that the IS-16 &#147;Pre-Ship Review&#148; milestone event will not occur within such
34-month period, LLC shall promptly provide written notice of such determination to Customer,
together with its revised estimate of the date by which it expects the Pre-Ship Review Date to
occur (the &#147;<B>Revised Pre-Ship Review Date</B>&#148;), in which case Customer may terminate this Agreement
through written notice to Intelsat given no later than thirty (30)&nbsp;days following the date of LLC&#146;s
notice. If Customer does not timely exercise such termination right, its right to terminate this
Agreement pursuant to the second sentence of this Section&nbsp;7.1 shall be modified such that the
reference to the 34-month period is replaced with the Revised Pre-Ship Review Date.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">7.2 <U>Taking the Satellite Out Of Commercial Operation</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;LLC may take the Satellite out of commercial operation and permanently de-orbit the
Satellite in accordance with Applicable Law: (i)&nbsp;if in LLC&#146;s good faith engineering judgment, the
remaining fuel on board the Satellite is no longer sufficient to maintain geosynchronous orbit
within plus or minus 0.05 degrees, allowing sufficient fuel for de-orbiting the Satellite, or (ii)
if the Satellite suffers a Total Loss under the Launch Insurance Policy and Customer and LLC agree
in writing to take the Satellite out of commercial operation. This Agreement shall terminate on
the date that the Satellite is taken out of commercial operation. Except in exigent and unforeseen
circumstances, LLC shall give Customer at least sixty (60)&nbsp;days&#146; written notice of Intelsat&#146;s
intention to take the Satellite out of commercial operation pursuant to (a)(i) above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;At any time after Customer&#146;s payment in full of all Fixed Service Fees payable under
Section&nbsp;3.1(a) and subject to Sky Mexico&#146;s execution of the IS-9R Agreement or payment to Intelsat
of all applicable MRC charges for each remaining month of the applicable scheduled Sky Mexico
Exclusive Use Term or Sky Brasil Exclusive Use Term (based upon the then projected end of orbital
maneuver life date of IS-16, as reasonably determined by LLC), Customer may direct LLC to
decommission and take the IS-16 Satellite out of commercial service, in which case this Agreement
shall terminate upon LLC&#146;s completion of all required decommissioning maneuvers and LLC and its
Affiliates shall not be entitled to make use of any part of the Satellite.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.3 <U>Termination by Intelsat for Certain Payment Defaults</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;Provided that Intelsat is not in default of its material obligations hereunder, Intelsat
may terminate this Agreement as to either Sky Mexico and/or Sky Brasil if such party fails to make
an Installment Payment (an &#147;<B>Installment Payment Default</B>&#148;) or any applicable MRC payment when due
(an &#147;<B>MRC Payment Default</B>&#148;) and such amount remains unpaid for a period of thirty (30)&nbsp;days after
receiving from Intelsat a notice of such nonpayment. Upon notice from Intelsat of default, either
Customer Party may cure the failure to pay within the thirty (30)&nbsp;day period referenced above.
Absent such cure, if only one Customer Party is a defaulting Customer Party, Intelsat&#146;s right to
terminate under this Section&nbsp;7.3 shall be limited to the defaulting Customer Party. For purposes
hereof, an MRC Payment Default shall include Sky Brasil&#146;s failure to pay in a timely manner a Sky
Brasil Substitute MRC Payment in accordance with Section&nbsp;1.4(a) if Sky Brasil is required to do so
under that section.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;Provided that Intelsat is not in default of its material obligations hereunder, Intelsat
may also terminate this Agreement as to either Sky Mexico and/or Sky Brasil if that party (or the
other non-defaulting party) fails to cure the breach of its monthly Variable Service Fee or Reduced
Variable Service Fee obligations within nine (9)&nbsp;months after receiving a notice of such nonpayment
from Intelsat (a &#147;<B>Variable Fee Payment Default</B>&#148;). Upon notice from Intelsat of default, either
Customer Party may cure the failure to pay within the nine (9)&nbsp;month period referenced above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;In the event that Intelsat terminates this Agreement due to an Installment Payment Default
or Variable Fee Payment Default under Section&nbsp;7.3(a) or Section&nbsp;7.3(b), (i)&nbsp;Intelsat may, as its
sole remedy, declare immediately due and payable the defaulting Customer Party&#146;s Allocated Share of
the remaining unpaid Fixed Service Fee, if any, and Variable Service Fee (or, if applicable, the
Reduced Variable Service Fee) for each remaining month of what had been the scheduled Variable Fee
Period, and (ii)&nbsp;if Sky Mexico is the defaulting Customer Party, Intelsat may, in addition to the
payments under the preceding clause (i), declare immediately due and payable the Sky Mexico MRC
payments for each month of what would have been the Sky Mexico Exclusive Use Term had the
conditions required in order to commence such term been satisfied, as such Service Fee and MRC
payments shall be discounted for present value at a rate of nine percent (9%) per annum from the
date paid to the date otherwise due in the absence of termination, and the defaulting Customer
Party (or the non-defaulting Customer Party, at its option and discretion) shall pay the same (the
"<B>Termination Payment</B>&#148;). For purposes of this subparagraph (c), the duration of the Sky Mexico
Exclusive Use Term will be based upon the then projected end of orbital maneuver life date of
IS-16, as reasonably determined by Intelsat in accordance with industry standards).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the event of a partial termination by Intelsat due to an Installment Payment Default or a
Variable Fee Payment Default as contemplated in Section&nbsp;7.3(a) or Section&nbsp;7.3(b), or denial of
access under Section&nbsp;7.5(a)(i) or (ii), the non-defaulting Customer Party&#146;s rights to use the
Customer&#146;s Transponder Capacity hereunder shall be reduced in accordance with each Customer Party&#146;s
Allocated Share (disregarding any partial transponders), but otherwise shall not be affected,
except that in no event shall the non-defaulting Customer Party permit the use of its remaining
Customer Transponder Capacity, directly or indirectly, by or on behalf of the defaulting Customer
Party. For example, if Sky Brasil is the defaulting Customer Party and Sky Mexico would otherwise
be entitled to use 24 Customer Transponders on IS-16 at the 58&#176;W Orbital Location, then, for such
period as Sky Mexico&#146;s Allocated Share is 60%, Sky Mexico shall be allowed to use only 60% of the
Customer Transponders (viz., 14 transponders). Likewise, if Sky Mexico is the defaulting Customer
Party, Sky Brasil shall be allowed to use only 40% of the Customer Transponders (viz., 10
transponders).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the event of a partial (or full) termination by Intelsat due to an MRC Payment Default as
contemplated in Section&nbsp;7.3(a), Intelsat may declare immediately due and payable from Sky Mexico
the remaining Sky Mexico MRC payments and/or Sky Brasil MRC payments in the same manner as
contemplated under clause (c)(ii) above (the &#147;<B>MRC Damages</B>&#148;) and may also refuse to allow Sky Mexico
to use any portion of the Customer&#146;s Transponders, provided, however, that in such case if Sky
Brasil is not in material default hereunder Intelsat may not deny Sky Brasil&#146;s right to use the
Customer&#146;s Transponder Capacity in accordance with the terms of this Agreement and Sky Brasil&#146;s
rights hereunder shall not be adversely affected as a result of an MRC Payment Default, subject to,
in the case of an MRC Payment Default related to Sky Mexico&#146;s payment obligations under Section
1.4(b), Sky Brasil&#146;s execution of an IS-11 Replacement Agreement or its timely payment of the Sky
Brasil Substitute MRC Payments as contemplated under Section&nbsp;1.4(a) above. In addition, if Sky
Brasil fails to cure any default of its obligations to make the Sky Brasil Substitute MRC Payments
under Section&nbsp;1.4(a) above within thirty (30)&nbsp;days after receiving from Intelsat a notice thereof,
Intelsat may terminate this Agreement as to Sky Brasil and deny Sky Brasil the right to use the
Customer Transponder Capacity hereunder in which case Sky Brasil shall (in addition to Sky Mexico)
be liable for the MRC Damages accruing from and after the date on which Sky Brasil became obligated
to make the Sky Brasil Substitute MRC Payments under Section&nbsp;1.4(a). Notwithstanding the
foregoing, Sky Brasil shall not permit Sky Mexico or Sky Mexico&#146;s Affiliates to use any capacity on
IS-16 if there has been a termination due to an MRC Payment Default.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;Notwithstanding anything in this Agreement to the contrary, Intelsat shall have an
affirmative obligation to use commercially reasonable efforts to mitigate its damages in the event
of a termination pursuant to this Section&nbsp;7.3.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;In the case of any termination pursuant to Section&nbsp;7.3(a) or a termination pursuant to
Section&nbsp;7.3(b) above due to an MRC Payment Default, subject to Intelsat&#146;s receipt of the
Termination Payment, if applicable, any &#147;Gross Revenues&#148; (as defined below) thereafter received by
Intelsat from the sale or lease of IS-16 capacity shall be shared as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;Intelsat shall pay to each of Sky Brasil and to Sky Mexico its Allocated Share of fifty
percent (50%) of the Gross Revenues received by Intelsat and/or its Affiliates and/or any Intelsat
Company. As used herein, the term &#147;<B>Gross Revenues</B>&#148; shall mean the gross cash revenues paid to and
collected by Intelsat or its Affiliates or any Intelsat Company, as the case may be, from third
party customers during any given calendar year, in consideration of their use of the available
Customer&#146;s Transponder Capacity (the &#147;Available Capacity&#148;). Gross revenues are to be computed in
accordance with United States generally accepted accounting principles;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;Intelsat may market and sell the Available Capacity to its customers on such terms and
conditions as it may deem appropriate in its sole discretion. Intelsat&#146;s customer contracts shall
remain confidential and shall not be disclosed to Customer or its Affiliates; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;Intelsat shall remit to Customer its share of revenues received each month on or around
the last business day of the month following the month in which payments were received. Intelsat
shall maintain accurate books and records of the third party customer revenues, and shall provide
to Customer a monthly report setting forth such information, together with any payments as provided
above. Customer may, upon fourteen (14)&nbsp;business days&#146; notice to Intelsat, arrange for an
independent, U.S. nationally recognized accounting firm (reasonably acceptable to Intelsat) to
conduct an audit of Intelsat&#146;s books and records with respect to revenues from the sale of such
Available Capacity. Customer shall pay the cost of the audit, except that in the event an audit
indicates a shortfall in the required revenue share payments of more than 10%, Intelsat shall pay
the reasonable cost and expenses of the audit.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.3A The foregoing notwithstanding, Intelsat shall not be permitted to terminate this
Agreement under Section&nbsp;7.3 if, for reasons beyond the reasonable control of Customer and any of
its Affiliates, either Customer Party is prohibited by a law of general applicability from making
payments to Intelsat (a &#147;<B>Payment Force Majeure</B>&#148;) and all of the following conditions are met: (i)
regardless of any Payment Force Majeure, the Customer Party (or a third party on such party&#146;s
behalf) makes payment, including late payment charges, of all unpaid amounts within either (A)
sixty (60)&nbsp;days of the date otherwise due, or (B)&nbsp;ninety (90)&nbsp;days of the date otherwise due
(without regard to the application of the letter of credit specified below) if prior to the Payment
Force Majeure event, such party shall have caused a New York commercial bank, acceptable to
Intelsat, to provide Intelsat with a letter of credit, in form and substance acceptable to
Intelsat, for its Allocated Share of any unpaid Fixed Service Fees and one month&#146;s payment of the
Variable Service Fee or the applicable MRC (as applicable, depending upon the timing of such
Payment Force Majeure during the Capacity Term, and as measured as of the time of the Payment Force
Majeure), entitling Intelsat to draw down payment upon notification to it by the Customer Party of
the existence of a Payment Force Majeure and Intelsat shall, in fact, have been permitted to draw
down such amount (so that the Customer Party&#146;s total permitted late payment under this paragraph is
no more than sixty (60)&nbsp;days); (ii)&nbsp;the Customer Party promptly notifies Intelsat of the existence
of the Payment Force Majeure (in all cases within any grace period for nonpayment otherwise
permitted under Section&nbsp;7.3(a) above or within thirty (30)&nbsp;days for any nonpayment under Section
7.3(b) above), uses all reasonable efforts to have the condition giving rise to the Payment Force
Majeure removed as soon as possible, and (iii)&nbsp;the Customer Party uses all commercially reasonable
and legal methods to have payment made as soon as possible, from sources (including, on such
party&#146;s behalf, from Customer Affiliates) as to which the Payment Force Majeure does not apply, and
keep Intelsat promptly apprised of such efforts.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If all of the conditions set forth above, except (i)&nbsp;are met, Intelsat shall still have the
right to exercise all of the remedies stated in Section&nbsp;7.3; provided that, in such circumstances,
if within one hundred and eighty (180)&nbsp;days of the permitted termination of this Agreement, the
Customer Party is able to make payments, including for the period during which this Agreement was
terminated (less any payment Intelsat may have received from third parties for the relevant
capacity during this period), to the extent that Intelsat has not already committed the Customer&#146;s
Transponder Capacity to other customers or relocated the Satellite to a different orbital location,
it shall permit the Customer Party to recommence the operation of this Agreement, upon payment of
such amounts, the next monthly payment due, and late payment charges.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.4 <U>Termination by Customer for Intelsat&#146;s Failure to Provide TT&#038;C Services</U>. Provided
that neither Customer Party is in default of its material obligations hereunder and the Fixed
Service Fee has been paid, Customer, through written notice signed by both Customer Parties, may
terminate this Agreement as to Intelsat&#146;s provision of TT&#038;C Services, if Intelsat is in material
breach of its obligations to perform such TT&#038;C Services hereunder (i.e., Intelsat fails to perform
the TT&#038;C Services at all times in a manner consistent with Intelsat&#146;s standard operating procedures
and processes for its own fleet), and such failure to perform the services has or will adversely
impact one or more Customer Party&#146;s ability to fully use IS-16 as contemplated herein. Intelsat
shall have thirty (30)&nbsp;days after receipt of Customer&#146;s notice of default to cure such breach,
which notice in all events shall have stated the specific nature of such alleged breach. In the
event of termination of Intelsat&#146;s TT&#038;C services, Cu<B>s</B>tomer shall be responsible for the provision
of TT&#038;C Services for the Satellite (and shall assume Intelsat&#146;s obligations under Section&nbsp;1.7
related to the performance thereof), and Intelsat shall pay Customer&#146;s direct, out of pocket,
non-recurring expenses, as and when reasonably incurred, to do so or to have a third party vendor
perform such services, which costs shall be subject to Intelsat&#146;s rights of audit, subject to the
same audit provisions as set forth in Section&nbsp;7.3 above, applied <I>mutatis mutandis, </I>and which costs
shall in no event exceed the aggregate Variable Service Fee that is payable under this Agreement.
At Customer&#146;s request, Intelsat shall cooperate in good faith to assist Customer in effecting an
orderly transition of TT&#038;C Services to such third party vendor.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">7.5 <U>Right to Deny Access</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;Intelsat may deny a Customer Party&#146;s access to the relevant Customer Transponder(s) in any
circumstance in which:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;Intelsat would have the right to terminate this Agreement as to such Customer Party for
cause under Section&nbsp;7.3, provided that any notice that would be required for termination under
Section&nbsp;7.3 is also given for any such denial of access and Customer fails to cure any situation
giving rise to such right within the applicable cure period; or
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;Such Customer Party fails to make a Variable Service Fee Payment or Reduced Variable
Service Fee Payment when due and such amount remains unpaid within thirty (30)&nbsp;days after receiving
from Intelsat a notice of such nonpayment. Upon notice from Intelsat of non-payment, either
Customer Party may cure the failure to pay within the thirty (30)&nbsp;day period referenced above; or
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iii)&nbsp;Either Customer Party breaches its obligations under Sections&nbsp;4.1 or 6.1 and such
breach is harming (or would or could be expected, under standard engineering practice, to harm) the
Customer&#146;s Transponder Capacity, or is interfering with the use of or is harming (or would or could
be expected, under standard engineering practice, to harm) the Satellite, any other in-orbit
satellite or transponder on such satellite or any terrestrial communication facility; or
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(iv)&nbsp;Such Customer Party is in material breach of Customer&#146;s obligations under Sections&nbsp;3.4,
4.1 (if not otherwise covered under clause (iii)&nbsp;above), 4.3, 9.3, 12.2(c), 12.3 or 12.4 hereof and
fails to cure such breach within thirty (30)&nbsp;days after receiving from Intelsat a notice of such
violation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;The affected Customer Party shall cease transmissions to the Satellite upon notice of
denial of access by Intelsat under this Section&nbsp;7.5. Intelsat may continue to deny the Customer
Party access under this Section&nbsp;7.5 until, and only until, the material breach referenced in
Section&nbsp;7.5(a) above is cured. No denial of access properly made by Intelsat under this Section
7.5 shall result in any reduction or rebate of the Service Fee payments, which shall continue to be
due and payable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;For purposes of clarification, if the conduct giving rise to Intelsat&#146;s right to deny
access under Section&nbsp;7.5(a) involves only the act or omission of one of the Customer Parties (the
<B>&#147;Breaching Customer Party"</B>), but not the other Customer Party (the &#147;<B>Non-Breaching Customer Party</B>&#148;),
then Intelsat shall only deny access to the Breaching Customer Party and the remedies set forth in
Section&nbsp;7.5(b) shall only apply as to the Breaching Customer Party; provided, however, that, if the
provisions of Section&nbsp;7.5(a)(i), (ii)&nbsp;or (iv)&nbsp;give rise to the right to deny access, the
Non-Breaching Customer Party&#146;s rights to use the Customer&#146;s Transponder Capacity for all purposes
hereunder shall be reduced in accordance with each Customer Party&#146;s Allocated Share in the same
manner as described in Section&nbsp;7.3(c) above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;During the period that access is denied under this Section&nbsp;7.5, Intelsat shall not use any
portion of the Satellite or the Customer Transponders for itself, any Intelsat Affiliate or any
third party customer.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.6 <U>Termination for Patent Infringement</U>. In the event that: (a)&nbsp;Intelsat&#146;s provision
of the Customer Transponders infringes upon the patents or intellectual property rights of third
parties; (b)&nbsp;such infringement exists independent of the combination of the Customer Transponders
with any Customer-Provided Facilities; and (c)&nbsp;as a result, Customer cannot use the Customer
Transponders without infringing upon the patent or intellectual property rights of third parties,
Customer may terminate this Agreement as to the affected Satellite upon thirty (30)&nbsp;days&#146; notice to
Intelsat, unless (i)&nbsp;such infringement ceases to exist within this thirty (30)-day notice period;
or (ii)&nbsp;Intelsat agrees that it will indemnify and defend Customer and Customer&#146;s Affiliates from
and against the infringement of patents or intellectual property rights of third parties to the
full extent that Intelsat is indemnified by the Satellite manufacturer, and (to the extent that
Customer is not fully protected under the indemnity provided by LLC&#146;s Satellite manufacturer),
Intelsat shall indemnify and hold harmless Customer from any claim or suit based on such
infringement and arising from Intelsat&#146;s provision and Customer&#146;s use of the Customer Transponders.
Customer agrees to cooperate with LLC and the Satellite manufacturer, as applicable, in the
defense of any such infringement claim and specifically agrees, as a condition to this indemnity,
to take all commercially reasonable steps within its power (at LLC&#146;s expense) that are required of
it and/or that are necessary for LLC to take in order to receive the benefits of the Satellite
manufacturer&#146;s indemnify, in accordance with the relevant provisions of LLC&#146;s contract with the
Satellite manufacturer.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.7 <U>Rights and Obligations upon Termination</U>. Upon termination of this Agreement in
accordance with either of Sections&nbsp;7.2(a), 7.4 or 7.6: Intelsat shall promptly refund to Customer
any portion of the Variable Service Fee (or Reduced Variable Service Fee, as applicable) or
applicable MRC previously paid applicable to any period after the date of such termination. The
termination of this Agreement for any reason shall extinguish all of Intelsat&#146;s obligations to
provide, and Customer&#146;s obligations to accept, the Customer Transponder Capacity, but shall not
relieve either party of any obligation that may have arisen prior to such termination, including
(without limitation), under Sections&nbsp;7.3 or 7.4 above, nor shall termination affect the parties&#146;
obligations under Article&nbsp;9 (Limitation of Liability and Indemnification), Article&nbsp;11
(Confidentiality), Section&nbsp;13.4 (Export Law Restrictions), and Section&nbsp;14.1 (applicable law and
jurisdiction provisions) that shall survive the termination of this Agreement. Unless this
Agreement is terminated under Section&nbsp;7.1 above, the termination of this Agreement for any reason
shall neither extinguish Customer&#146;s obligation to pay (if not already paid) or entitle Customer to
a refund of the Fixed Service Fee obligations, nor shall such a termination extinguish any rights
that Customer may have as to a refund under Section&nbsp;3.1.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.8 <U>Other Non-Monetary Defaults</U>. If any Customer Party shall default in the
performance of any of its obligations herein other than those related to payment of the Service
Fee or the applicable MRC (which are addressed in Sections&nbsp;7.3(a) and (b)&nbsp;above), Intelsat may
pursue all remedies available at law or in equity, except that it shall not be entitled to
terminate this Agreement as a result of any such default.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 8. <U>FORCE MAJEURE</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.1 <U>Excused Conduct</U>. Other than an obligation to make payment (and except as
otherwise provided in Section&nbsp;7.3A), any failure or delay in performance by either party shall not
be a breach of this Agreement, if such failure or delay results from any Act of God, governmental
action (whether in its sovereign or contractual capacity), or any other circumstance reasonably
beyond the control of such party, including, but not limited to, receive earth station sun outage,
meteorological or astronomical disturbances, earthquake, hurricane, snowstorm, fire, flood, strikes
or labor disputes (to the extent not caused by Intelsat), war, civil disorder, terrorist acts,
epidemics, quarantines, embargoes, or any contractual defaults by the Satellite manufacturer or
launch vehicle service provider (each, a &#147;<B>Force Majeure Event</B>&#148;). This Section&nbsp;8.1 shall not apply
unless the impacted party provides written notice to the other within thirty (30)&nbsp;business days of
the impacted party&#146;s knowledge of the occurrence of a Force Majeure Event and such party&#146;s
realization that its ability to perform will be adversely impacted. Such notice shall include a
detailed explanation of the event (including its estimated duration), an estimated impact of the
event, and the impacted party&#146;s mitigation plan. Each party shall use commercially reasonable
efforts to eliminate or mitigate the impact of any force majeure condition upon its performance
pursuant to this Agreement. Nothing herein shall be deemed to permit Customer to transmit to the
Satellite in a manner that does not comply with Customer&#146;s obligations hereunder, i.e., if a Force
Majeure Event prevents compliant transmission, no transmission should be made. The parties
acknowledge that nothing in this Section&nbsp;8.1 shall affect the parties&#146; respective rights to
terminate this Agreement under Section&nbsp;7.1 above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 9. <U>LIMITATION OF LIABILITY AND INDEMNIFICATION</U>.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">9.1 <U>Limitations of the Parties&#146; Liability</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Limitation of Intelsat&#146;s Liability</U>. EXCEPT AS EXPRESSLY STATED HEREIN, ANY AND
ALL EXPRESS AND IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR
FITNESS FOR ANY PURPOSE OR USE, ARE EXPRESSLY EXCLUDED AND DISCLAIMED, EXCEPT THAT THE
CERTIFICATION, IF GIVEN, BY INTELSAT UNDER SECTION 2.1, SHALL BE
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">TRUE AS OF THE TIME THAT IT IS GIVEN. IT IS EXPRESSLY AGREED THAT INTELSAT&#146;S SOLE OBLIGATION AND
CUSTOMER&#146;S EXCLUSIVE REMEDIES FOR ANY CAUSE WHATSOEVER ARISING OUT OF OR RELATING TO THIS AGREEMENT
UNDER ANY THEORY OF LAW OR EQUITY ARE LIMITED TO THOSE SET FORTH IN ARTICLES 5, 7 AND 9 BELOW AND
ALL OTHER REMEDIES, INCLUDING (WITHOUT LIMITATION) ANY THAT MIGHT OTHERWISE APPLY UNDER ANY UNIFORM
COMMERCIAL CODE OF ANY KIND ARE EXPRESSLY EXCLUDED. Except with respect to Intelsat&#146;s
indemnification obligations contained in Sections&nbsp;7.6 and 9.3 and, if applicable, through any
manufacturer&#146;s indemnification under Section&nbsp;9.5, in no event shall Intelsat be liable for any
incidental or consequential damages or loss of revenues, whether foreseeable or not, occasioned by
any defect in the Satellite, the Transponders or the provision of Customer&#146;s Transponder Capacity
to Customer, any delay in the provision of Customer&#146;s Transponder Capacity to Customer, any failure
of Intelsat to provide Customer&#146;s Transponder Capacity, or any other cause whatsoever arising under
or related to this Agreement. For purposes of this Article&nbsp;9, the term &#147;Intelsat&#148; shall include
LLC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Limitation of Customer&#146;s Liability</U>. IT IS EXPRESSLY AGREED THAT CUSTOMER&#146;S SOLE
OBLIGATION AND INTELSAT&#146;S EXCLUSIVE REMEDIES FOR ANY CAUSE WHATSOEVER ARISING OUT OF OR RELATING TO
THIS AGREEMENT UNDER ANY THEORY OF LAW OR EQUITY ARE LIMITED TO THOSE SET FORTH OR DESCRIBED IN
ARTICLES 7, 9 and 12, AND ALL OTHER REMEDIES, INCLUDING (WITHOUT LIMITATION) ANY THAT MIGHT
OTHERWISE APPLY UNDER ANY UNIFORM COMMERCIAL CODE OF ANY KIND ARE EXPRESSLY EXCLUDED. In no event
shall Customer be liable for any incidental or consequential damages or loss of revenues (other
than for the Service Fee due hereunder), whether foreseeable or not, occasioned by any cause
whatsoever arising under or related to this Agreement; provided that this limitation shall not
apply to Customer&#146;s obligations under any of Sections&nbsp;3.4, 9.3, 12.2, 12.3, or 12.4 hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.2 <U>Limitation of Liability of Others</U>. Without limiting the generality of the
foregoing, Customer acknowledges and agrees that it shall have no right of recovery for the
satisfaction of any cause whatsoever, arising out of or relating to this Agreement, against (a)&nbsp;any
Intelsat Company (unless such entity is a successor or assignee of Intelsat as provided by Sections
10.3 and/or 10.5), except Intelsat Corporation, (b)&nbsp;any supplier of services or equipment to
Intelsat in connection with the construction, launch, operation, maintenance, tracking, telemetry
and control of the Satellite or the Customer&#146;s Transponder Capacity, or the provision of
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Customer&#146;s Transponder Capacity to Customer in any circumstances in which Intelsat would be
obligated to indemnify the supplier, or (c)&nbsp;any officer, director, employee or agent of Intelsat or
any Intelsat Companies. Intelsat acknowledges and agrees that it shall have no right of recovery
for the satisfaction of any cause whatsoever, arising out of or related to this Agreement, against
(a)&nbsp;any Customer Affiliate (unless such entity is a successor or assignee of Customer as provided
by Sections&nbsp;10.4 and 10.5) except with respect to any Customer Affiliate to the extent arising out
of the transmission of signals to the Satellite by it, (b)&nbsp;any supplier of services or equipment or
third party customer of Customer in connection with Customer&#146;s use of the Satellite or the
Customer&#146;s Transponder Capacity in any circumstance in which Customer would be obligated to
indemnify the supplier or third party customer, or (c)&nbsp;any officer, director, employee, agent or
partner of Customer or Customer Affiliate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.3 <U>Indemnification</U>. Customer shall indemnify and save harmless the &#147;<B>Intelsat Group</B>&#148;
(defined herein to mean Intelsat, all Intelsat Companies, and all officers, employees, agents and
shareholders of Intelsat and/or the Intelsat Companies) from any third party claims, liabilities,
losses, costs, or damages, including reasonable attorneys&#146; fees and costs (collectively,
"<B>Liability</B>&#148;), arising out of: (a)&nbsp;Customer&#146;s use of the Customer&#146;s Transponder Capacity, including
any actual or alleged libel, slander, obscenity, indecency, infringement of copyright, breach in
the privacy or security of transmissions; or (b)&nbsp;Customer&#146;s breach of its obligations under
Sections&nbsp;4.1, 6.1 or 7.5(b) (including, without limitation, any damage to the Satellite as a result
of Intelsat turning off and/or attempts to turn off a Transponder to which Customer does not cease
transmission (<I>e.g., </I>if the Transponder then cannot be restarted) and provided that such damage is
not caused by Intelsat&#146;s negligence (e.g., improperly shutting off the Transponder); or (c)
disputes between or among Customer and its transmission recipients or its programs or other
transmission content suppliers; or (d)&nbsp;any dispute between or among DIRECTV, Sky Brasil and Sky
Mexico related to the Satellite. The indemnifications set forth in this Article&nbsp;9 shall run in
favor of the Intelsat Group.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Intelsat shall indemnify and save harmless Customer and/or Customer&#146;s Affiliates (including
all officers, employees, agents and shareholders of Customer and/or Customer&#146;s Affiliates) from any
Liability arising out of any dispute between or among the Intelsat Group and/or any supplier of
services or equipment to Intelsat in connection with the construction, launch, operation,
maintenance, or control related to the Satellite. The indemnifications set forth in this Article&nbsp;9
shall run in favor of the Customer and Customer&#146;s Affiliates.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.4 <U>Injunctive Relief</U>. Nothing herein shall be deemed to preclude either party from
seeking injunctive relief, if necessary, in order to prevent the other from willfully or
intentionally breaching its material obligations under this Agreement or to compel the other to
perform its material obligations under this Agreement in the event of a willful or intentional
failure to comply with this Agreement, including, without limitation, in the event of a material
breach by Intelsat of its obligations to provide TT&#038;C Services.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.5 <U>Patents, Copyrights, Mask Work Rights and Proprietary Computer Programs</U>. Intelsat
shall, subject to the following sentence, make available to Customer and Customer&#146;s Affiliates all
indemnifications, if any, that the manufacturer of the Satellite provides to Intelsat pursuant to
the Satellite Construction Contact for any infringement of any patent, copyright, &#147;<B>mask work</B>&#148; (as
defined in the Semiconductor Chip Protection Act, 17 U.S.C. Secs. 901-14) right or other
proprietary data right with respect to the manufacture of, or provision of services from the
Satellite and the Customer Transponders. To the extent such indemnification rights are limited,
Intelsat may equitably share such indemnification protections for the common benefit of Intelsat
and its customers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.6 <U>Indemnitor Rights</U>. If Customer is obligated to provide indemnification pursuant
to any of Sections&nbsp;3.4, 9.3, 12.2, 12.3, or 12.4 or Intelsat is obligated to provide
indemnification pursuant to any of Sections&nbsp;7.6, 9.3 or 9.5, the indemnifying party (the
"<B>Indemnitor</B>&#148;) shall promptly defend any claims against the party entitled to indemnification (the
"<B>Indemnitee</B>&#148;) with counsel of Indemnitor&#146;s choosing at its own cost and expense. The Indemnitee
shall allow the Indemnitor to control the defense and cooperate with, and assist as reasonably
requested by, Indemnitor in the defense of any such claim, including the settlement thereof on a
basis stipulated by Indemnitor (with Indemnitor being responsible for all costs and expenses of
defending such claim or making such settlement). Except with respect to Customer Indemnified Taxes
imposed by way of withholding at its source, Indemnitor will not, without the Indemnitee&#146;s consent,
settle or compromise any claim or consent to any entry of judgment which (i)&nbsp;does not include the
giving by the claimant or the plaintiff to the Indemnitee of an unconditional release from all
liability for which the Indemnitor does not fully indemnify the Indemnitee with respect to such
claim (provided, however, that with respect to Customer Indemnified Taxes imposed by way of
withholding at the source, Indemnitor shall have acknowledged in writing its obligation to pay
Additional Amounts, with respect thereto to Indemnitee prior to such settlement, compromise or
consent), or (ii)&nbsp;would have a material adverse effect on the Indemnitee or require it to alter its
operations in any materially adverse respect. The Indemnitee shall be entitled to participate at
its sole expense in support of
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indemnitor&#146;s action in the defense of any such claim and to employ counsel at the Indemnitee&#146;s own
expense to assist in the handling of such claim. The Indemnitee shall have the right to settle or
compromise any such claim as to itself, provided that in such event Indemnitor shall be relieved of
any liability or obligation which would otherwise then or thereafter have existed or arisen in
respect of such claim.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">ARTICLE 10. <U>SUBORDINATION AND ASSIGNMENT</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.1 <U>No Property Interest Created</U>. This Agreement does not grant, and Customer shall
not assert, any property right or interest in or to, or lien upon, the property or assets of
Intelsat, including, but not limited to, Customer&#146;s Transponder Capacity, any Intelsat satellite
and/or any component(s) thereof and/or any related equipment (collectively, the &#147;<B>Intelsat Assets</B>&#148;).
Without prejudice to and/or waiver of the protection of the Intelsat Assets provided for in the
preceding sentence, Customer hereby grants to Intelsat, as security for the obligations of Customer
under this Agreement, a first priority security interest in any property right, title or interest
of any kind which Customer may be deemed to have in and/or to all or any part of the Intelsat
Assets and/or any and all proceeds thereof. Such security interest shall remain in effect until
Customer has paid the Fixed Service Fee in full.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.2 <U>Subordination</U>. Customer acknowledges and agrees that Intelsat has granted, and
may grant in the future, security interests in the Intelsat Assets to other parties, subject to the
secured party&#146;s agreement to grant quiet enjoyment in accordance with provisions that are
substantially similar to those set forth in <U>Appendix&nbsp;D</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.3 <U>Intelsat&#146;s Right to Assign</U>. Intelsat may not assign its rights under this
Agreement without the consent of Customer, which shall not be unreasonably withheld, conditioned or
delayed (Intelsat acknowledges that a requirement by Customer for Intelsat to guarantee the
performance of any such assignee shall not be unreasonable). Notwithstanding the foregoing,
Customer agrees that Intelsat may assign its rights and interests under this Agreement and to the
Satellite and any or all sums due or to become due under this Agreement to an Affiliate for any
reason, provided that: (i)&nbsp;such assignee is legally qualified to perform all of Intelsat&#146;s
obligations hereunder to the extent so assigned (to the same extent as would be Intelsat); (ii)&nbsp;if
the assigned obligations include the operation of the Satellite, such assignee is or contracts with
another entity who is, technically competent to operate the Satellite; and (iii)&nbsp;any such
assignment shall not release Intelsat from its obligations hereunder. Customer agrees that upon
receipt of written notice from Intelsat of such assignment, Customer shall perform all of its
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">obligations directly for the benefit of the assignee and shall pay all sums due or to become due
directly to the assignee, if so directed. Upon receipt of notice of such assignment, Customer
agrees to execute and deliver to Intelsat such documentation as assignee may reasonably require
from Intelsat. As used in this Article&nbsp;10, &#147;<B>assign</B>&#148; shall mean to grant, sell, assign, encumber or
otherwise convey directly or indirectly, in whole or in part.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.4 <U>Customer Assignment</U>. Neither Customer nor any Customer Party may assign its
rights under this Agreement and/or to the Customer Transponders without the consent of Intelsat,
which shall not be unreasonably withheld, conditioned or delayed (Customer acknowledging that a
requirement by Intelsat for Customer to guarantee the performance of any such assignee shall not be
unreasonable). Notwithstanding the foregoing, each of Sky Mexico and Sky Brasil (the &#147;<B>Assigning
Customer</B>&#148;) may assign its rights under the Agreement without Intelsat&#146;s consent to: (i)&nbsp;the other
Customer Party, whereupon all rights with respect to the use of IS-16 and notices related thereto
shall vest exclusively in the assignee, provided that neither the Assigning Customer nor the
assignee is in default hereunder and provided that such assignment does not release the Assigning
Customer from its obligations hereunder<I>; </I>(ii)&nbsp;any Affiliate of Customer, provided that any such
assignment shall not release either Sky Mexico or Sky Brasil from its obligations hereunder, and/or
(iii)&nbsp;in a sale-lease back transaction with a <U>bona</U> <U>fide</U> financial institution, but
only if such a sale-lease back transaction is transparent to Intelsat; <U>i.e.</U>, among other
things, Customer or its Affiliate must remain in operational control with full rights of beneficial
use of the Customer Transponders; all obligations of the Agreement of Customer shall remain as if
the sale-lease back agreement does not exist, and in no event, including (without limitation) any
default by Customer under the underlying sale-lease back agreement(s), shall operational control or
beneficial use of the Customer Transponders be removed from Customer&#146;s or Customer&#146;s Affiliate&#146;s
control. Without limitation, any assignee shall be required to use the Transponders assigned in
accordance with Section&nbsp;1.6. The parties acknowledge that any assignment by either Customer Party
shall require an amendment to any applicable ITAR export licenses and technical assistance
agreements obtained pursuant to Section&nbsp;13.4 below. Notwithstanding the foregoing, as a condition
to any permitted assignment above, Innova and/or DIRECTV, as applicable, shall re-affirm its parent
company guarantee entered into pursuant to Section&nbsp;15.1 below in a form reasonably acceptable to
Intelsat, and any failure to obtain such re-affirmation shall make any purported assignment null
and void.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.5 <U>Successors</U>. Subject to all the provisions concerning assignments, above, this
Agreement shall be binding on and shall inure to the benefit of any successors and assigns of the
parties; provided that no assignment of this Agreement shall relieve any party of its obligations
to any other party. Any purported assignment by either party not in compliance with the provisions
of this Agreement shall be null and void and of no force and effect.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.6 <U>No Resale</U>. Neither Customer Party (nor any of their respective Affiliates) shall
be permitted to resell the Customer Transponders, in whole or in part, to any third party that is
not an Affiliate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 11. <U>CONFIDENTIALITY</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.1 <U>Non-disclosure</U>. Intelsat and Customer shall hold in confidence the information
contained in or exchanged in connection with this Agreement. Subject to applicable vendor consent,
Intelsat shall disclose to Customer the provisions of the Satellite Construction Contract and the
Launch Services Contract that pertain to pricing of the Satellite and associated launch vehicle.
Notwithstanding the foregoing, disclosure, on a confidential basis, by either party is permitted:
(a)&nbsp;to any party&#146;s Affiliates, principals, auditors, attorneys, investors, lenders, insurance
agents, and proposed and actual successors in interest; (e)&nbsp;to companies that Control or are
Controlled by any company to whom disclosure is permitted; and (f)&nbsp;to comply with law and enforce
its rights and perform its obligations under this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 12. <U>REPRESENTATIONS, WARRANTIES AND COVENANTS</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.1 <U>General</U>. Subject to the understanding that certain applications may be pending
or subsequently filed by Intelsat with the FCC or other applicable governmental entity as to which
Intelsat&#146;s obligations are set forth in Section&nbsp;12.2, Intelsat, LLC and Customer each represents
and warrants to, and agrees with, the other parties that:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authority</U>. It has the right, power and authority to enter into and perform its
obligations under this Agreement;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Partnership and Corporate Approvals</U>. It has taken all requisite partnership or
corporate action, as applicable, to approve execution, delivery and performance of this Agreement,
and this Agreement constitutes a legal, valid and binding obligation upon itself;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Consents</U>. The fulfillment of its obligations and conduct hereunder will not
constitute a material violation of any existing applicable law, rule, regulation or order of any
governmental authority, or contract to which it is subject. All public or private consents,
permissions, agreements, licenses or authorizations necessary for the performance of its
obligations under this Agreement to which it is subject have been obtained, or it will use all
reasonable efforts to obtain, in a timely manner;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>No Broker</U>. It does not know of any broker, finder or intermediary involved in
connection with the negotiations and discussions incident to the execution of this Agreement, or of
any broker, finder or intermediary who might be entitled to a fee or commission upon the
consummation of the transactions contemplated by this Agreement; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In addition, Intelsat and LLC each represents and warrants to, and agrees with, Customer that:
(i)&nbsp;In relation to the construction and performance of the IS-16 Satellite, there are no in-orbit
performance incentives; (ii)&nbsp;the provisions set forth in Appendices F and G are true and correct
and shall not be modified in any way without the prior written approval of Customer, such approval
not to be unreasonably withheld or delayed; and (iii)&nbsp;Intelsat and LLC are under the common control
of Intelsat Holdings, Ltd.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">12.2 <U>Intelsat&#146;s Orbital Location and Governmental Authorizations</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>United States.</U> Intelsat launches and operates its satellites under the authority
of the FCC. The Parties acknowledge that the Start of Service Date shall not occur if Intelsat
shall not have been authorized by the FCC to launch and operate the Satellite in geostationary
orbit at the 58&#176;W Orbital Location, or if used as an in-orbit back-up to IS-11, at the 43&#176;W Orbital
Location. Subject to Sections&nbsp;1.3, 1.7, 7.2, and 7.4 hereof, Intelsat shall operate the Satellite
within such Orbital Location, unless it is prevented from doing so by a subsequent order of the FCC
(in which event Intelsat shall use commercially reasonable efforts to resist such order). Intelsat
shall use reasonable efforts to obtain in an expeditious manner and maintain all necessary U.S.
governmental authorizations or permissions (&#147;<B>Governmental Approvals</B>&#148;) and to comply in all material
respects with all FCC and other U.S. (and, to the extent that it may be required under its U.S.
authorizations, other) governmental regulations regarding the operation of the Satellite,
including, but not limited to, provision of telemetry, tracking and control services. In that
regard, Intelsat shall use reasonable efforts to file, within ninety (90)&nbsp;days of the Execution
Date, an application with the FCC for authorization to launch and operate the IS-16 Satellite in
geostationary orbit at the 58&#176;W Orbital Location and to diligently prosecute such application to
secure the necessary FCC authorizations as soon as practicable after the Execution Date. Customer
acknowledges that each of the actions described in Section&nbsp;1.3 related to relocating the Satellite to the 58&#176;W Orbital Location or the 43&#176;W Orbital Location, as
applicable, shall be subject to Intelsat&#146;s receipt of all necessary Governmental Approvals.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Mexico</U>. Intelsat will, as Sky Mexico may reasonably request, cooperate with and
assist Sky Mexico in compliance with Sky Mexico&#146;s obligations under the Satellite Regulations of
the United Mexican States in connection with Customer&#146;s use of the Customer Transponder Capacity
provided hereunder including, to the extent reasonable: (i)&nbsp;information available to Intelsat
supporting the titleholder&#146;s position that it has the necessary technical resources to file before
the Commission information relating to traffic originating in the Mexican territory; (ii)&nbsp;giving
due attention to instructions of the titleholder with respect to services rendered in the Mexican
territory; and (iii)&nbsp;responding to any information requests made by the Secretariat or the
Commission pertaining to the services rendered in the Mexican Territory;; provided, however that
such actions required of Intelsat under this paragraph will not (a)&nbsp;subject it to the jurisdiction
of any governmental entity of the United Mexican States, or (b)&nbsp;result in the incurrence by
Intelsat of any material costs or liabilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Brazil</U>. At Sky Brasil&#146;s request, Intelsat shall use all reasonable efforts to
obtain and maintain such Brazilian Governmental Approvals as may be necessary for the operation of
IS-16 to the extent required to be obtained by the operator of a foreign satellite on which
capacity will be used in Brazil and to comply in all material respects with all Brazilian laws,
rules, and regulations with respect to the same; provided, however, that Sky Brasil shall be
responsible for, and shall indemnify and hold harmless Intelsat and all Intelsat Companies from and
against all Liability, including (without limitation) as to Taxes that may be incurred as a result;
and provided further, that Sky Brasil shall accept the risk that such Governmental Approvals cannot
be obtained or are delayed, and shall remain committed to pay for the IS-16 Service as and when
payment for the same would otherwise be due, even if, despite good faith efforts on the part of
Intelsat, such Governmental Approvals cannot be obtained and/or contain restrictions as to the
nature of the use to which the IS-16 Transponders can be put.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.3 <U>Commercialization of Satellite in Brazil</U>. Sky Brasil shall be solely responsible
for securing any and all authorizations from any governmental entity in Brazil, including without
limitation Ag&#234;ncia Nacional de Telecommunica&#231;&#245;es that may be necessary for the receipt of satellite
services in Brazil and the commercialization of the same through the IS-16 Service hereunder.
Intelsat shall use all reasonable efforts to cooperate with Sky Brasil in connection with securing
necessary authorization from any Brazilian entity, including as may be necessary through
appointment of Sky Brasil as Intelsat&#146;s legal representative in Brazil with respect to the
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">IS-16 Service hereunder; provided that Intelsat and the Intelsat Group shall not be obligated to
incur, and shall be indemnified and held harmless by Sky Brasil from any and all Liability,
including (without limitation) as to Taxes, which may arise out of such appointment. Subject to
reasonable negotiation between the parties to address any changed regulatory circumstances, any
such appointment shall be subject to a separate agreement, which shall be substantially similar, or
made via amendment, to that certain agreement entered into between Intelsat and Sky Brasil, dated
May&nbsp;10, 2000, with respect to the appointment of Sky Brasil as Intelsat&#146;s legal representative for
DIRECTV&#146;s transponder capacity on PAS-6B. To the extent the Parties determine together in good
faith that it will be necessary for Intelsat to provide the capacity through a Brazilian subsidiary
of its own, Intelsat shall do so, provided that Sky Brasil shall indemnify Intelsat and the
Intelsat Group from any and all Liability, including (without limitation) as to Taxes, that may be
incurred as a result and/or by a requirement to make payments hereunder to that entity in Brazil
with respect to this Agreement. If the nature of such relationship, or other legal or regulatory
condition, requires payment to be made with Brazilian currency and/or for payment to be made in
Brazil, Sky Brasil shall pay Intelsat such additional amounts in U.S. currency and in the United
States as shall be necessary to ensure that Intelsat receives the same amount of payment in U.S.
dollars and in the United States as it would had payment been made originally in that manner, with
all currency and Tax risk borne by Sky Brasil.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">12.4 <U>Existing Agreements</U>.
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Sky Mexico and Intelsat agree that the IS-9 Service Agreement
is hereby amended to the extent the provisions of this Agreement modify or
conflict with the terms of the IS-9 Service Agreement, and Sky Mexico hereby
waives its exclusivity rights and all exclusivity restrictions pursuant to
Section&nbsp;1.8(a)(i) of IS-9 Service Agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Sky Brasil shall: (i)&nbsp;following the date it receives notice
from Intelsat that it has entered into the IS-16 procurement contract with
Orbital Sciences Corporation, cause DIRECTV to agree to waive its right to
require Intelsat to provide a replacement satellite for IS-11 under the
Completion Phase Agreement and that certain Assignment and Assumption Agreement
entered into among Intelsat (formerly PanAmSat Corporation), DIRECTV and
Orbital Sciences Corporation, (ii)&nbsp;cause DIRECTV to waive its exclusivity
rights and all exclusivity restrictions pursuant to Section</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->-47-<!-- /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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">1.5(a)(i) of the IS-11 Service Agreement, (iii)&nbsp;cause DIRECTV to comply with
the terms of this Agreement to the extent the same are applicable to it (and
Sky Brasil shall be deemed in material breach of this Agreement for any
failure by DIRECTV to so comply); and (iv)&nbsp;waive its exclusivity rights and
all exclusivity restrictions pursuant to Section&nbsp;1.8(a)(i) of the IS-6B
Transponder Service Agreement (dated 5 March&nbsp;1998).
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Intelsat hereby agrees to waive, and agrees to require each of
the applicable Intelsat Companies to waive (i)&nbsp;its exclusivity rights and all
exclusivity restrictions pursuant to Section&nbsp;1.5(a)(ii) of the IS-11 Service
Agreement; Section&nbsp;1.8(a)(ii) of the IS-9 Service Agreement; and Section
1.8(a)(ii) of the IS-6B Transponder Service Agreement (dated 5 March&nbsp;1998), and
(ii)&nbsp;Sections&nbsp;1.4(a), (b), (c)&nbsp;and (e)&nbsp;of the IS-9 Service Agreement and
Sections&nbsp;1.4(a), (b)&nbsp;and (c)&nbsp;of the IS-11 Service Agreement.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sky Brasil shall indemnify and hold harmless Intelsat and the Intelsat Group from any Liability
(including, without limitation, nonpayment by DIRECTV of any &#147;Installments&#148; or &#147;Service Fees&#148; under
the IS-11 Service Agreement) arising out of any failure on the part of Sky Brasil timely to secure
such agreement of DIRECTV. Customer further agrees that if Intelsat is unable to provide Customer
with the Customer&#146;s Transponder Capacity hereunder or is delayed in doing so by any failure or
delay caused by Customer in securing said agreement that Customer shall pay Intelsat as and when
payment for the same would otherwise be due hereunder had some agreements timely been obtained.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 13. <U>PROGRESS REPORTS, INSPECTIONS AND ACCESS TO WORK IN PROGRESS</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.1 <U>Progress Reports</U>. Following the Execution Date and continuing until the Start of
Service Date, Intelsat shall furnish both Sky Mexico and Sky Brasil with regular written progress
reports regarding the procurement, development and construction process of the IS-16 Satellite,
being no less frequently than weekly. Customer acknowledges that such reports will include
technical data and information that is subject to United Sates export control laws and regulations
and agrees that any use or transfer of such data and information must be authorized by the
appropriate United States government agency. Intelsat shall also furnish to both Sky Mexico and
Sky Brasil on a quarterly basis a status report stating Intelsat&#146;s projected scheduled launch date
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->-48-<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">and projected Start of Service Date. Intelsat shall notify Sky Mexico and Sky Brasil as soon as
practicable of any significant change in the then-anticipated Start of Service Date, and of any
formal notification of a delay in construction or launch of the Satellite that Intelsat may receive
from its construction or launch contractors. Intelsat shall keep Sky Mexico and Sky Brasil
informed periodically of written communications to Intelsat from the FCC which materially affect
Intelsat&#146;s ability to fulfill its obligations to Customer under this Agreement and to timely
provide the Customer Transponders, and shall promptly deliver copies to Sky Mexico and Sky Brasil
of any such written communications.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.2 <U>Inspection Rights of Customer</U>. Subject to Applicable Law, Intelsat shall give
Customer reasonable notice of the commencement of pre-Start of Service Date in-orbit testing for
the Satellite. Subject to the consent of Intelsat&#146;s vendors (which Intelsat shall use reasonable
efforts to obtain) and Applicable Law, and subject to Customer&#146;s execution of any additional
proprietary data agreement that the applicable vendor may require, Intelsat shall provide Customer
access to, and authorized Customer representatives shall be entitled to attend, all major Satellite
and launch vehicle program events consisting of the preliminary and critical design reviews,
pre-shipment review, and IOT data review conducted for the satellite procurement, and the
preliminary mission analysis review, final mission analysis review and launch readiness review
conducted for the launch vehicle procurement (or analogous or similar milestone events as
designated and identified in the launch services contract).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Subject to Applicable Law, and again subject to the consent of the manufacturer and the
execution of any necessary proprietary data agreement that the manufacturer may require, Intelsat
shall give Customer access to pre-Start of Service Date test information and reports relevant to
the Satellite and Customer Transponders, allow Customer to inspect the work in progress at
reasonable times and upon reasonable notice, and allow Customer to be present during pre-Start of
Service Date testing for which Intelsat also has access. It is understood, in this regard, that
the implementation of this paragraph is intended to be implemented at a cooperative level largely
between the respective engineers of the parties and that formal notice of events or information
will not be required.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.3 <U>Operational Reports</U>. Intelsat shall provide Customer a monthly written
operational report concerning the Satellite which shall include information regarding the status of
Spare Equipment and updated projections regarding the predicted life of the Satellite. Intelsat
shall also notify Customer as soon as practicable of any significant anomalies with respect to the
Satellite which have or may have a material effect on the Satellite and/or Customer&#146;s
Transponder(s) or may materially reduce the projected life of the Satellite.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-49-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.4 <U>U.S. Export Law Restrictions</U>. This Article&nbsp;13 notwithstanding, the parties also
agree and acknowledge that U.S. export control laws and regulations may prohibit, limit or delay
Intelsat&#146;s ability to provide access, disclose information or deliver receivables under this
Agreement and that the inability to disclose any such information or deliver any such receivable
shall be without any liability to Intelsat. Without limitation as to the parties&#146; general
responsibilities, hereunder, each party further acknowledges and agrees to comply with U.S. export
control laws with respect to the disclosure, transfer, or re-transfer to foreign persons or
entities of any reports or information that may be provided to it under this Agreement. Intelsat
shall promptly apply for a United States export license to allow Intelsat to export to Sky Mexico
and Sky Brasil, to the fullest extent possible, technical data governed by the International
Traffic in Arms Regulations (&#147;<B>ITAR</B>&#148;). Intelsat shall use its commercially reasonable efforts to
obtain such export licenses as soon as possible, and to maintain such licenses throughout the
Capacity Term.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 14. <U>MISCELLANEOUS</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.1 <U>Governing Law, Entire Agreement and Effectiveness</U>. This Agreement shall be
governed by and interpreted according to the laws of the State of New York, U.S.A. and, where
applicable, shall be subject to compliance with the laws, rules and regulations of the United
States, including, without limitation, those of the FCC and those governing communications, exports
and re-exports (&#147;<B>Applicable Law</B>&#148;), and any action or proceeding arising out of this Agreement shall
be brought and maintained in New York City, without regard to any conflict of law provisions. Each
party hereby expressly and irrevocable submits itself to the exclusive jurisdiction of the courts
located in New York, New York and expressly and irrevocably waives its right to bring an action in
any other jurisdiction that may apply by virtue of its present or future domicile or for any other
reason. The parties hereby irrevocably waive the defense of improper venue in such New York courts
and agree that service of process in any such action or proceeding will be in accordance with the
laws of the State of New York. Each party agrees that service of process in any action or
proceeding shall be deemed sufficient if mailed, first class, postage prepaid, to a party at the
address set forth in Section&nbsp;14.5(b), as the same may be changed in accordance with that Section.
This Agreement constitutes the entire agreement between the parties and supersedes any and all
prior or contemporaneous statements, understandings, writings, commitments, or representations
concerning its subject matter. This
Agreement may not be amended or modified in any way, and none of its provisions may be waived,
except by a prior writing signed by an authorized officer of each party. This Agreement shall not
be binding or effective on any party until fully executed by all parties hereto.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-50-<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.2 <U>Severability</U>. Nothing contained in this Agreement shall be construed so as to
require the commission of any act contrary to law. If any provision of this Agreement shall be
invalid or unenforceable, the provisions of this Agreement so affected shall be curtailed and
limited only to the extent necessary to permit compliance with the minimum legal requirements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.3 <U>No Third Party Beneficiary</U>. The provisions of this Agreement are for the benefit
only of Customer and Intelsat, and no third party may seek to enforce or benefit from these
provisions, except that all parties acknowledge and agree that the non-interference requirements
of Section&nbsp;4.1 are intended for the benefit of both Intelsat and all other Intelsat customers and
users of Intelsat satellite capacity, and that the provisions of section 3.4 and Articles 9 and 12
are intended for the benefit of the Intelsat Group and Customer&#146;s Affiliates, as applicable, and
that such intended beneficiaries may separately, or in addition to the parties hereto, seek to
enforce such provisions.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.4 <U>Non-Waiver of Breach</U>. Any party may specifically waive any breach of this
Agreement by any other party and such waivers shall be applicable against all the waiving party&#146;s
intended beneficiaries; provided, that no such waiver shall be binding or effective unless in
writing and signed by an authorized officer of the party to be bound and no such waiver shall
constitute a continuing waiver of similar or other breaches. A waiving party may at any time, upon
notice given in writing to the breaching party, direct future compliance with the waived term or
terms of this Agreement, in which event the breaching party shall comply as directed from such time
forward.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">14.5 <U>Notices</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Telephone Notices</U>. For the purpose of receiving notices from Intelsat regarding
preemption, interference or other technical problems, including with respect to Transponder failure
and restoration, Customer shall maintain at each earth station transmitting signals to the
Satellite a telephone that is continuously staffed at all times during which Customer is
transmitting signals to the Satellite and an automatic facsimile machine in operation and capable
of receiving messages from Intelsat at all times. <U>THOSE PERSONS STAFFING THE EARTH STATION,
FOR THE PURPOSES OF RECEIVING SUCH MESSAGES FROM </U>
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-51-<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>INTELSAT, MUST HAVE THE TECHNICAL CAPABILITY AND ABSOLUTE AUTHORITY IMMEDIATELY TO TERMINATE OR
MODIFY THE TRANSMISSION IF NOTIFIED BY INTELSAT</U>. Intelsat shall also maintain a telephone and
facsimile equipment that are continuously staffed for the purposes of receiving notices regarding
the matters identified above. All such notices shall be made in English and shall be effective
upon the placement of a telephone call from one party to the other. Each party shall promptly
confirm all telephone notices that may be given under this Agreement in writing in accordance with
Section&nbsp;14.5(b) below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>General Notices</U>. All notices and other communications from either party to the
other, except as otherwise stated in this Agreement, shall be in English writing and shall be
deemed received upon actual delivery, electronic transfer (email)&nbsp;or completed facsimile addressed
to the other party 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="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>To Intelsat</U>:</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" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by mail or by</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" style="padding-top: 1px">
    <TD valign="top">personal delivery
to its principal
place of business:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">3400 International Drive, N.W.<BR>
Washington, D.C. 20008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. James Frownfelter<BR>
Chief Operating Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>james.frownfelter@intelsat.com</U></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;1 202-944-7930</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;1 202-944-8171</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Operating Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>With a copy to</U>:</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" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by mail or by
personal delivery
to its principal
place of business:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intelsat, Ltd.<BR>
90 Pitts Bay Road<BR>
Pembroke, HM 08<BR>
Bermuda</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phillip L. Spector, Esq.<BR>
Executive Vice President<BR> &#038; General
Counsel</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phillip.spector@intelsat.com</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;1 441-292-8300</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;1 441-294-1650</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phillip L. Spector, Esq.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->-52-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>To LLC</U>:</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" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by mail or by
personal delivery
to its principal
place of business:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">90 Pitts Bay Road<BR>
Pembroke, HM 08<BR>
Bermuda</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Bilal Haffejee<BR>
Deputy Chairman</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">bill.haffejee@intelsat.com</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;1 441-292-8300</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;1 441-294-1658</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deputy Chairman</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>With a copy to</U>:</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" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by mail or by
personal delivery
to its principal
place of business:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intelsat, Ltd.<BR>
90 Pitts Bay Road<BR>
Pembroke, HM 08<BR>
Bermuda</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phillip L. Spector, Esq.<BR>
Executive Vice President<BR> &#038; General
Counsel</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phillip.spector@intelsat.com</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;1 441-292-8300</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;1 441-294-1650</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phillip L. Spector, Esq.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>To Sky Mexico</U>:</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" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">If by mail or by
personal delivery
to its principal
place of business:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Corporaci&#243;n de Radio y Televisi&#243;n del<BR>
Norte de M&#233;xico, S. de R. L. de C.V.<BR>
Insurgentes Sur 694, Piso 6<BR>
Colonia del Valle<BR>
03100 M&#233;xico, D.F. 03100</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Carlos Ferreiro Rivas</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>cferreiro@sky.com.mx</U></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->-53-<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">011 (52-55) 5448-4047</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">011 (52-55) 5448-4131</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">With a copy to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Salvador Rosas</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>srosas@sky.com.mx</U></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">011 (52-55) 5448-4047</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">011 (52-55) 5448-4028</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>With a copy to</U>:</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" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">1. If by mail or by
personal delivery
to its principal
place of business:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Leventhal, Senter &#038; Lerman, PLLC<BR>
2000 K Street, NW<BR>
Suite&nbsp;600<BR>
Washington, DC 20006</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Norman P. Leventhal</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>nleventhal@lsl-law.com</U></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(202) 429-0154</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(202) 416-6744</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Norm Leventhal<BR></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">2. If by mail or by
personal delivery
to its principal
place of business:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Joaquin Balcarcel<BR>
General Counsel, Grupo Televisa<BR>
Av. Vasco de Quiroga 2000<BR>
Edificio A, Piso 4<BR>
Colonia Zedec, Santa Fe<BR>
CP 01210, Mexico D.F.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joaquin Balcarcel</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>jbalcarcel@televisa.com.mx</U></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">011 52 55 5261 2546</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">011 52 55 5261 2433</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joaquin Balcarcel</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>To Sky Brasil</U>:</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" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">If by mail or by
personal delivery
to its principal
place of business:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Av. Nacoes Unidas, 12.901<BR>
14 andar, Torre Norte CENU, Brooklyn<BR>
Sao Paulo &#151; Sp<BR>
Brazil 04578-000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Luiz Eduardo Baptista Rocha</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->-54-<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">bap@sky.com.br</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;55-11-2123-0250</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;55-11-2123-0010</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>With a copy to</U>:</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" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">1. If by mail or by
personal delivery
to its principal
place of business:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">DIRECTV Latin America, LLC<BR>
1211 Avenue of the Americas<BR>
New York, NY 10036</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Hartman</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>michael.hartman@directvla.com</U></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">212-462-5060</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">212-462-5036</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">2. If by mail or by
personal delivery
to its principal
place of business:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Av. Nacoes Unidas, 12.901<BR>
14 andar, Torre Norte CENU, Brooklyn<BR>
Sao Paulo &#151; Sp<BR>
Brazil 04578-000</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Roberto Cunha</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by email:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Email Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">roberto.cunha@sky.com.br</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If by facsimile:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;55-11-3429-8272</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;55-11-2123-0310</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Director</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Each party will advise the other in writing of any change in the address, designated representative
or telephone or facsimile number.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;Sky Mexico and Sky Brasil hereby designate Sky Mexico as the party from whom notices shall
be given to Intelsat on behalf of &#147;<B>Customer</B>&#148; hereunder, unless this Agreement otherwise expressly
requires that notice be received from both jointly. In all such cases, however, Sky Mexico shall
provide a copy of such notice to Sky Brasil as set forth above. Intelsat shall provide all notices
to both Sky Mexico and Sky Brasil.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.6 <U>Headings</U>. The descriptive headings of the Articles and Sections of this
Agreement are inserted for convenience only and do not constitute a part of this Agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-55-<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.7 <U>Documents</U>. Subject to applicable legal compliance, each party agrees to provide
information and to execute, and, if necessary, to file with the appropriate governmental entities
and international organizations, such documents as the other party shall reasonably request in
order to carry out the purposes of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.8 <U>Reconstitution of Agreement</U>. Each party agrees to negotiate in good faith, if so
requested by the other, to seek to reconstitute this transaction to improve tax or other regulatory
efficiencies while preserving the economic positions of the parties. The failure to reach such a
reconstituted agreement shall not, however, affect the continuing validity of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.9 <U>Counterparts</U>. This Agreement may be executed in several counterparts, each of
which shall be deemed an original, and all such counterparts together shall constitute but one and
the same instrument. Facsimile copies of signatures shall be considered as originals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.10 <U>Several Customer Obligations</U>. The parties hereby agree that Sky Mexico and Sky
Brasil will be severally (and not jointly) liable for all covenants, agreements, obligations and
representations and warranties made by &#147;Customer&#148; in this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.11 <U>Joint and Several Obligations</U>. The parties hereby agree that Intelsat will be
jointly and severally liable for all covenants, agreements, obligations and representations and
warranties made by LLC in this Agreement. Any and all limitations of liability set forth herein
with respect to Intelsat shall likewise apply to LLC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.12 <U>Characterization of this Agreement</U>. Nothing in this Agreement shall be
interpreted as creating a partnership or joint venture between or among any of the parties hereto.
Moreover, nothing in this Agreement shall be interpreted to create an agency relationship as
between any of the parties to this Agreement. No party shall have the right to enter into
contracts or commitments on behalf of another party unless specifically provided herein or unless
otherwise provided in a separate written agreement of the parties.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-56-<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">ARTICLE 15. <U>GUARANTY</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.1 <U>The Guaranty</U>. Each party&#146;s entry into this Agreement is expressly conditioned
upon the contemporaneous execution and delivery to Intelsat of (a)&nbsp;a guaranty of DIRECTV of the
obligations of Sky Brasil to pay its Allocated Share of the Fixed Service Fees in the form set out
in <U>Appendix&nbsp;H</U>, and (b)&nbsp;a guaranty of .Innova, S. de R.L. de C.V (&#147;<B>Innova</B>&#148;) of all payment
and other obligations of Sky Mexico hereunder in the form set out in <U>Appendix&nbsp;I</U>. If said
Guaranties are not executed and delivered to Intelsat on the date of this Agreement, this Agreement
shall be null and void.
</DIV>

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


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

<P align="center" style="font-size: 10pt"><!-- Folio -->-57-<!-- /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; margin-left: .25in; width: 7.20in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Each of the parties has duly executed and delivered this Agreement as of the Execution Date.
</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="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&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">INTELSAT CORPORATION</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James Frownfelter</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Operating Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">INTELSAT LLC</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bilal Haffejee</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deputy Chairman</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CORPORACI&#211;N DE RADIO Y TELEVISI&#211;N DEL NORTE DE
MEXICO, S. DE R.L. DE C.V.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SKY BRASIL SERVI&#199;OS LTDA.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->-58-<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">WITNESSES</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&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">Name:<BR>
Driver&#146;s License #:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&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">Name:<BR>
Driver&#146;s License #:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">District of Columbia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;SS:</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On this
&nbsp;_____&nbsp;
day of November&nbsp;2007, before me personally appeared James Frownfelter, to me
personally known, who, being by me duly sworn (or affirmed), did say that such person executed the
foregoing instrument, as the free act and deed of such person, and if applicable in the capacity
shown, having been duly authorized to execute such instrument in such capacity.
</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</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">Notary Public:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Printed Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">My commission expires:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- 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="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Commonwealth of Bermuda
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;SS:</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On this
&nbsp;_____&nbsp;
day of November&nbsp;2007, before me personally appeared Bilal Haffejee, to me
personally known, who, being by me duly sworn (or affirmed), did say that such person executed the
foregoing instrument, as the free act and deed of such person, and if applicable in the capacity
shown, having been duly authorized to execute such instrument in such capacity.
</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</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">Notary Public:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Printed Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">My commission expires:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->-59-<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">District of Columbia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;SS:</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On this
&nbsp;_____&nbsp;
day of November&nbsp;2007, before me personally appeared
&nbsp;_____&nbsp;
, to me
personally known, who, being by me duly sworn (or affirmed), did say that such person executed the
foregoing instrument, as the free act and deed of such person, and if applicable in the capacity
shown, having been duly authorized to execute such instrument in such capacity.
</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</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">Notary Public:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Printed Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">My commission expires:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- 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="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">District of Columbia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)&nbsp;SS:</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On this
&nbsp;_____&nbsp;
day of November&nbsp;2007, before me personally appeared
&nbsp;_____&nbsp;
, to me
personally known, who, being by me duly sworn (or affirmed), did say that such person executed the
foregoing instrument, as the free act and deed of such person, and if applicable in the capacity
shown, having been duly authorized to execute such instrument in such capacity.
</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</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">Notary Public:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Printed Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">My commission expires:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

<P align="center" style="font-size: 10pt"><!-- Folio -->-60-<!-- /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; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>LIST OF APPENDICES</U>
</DIV>


<DIV style="margin-top: 10pt">
<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%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Customer&#146;s Transponder Capacity</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Technical Appendix</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Operational Requirements</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Sample Subordination Provision</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Service Fee Reduction Methodology</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Excerpts from Launch Insurance Agreement</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Incentives Provisions</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Form of DIRECTV Guaranty</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Form of INNOVA Guaranty</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">J.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Definitions</DIV></TD>
</TR>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX A</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>CUSTOMER&#146;S TRANSPONDER CAPACITY </U>
</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="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Satellite</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Band</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>MHz</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Downlink Beam</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Transponders</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IS-16
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ku
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mexico
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ku
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Brazil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX B</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>TECHNICAL APPENDIX</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See Attached
</DIV>

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

<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; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX C</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EARTH STATION AND OPERATIONAL REQUIREMENTS<BR>
FOR ANALOG AND DIGITAL SERVICES VIA INTELSAT C-BAND AND KU-BAND TRANSPONDERS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.0 <U>INTRODUCTION</U>. This document contains the earth station requirements and associated
operational procedures for transmission via C-band and Ku-band transponders on all Intelsat
satellites (collectively, the &#147;<B>Operational Requirements</B>&#148;). These Operational Requirements may be
modified from time to time by Intelsat, in its reasonable discretion. Unless otherwise expressly
defined herein, defined terms shall have the meanings ascribed to them in the applicable Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.0 <U>EARTH STATION REQUIREMENTS</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.1 <U>Earth Station EIRP</U>. The required earth station Equivalent Isotropic Radiated Power
(EIRP)&nbsp;per carrier is a function of the following:
</DIV>

<DIV style="margin-top: 10pt">
<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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the satellite receiver sensitivity (G/T),</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the outage margin provided,</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the location of the transmit and receive earth stations within the uplink and downlink
beams, and,</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the loading of the transponder (i.e., the number, type and frequency assignment of the
various carriers within the transponder).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For full saturated transponder allocations, earth stations must be capable of transmitting a
modulated carrier with an EIRP sufficient to achieve the nominal satellite SFD given in the
Technical Appendix with a margin of at least 2 dB.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For partial transponder allocations, the actual assigned operating EIRP for a given earth station
will be specified in the Technical Appendix, taking into account the actual transponder performance
and loading prior to the time of the transmission.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.2 <U>EIRP Stability</U>. The EIRP in the direction of the Satellite must, under clear sky
conditions, be maintained to within &#043;/-0.5 dB of the assigned operating EIRP; provided, however, in
the event that the transponder transmitted to has multiple carriers, additional EIRP variation may
be permitted, upon approval of Intelsat<I>. </I>Under no circumstances may the EIRP exceed the assigned
value by more than 1 dB.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.3 <U>Earth Station Transmit Gain Requirement</U>. The gain of the transmit antenna must be
sufficient to yield the maximum EIRP, as defined in Section&nbsp;2.1, with a maximum carrier power level
at the transmit feed to be determined by coordination agreements reached by Intelsat with other
networks. If antenna size resulting from above requirement is excessive, Intelsat may reduce
requirement provided that adjacent satellite flux density limits are maintained. The uplink power
of TV carriers, as measured at the transmit earth station antenna feed, shall not exceed any limits
specified in this document.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.4 <U>HPA Requirement</U>. In determining the HPA size for a given earth station, it is
necessary not only for each earth station to meet the maximum EIRP requirements for each carrier
transmitted, but
also to meet the emission constraints set forth in Section&nbsp;3.4 or 4.2, as applicable. If a given
earth station is to transmit more than one carrier, the HPA may have to operate at an output
backoff of several dB in order to meet the emission constraints, and therefore, must be sized
accordingly.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.5 <U>Antenna Sidelobes</U>. All earth stations shall satisfy the following transmit sidelobe
performance envelopes:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><IMG src="c73656p7365601.jpg" alt="(PERFORMANCE ENVELOPE GRAPHIC)">
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">where G is the gain of the sidelobe envelope, relative to an isotropic antenna, in the direction of
the geostationary orbit and <FONT face="Symbol">&#113;</FONT> is the angle in degrees between the main beam axis and the direction
considered. The peak gain of an individual sidelobe may not exceed the envelope defined above for
<FONT face="Symbol">&#113;</FONT> between 1.0 and 7.0 degrees. For <FONT face="Symbol">&#113;</FONT> greater than 7.0 degrees, the envelope may be exceeded by no
more than 10% of the sidelobes, provided no individual sidelobe exceeds the gain envelope given
above by more than 3 dB.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">It is Customer&#146;s responsibility to establish receive facilities that meet its requirements.
Nevertheless, while the matter is left to the Customer&#146;s engineering determination and subject to
applicable legal compliance, Intelsat recommends that, in order to minimize the level of adjacent
satellite interference, the receive sidelobes conform to the envelope described above for transmit
sidelobes.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>To verify compliance of the transmitting earth station, the Customer is responsible for scheduling
antenna qualification testing with the Intelsat Operations facility designated by Intelsat prior to
the start of service.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.6 <U>Transmit Earth Station Polarization</U>. Earth stations used for Intelsat C-band and
Ku-band transmissions must be linearly polarized on both the uplink and downlink. Specific uplink
and downlink polarizations are determined by transponder assignments and are further specified in
the applicable Technical Appendix. The earth station cross-polarization discrimination must be a
minimum of 30 dB within the main beam of the earth station&#146;s transmit antenna pattern.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.7 <U>Additional Requirements for Uplink Earth Stations operating in the 13.75 &#151; 14.0 GHz
Band</U>. Except as otherwise expressly approved by Intelsat, the EIRP of any emission from all
earth stations operating in the 13.75 &#151; 14.0 GHz band shall be at least 68 dBW and shall not exceed
85 dBW, with a minimum antenna diameter of 4.5 meters; except in the frequency band 13.772-13.778
GHz, where the EIRP shall be at least 68dBW and shall not exceed 71 dBW per 6 MHz, with a minimum
antenna diameter of 4.5 meters.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.0 <U>ANALOG VIDEO SERVICE REQUIREMENTS</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.1 <U>Video Exciter Requirements</U>. Any video exciter used must meet the minimum requirements
listed in Sections&nbsp;3.3 through 3.5 hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.2 <U>RF Bandwidth</U>. The RF bandwidth must be 18 MHz or less for dual video carriers
transmitted simultaneously within a 36 MHz transponder and 27 MHz or less for dual video carriers
transmitted within a 54 MHz transponder. Other bandwidth restrictions may be imposed in shared
transponder
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">operation where more than two carriers are in simultaneous use. Where the Customer has full use of
a 36 MHz, 43 MHz, or 54/64 MHz Transponder, as the case may be, any RF bandwidth may be chosen.
Other bandwidth limitations may be imposed based on coordination agreements reached by Intelsat
with other networks, and to comply with all applicable governmental laws, rules and regulations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.3 <U>IF Transmit Filter</U>. An IF filter must be provided in the transmit path for each TV/FM
carrier in order to reduce video color crosstalk and to minimize adjacent Transponder interference.
The specific filter used for this purpose must be approved by Intelsat in consultation with the
Customer in consideration of the specific loading of the Transponder upon which Customer&#146;s
Transponder Capacity is loaded.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The group delay response characteristics of the filter, while not specified by Intelsat, should
take into consideration both the total group delay of the Transponder upon which Customer&#146;s
Transponder Capacity is loaded and the group delay produced by the transmit earth station IF and RF
equipment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.4 <U>Emission Constraints</U>. The transmit earth station must be equipped and operated in such
a manner that spurious emission at the output of the antenna due to all sources does not exceed 4
dBW/4 kHz outside of the assigned carrier bandwidth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.5 <U>Energy Dispersal</U>. A low-frequency symmetrical triangular energy dispersal waveform
must be added to the baseband signal prior to the FM modulator. A video signal must be present at
all times and the peak-to-peak deviation of the energy dispersal modulation must be 4 MHz when
video is present.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.6 <U>Carrier Frequency Assignments</U>. Intelsat shall assign Customer&#146;s uplink and/or downlink
frequencies in accordance with the Agreement. Earth stations <U>must</U> be capable of operating
at any frequency and polarization within the Transponder upon which Customer&#146;s Transponder Capacity
is loaded. For analog video transmissions, frequencies will be assigned to the nearest 0.250 MHz.
It is recommended that all transmit earth stations further be capable of operation across the
entire satellite uplink frequency band as Intelsat may change carrier frequency assignments in
accordance with the Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.7 <U>Audio and Data Subcarriers</U>. Customer may add one or more audio or data subcarriers to
the normal video baseband, provided that: (1)&nbsp;the EIRP of the composite carrier does not exceed the
value specified in the Technical Appendix and; (2)&nbsp;the emission constraints set forth in Section
3.4 hereof are met.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.0 <U>DIGITAL SERVICE REQUIREMENTS</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.1 <U>Modem Requirements</U>. The Customer may use any digital, SCPC/PSK, MCPC/PSK satellite
modem that meets their particular requirements, subject to the following constraints which are
designed to ensure excess interference is not experienced by adjacent satellites or by other users
of the Satellite:
</DIV>

<DIV style="margin-top: 10pt">
<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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Digital Modems</U> &#151; Scrambling must be provided to ensure that uniform spectral
spreading is applied to the transmitted carrier at all times. A data scrambler built in
accordance with ITU Rec. V.35, or a functionally equivalent unit with similar spectrum
spreading characteristics, must be employed.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>SCPC/PSK and MCPC/PSK</U> &#151; In general, any SCPC/PSK or MCPC/PSK modem which meets
all relevant ITU recommendations is allowed, subject to prior approval by Intelsat.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Other Modems</U> &#151; The use of other modem types is subject to approval by Intelsat.</DIV></TD>
</TR>

</TABLE>
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.2 <U>Emission Constraints</U>. The transmit earth station must be equipped and operated in such
a manner that spurious emission at the output of the antenna due to all sources does not exceed 4
dBW/4 kHz outside of the assigned carrier bandwidth. The EIRP density of each carrier, outside of
the assigned carrier bandwidth, which results from spectral regrowth due to earth station
non-linearities shall be at least 26 dB below the main carrier spectral density, and shall not
exceed 4 dBW in any 4 kHz band within the C-band and Ku-band frequency range of the Satellite.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.3 <U>Carrier Frequency Assignments</U>. Intelsat shall assign Customer&#146;s uplink and/or downlink
frequencies in accordance with the Agreement. Earth stations <U>must</U> be capable of operating
at any frequency and polarization within the Transponder upon which Customer&#146;s Transponder Capacity
is loaded. For digital transmissions, frequencies will be assigned to the nearest 0.025 MHz. It
is recommended that all transmit earth stations further be capable of operation across the entire
satellite uplink frequency band as Intelsat may change carrier frequency assignments in accordance
with the Agreement. Unless specifically approved by Intelsat, the aggregate allocated bandwidth of
carriers within a multi-carrier transponder or allocation should not exceed 90% of Customer&#146;s total
allocated bandwidth in order to provide flexibility in carrier assignments and to reduce the
effects of intermodulation noise, adjacent carrier interference, co-channel interference, and
adjacent satellite interference.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.0 <U>UPLINK REQUIREMENTS</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.1 <U>Uplink Requirements</U>. Before any transmit earth station may access a Intelsat
satellite, it must demonstrate compliance with the technical requirements set forth in Sections
2.0, 3.0 and 4.0 and have approval from Intelsat&#146;s Network Operations Center. In order to ensure
that the transmissions of a given earth station do not interfere with the transmissions of other
earth stations utilizing the Satellite, or adjacent satellites, it is necessary that certain
operational requirements be met. Specifically, users of Intelsat&#146;s digital transmission services
must observe the following:
</DIV>

<DIV style="margin-top: 10pt">
<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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The EIRP in the direction of the Satellite must be maintained to within &#043;/- 0.5 dB of
the value specified by Intelsat, except under adverse weather conditions. This EIRP
tolerance limit includes all earth station factors which affect EIRP variation, including
HPA output power level stability and antenna pointing errors.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The center frequency of all transmitted carriers must be maintained to within &#043;/- 0.025
R Hz (up to a maximum of &#043;/- 10 kHz) of the value assigned by Intelsat. &#091;Note &#151; The
transmission rate (R)&nbsp;is defined as the bit rate entering the QPSK modulator, i.e., it is
the information rate plus overhead multiplied by the inverse of the FEC code rate.&#093;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The frequency stability of the earth station receive chain must be consistent with the
frequency acquisition and tracking capabilities of the demodulator. As a minimum, it is
recommended that the short term (24 hour) receive chain stability be less than &#043;/- 2 kHz
and the long term stability (7&nbsp;day) be less than &#043;/- 10 kHz.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any earth station transmitting to a Intelsat Satellite must be under the active
control of the user. Specifically, the user must provide a means for immediate cessation
of transmission in the event that notification is received from Intelsat that such a step
is necessary to avoid harmful interference to other users or other satellite systems.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.2 <U>Uplink Restrictions</U>. Except as may be permitted by Intelsat during a coordinated test
period, no earth station operator shall transmit an unmodulated carrier through any transponder.
The operation of each earth station must be in strict adherence with Customer&#146;s Intelsat-approved
Transmission Plan. Any deviation from that Transmission Plan must be approved in advance by
Intelsat. Under no
circumstances shall any earth station transmit any RF carrier to any Intelsat satellite on a
frequency not authorized by Intelsat, whether or not that frequency is in use by other stations.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.3 <U>Carrier line-up and in-service monitoring</U>. Facilities must be provided by the user to
measure the link parameters and transmission characteristics during initial carrier line-up. In
addition, in-service monitoring by the user of the carrier EIRP and the received BER is required.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In order to perform initial carrier line-up the user must provide a means to measure and adjust the
transmitted carrier level. This requirement can be satisfied if a directional coupler of known
coupling factor is placed between the HPA output and the antenna feed input so as to permit
accurate carrier power measurements to be performed. Means must also be provided by the user to
allow the transmitted power level to be adjusted to an accuracy of &#043;/- 0.5 dB, over the range 0 to
minus 15 dB of the maximum EIRP specified in Technical Appendix.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During initial carrier line-up it is also necessary for the user to be able to measure the Eb/No of
the received carrier, either with a spectrum analyzer or through a filter of known bandwidth, and
to perform bit-error-rate measurements using a pseudo-random test pattern.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During normal in-service operation, the user must monitor the carrier EIRP and the BER. The latter
requirement can be satisfied through the use of the BER monitoring facility built into most digital
modems.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.4 <U>Network Interface Considerations</U>. If carriers transmitted via Intelsat&#146;s digital
transmission service are to be interfaced with a synchronous data network or other synchronous
equipment, it may be necessary for the user to equip the receive station with elastic buffer
storage facilities (or their equivalent) to allow for time delay variations caused by Satellite
motion. The amount of storage necessary is a function of the carrier transmission rate, the
maximum diurnal Satellite motion, and the longitudinal drift rate. The maximum delay variation due
to Satellite motion is expected to be 0.6 milliseconds (peak-to-peak, uplink plus downlink).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Data encryption may be employed by the user, provided that the basic transmission characteristics
of the carrier are not affected (i.e., provided that the emission constraints set forth in Section
4.2 are satisfied).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">While users are free to utilize any digital modem that meets the basic performance requirements
outlined in this document, it is the users responsibility to ensure that the modems used on
<U>both</U> ends of a given link are compatible, and that the network interface requirements for
the users particular application are satisfied.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.5 <U>Customer Obligations and Use</U>. Customer must, at all times, comply with the terms and
conditions of Article&nbsp;IV of the Agreement, including all of its Subsections, which are incorporated
herein by this reference.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.6 <U>Interference and Preemption Notices</U>. In accordance with the terms and conditions of
the Agreement, Customer shall maintain, at each Customer transmit facility, and shall provide
Intelsat with a telephone number that is continuously staffed, at all time during which Customer is
transmitting or receiving signals to or from the Satellite, and an automatic facsimile that shall
be maintained in operation and capable of receiving messages from Intelsat, at all times. Said
telephone and facsimile shall be maintained for the purpose of receiving notices from Intelsat
regarding interference or other problems arising out of the provision of Customer&#146;s Transponder
Capacity on, or any use of the Transponder upon which Customer&#146;s Transponder Capacity is loaded,
including, without limitation, any
decision by Intelsat to preempt or interrupt provision of Customer&#146;s Transponder Capacity to
Customer pursuant to the Agreement. <U><B>It is mandatory that the person who receives such messages
has the technical capability and absolute authority to immediately terminate or modify the
transmission if notified by Intelsat pursuant to the foregoing.</B></U> All such notices shall be
effective upon the placement of the telephone call or transmission of a facsimile message by
Intelsat to Customer. If, for any reason, Customer&#146;s telephone is not answered and its telecopier
is incapable of receiving transmission, Intelsat&#146;s notice shall be deemed to have occurred at the
time it attempts to place a telephone call or transmit a facsimile message to Customer. Intelsat
shall promptly confirm telephone notices in writing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>End of Appendix&nbsp;C</B>
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX D</U><BR>
<U>SAMPLE SUBORDINATION PROVISION</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>Subordination</U>. Customer hereby acknowledges that this Agreement and all rights granted to
Customer hereunder are subject and subordinate to a security interest and lien (as the same may be
assigned, the &#147;<U><B>Security Interest</B></U>&#148;) in favor of <B>&#091;Secured Party&#093; </B>(the &#147;<U><B>Secured
Party</B></U>&#148;) in and to this Agreement, the Customer&#146;s Transponder Capacity and other rights under
this Agreement and/or the Satellite (and/or the proceeds from the sale or other disposition of all
or any portion thereof, or any insurance that may be received by Intelsat as a result of any loss
or destruction of, or damage to, the Customer&#146;s Transponder Capacity (or other rights) and/or the
Satellite and to all renewals, modifications, consolidations, replacements and extensions of any
security agreement, mortgage or other document reflecting any such Security Interest, including
that certain <B>&#091;Security Agreement&#093; </B>by and between Intelsat and Secured Party; provided, that any
such Secured Party agrees that Customer shall continue to have the benefits of this Agreement
notwithstanding any default on the part of Intelsat under the agreement providing for such Security
Interest (the &#147;<U><B>Security Agreement</B></U>&#148;), so long as:
</DIV>

<DIV style="margin-top: 10pt">
<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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Customer is not in default under the terms and conditions of this Agreement,
which default has continued after expiration of any applicable cure period stated in
this Agreement;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Customer does not pay any of its obligations under this Agreement (other than a
deposit) more than thirty (30)&nbsp;days prior their scheduled payment date under this
Agreement;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">after receipt of notice from the Secured Party of a default by Intelsat under
the Security Agreement, this Agreement is not supplemented, amended or extended (except
by its terms with respect to specified extension periods) or otherwise modified in any
manner without the consent of the Secured Party; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">after receipt of notice from the Secured Party of a default by Intelsat under
the Security Agreement, Customer executes a separate instrument with the Secured Party
pursuant to which it agrees with the Secured Party to make and makes all payments
thereafter as instructed by the Secured Party.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This clause shall be self-operative and no further instruction of subordination shall be required
by any security agreement, mortgage or other document reflecting such Security Interest to make
this subordination effective. In confirmation of such acknowledged subordination, Customer shall
execute promptly any instrument or certificate that Intelsat or the Secured Party may reasonably
request.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX E</U><BR>
<U>SERVICE FEE REDUCTION METHOLOGOY</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Methodology</B>: Based upon (i)&nbsp;a mission life of 15&nbsp;years and (ii)&nbsp;a failure scenario where a total of
10 Customer Transponders fail 11&nbsp;months following the Start of Service Date, the reduction in the
Fixed Service Fees shall equal an amount determined by multiplying the total Fixed Service Fees
($231,041,000) by 1 minus (the Available Operational Capability divided by the Stated Operational
Capability), where:
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">The Stated Operational Capability is <B>360 </B>transponder years (i.e., 15&nbsp;years x 24
transponders)</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">The Available Operational Capability means, for each transponder, the span of
time, measured in transponder years (or portions thereof) until the earlier of (a)
the end of mission life (for transponders that are not Failed Transponders) or (b)
the effective time when the transponder becomes a Failed Transponder, which in this
failure scenario would be calculated as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Available Operational Capability for the 10
transponders that failed after 11&nbsp;months would be 9.166 transponder years
(11/12&nbsp;years multiplied by 10 transponders); and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Available Operational Capability for the remaining
14 transponders that were not Transponder Failures would be 210&nbsp;years (15
years multiplied by 14 transponders),</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Resulting in total Available Operational Capability of <B>219.166 </B>transponder years
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">1 minus (219.166 divided by 360) equals 0.3912</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">0.3912 multiplied by $231,041,000, yielding a reduction of $90,383,239.</DIV></TD>
</TR>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX F</U><BR>
<U>Excerpts from Launch Insurance Policy</U>
</DIV>


<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify"><U>Salvage Rights</U>:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Salvage after Total Loss</U>:</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In the event of a Total Loss, the Named Insured will be available to meet with the
Insurers up until forty-five days after agreement of the proof of loss by the
Insurers to decide upon the disposition of the Satellite.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">After payment of a Total Loss, the Insurers shall have sole right to the benefits of
salvage, subject to any salvage owed to the Launch Vehicle services provider in
accordance with the terms of the Launch Contract and the Named Insured shall do
nothing to prejudice such rights of salvage, subject to the terms of this policy.
Such benefits of salvage include the right to take title to the Satellite.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If financial arrangements are agreed to by the Named Insured and the Insurers that
result in the sharing of revenues between the Named Insured and the Insurers, the
Insurers&#146; net salvage recovery will be limited to the amount of their payments under
the policy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Absent any agreement to the contrary, the Named Insured shall not be responsible for
costs to maintain, monitor or operate the Satellite that is the subject of a Total
Loss after forty-five days from the agreement of the proof of loss. At the end of
the forty-five day period, the Insurers shall either:
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">remove the Satellite from the orbital slot promptly upon
written request from the Named Insured, or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">provide the Named Insured written notification that the
Insurers have relinquished any further rights of salvage for which a claim for
Total Loss is paid hereunder, in which event the Named Insured shall have the
right to dispose of the Satellite without any further obligation to the
Insurers.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Absent any notification at the end of the forty-five day period, the Insurers will
be deemed to have elected not to assume responsibility for maintaining, monitoring
or operating the Satellite.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In the event a Total Loss is paid hereunder and the Insurers elect to take title to
the Satellite, then:
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Named Insured shall provide to the Insurers all
documentation necessary to operate the Satellite, subject to Condition 22
GOVERNMENT EXPORT CONTROL;</DIV></TD>
</TR>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Named Insured shall provide to the Insurers all information
necessary to enable the Insurers to sell the Satellite to a third party,
subject to the Insurers obtaining a confidentiality agreement equivalent in
form and in scope to that in place between the Named Insured and the Insurers
from any potential purchaser of the Satellite and, subject to Condition 22
GOVERNMENT EXPORT CONTROL;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Named Insured shall have no duty to manage, control or
maintain the Satellite from the date the Insurers take title; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Insurers shall remove the Satellite from the orbital slot
promptly.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Any requirements imposed on the Named Insured by the Federal Communications
Commission or under any law applicable to the Satellite or the Named Insured shall
supersede any obligations the Named Insured has under this policy.
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify"><U>Salvage after Partial Loss</U>:</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">After payment of a Partial Loss, the Named Insured shall use reasonable best efforts
to obtain the maximum benefit of salvage, subject to any salvage owed to the Launch
Vehicle services provider under the Launch Contract, on that portion of the
Satellite or Satellite life for which a claim has been paid for by the Insurers at
the Insurers&#146; sole cost and expense. If financial arrangements are agreed to by the
Named Insured and the Insurers that result in the sharing of revenues between the
Named Insured and the Insurers, the Insurers&#146; net salvage recovery will be limited
to the amount of their payments under the policy.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">After payment of a Partial Loss, salvage shall not be required to the extent it
conflicts with the Named Insured&#146;s ability to meet its contractual obligations to
its customers or adversely affects the use of the Satellite for the Named Insured&#146;s
intended commercial communications purposes.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">After payment of a Partial Loss and/or Total Loss, the Named Insured may use, with the prior
written consent of the Insurers, the portion of the Satellite for which a claim has been
paid, for scientific and/or testing and/or demonstration and/or incidental communications
purposes that do not produce revenue or income or equivalent goods and services of any
nature and do not reduce the amount of salvage hereunder. Such use shall not reduce
payments for loss hereunder.
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify"><U>Partial Loss Definition</U>: &#147;Partial Loss&#148; means the Available Satellite
Operational Capability is less than Stated Satellite Operational Capability as a result
of one or more Transponder Failures and where such reduction in Available Satellite
Operational Capability does not constitute a Total Loss.</DIV></TD>
</TR>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify"><U>Total Loss Definition</U>: &#147;Total Loss&#148; means the:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Satellite is lost, fails or is completely destroyed; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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><DIV style="text-align: justify">Satellite is not capable of reaching and maintaining its Specified Orbit
Location within one hundred and eighty days after the Launch Date; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Available Satellite Operational Capability is twenty five percent or less of
Stated Satellite Operational Capability; or</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Satellite experiences a Terminated Ignition and the cost of transporting,
repairing, restoring and retesting the Satellite to flightworthy condition, or
replacing the Satellite to the same specification, such that a subsequent Intentional
Ignition can occur, equals or exceeds the Sum Insured.</DIV></TD>
</TR>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX G</U><BR>
<U>Incentives Provisions</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Article&nbsp;7. Price Adjustments for Late and Early Delivery</B>
</DIV>


<DIV style="margin-top: 10pt">
<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">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Late Delivery</U></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the event that: (i)(a) the actual date of Delivery of a Spacecraft is later
than the applicable Delivery Date as set forth in Article&nbsp;4, Article&nbsp;41 or Article&nbsp;45
(as applicable), or (b)&nbsp;the actual date of Delivery of the Ground System (or any
portion thereof) is later than the applicable Delivery Date and such delay causes a
delay in the launch or placement into commercial service of the applicable Spacecraft;
and (ii)&nbsp;and such delay is due to the fault of the Contractor (and/or its
subcontractors or suppliers) and does not constitute an excusable delay under Article
17, Excusable Delays, the Contractor hereby agrees to pay to Customer as liquidated
damages, the amount set forth in the applicable Schedule of Liquidated Damages Tables
provided below for each day of actual delay in Delivery of the Spacecraft, subject to
an aggregate maximum delay as noted in the applicable Table.</DIV></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="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="13" style="border-bottom: 1px solid #000000">Schedule of Liquidated Damages</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">No. of Days Late</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Amount/Day</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Period Total</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Cumulative Total</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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1-60</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">.0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">61-150</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">56,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum Amount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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">$</TD>
    <TD align="right">5,100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In addition to the liquidated damages in the table in paragraph 7.A.1 above, if
Contractor has not made Delivery of the Ground System or the Ground System Follow-On
Deliverables (as applicable) by the applicable Delivery Date, or if, prior to the
Launch Date for the applicable Spacecraft, Customer&#146;s personnel have not been trained
to operate such Spacecraft in accordance with the satellite operating procedures
furnished by Contractor, then Customer may at its written election require Contractor
to (i)&nbsp;operate such Spacecraft in accordance with Contactor&#146;s satellite operating
procedures without reasonable interruption or delay at Contractor&#146;s control center at
Contractor&#146;s expense</DIV></TD>
</TR>

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

<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; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">and (ii)&nbsp;reimburse Customer for Customer&#146;s direct costs resulting from the
coordination with Contractor and the development of protocols required as a
result of Contractor&#146;s operation of the Spacecraft (Customer to provide
Contractor with a good faith estimate of such costs in advance). Contractor
shall continue to operate such Spacecraft in accordance with the preceding
sentence until both (i)&nbsp;Contractor has made Delivery of, and Customer has given
its Final Acceptance of, the Ground System or Ground System Follow-on
Deliverables (as applicable) and (ii)&nbsp;Customer notifies Contractor in writing
that Customer&#146;s personnel have been trained to operate such Spacecraft in
accordance with the satellite operating procedures furnished by Contractor.
</DIV>

<DIV style="margin-top: 10pt">
<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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Failure by the Contractor to perform its obligations under this Contract will
result in substantial losses or damages being sustained by Customer. Contractor and
Customer understand and agree that the applicable amount of liquidated damages
specified above does not constitute a penalty and represents a reasonable estimate of
the losses that would be suffered by Customer by reason of late delivery of the
Spacecraft (which losses would be difficult or impossible to calculate with certainty),
other than by reason of gross negligence or willful misconduct.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any amounts due in accordance with this paragraph 7.A shall be, at Customer&#146;s
election, either (i)&nbsp;credited to Customer against any outstanding or future Contractor
invoice(s) or (ii)&nbsp;paid by Contractor to Customer within thirty (30)&nbsp;days of invoice
from Customer.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If the Contractor does not meet the Delivery dates specified in the Contract,
liquidated damages provided for in this paragraph 7.A hereof shall be the sole
compensation to which Customer shall be entitled; provided that Customer shall retain
all rights and remedies (including, without limitation, refunds and liquidated damages)
under Articles 15, 16 and 17.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Early Delivery</U></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">To the extent that (i)&nbsp;the actual date of Delivery of a Spacecraft is earlier
than the applicable Delivery date specified in Article&nbsp;4, Article&nbsp;41 or Article&nbsp;45, as
applicable, and (ii)&nbsp;the actual dates of Delivery of the related Ground System (or
Ground System Follow-on Deliverables, as applicable) are on or earlier than the
applicable Delivery date specified in Article&nbsp;4, Article&nbsp;41 or Article&nbsp;45, as
applicable then Contractor shall be entitled to receive incentives in accordance with
the provisions of this paragraph 7.B.1 and paragraph 7.B.2. Subject to paragraph
7.B.2, for each day of the Early Delivery Period (as defined in paragraph 7.B.2), such
incentive payments shall be calculated at $33,333 per day for the first sixty (60)&nbsp;days
of early delivery, provided, however, the maximum amount for which early incentives may
be earned for any Spacecraft shall not exceed $2,000,000 per Spacecraft.</DIV></TD>
</TR>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->G-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; margin-left: .25in; width: 7.20in">

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


</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For purposes of paragraph 7.B.1 and this paragraph 7.B.2, &#147;Early Delivery
Period&#148; shall mean the number of day(s) that the later of (i)&nbsp;the date the applicable
Spacecraft is actually Delivered or (ii)&nbsp;the Estimated Delivery Date (as defined below)
is earlier than the Delivery date specified for such Spacecraft in Article&nbsp;4, Article
41or Article&nbsp;45, as applicable. As a condition precedent to Contractor being entitled
to receive the incentive payment(s) provided in paragraph 7.B.1, Contractor shall
notify Customer in writing no later than four (4)&nbsp;months before the date that
Contractor estimates that it will Deliver the applicable Spacecraft (the &#147;Estimated
Delivery Date&#148;). Not later than the date that is two months prior to such Estimated
Delivery Date by up to seven (7)&nbsp;calendar days. In the event that subsequently
Contractor does not Deliver such Spacecraft on our before the date that is seven (7)
calendar days after the Estimated Delivery Date (as it may have been adjusted by
Contractor pursuant to the immediately preceding sentence), the amount of the incentive
payment to which Contactor would otherwise be entitled under Paragraph&nbsp;7.B.1 based on
the actual Early Delivery Period shall be reduced by fifty percent (50%).</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the event Customer designates a storage location rather than a launch site
as a place of Delivery for any Spacecraft to be delivered hereunder, the Delivery date
for determining the calculations set forth in this Article&nbsp;7 shall be the date that
such Spacecraft, having received Preliminary Acceptance from Customer, has arrived at
the storage location designated by Customer, or such other date as the Parties may
agree.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In the event that (i)&nbsp;after Delivery of a Spacecraft and/or Ground System,
Contractor is required to take any corrective action or other measures pursuant to
Article&nbsp;42 and (ii)&nbsp;Contractor previously earned an early delivery incentive payment
for such Spacecraft and Ground System under Paragraph&nbsp;7.B., then, for each day that
such corrective action or other measures cause a delay in the launch or placement into
commercial service of such Spacecraft (including any delay due to postponement of the
launch to an even later date that could be supported after implementation of such
corrective actions or measures), such early delivery incentive payment shall be
reduced, or to the extent already paid by Customer, refunded by Contractor, at the same
$33,333 per day rate; provided that if such early delivery incentive payment is reduced
to zero or fully refunded (as applicable), no further amounts shall be payable by
Contractor under this Paragraph&nbsp;7.D.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The provisions of this Article&nbsp;7 shall be applicable to each Spacecraft to be delivered
hereunder.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->G-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; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX H</U><BR>
<U>DIRECTV Parent Guaranty</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">See Attached
</DIV>


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

<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; margin-left: .25in; width: 7.20in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX I</U><BR>
<U>INNOVA Parent Guaranty</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>See Attached</U>
</DIV>


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

<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; margin-left: .25in; width: 7.20in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U>APPENDIX J</U><BR>
<U>Definitions</U>
</DIV>



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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.17
<SEQUENCE>5
<FILENAME>c73656exv4w17.htm
<DESCRIPTION>EXHIBIT 4.17
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><b>Exhibit 4.17</b>
</div>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV style="border-bottom: 3px double #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CREDIT AGREEMENT
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">dated as of
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">December&nbsp;19, 2007
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">EMPRESAS CABLEVISI&#211;N, S.A.B. DE C.V.,
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">THE LENDERS PARTY HERETO
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">JPMORGAN CHASE BANK, N.A.,<BR>
as Administrative Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 6pt; margin-top: 20pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">J.P. MORGAN SECURITIES INC.,<BR>
as Sole Bookrunner and Lead Arranger
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><DIV style="border-bottom: 3px double #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

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

<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; margin-left: .25in; width: 7.20in">

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS">Page</FONT></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>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD colspan="5" align="center"><B>ARTICLE 1</B><br>
<FONT style="font-variant: SMALL-CAPS">Definitions</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.01<I>. Defined Terms</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.02<I>. Terms Generally</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.03<I>. Accounting Terms; Changes in GAAP</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
<TD colspan="5" align="center"><B>ARTICLE 2</B><br>
<FONT style="font-variant: SMALL-CAPS">The Credits</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.01<I>. Commitments</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.02<I>. Method of Borrowing</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.03<I>. Funding of Loans</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.04. <I>Method of Electing Interest Periods</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.05. <I>Payment at Maturity; Evidence of Debt</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.06. <I>Optional and Mandatory Prepayments</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.07. <I>Fees</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.08. <I>Interest</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.09. <I>Substitute Rate of Interest</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.10. <I>Increased Costs</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.11<I>. Illegality</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.12. <I>Break Funding Payments</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.13. <I>Taxes</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.14. <I>Payments Generally; Pro Rata Treatment; Sharing of Set-offs</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.15<I>. Substitute Rate Loans Substituted for Affected Loans</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.16. <I>Lender&#146;s Obligation to Mitigate; Replacement of Lenders</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD colspan="5" align="center"><B>ARTICLE 3</B><br>
<FONT style="font-variant: SMALL-CAPS">Representations and Warranties</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.01. <I>Organization; Powers</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.02<I>. Authorization; Enforceability</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.03. <I>Governmental Approvals; No Conflicts</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.04. <I>Financial Statements; No Material Adverse Change</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.05. <I>Properties</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.06. <I>Litigation and Environmental Matters</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.07. <I>Compliance with Laws and Agreements</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.08. <I>Investment Company Status; Regulatory Restrictions on Borrowing</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.09<I>. Federal Reserve Regulations</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.10. <I>Taxes</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.11. <I>Disclosure</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.12. <I>Subsidiaries</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.13. <I>Solvency</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.14<I>. Rank of Debt</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.15<I>. No Immunity</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


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

<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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS">Page</FONT></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD colspan="5" align="center"><B>ARTICLE 4</B><br>
<FONT style="font-variant: SMALL-CAPS">Conditions</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.01. <I>Conditions </I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD colspan="5" align="center"><B>ARTICLE 5</B><br>
<FONT style="font-variant: SMALL-CAPS">Affirmative Covenants</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.01. <I>Financial Statements and Other Information</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.02. <I>Notice of Material Events</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.03. <I>Existence; Conduct of Business</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.04. <I>Payment of Tax Obligations</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.05. <I>Maintenance of Properties</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.06. <I>Insurance</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.07. <I>Proper Records; Rights to Inspect and Appraise</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.08. <I>Compliance with Laws</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.09. <I>Use of Proceeds</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.10<I>. Currency Hedging</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD colspan="5" align="center"><B>ARTICLE 6</B><br>
<FONT style="font-variant: SMALL-CAPS">Negative Covenants</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.01. <I>Debt</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.02. <I>Liens</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.03. <I>Fundamental Changes</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.04. <I>Investments, Loans, Advances, Guarantees and Acquisitions</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.05. <I>Asset Sales</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.06. <I>Sale and Leaseback Transactions</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.07. <I>Hedging Agreements</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.08. <I>Restricted Payments</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.09. <I>Transactions with Affiliates</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.10. <I>Restrictive Agreements</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.11. <I>Amendment of Material Documents</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.12. <I>Capital Expenditures</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.13. <I>Interest Expense Coverage Ratio</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.14. <I>Leverage Ratio</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.15<I>. Fiscal Year</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD colspan="5" align="center"><B>ARTICLE 7</B><br>
<FONT style="font-variant: SMALL-CAPS">Events of Default</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;7.01<I>. Events Of Default </I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD colspan="5" align="center"><B>ARTICLE 8</B><br>
<FONT style="font-variant: SMALL-CAPS">The Administrative Agent</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.01. <I>Appointment and Authorization</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.02<I>. Rights and Powers as a Lender</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.03. <I>Limited Duties and Responsibilities</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.04. <I>Authority to Rely on Certain Writings, Statements and Advice</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.05. <I>Sub-Agents and Related Parties</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.06. <I>Resignation; Successor Administrative Agent</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.07. <I>Credit Decisions by Lenders</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>

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


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

<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /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; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS">Page</FONT></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- 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; padding-top: 1px">
    <TD colspan="5" align="center"><B>ARTICLE 9</B><br>
<FONT style="font-variant: SMALL-CAPS">Miscellaneous</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.01. <I>Notices</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.02. <I>Waivers; Amendments</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.03. <I>Expenses; Indemnity; Damage Waiver</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.04. <I>Successors and Assigns</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.05. <I>Survival</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.06. <I>Counterparts; Integration; Effectiveness</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.07. <I>Severability</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.08. <I>Right of Set-off</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.09. <I>Governing Law; Jurisdiction; Consent to Service of Process</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.10<I>. Appointment of Agent For Service of Process</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.11<I>. Waiver of Immunity</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.12<I>. Judgment Currency</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.13. <I>WAIVER OF JURY TRIAL</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.14<I>. Use of English Language</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.15. <I>Headings</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.16. <I>Confidentiality</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.17<I>. USA Patriot Act</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</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="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><u>SCHEDULES:</u></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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 align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;2.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commitments</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;3.05
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Real Properties</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;3.06
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disclosed Matters</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;3.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">List of Subsidiaries</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;6.01
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Debt</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;6.02
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Liens</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;6.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Restrictions</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>EXHIBITS:</u></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" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Assignment</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;B-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Opinion of special New York counsel to the Borrower</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;B-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Opinion of Mexican counsel to the Borrower</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;B-3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Opinion of special New York counsel to the
Administrative Agent</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;B-4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Opinion of special Mexican counsel to the
Administrative Agent</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Note</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Borrowing Request</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Notice of Interest Period Election</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;F
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Terms of Subordination</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">CREDIT AGREEMENT dated as of December&nbsp;19, 2007 among Empresas Cablevisi&#243;n, S.A.B. de C.V., a
Mexican <I>sociedad an&#243;nima burs&#225;til de capital variable </I>(the &#147;<B>Borrower</B>&#148;), the Lenders party hereto
and JPMorgan Chase Bank, N.A., as Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The parties hereto agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 1</B><BR>
<FONT style="font-variant: SMALL-CAPS">Definitions</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;1.01.<I> Defined Terms. </I>As used in this Agreement, the following terms have the
meanings specified below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Adjusted LIBO Rate</B>&#148; means, with respect to any Eurodollar Borrowing for any Interest Period,
an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a)&nbsp;the
LIBO Rate for such Interest Period multiplied by (b)&nbsp;the Statutory Reserve Adjustment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Administrative Agent</B>&#148; means JPMorgan Chase Bank, N.A., in its capacity as administrative
agent for the Lenders hereunder, and its successors in such capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Administrative Agent&#146;s Account</B>&#148; means account number 9008113381H1659 maintained with JPMorgan
Chase Bank, N.A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Administrative Questionnaire</B>&#148; means an Administrative Questionnaire in a form supplied by the
Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Affiliate</B>&#148; means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with such specified Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Agreement</B>&#148; means this Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Applicable Margin</B>&#148; means, in the case of any Loan for any day, the applicable percentage per
annum set forth below under the caption &#147;LIBO Rate Margin&#148; opposite the applicable Leverage Ratio
as set forth in the most recent Compliance Certificate received by the Administrative Agent
pursuant to Section&nbsp;5.01(c) prior to such day:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&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>
    <TD nowrap align="center" colspan="2"><B>LIBO Rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Pricing Level</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Leverage Ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Margin</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">1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#060; 1.75:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.375</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u>&#062;</u> 1.75:1 but &#060; 2.25:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.400</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u>&#062;</u> 2.25:1 but &#060; 2.75:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.425</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u>&#062;</u> 2.75:1 but &#060; 3.25:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.500</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><u>&#062;</u> 3.25:1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.625</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Any increase or decrease in the Applicable Margin resulting from a change in the Leverage Ratio
shall become effective as of the first Business Day following the date on which a Compliance
Certificate is delivered pursuant to Section&nbsp;5.01(c); <I>provided </I>that if a Compliance Certificate is
not delivered when due in accordance with Section&nbsp;5.01(c),
then Pricing Level 5 shall apply as of the fifth Business Day after the date on which such
Compliance Certificate was required to have been delivered until the date (if any) on which such
Compliance Certificate is delivered.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Asset Disposition</B>&#148; means a Prepayment Event described in clause (a)&nbsp;of the definition of
&#147;Prepayment Event&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Assignment</B>&#148; means an assignment and assumption agreement entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section&nbsp;9.04), and accepted by
the Administrative Agent and the Borrower, in the form of Exhibit&nbsp;A or any other form approved by
the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Base Rate</B>&#148; means, for any day, a rate per annum equal to the greater of (a)&nbsp;the Prime Rate in
effect on such day and (b)&nbsp;the Federal Funds Effective Rate in effect on such day plus <FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> of 1%.
Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective date of such change in the Prime
Rate or the Federal Funds Effective Rate, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Bestel</B>&#148; means Bestel, S.A. de C.V.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Bestel Acquisition</B>&#148; means the acquisition by the Borrower, directly or through one or more
newly formed or existing entities, of certain assets of Bestel; <I>provided </I>that immediately after
giving effect to such acquisition, such newly formed or existing entity will be a direct or
indirect subsidiary of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Board of Directors</B>&#148; means the board of directors or comparable governing body of any Person,
or any committee thereof duly authorized to act on its behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Borrower</B>&#148; has the meaning specified in the introductory paragraph of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Borrower&#146;s Account</B>&#148; mean account number 400216167 maintained with JPMorgan Chase Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Borrowing</B>&#148; means a borrowing of Loans under Section&nbsp;2.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Borrowing Request</B>&#148; means a request by the Borrower for a Borrowing in accordance with Section
2.02.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Business Day</B>&#148; means any day that is not a Saturday, Sunday or other day on which commercial
banks in New York City, United States or Mexico City, Mexico are authorized or required by law to
remain closed; <I>provided </I>that, when used in connection with a Eurodollar Loan, the term &#147;Business
Day&#148; shall also exclude any day on which commercial banks are not open for international business
in London, England, including dealings in Dollar deposits in the London interbank market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Cablevisi&#243;n Group Companies</B>&#148; means the Borrower and its Material Subsidiaries.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Capital Expenditures</B>&#148; means, for any period, the additions to property, plant and equipment
and other capital expenditures of the Borrower and its Subsidiaries that are (or would be) set
forth in a consolidated statement of cash flows of the Borrower and its Subsidiaries for such
period prepared in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Capital Lease Obligations</B>&#148; of any Person means the obligations of such Person to pay rent or
other amounts under any lease of (or other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are required under GAAP to be classified and
accounted for as capital leases on a balance sheet of such Person. The amount of such obligations
will be the capitalized amount thereof determined in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>&#147;Casualty Event</B>&#148; means a Prepayment Event described in clause (b)&nbsp;of the definition of
&#147;Prepayment Event&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Central Bank</B>&#148; means the <I>Banco de M</I>&#233;<I>xico</I>, the Central Bank of Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Change in Law</B>&#148; means (a)&nbsp;the adoption of any law, rule or regulation after the date of this
Agreement, (b)&nbsp;any change in any law, rule or regulation or in the interpretation or application
thereof by any Governmental Authority after the date of this Agreement or (c)&nbsp;compliance by any
Lender (or, for purposes of Section&nbsp;2.10(b), by any lending office of such Lender or by such
Lender&#146;s holding company, if any) with any request, guideline or directive (whether or not having
the force of law) of any Governmental Authority made or issued after the date of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Change of Control</B>&#148; means Televisa shall cease to Control the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Change of Control Prepayment Notice</B>&#148; has the meaning set forth in Section&nbsp;2.06(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Commitment</B>&#148; means, for each Lender, the amount set forth under the heading &#147;Commitment&#148;
opposite such Lender&#146;s name on Schedule&nbsp;2.01, as such amount may be reduced or adjusted from time
to time in accordance with the terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Commitment Letter</B>&#148; means the commitment letter between the Borrower, Televisa, the
Administrative Agent and the Lead Arranger, dated as of November&nbsp;29, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Compliance Certificate</B>&#148; has the meaning assigned to such term in Section&nbsp;5.01(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Consolidated EBITDA</B>&#148; means, for any period, Consolidated Net Income for such period plus (a)
without duplication and to the extent deducted in determining such Consolidated Net Income, the sum
of (i)&nbsp;Consolidated Interest Expense for such period, (ii)&nbsp;consolidated income tax expense for such
period, (iii)&nbsp;all amounts attributable to depreciation and amortization for such period, (iv)&nbsp;any
extraordinary charges for such period and (v)&nbsp;non-operating expenses for such period, and minus (b)
without duplication and to the extent included in determining such Consolidated Net Income, (i)&nbsp;any
extraordinary gains for such period, (ii)&nbsp;any interest income for such period and (iii)&nbsp;any
non-operating income for such period, all determined on a consolidated basis in accordance with
GAAP.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Consolidated Interest Expense</B>&#148; means, for any period, the sum of the interest expense
(including imputed interest expense in respect of Capital Lease Obligations) of the Borrower and
its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Consolidated Net Income</B>&#148; means, for any period, the net income or loss of the Borrower and
its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP;
<I>provided </I>that there shall be excluded (a)&nbsp;the income (or loss) of any Person (except the Borrower
or any Subsidiary) in which any other Person (except the Borrower, a Subsidiary or a director
holding qualifying shares in compliance with applicable law) owns an Equity Interest, except to the
extent that dividends or other distributions were actually paid by such Person to the Borrower or
any Subsidiary during such period, and (b)&nbsp;the income or loss of any Person accrued before (i)&nbsp;the
date it becomes a Subsidiary, (ii)&nbsp;the date it is merged into or consolidated with the Borrower or
any Subsidiary or (iii)&nbsp;the date its assets are acquired by the Borrower or any Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Control</B>&#148; means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ability to exercise
voting power, by contract or otherwise. &#147;<B>Controlling</B>&#148; and &#147;<B>Controlled</B>&#148; have meanings correlative
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Credit Exposure</B>&#148; means, with respect to any Lender at any time, such Lender&#146;s Commitment at
such time or, if the Commitments shall have been terminated, the aggregate outstanding principal
amount of the Loans of such Lender at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Debt</B>&#148; of any Person means, without duplication, (a)&nbsp;all obligations of such Person for
borrowed money, (b)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or similar
instruments, (c)&nbsp;all payment obligations of such Person under conditional sale or other title
retention agreements relating to property acquired by such Person, (d)&nbsp;all obligations of such
Person in respect of the deferred purchase price of property or services (excluding current
accounts payable incurred in the ordinary course of business), (e)&nbsp;all Debt of others secured by
any Lien on property owned or acquired by such Person, whether or not the Debt secured thereby has
been assumed; <U>provided</U>, that the amount of such Debt shall be the lesser of (i)&nbsp;the fair
market value of such property as of the date of determination and (ii)&nbsp;the amount of such Debt, (f)
all Guarantees by such Person of Debt of others, including avales, (g)&nbsp;all Capital Lease
Obligations of such Person, (h)&nbsp;all payment obligations, contingent or otherwise, of such Person as
an account party in respect of letters of credit and letters of guaranty, (i)&nbsp;all payment
obligations, contingent or otherwise, of such Person in respect of bankers&#146; acceptances, (j)&nbsp;all
payment obligations of such Person under Hedging Agreements (other than Qualifying Hedges) and (k)
all payment obligations of such Person in respect of Synthetic Purchase Agreements; <I>provided </I>that
Debt shall not include any liability constituting (A)&nbsp;Trade Accounts Payable, (B)&nbsp;indebtedness of
the Borrower to any Subsidiary, or of any Subsidiary to the Borrower or any other Subsidiary, to
the extent that any such indebtedness is eliminated in the consolidation of the financial
statements of the Borrower and its consolidated Subsidiaries in accordance with GAAP, or (C)
Televisa Subordinated Debt. For purposes of clause (j)&nbsp;of this definition, the &#147;principal&#148; amount
of Debt of a Person in respect of any Hedging Agreement at any time will be the maximum aggregate
amount (after giving effect to any netting agreements) that such Person would be required to pay if
such Hedging Agreement were terminated at such time.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Default</B>&#148; means any event or condition which constitutes an Event of Default or which upon
notice, lapse of time or both would, unless cured or waived, become an Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Disclosed Matters</B>&#148; means the actions, suits, proceedings and environmental matters disclosed
in Schedule&nbsp;3.06.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Dollars</B>&#148; or &#147;<B>$</B>&#148; refers to lawful money of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Drawdown Date</B>&#148; means the date on which the Lenders makes the Loans to the Borrower, which in
no event shall be later than five (5)&nbsp;Business Days after the Effective Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Effective Date</B>&#148; means the date of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Environmental Laws</B>&#148; means all laws, rules, regulations, codes, ordinances, orders, decrees,
judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any
Governmental Authority, relating in any way to the environment, the preservation or reclamation of
natural resources, the management, release or threatened release of any Hazardous Material or
health and safety matters associated with exposure to Hazardous Material including the Mexican
General Law of Ecological Balance and Environmental Protection (<I>Ley General del Equilibrio
Ecol&#243;gico y la Protecci&#243;n al Ambiente</I>), the Mexican General Law for the Prevention and Integral
Management of Wastes (<I>Ley General para la Prevenci&#243;n y Gesti&#243;n Integral de los Residuos</I>), the
National Waters Law (<I>Ley de Aguas Nacionales</I>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Environmental Liability</B>&#148; means any liability, contingent or otherwise (including any
liability for damages, costs of remediation, fines, penalties or indemnities), of the Borrower or
any Material Subsidiary thereof directly or indirectly resulting from or based on (a)&nbsp;violation of
any Environmental Law, (b)&nbsp;the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Material, (c)&nbsp;exposure to any Hazardous Material, (d)&nbsp;the release or
threatened release of any Hazardous Material into the environment or (e)&nbsp;any contract, agreement or
other consensual arrangement pursuant to which liability is assumed or imposed with respect to any
of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Equity Interests</B>&#148; means, with respect to any Person, all of the shares of capital stock of
(or other ownership or profit interests in) such Person, all of the warrants, options or other
rights for the purchase or acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person
or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, outstanding on any
date of determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Equity Related Person</B>&#148; means (i)&nbsp;any Person (other than any Cablevisi&#243;n Group Company)
holding, directly or indirectly, 10% or more of the capital stock of the Borrower or any of its
Material Subsidiaries on the Effective Date and (ii)&nbsp;any Subsidiary of a Person referred to in
clause (i), other than any Cablevisi&#243;n Group Company.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Eurodollar</B>&#148;, when used with respect to any Loan or Borrowing, refers to whether such Loan, or
the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Adjusted LIBO Rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Events of Default</B>&#148; has the meaning specified in Article&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Federal Funds Effective Rate</B>&#148; means, for any day, the weighted average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if necessary, to the
next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Federal Reserve Board</B>&#148; means the Board of Governors of the Federal Reserve System of the
United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Financial Officer</B>&#148; means the chief financial officer, principal accounting officer, treasurer
or controller of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Financing Transactions</B>&#148; means the execution, delivery and performance by the Borrower of the
Loan Documents, the borrowing of Loans and any use of the proceeds thereof on the Drawdown Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Fiscal Quarter</B>&#148; means a fiscal quarter of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Fiscal Year</B>&#148; means a fiscal year of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Foreign Lender</B>&#148; means any Lender that is organized under the laws of a jurisdiction other
than Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>GAAP</B>&#148; means the Mexican <I>normas de informaci&#243;n financiera</I>, applicable in Mexico as in effect
from time to time, applied on a basis consistent (except for changes concurred in by the Borrower&#146;s
independent public accountants) with the most recent audited consolidated financial statements of
the Borrower and its consolidated Subsidiaries delivered to the Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Governmental Authority</B>&#148; means any branch of power, whether legislative, judicial or
administrative, of any state, the government of the United States, Mexico, any other nation or any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Guarantee</B>&#148; by any Person (the &#147;<B>guarantor</B>&#148;) means any payment obligation, contingent or
otherwise (including an <I>aval</I>), of the guarantor guaranteeing or having the economic effect of
guaranteeing any Debt or other payment obligation of any other Person (the &#147;<B>primary obligor</B>&#148;) in
any manner, whether directly or indirectly, and including any obligation of the guarantor, direct
or indirect, (a)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of)
such Debt or other obligation or
to purchase (or advance or supply funds for the purchase of) any security for the payment
thereof, (b)&nbsp;to purchase or lease property, securities or services for the purpose of assuring the
owner of such Debt or other obligation of the payment thereof, (c)&nbsp;to maintain working capital,
equity capital or any other financial statement condition or liquidity of the primary obligor so as
to enable the primary obligor to pay such Debt or other obligation or (d)&nbsp;as an account party in
respect of any letter of credit or letter of guaranty issued to support such Debt or other
obligation; <I>provided </I>that the term &#147;Guarantee&#148; shall not include endorsements for collection or
deposit in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Hazardous Materials</B>&#148; means all hazardous or toxic substances, wastes or other pollutants,
including petroleum or petroleum distillates, asbestos or asbestos-containing materials,
polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or
wastes of any nature regulated pursuant to any Environmental Law, including all explosive or
radioactive substances or wastes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Hedging Agreement</B>&#148; means any interest rate protection agreement, foreign currency exchange
agreement, commodity price protection agreement or other interest rate, currency exchange rate or
commodity price hedging arrangement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Interest Election</B>&#148; means an election by the Borrower to change or continue the Interest
Period applicable to any Borrowing in accordance with Section&nbsp;2.04.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Interest Payment Date</B>&#148; means, with respect to any Loan, the last day of the Interest Period
applicable to the Borrowing of which such Loan is a part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Interest Period</B>&#148; means, with respect to each Loan, (i)&nbsp;the period commencing on the date of
borrowing specified in the applicable Borrowing Request and ending on the numerically corresponding
day in the calendar month that is one, three or six months thereafter, as the Borrower may elect in
such Borrowing Request, and (ii)&nbsp;for each subsequent Interest Period, the period commencing on the
last date of the Interest Period then ending with respect to such Loan and ending on the
numerically corresponding day in the calendar month that is one, three or six months thereafter, as
the Borrower may elect in a Notice of Interest Period Election; <I>provided </I>that (i)&nbsp;if any Interest
Period would end on a day which is not a Business Day, such Interest Period shall be extended to
the next succeeding Business Day unless such next succeeding Business Day falls in another calendar
month, in which case such Interest Period shall end on the next preceding Business Day, (ii)&nbsp;any
Interest Period that commences on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period and (iii)&nbsp;any
Interest Period that would otherwise end after the Maturity Date shall instead end on the Maturity
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Investment</B>&#148; has the meaning specified in Section&nbsp;6.04.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>JPMorgan Chase</B>&#148; means JPMorgan Chase Bank, N.A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Lead Arranger</B>&#148; means J.P. Morgan Securities Inc., in its capacity as lead arranger and sole
bookrunner for this Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Lender Affiliate</B>&#148; means, with respect to any Lender, an Affiliate of such Lender (excluding
any special purpose fund or other vehicle organized to invest in whole or in part in bank loans and
similar extensions of credit and issue obligations to finance such investments).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Lender Parties</B>&#148; means the Lenders, the Administrative Agent and the Lead Arranger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Lenders</B>&#148; means the Persons listed on Schedule&nbsp;2.01 and any other Person that shall have
become a party hereto pursuant to an Assignment, other than any such Person that ceases to be a
party hereto pursuant to an Assignment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Lending Office</B>&#148; means, as to each Lender, its office located at its address set forth in its
Administrative Questionnaire (or identified in its Administrative Questionnaire as its Lending
Office) or such other office as such Lender may hereafter designate as its Lending Office (or if it
so designates, its Lending Office solely with respect to Loans bearing interest at the Eurodollar
Rate or Substitute Rate) by notice to the Borrower and the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Letseb Note</B>&#148; means the US$80,000,000 note issued on December&nbsp;13, 2007 by Letseb, S.A. de C.V.
and guaranteed by Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Leverage Ratio</B>&#148; means, on any day, the ratio for the Borrower and its consolidated
Subsidiaries of (a)&nbsp;Total Debt as of such date to (b)&nbsp;Consolidated EBITDA for the period of four
consecutive Fiscal Quarters ended on such day (or, if such day is not the last day of a Fiscal
Quarter, ended on the last day of the Fiscal Quarter most recently ended before such day for which
the Borrower has delivered consolidated financial statements to the Administrative Agent pursuant
to Section&nbsp;3.04 or Section&nbsp;5.01).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>LIBO Rate</B>&#148; means, with respect to any Eurodollar Borrowing for any Interest Period, the rate
per annum equal to the British Bankers Association LIBOR Rate (&#147;<B>BBA LIBOR</B>&#148;) from Telerate Successor
Page 3750, as published by Reuters (or, if such source is unavailable, such other commercially
available source providing quotations of BBA LIBOR as designated by the Administrative Agent from
time to time to the Borrower) at approximately 11:00&nbsp;a.m., London time, two Business Days prior to
the commencement of such Interest Period, as the rate (rounded upwards, if necessary, to the next
1/16 of 1%) for Dollar deposits with a maturity comparable to such Interest Period. If such rate
is not available at such time for any reason, then the &#147;LIBO Rate&#148; with respect to such Eurodollar
Borrowing for such Interest Period shall be the rate at which Dollar deposits of $5,000,000 and for
a maturity comparable to such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank market at approximately
11:00&nbsp;a.m., London time, two Business Days before the beginning of such Interest Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Lien</B>&#148; means, with respect to any asset, (a)&nbsp;any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset, (b)&nbsp;the interest
of a vendor or a lessor under any conditional sale agreement or title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (c)&nbsp;in the case of securities, any purchase option, call or similar right of a third
party with respect to such securities.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Loan Documents</B>&#148; means this Agreement and any Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Loans</B>&#148; means the loans made by the Lenders to the Borrower pursuant to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Margin Stock</B>&#148; has the meaning assigned to such term in Regulation&nbsp;U of the Federal Reserve
Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Material Adverse Effect</B>&#148; means a material adverse effect on (a)&nbsp;the business operations,
property, condition (financial or otherwise) or prospects of the Borrower and its Material
Subsidiaries, taken as a whole, (b)&nbsp;the ability of the Borrower to perform any of its material
obligations under any Loan Document or (c)&nbsp;the rights and remedies available to any Lender Party
under any Loan Document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Material Debt</B>&#148; means Debt (other than obligations in respect of the Loans) of any one or more
Cablevisi&#243;n Group Companies in an aggregate principal amount exceeding $20,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Material Subsidiary</B>&#148; means, at any date of determination, (A)&nbsp;any subsidiary of the Borrower
(the &#147;tested subsidiary&#148;) for which either of the following is true (in each case, determined for
such tested subsidiary with its subsidiaries, on a consolidated basis in accordance with GAAP):
(i)&nbsp;for the most recent Fiscal Year of the Borrower, the consolidated net revenues of such tested
subsidiary was more than 10% of the consolidated net revenues of the Borrower and its consolidated
Subsidiaries or (ii)&nbsp;as of the end of such Fiscal Year, the consolidated total assets of such
tested subsidiary was more than 10% of the consolidated total assets of the Borrower and its
consolidated Subsidiaries, all as set forth on the most recently available consolidated financial
statements of the Borrower referred to in Section&nbsp;3.04 or delivered pursuant to Section&nbsp;5.01 and
(B)&nbsp;each of Cablestar, S.A. de C.V., Letseb, S.A. de C.V. and Operbes, S.A. de C.V. unless (x)&nbsp;on
such date, such Person is no longer a Subsidiary or (y)&nbsp;after December&nbsp;31, 2007, such date on which
such Person does not comply with (i)&nbsp;or (ii)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Mexican Stock Exchange</B>&#148; means the Stock Exchange of Mexico (<I>Bolsa Mexicana de Valores, S.A.
de C.V.</I>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Mexican Tax Authority</B>&#148; means any governmental, regulatory or administrative body, agency or
authority, any court of judicial authority, any arbitrator or any public, private or industry
regulatory authority of the government of Mexico, or any political subdivision thereof in charge of
affairs related to Taxes or Other Taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Mexico</B>&#148; means the United Mexican States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Maturity Date</B>&#148; means the fifth anniversary of the Drawdown Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Moody&#146;s</B>&#148; means Moody&#146;s Investors Service, Inc. (or any successor providing ratings).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Net Proceeds</B>&#148; means, with respect to any event, (a)&nbsp;the cash proceeds received in respect of
such event including (i)&nbsp;any cash received in respect of any non-cash proceeds, but only as and
when received, (ii)&nbsp;in the case of a casualty, insurance proceeds, and (iii)&nbsp;in the case of a
condemnation or similar event, condemnation awards
and similar payments, in each case net of (b)&nbsp;the sum of (i)&nbsp;all fees and out-of-pocket
expenses paid by the Borrower or any of its Subsidiaries to third parties (other than Affiliates)
in connection with such event, (ii)&nbsp;in the case of a sale, transfer or other disposition of an
asset (including pursuant to a sale and leaseback transaction, a casualty or a condemnation or
similar proceeding), the amount of all payments required to be made by the Borrower or any of its
Subsidiaries as a result of such event to repay Debt (other than Loans) secured by such asset or
otherwise subject to mandatory prepayment as a result of such event, and (iii)&nbsp;the amount of all
taxes paid (or reasonably estimated to be payable) by the Borrower or any of its Subsidiaries, and
the amount of any reserves established by the Borrower or any of its Subsidiaries to fund
contingent liabilities reasonably estimated to be payable, in each case during the year that such
event occurred or the next succeeding year and that are directly attributable to such event (as
determined reasonably and in good faith by a Financial Officer).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>New York Court</B>&#148; has the meaning specified in Section&nbsp;9.09(b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Notice of Interest Period Election</B>&#148; has the meaning specified in Section&nbsp;2.04.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Operbes Loan</B>&#148; means a loan dated December&nbsp;13, 2007 by Televisa or one of its Affiliates to
Operbes, S.A. de C.V., in an amount of up to $38,082,685.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Other Taxes</B>&#148; has the meaning specified in Section&nbsp;2.13(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Outstanding Amount</B>&#148; means, with respect to any Lender at any time, the aggregate outstanding
principal amount of its Loans, determined at such time after giving effect to all payments and
prepayments, and any prior assignments by or to such Lender pursuant to Section&nbsp;9.04.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Participants</B>&#148; has the meaning specified in Section&nbsp;9.04(e).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Permitted Investments</B>&#148; means investments in:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States (or by any agency thereof to the extent such
obligations are backed by the full faith and credit of the United States), in each case maturing
within two years from the date of acquisition thereof and denominated in Dollars;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;commercial paper, maturing not more than 365&nbsp;days after the date of acquisition thereof,
issued by a corporation (other than an Affiliate of the Company) incorporated or organized and in
existence under the laws of Mexico or any jurisdiction thereof or the United States of America, any
state thereof or the District of Columbia or any foreign country recognized by the United States of
America in which the Company or any of its Subsidiaries are engaged in business activities with a
rating at the time as of which any investment therein is made of &#147;P-2&#148; (or higher) according to
Moody&#146;s or &#147;A-2&#148; (or higher) according to S&#038;P (or equivalent ratings by their Mexican affiliates);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;certificates of deposit, banker&#146;s acceptances and time deposits maturing within two years
from the date of acquisition thereof issued or guaranteed by or placed with, and money market
deposit accounts issued or offered by, any domestic office of any
commercial bank organized under the laws of the United States or any State thereof which has a
combined capital and surplus of at least $500,000,000;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;fully collateralized repurchase agreements with a term of not more than 30&nbsp;days for
securities described in clause (a)&nbsp;above and entered into with a financial institution satisfying
the criteria described in clause (c)&nbsp;above; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;<I>Certificados de la Tesorer&#237;a de la Federaci&#243;n </I>(Cetes), <I>Bonos de Desarrollo del Gobierno
Federal </I>(Bondes), whether denominated in Pesos or UDIs, <I>Bonos de Regulaci&#211;n Monetaria </I>(BREMs) and
<I>Bonos de Protecci&#211;n al Ahorro </I>(BPAs), in each case, issued by the government of Mexico, denominated
in Pesos and maturing not later than two years after the acquisition thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Permitted Liens</B>&#148; means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Liens imposed by law for taxes, assessments, governmental charges or claims, that are
either (i)&nbsp;delinquent for less than 90&nbsp;days; <I>provided </I>that the fair market value of the aggregate
amount of the property subject to such Liens does not exceed $10,000,000 or (ii)&nbsp;that are not yet
due or are being contested in compliance with Section&nbsp;5.04(a);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s, repairmen&#146;s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not
overdue by more than 60&nbsp;days or are being contested in compliance with Section&nbsp;5.04(a);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;pledges and deposits made in the ordinary course of business in compliance with workers&#146;
compensation, unemployment insurance and other social security laws or regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Liens incurred or deposits made to secure (i)&nbsp;letters of credit, the performance of
tenders, bids, trade contracts, leases, licenses, statutory or regulatory obligations, bankers&#146;
acceptances, surety and appeal bonds, government contracts, performance and return-of-money bonds
and other obligations of a similar nature incurred in the ordinary course of business (exclusive of
obligations for the payment of borrowed money) and any bank&#146;s unexercised right of set off with
respect to deposits made in the ordinary course and (ii)&nbsp;indemnity obligations in respect of the
sale, transfer, lease or other disposition of any property of the Borrower or any Material
Subsidiary; <U>provided</U> that the property subject to such Lien does not have a fair market
value in excess of the cash or cash equivalent proceeds received by the Borrower and its Material
Subsidiaries in connection with such sale, transfer, lease or other disposition;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;judgment liens in respect of judgments that do not constitute an Event of Default under
clause (k)&nbsp;of Section&nbsp;7.01 hereof; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;easements, municipal and zoning restrictions, rights-of-way and similar encumbrances on
real property that do not materially interfere with the ordinary conduct of business of the
Borrower and its Material Subsidiaries, taken as a whole;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;leases or subleases granted to others that do not materially interfere with the ordinary
course of business of the Borrower and its Material Subsidiaries, taken as a whole;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(h)&nbsp;Liens arising from filing Uniform Commercial Code or similar financing statements
regarding leases;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;Liens in favor of the Borrower or any Material Subsidiary;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(j)&nbsp;Liens arising from the rendering of a final judgment or order against the Borrower or any
Material Subsidiary of the Borrower that does not give rise to an Event of Default;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(k)&nbsp;Liens securing reimbursement obligations with respect to trade letters of credit that
encumber documents and other property relating to such trade letters of credit and the products and
proceeds thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(l)&nbsp;Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(m)&nbsp;Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by the Borrower or any of its Material Subsidiaries
in the ordinary course of business of the Borrower and its Material Subsidiaries, taken as a whole;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(n)&nbsp;Liens on the rights of the Borrower or a Material Subsidiary to payments in respect of
programming or films and all proceeds therefrom; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(o)&nbsp;Liens not permitted under the foregoing clauses (a)&nbsp;through (n)&nbsp;of this definition;
<I>provided </I>that the aggregate amount of the property subject to such Liens at any time does not
exceed $5,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Permitted Refinancing</B>&#148; means, with respect to any Debt (the &#147;<B>refinanced Debt</B>&#148;), any
extensions, renewals and replacements of such Debt (the &#147;<B>refinancing Debt</B>&#148;) that (A)&nbsp;is incurred by
the same Person or Persons as were obligors under the refinanced Debt, (B)&nbsp;if the refinanced Debt
is subordinated in right of payment to obligations under the Loan Documents, then such refinancing
Debt is subordinated to at least the same obligations on terms at least as favorable to the Lenders
as those governing the refinanced Debt, (C)&nbsp;does not increase the outstanding principal amount
thereof and (D)&nbsp;has a maturity date no earlier than, and a weighted average life no shorter than,
the refinanced Debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Person</B>&#148; means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Pesos</B>&#148; or &#147;<B>Ps</B>&#148; means the lawful money of Mexico.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Prepayment Event</B>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(a)&nbsp;any sale, transfer or other disposition (including pursuant to a sale and
leaseback transaction) of any property of the Borrower or any
Subsidiary, except dispositions described in Sections&nbsp;6.05(a) or Section&nbsp;6.05(b); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(b)&nbsp;any casualty or other insured damage to any property of the Borrower or any
Subsidiary, or any taking of any such property under power of eminent domain or by
condemnation or similar proceeding, or any transfer of any such property in lieu of a
condemnation or similar taking thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Prime Rate</B>&#148; means the rate of interest per annum publicly announced from time to time by
JPMorgan Chase as its prime rate in effect at its principal office in the City of New York. Each
change in the Prime Rate will be effective for purposes hereof from and including the date such
change is publicly announced as being effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Process Agent</B>&#148; has the meaning set forth in Section&nbsp;9.10(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Qualifying Hedges</B>&#148; has the meaning assigned to such term in Section&nbsp;5.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Register</B>&#148; has the meaning specified in Section&nbsp;9.04(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Regulation&nbsp;T</B>&#148; means Regulation&nbsp;T of the Federal Reserve Board, as in effect from time to
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Regulation&nbsp;U</B>&#148; means Regulation&nbsp;U of the Federal Reserve Board, as in effect from time to
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Regulation&nbsp;X</B>&#148; means Regulation&nbsp;X of the Federal Reserve Board, as in effect from time to
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Related Parties</B>&#148; means, with respect to any specified Person, such Person&#146;s Affiliates and
the respective directors, officers, employees, agents and advisors of such Person and its
Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Required Lenders</B>&#148; means, at any time, Lenders having at least 51% in aggregate amount of the
Credit Exposures at such time (disregarding for this purpose any Credit Exposures held by the
Borrower or its Related Parties).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Restricted Payment</B>&#148; means (a)&nbsp;any dividend or other distribution (whether in cash, securities
or other property) with respect to any Equity Interest in any Cablevisi&#243;n Group Company, or any
payment (whether in cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any Equity Interest in any Cablevisi&#243;n Group Company other than in accordance with
the terms thereof (including, for this purpose, any payment in respect of any such Equity Interest
under a Synthetic Purchase Agreement), (b)&nbsp;any payment with respect to Televisa Subordinated Debt
and (c)&nbsp;any loan or advance to an Equity Related Person (other than advances for services in the
ordinary course of business that are at prices and on terms and conditions not less favorable to
the Cablevisi&#243;n Group Companies making such advances than could be obtained on an arm&#146;s length
basis from unrelated third parties).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>S&#038;P</B>&#148; means Standard &#038; Poor&#146;s Ratings Services, a division of The McGraw-Hill Companies, Inc.
(or any successor providing ratings).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>SEC</B>&#148; means the U.S. Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Statutory Reserve Adjustment</B>&#148; means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent
is subject with respect to eurocurrency funding (currently referred to as &#147;Eurocurrency
Liabilities&#148; in Regulation&nbsp;D of the Federal Reserve Board). Such reserve percentages will include
those imposed pursuant to such Regulation&nbsp;D. The Statutory Reserve Adjustment will be adjusted
automatically on and as of the effective date of any change in any applicable reserve percentage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>subsidiary</B>&#148; means, with respect to any Person at any date, any corporation, limited liability
company, partnership or other entity of which Voting Stock representing more than 50% of the total
voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person
and/or one or more other subsidiaries of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Subsidiary</B>&#148; means any subsidiary of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Substitute Rate</B>&#148; means, for any day and for any Lender, a rate per annum determined pursuant
to Section&nbsp;2.09(B) or (C), as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Substitute Rate Loan</B>&#148; means a Loan which bears interest at the Substitute Rate pursuant to
the provisions of Sections&nbsp;2.09, 2.11 or 2.15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Synthetic Purchase Agreement</B>&#148; means any margin loan, total return swap, equity derivative or
prepaid forward or combination of such agreements pursuant to which the Borrower or a Subsidiary is
or may become obligated to make (i)&nbsp;any payment in connection with the purchase by any third party,
from a Person other than the Borrower or a Subsidiary, of any Equity Interest or (ii)&nbsp;any payment
(other than on account of a permitted purchase by it of any Equity Interest) the amount of which is
determined by reference to the price or value at any time of any Equity Interest. For the
avoidance of doubt, the term Synthetic Purchase Agreement shall not include the making or repayment
of any contribution of capital or any agreement relating thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Taxes</B>&#148; has the meaning specified in Section&nbsp;2.13(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Televisa</B>&#148; means Grupo Televisa, S.A.B. and its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Televisa Subordinated Debt</B>&#148; means any unsecured Debt of the Borrower or any Subsidiary owing
to Televisa and/or its Affiliates that (a)&nbsp;is expressly subordinated to the prior payment in full
in cash of the principal of and interest on the Loans and other obligations under the Loan
Documents on terms at least as favorable to the Lenders as the terms set forth on Exhibit&nbsp;F hereto
and (b)&nbsp;has no required repayments (whether upon scheduled maturity, pursuant to scheduled
amortization or upon the occurrence of a contingency, other than a customary acceleration upon a
bankruptcy or insolvency of the Borrower or the relevant Subsidiary, and subject to the
subordination provisions referred to above) and no payments of interest prior to the date that is
91&nbsp;days after the Maturity Date.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Total Debt</B>&#148; means, as of any date, the aggregate amount of Debt referred to in (a), (b), (e),
(f), (g), (j)&nbsp;or (k)&nbsp;under the definition thereof (but, in the case of clauses (e)&nbsp;and (f), only to
the extent of Guarantees of Debt of the type referred to in clauses (a), (b), (g), (j)&nbsp;and (k)) of
the Borrower and its Subsidiaries, determined on a consolidated basis as of such date), <I>provided</I>
that all Debt arising from the Operbes Loan shall not be considered Total Debt pursuant to this
paragraph until March&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Trade Accounts Payable</B>&#148; means, with respect to any Person, any accounts payable, notes or any
other monetary obligation to trade creditors created, assumed or Guaranteed by such Person or any
of its subsidiaries arising in the ordinary course of business in connection with the acquisition
of goods or services from such trade creditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>United States</B>&#148; means the United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Voting Stock</B>&#148; means any class of Equity Interests of a Person pursuant to which the holders
thereof, as a class, have the general voting power under ordinary circumstances to elect at least a
majority of the board of directors or equivalent governing body of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B>Wholly Owned Subsidiary</B>&#148; of any Person means a subsidiary of such Person, all of the Equity
Interests of which (other than directors&#146; qualifying shares or nominee or other similar shares
required pursuant to applicable law) are owned by such Person or another Wholly Owned Subsidiary of
such Person or by such Person together with one or more of its other Wholly Owned Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;1.02. <I>Terms Generally. </I>The definitions of terms herein (including those
incorporated by reference to another document) shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words &#147;<B>include</B>&#148;, &#147;<B>includes</B>&#148; and
&#147;<B>including</B>&#148; shall be deemed to be followed by the phrase &#147;<B>without limitation</B>&#148;. The word &#147;<B>will</B>&#148;
shall be construed to have the same meaning and effect as the word &#147;<B>shall</B>&#148;. Unless the context
requires otherwise, (a)&nbsp;any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b)&nbsp;any reference herein to any Person
shall be construed to include such Person&#146;s successors and permitted assigns, (c)&nbsp;the words
&#147;<B>herein</B>&#148;, &#147;<B>hereof</B>&#148; and &#147;<B>hereunder</B>&#148;, and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (d)&nbsp;all references
herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and (e)&nbsp;the word &#147;<B>property</B>&#148; shall be
construed to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. In determining any payment or other amount that is
required to be made at any time &#147;pro rata&#148; to or from any group of Lenders, Loans or Commitments,
such amount shall be determined, unless otherwise specified, at the respective amounts of such
Loans or Commitments, as applicable, or in the case of Lenders, to the Loans and/or Commitments
held by them, in each case at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;1.03. <I>Accounting Terms; Changes in GAAP. </I>Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be
construed in accordance with GAAP as in effect from time to time; <I>provided </I>that, if the
Borrower notifies the Administrative Agent that the Borrower requests an amendment of any provision
hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the
application thereof (or if the Administrative Agent notifies the Borrower that the Required Lenders
request an amendment of any provision hereof for such purpose), regardless of whether such notice
is given before or after such change in GAAP or in the application thereof, then such provision
shall be applied on the basis of GAAP as in effect and applied immediately before such change shall
have become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 2</B><BR>
<FONT style="font-variant: SMALL-CAPS">The Credits</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.01. <I>Commitments. </I>(a)&nbsp;On the Drawdown Date, in each case subject to the terms and
conditions set forth herein, each Lender agrees to make a Loan to the Borrower in a principal
amount equal to its Commitment. Loans and Commitments hereunder are not revolving and amounts
repaid or prepaid may not be reborrowed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The Commitments of the Lenders are several, <I>i.e.</I>, the failure of any Lender to make any
Loan required to be made by it shall not relieve any other Lender of its obligations hereunder, and
no Lender shall be responsible for any other Lender&#146;s failure to make Loans as and when required
hereunder. Any undrawn portion of the Commitments shall automatically terminate immediately after
the borrowing on the Drawdown Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.02.
<I>Method of Borrowing. </I>(a)&nbsp;The Borrower shall request that Lenders make the
Loans by delivering to the Administrative Agent a notice in writing in substantially the form of
Exhibit&nbsp;D (a &#147;<B>Borrowing Request</B>&#148;) no later than 12:00 noon, New York City time, at least two (2)
Business Days before the Drawdown Date. Such Borrowing Request shall be irrevocable and shall
specify the following information:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the aggregate amount of the Loans to be made on the Drawdown Date (which
aggregate amount shall not exceed $225,000,000);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;the Drawdown Date, which shall be a Business Day; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;the initial Interest Period to be applicable to such Loans, which shall be a
period contemplated by the definition of &#147;Interest Period&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Promptly and in any event at least one day before the Drawdown Date, after it receives a
Borrowing Request in accordance with this Section, the Administrative Agent shall notify each
Lender as to the details of such Borrowing Request and the amount of such Lender&#146;s Loan to be made
pursuant thereto, and such notice shall be irrevocable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.03. <I>Funding of Loans. </I>(a)&nbsp;Not later than 12:00 noon, New York City time, on the
Drawdown Date, each Lender shall make available the full amount of its Loan in Dollars in Federal
or other funds immediately available in New York City, to the Administrative Agent at the
Administrative Agent&#146;s Account. Unless the Administrative
Agent determines that any applicable condition specified in Section&nbsp;4.01 has not been
satisfied, the Administrative Agent will make the funds so received from the Lenders available to
the Borrower by crediting the Borrower&#146;s Account.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Unless the Administrative Agent receives notice from a Lender before the proposed date of
any Borrowing that such Lender will not make its share of such Borrowing available to the
Administrative Agent, the Administrative Agent may assume that such Lender has made such share
available on such date in accordance with Section&nbsp;2.03(a) and may, in reliance on such assumption,
make a corresponding amount available to the Borrower. In such event, if a Lender has not in fact
made its share of such Borrowing available to the Administrative Agent, such Lender and the
Borrower severally agree to pay to the Administrative Agent, forthwith on demand such corresponding
amount with interest thereon, for each day from and including the day such amount is made available
to the Borrower to but excluding the date of payment to the Administrative Agent, at (i)&nbsp;in the
case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii)&nbsp;in
the case of the Borrower, the then applicable interest rate determined as provided in Section&nbsp;2.08.
If such Lender pays such amount to the Administrative Agent, such amount shall constitute such
Lender&#146;s Loan included in such Borrowing and the Borrower shall have no further obligations under
this subsection (b)&nbsp;in respect thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.04. <I>Method of Electing Interest Periods. </I>(a)&nbsp;The initial Interest Period for each
Borrowing shall be as specified in the relevant Borrowing Request. Thereafter, the Borrower may
from time to time, subject to Sections&nbsp;2.09, 2.10, 2.11 and 2.12, elect the duration of the
Interest Period or Interest Periods applicable to the Loans (subject in each case to the definition
of Interest Period and Sections&nbsp;2.09, 2.10, 2.11 and 2.12). Each such election of an Interest
Period shall be made by delivering a written notice substantially in the form of Exhibit&nbsp;E hereto
(a &#147;<B>Notice of Interest Period Election</B>&#148;) to the Administrative Agent not later than 12:00 noon, New
York City time, on the third Business Day before such election is to be effective. If no such
notice is timely received prior to the end of an Interest Period, the Borrower shall be deemed to
have elected that all Loans having such Interest Period be continued as Loans with an Interest
Period of three months (in each case subject to the definition of Interest Period).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Each Notice of Interest Period Election shall specify:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the date on which the election specified in such notice is to become effective,
which shall comply with subsection (a)&nbsp;above; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;the duration of the new Interest Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Each Interest Period specified in a Notice of Interest Period Election shall comply with the
provisions of the definition of Interest Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Promptly after receiving a Notice of Interest Period Election from the Borrower pursuant
to Section&nbsp;2.04(a) above, the Administrative Agent shall notify each Lender of the contents thereof
and such notice shall not thereafter be revocable by the Borrower.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.05. <I>Payment at Maturity; Evidence of Debt</I>. (a)&nbsp;The Borrower unconditionally
promises to pay to the Administrative Agent on the Maturity Date, for the account of each Lender,
the then unpaid principal amount of such Lender&#146;s Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The Administrative Agent shall maintain accounts with respect to the Loans in which it
shall record (i)&nbsp;the amount of each Loan made hereunder and whether the interest is based on the
Substitute Rate or Eurodollar Rate and each Interest Period (if any) applicable thereto, (ii)&nbsp;the
amount of any principal or interest due and payable or to become due and payable from the Borrower
to each Lender hereunder and (iii)&nbsp;the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender&#146;s share thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;The entries made in the accounts maintained pursuant to subsections (b)&nbsp;and (c)&nbsp;of this
Section shall be <I>prima facie </I>evidence of the existence and amounts of the obligations recorded
therein; <I>provided </I>that any failure by any Lender or the Administrative Agent to maintain such
accounts or any error therein shall not affect the Borrower&#146;s obligation to repay the Loans in
accordance with the terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;Each Lender&#146;s Loans shall be represented by a promissory note executed by the Borrower and
payable in Dollars to such Lender in substantially the form of Exhibit&nbsp;C hereto (each, a &#147;<B>Note</B>&#148;,
and collectively, the &#147;<B>Notes</B>&#148;). Each Note shall be executed by the Borrower, qualify as a <I>pagar&#233;</I>
under Mexican law and specify the Applicable Margin applicable to the Loans pursuant to the terms
hereof as of the Drawdown Date. The Administrative Agent shall deliver to each Lender, promptly
upon receipt, any Note received for the account of such Lender. Upon (1)&nbsp;any assignment made
pursuant to Section&nbsp;9.04, the Borrower shall prepare, execute and deliver, against simultaneous
delivery of the existing Note or Notes, (A)&nbsp;a new Note payable to the assignee Lender and (B)&nbsp;if
necessary, a new Note payable to the assignor Lender, each dated the date of such Note being
exchanged, in a principal amount equal to the principal amount of the Loan so assigned (or, in the
case of the assignor Lender, retained after such assignment) and otherwise duly completed or (2)&nbsp;a
change in the Applicable Margin reflected in the existing Note or Notes pursuant to the terms
hereof, the Borrower shall execute and deliver, against simultaneous delivery of the existing Note
or Notes, a new Note or Notes payable to any relevant Lender identical in all respects to the Note
or Notes being replaced other than the Applicable Margin, upon its own request or the request of a
relevant Lender, <U>provided</U>, that in no event shall the failure of the Borrower or a Lender
to request or receive any such replacement Note affect the Applicable Margin applicable to the
Loans from time to time pursuant to the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.06. <I>Optional and Mandatory Prepayments</I>. (a) <I>Optional Prepayments</I>. The Borrower
will have the right at any time to prepay the Loans in whole or in part in amounts not less than
$5,000,000 or increments of $1,000,000 in excess thereof and otherwise in accordance with the
provisions of this Section.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;<I>Asset Dispositions and Casualty Events</I>. With respect to each Fiscal Year, within ten
Business Days after the date on which any Net Proceeds are received by or on
behalf of the Borrower or any Subsidiary in respect of any Asset Disposition or Casualty Event
(<I>provided </I>that the amount thereof, determined in the aggregate for all Asset Dispositions and
Casualty Events after the date hereof and not previously subject to the prepayment requirements of
this Section&nbsp;2.06, exceeds $25,000,000 in such Fiscal Year), the Borrower shall prepay the Loans in
an aggregate amount equal to such excess; <I>provided </I>that (i)&nbsp;if the Borrower shall deliver to the
Administrative Agent a certificate of a Financial Officer to the effect that (A)&nbsp;the Borrower and
its Subsidiaries intend to apply the Net Proceeds from such event (or a portion thereof specified
in such certificate), within 180&nbsp;days after receipt of such Net Proceeds, to invest in assets
(other than cash equivalents or short-term assets) of the business of the Borrower and its
Subsidiaries, and (B)&nbsp;no Default has occurred and is continuing, then no prepayment will be
required pursuant to this subsection in respect of such Net Proceeds (or the portion of such Net
Proceeds specified in such certificate, if applicable) except that, if any such Net Proceeds have
not been so applied by the end of such 180-day period, a prepayment will be required at that time
in an amount equal to the amount of such Net Proceeds that have not been so applied, subject to the
limitations otherwise set forth in this clause (b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;<I>Change of Control. </I>If a Change of Control shall occur, the Borrower will, within five
Business Days after the occurrence thereof, deliver to the Administrative Agent notice describing
in reasonable detail the facts and circumstances giving rise thereto. If any Lender so directs by
written notice delivered to the Administrative Agent and the Borrower not later than five Business
Days after delivery of notice of such Change of Control (the &#147;<B>Change of Control Prepayment
Notice</B>&#148;), the Loans of such Lender shall become due and payable (together with accrued interest
thereon to the date of payment) on the twentieth Business Day after the notice initially delivered
by the Borrower, all without further demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower, unless prior to such date such Lender has delivered to the
Administrative Agent and the Borrower a subsequent written notice expressly rescinding such Change
of Control Prepayment Notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;<I>Accrued Interest</I>. Each prepayment under this Section&nbsp;2.06 shall be accompanied by accrued
interest to the extent required by Section&nbsp;2.08.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;<I>Notice of Prepayments. </I>The Borrower shall notify the Administrative Agent by telephone
(confirmed by telecopy) of any prepayment of any Borrowing hereunder, not later than 12:00 noon,
New York City time, three Business Days before the date of prepayment. Each such notice shall be
irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or
portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed
calculation of the amount of such prepayment. Promptly after it receives any such notice, the
Administrative Agent shall advise the Lenders of the contents thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.07. <I>Fees</I>. The Borrower shall pay to the Administrative Agent, for its own
account, fees payable in the amounts and at the times separately agreed upon by the Borrower with
the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.08. <I>Interest</I>. (a)&nbsp;Each Loan shall bear interest on the outstanding principal
amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum
equal to the sum of the Applicable Margin for such day plus the Adjusted LIBO Rate applicable to
such Interest Period (subject in any event to Sections&nbsp;2.09, 2.10, 2.11 and 2.12).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Notwithstanding the foregoing, during the continuance of any Event of Default, principal
of each Loan shall bear interest at 2% per annum in excess of the rate otherwise applicable thereto
pursuant to clause (a)&nbsp;above; <U>provided</U> that any overdue principal of or interest on any
Loan shall bear interest for each day until paid at a rate per annum equal to the higher of (i)&nbsp;the
sum of 2% plus the Applicable Margin for such day plus the Adjusted LIBO Rate applicable to such
Loan on the day before such payment was due and (ii)&nbsp;the sum of 2% plus the Applicable Margin for
such day plus the Adjusted LIBO Rate, for this purpose determined pursuant to the definition
thereof but for periods selected from time to time by the Administrative Agent (not shorter than
one day or longer than three months). Any other overdue amounts under this Agreement shall bear
interest at a rate per annum equal to the sum of (i)&nbsp;the Base Rate <I>plus </I>(ii)&nbsp;2%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Interest accrued on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan; <I>provided </I>that (i)&nbsp;interest accrued pursuant to Section&nbsp;2.08(b) shall be payable on
demand, (ii)&nbsp;upon any repayment of any Loan, interest accrued on the principal amount repaid shall
be payable on the date of such repayment and (iii)&nbsp;upon any permitted conversion of a Eurodollar
Loan to a Substitute Rate Loan before the end of the current Interest Period therefor, interest
accrued on such Loan shall be payable on the effective date of such conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;All interest hereunder will be computed on the basis of a year of 360&nbsp;days, except that
(i)&nbsp;interest computed at the Substitute Rate will be computed on the basis of a year of the number
of days agreed by the parties in determining the Substitute Rate and (ii)&nbsp;any determination based
on the Prime Rate will be computed on the basis of a year of 365&nbsp;days (or 366&nbsp;days in a leap year),
and in each case will be payable for the actual number of days elapsed in the relevant period
(including the first day but excluding the last day).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;The Administrative Agent shall determine, in accordance with the terms of this Agreement,
each interest rate applicable to the Loans hereunder. The Administrative Agent shall promptly
notify the Borrower and the Lenders of each rate of interest so determined, and its determination
thereof shall be <I>prima facie </I>evidence thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.09. <I>Substitute Rate of Interest. </I>If before the beginning of any Interest Period
for a Eurodollar Borrowing:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the Administrative Agent determines (which determination will be conclusive
absent manifest error) that adequate and reasonable means do not exist for ascertaining
the Adjusted LIBO Rate for such Interest Period; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;Lenders whose Loans to be included in such Borrowing aggregate at least 51%
thereof advise the Administrative Agent that the Adjusted LIBO Rate for such Interest
Period will not adequately and fairly reflect the cost to such Lenders of making or
maintaining such Loans for such Interest Period;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">then the Administrative Agent shall give notice thereof to the Borrower and the affected Lenders by
telephone or telecopy as promptly as practicable thereafter and:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(A)&nbsp;during the 15-day period next succeeding the date of any such notice
(the &#147;<B>Negotiation Period</B>&#148;), the Administrative Agent (in consultation with the
affected Lenders) and the Borrower will
negotiate in good faith for the purpose of agreeing upon an alternative,
mutually acceptable basis (the &#147;<B>Substitute Basis</B>&#148;) for determining the rate of
interest to be applicable to the Loans for such Interest Period;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(B)&nbsp;if at the expiry of the Negotiation Period, the affected Lenders and
the Borrower have agreed upon a Substitute Basis and the Administrative Agent
has received confirmation from its Mexican counsel that such Substitute Basis
has received all necessary governmental approvals and consents, the rate of
interest based on such Substitute Basis shall (1)&nbsp;be deemed to be the
&#147;<B>Substitute Rate</B>&#148; for such Interest Period and (2)&nbsp;be retroactive to, and take
effect from, the beginning of such Interest Period, and the Borrower shall
forthwith deliver to the Administrative Agent (for delivery to the affected
Lenders), in exchange for the then existing Notes, new Notes substantially in
the form of Exhibit&nbsp;C hereto with such changes as the Administrative Agent deems
necessary to reflect the rate of interest based on such Substitute Basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(C)&nbsp;if at the expiry of the Negotiation Period, a Substitute Basis shall
not have been agreed upon as aforesaid or the Administrative Agent shall not
have received the above-mentioned confirmation as to requisite governmental
approvals or consents, the Administrative Agent shall forthwith notify each
affected Lender of such failure to agree or to receive such confirmation and,
within five Business Days after receipt of such notice (or as soon thereafter as
practicable), each such Lender shall notify the Borrower through the
Administrative Agent of the cost to such Lender (as determined by it in good
faith) of funding and maintaining its Loan for such Interest Period; and the
interest payable to such Lender on its Loan for such Interest Period shall be a
rate per annum equal to the Applicable Margin above the cost to such Lender of
funding and maintaining its Loan for such Interest Period as so notified by such
Lender (in such event, such rate shall be deemed to be the &#147;<B>Substitute Rate</B>&#148; for
such Interest Period) (or, as to any principal of such Loan or, to the extent
permitted by applicable law, other amount payable to such Lender on or in
respect of its Loan that is then past due, 2% per annum plus the Applicable
Margin above such cost); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(D)&nbsp;the procedures specified in clauses (A), (B)&nbsp;and (C)&nbsp;above shall apply
to each Interest Period succeeding the first Interest Period to which they were
applied unless and until the Administrative Agent shall determine in
consultation with the affected Lenders that the conditions referred to in clause
(i)&nbsp;or (ii)&nbsp;above no longer exist and so notifies the Borrower and the affected
Lenders, whereupon interest on the Loans shall again be determined in accordance
with the provisions of Section&nbsp;2.08 hereof commencing on the first day of the
Interest Period next succeeding the date of such notice.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.10. <I>Increased Costs</I>. (a)&nbsp;If any Change in Law (other than a Change in Law
affecting Taxes, as to which Section&nbsp;2.13 shall govern) shall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;impose on any Lender or the London interbank market any other condition
affecting this Agreement or Eurodollar Loans made by such Lender;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Loan (or of maintaining its obligation to make Eurodollar Loans) or to
reduce any amount received or receivable by such Lender hereunder (whether of principal, interest
or otherwise), then the Borrower shall pay to such Lender such additional amount or amounts as will
compensate it for such additional cost incurred or reduction suffered as provided in Section
2.10(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;If any Lender determines that any Change in Law regarding capital requirements has or
would have the effect of reducing the rate of return on such Lender&#146;s capital or on the capital of
such Lender&#146;s holding company, if any, as a consequence of this Agreement or the Loans made by such
Lender, to a level below that which such Lender or such Lender&#146;s holding company could have
achieved but for such Change in Law (taking into consideration such Lender&#146;s policies and the
policies of such Lender&#146;s holding company with respect to capital adequacy), then from time to time
the Borrower shall pay to such Lender such additional amount or amounts as will compensate it or
its holding company for any such reduction suffered as provided in Section&nbsp;2.10(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;A certificate of a Lender setting forth the amount or amounts necessary to compensate it
or its holding company, as the case may be, as specified in subsection (a)&nbsp;or (b)&nbsp;of this Section
shall be delivered to the Borrower and shall constitute <I>prima facie </I>evidence of such amount(s).
The Borrower shall pay such Lender the amount shown as due on any such certificate within 10
Business Days after receipt thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Failure or delay by any Lender to demand compensation pursuant to this Section will not
constitute a waiver of its right to demand such compensation; <I>provided </I>that the Borrower will not
be required to compensate a Lender pursuant to this Section for any increased cost or reduction
incurred more than 135&nbsp;days before it notifies the Borrower of the Change in Law giving rise to
such increased cost or reduction and of its intention to claim compensation therefor. However, if
the Change in Law giving rise to such increased cost or reduction is retroactive, then the 135-day
period referred to above will be extended to include the period of retroactive effect thereof.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.11. <I>Illegality. </I>(a)&nbsp;If, on or after the date hereof, the adoption of any
applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any governmental authority, central bank
or comparable agency charged with the interpretation or administration thereof, or compliance by
any Lender (or its Lending Office) with any request or directive (whether or not having the force
of law) of any such authority, central bank or comparable agency, shall make it unlawful or
impossible for any Lender (or its Lending Office) to make, maintain or fund
its Eurodollar Loans
and such Lender shall so
notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof
to the other Lenders and the Borrower, whereupon until such Lender notifies the Borrower and the
Administrative Agent that the circumstances giving rise to such suspension no longer exist, the
obligation of such Lender to make Eurodollar Loans, or continue outstanding Loans as Eurodollar
Loans, shall be suspended. Before giving any notice to the Administrative Agent pursuant to this
Section, such Lender shall designate a different Lending Office if such designation will avoid the
need for giving such notice and will not, in the judgment of such Lender, be otherwise
disadvantageous to such Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;If such notice is given, the affected Lender shall follow the procedures set forth in
clauses (A)&nbsp;and (B)&nbsp;of Section&nbsp;2.09 for determining the &#147;Substitute Rate&#148;; <I>provided </I>that the
negotiation described therein shall be between such affected Lender and the Borrower. If at the
end of the Negotiation Period referred to therein, (i)&nbsp;such Lender and the Borrower have agreed to
a Substitute Rate for the affected Loans, such Loans shall thereafter bear interest at such
Substitute Rate and (ii)&nbsp;such Lender and the Borrower have not agreed to a Substitute Rate for the
affected Loans, the Borrower shall repay the Loans of such Lender in full, together with interest
accrued thereon to the date of payment at the rate applicable to such Loans (based on the Adjusted
LIBO Rate and Section&nbsp;2.08(a)) (a)&nbsp;on the last day of the then current Interest Period applicable
to such Eurodollar Loan if such Lender may lawfully continue to maintain and fund such Loan as a
Eurodollar Loan to such day or (b)&nbsp;immediately if such Lender shall determine that it may not
lawfully continue to maintain and fund such Loan as a Eurodollar Loan to such day. If such
Lender&#146;s Loans continue to remain outstanding as Substitute Rate Loans, interest and principal
thereon shall be payable on the same dates as, and on a pro rata basis with, the interest and
principal payable on the related Eurodollar Loans of the other Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.12. <I>Break Funding Payments</I>. If (a)&nbsp;any principal of any Eurodollar Loan is repaid on a day other
than the last day of an Interest Period applicable thereto (including as a result of an Event of
Default), (b)&nbsp;any Eurodollar Loan is converted on a day other than the last day of an Interest
Period applicable thereto, (c)&nbsp;the Borrower fails to borrow, convert, continue or prepay any Loan
on the date specified in any notice delivered pursuant hereto, (d)&nbsp;any Eurodollar Loan is assigned
on a day other than the last day of an Interest Period applicable thereto as a result of a request
by the Borrower pursuant to Section&nbsp;2.16, or (e)&nbsp;any Loan is required to become an Substitute Rate
Loan (whether such conversion is pursuant to Sections&nbsp;2.09, 2.11 or 2.15 or otherwise) on any day
other than the last day of an Interest Period applicable thereto, then the Borrower shall
compensate each Lender for its loss, cost and expense attributable to such event. In the case of a
Eurodollar Loan, such loss, cost and expense to any Lender shall be deemed to include an amount
determined by such Lender to be the excess, if any, of (i)&nbsp;the amount of interest that would have
accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate
that would have been applicable to such Loan, for the period from the date of such event to the end
of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or
continue, the Interest Period that would have begun on the date of such failure), over (ii)&nbsp;the
amount of interest that would accrue on such principal amount for such period at the interest rate
which such Lender would bid were it to bid, at the beginning of such period, for Dollar deposits of
a comparable amount and period from other leading international banks in the Eurodollar market. A
certificate of any Lender setting forth any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the
Borrower and shall be <I>prima facie </I>evidence of such amount(s). The Borrower shall pay such
Lender the amount shown as due on any such certificate within 10 Business Days after receipt
thereof.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.13. <I>Taxes</I>. (a)&nbsp;For purposes of this Section&nbsp;2.13, the following terms have the
following meanings:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i) &#147;<B>Taxes</B>&#148; means any and all taxes, duties, levies, imposts, contributions,
deductions, charges or withholdings of any nature imposed by Mexico (or any political
subdivision thereof, or taxing authority therein), and any penalties, fines or interest
thereon (except as specified in Section&nbsp;2.13(b) below), excluding, in the case of each
Lender and the Administrative Agent, taxes, duties, levies, imposts, deductions, charges
and withholdings imposed on (or measured by) its net income, and branch profits, franchise
or taxes imposed on it (other than &#147;Other Taxes&#148; due to a connection between such Lender
or the Administrative Agent and Mexico other than the participation in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii) &#147;<B>Other Taxes</B>&#148; means any and all documentary taxes and any other excise or
property taxes, or similar charges or levies, including any penalties, fines or interest
arising therefrom or with respect thereto (except as specified in Section&nbsp;2.13(b) below)
imposed by Mexico, and which arise from any payment made pursuant to any Loan Document or
from the execution, delivery, registration or enforcement of, or otherwise with respect
to, any Loan Document (including any of the foregoing that are imposed or that arise in
the future).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii) &#147;<B>Qualified Jurisdiction</B>&#148; means any jurisdiction with which Mexico has entered
into a treaty for the avoidance of double taxation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Any and all payments by the Borrower to or for the account of any Lender Party hereunder
or under any Note shall be made without deduction or withholding for any Taxes or Other Taxes;
<I>provided </I>that, if the Borrower shall be required by law, rule or regulation to deduct or withhold
any Taxes or Other Taxes from any such payments,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the sum payable shall be increased as necessary so that after making all required
deductions and withholdings (including deductions and withholding applicable to additional
sums payable under this Section&nbsp;2.13) such Lender Party receives an amount equal to the
sum it would have received had no deductions or withholdings been made, <I>provided</I>, <I>however</I>,
that if such Lender Party fails to (1)&nbsp;use its reasonable commercial efforts to (A)
maintain registration with the Mexican Ministry of Finance and Public Credit as a foreign
financial institution for purposes of Article&nbsp;195 of the Mexican Income Tax Law (<I>Ley del
Impuesto sobre la Renta</I>) or (B)&nbsp;maintain its residence for tax purposes or applicable
Lending Office in a jurisdiction that is a Qualified Jurisdiction (or, in the case of any
Lender Party that becomes a party to this Agreement after the date hereof, as of the date
such Lender Party becomes a party hereto) and to satisfy the requirements to be considered
a resident of such jurisdiction under, and to be entitled to the benefits of, the treaty
for the avoidance of double taxation entered into between Mexico and such jurisdiction or
(2)&nbsp;comply with any certification, identification, information,
documentation or other
reporting requirement concerning nationality, residence or identity of such Lender

</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">
Party if (x)&nbsp;such compliance is required or imposed by a statute, treaty, regulation or
administrative practice of general application in order to make any claim for reduction in
the rate of withholding or deduction of any such Taxes or Other Taxes, and (y)&nbsp;the
Borrower shall have notified each Lender Party, in writing, that it will be required to
provide such information or documentation at least thirty (30)&nbsp;days in advance of the date
when such information is to be provided, then the Borrower shall not be required to pay
any additional amounts or sums in respect of any Taxes or Other Taxes or portion thereof
that are deducted or withheld at a rate in excess of the greater of (x)&nbsp;4.9% or (y)&nbsp;the
rate then applicable to a Lender that is a United States resident for tax purposes and is
fully eligible for benefits under the treaty for the avoidance of double taxation entered
into between Mexico and the United States, that would not have been deducted or withheld
but for such Lender Party&#146;s failure to so perform the actions described in clause (1)&nbsp;or
clause (2)&nbsp;of this Section&nbsp;2.13(b)(i).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;the Borrower shall make such deductions withholdings;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;the Borrower shall pay the full amount deducted or withheld to the relevant
taxation authority or other authority in accordance with applicable law;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;the Borrower shall indemnify any Lender or the Administrative Agent for any
related penalties, fines or interest thereof, provided the penalties, fines or interest
are in respect of an amount of Tax or Other Taxes for which the Borrower is required to
pay additional amounts in accordance with this Section&nbsp;2.13(b)(i); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;the Borrower shall furnish to the Administrative Agent, at its address referred
to in Section&nbsp;9.01, the original or a certified copy of a receipt or return evidencing
payment thereof (or other evidence of payment satisfactory to the Administrative Agent),
within thirty (30)&nbsp;Business Days after the date such payment is made, and the
Administrative Agent shall promptly forward a copy of such receipt to the relevant Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;If a Lender pays any Taxes or Other Taxes that the Borrower is required to pay pursuant to
this Section&nbsp;2.13, the Borrower agrees to indemnify each Lender Party for the full amount of Taxes
or Other Taxes paid by such Lender Party (as the case may be) and any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto. This indemnification
shall be paid within 15 Business Days after such Lender Party makes demand therefor, with interest
thereon for each day from (and including) the 15th Business Day following delivery of such demand
to (but excluding) the date of such indemnification at a rate per annum equal to the Substitute
Rate for such day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;If no Taxes or Other Taxes shall be payable in respect of any payment under this Agreement
or any Note, the Borrower will, upon the request of the Administrative Agent, furnish to the
Administrative Agent a certificate in form issued by the Mexican Tax Authorities, or a legal
opinion to that effect, to the Administrative Agent&#146;s counsel, confirming that such payment is
exempt from or not subject to Taxes or Other Taxes.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;Each Lender Party (i)&nbsp;represents and warrants to the Borrower that, as of the date hereof
(or, in the case of a Lender Party that becomes a party to this Agreement after the date hereof, on
the date such Lender Party becomes a party hereto), (A)&nbsp;such Lender Party is registered with the
Mexican Ministry of Finance and Public Credit as a foreign financial institution for purposes of
Article&nbsp;195 of the Mexican Income Tax Law (<I>Ley del Impuesto sobre la Renta</I>) and (B)&nbsp;the principal
corporate office of such Lender Party is located in a Qualified Jurisdiction and such Lender Party
satisfies the requirements to be considered a resident of such jurisdiction under, and to be
entitled to the benefits of, the treaty for the avoidance of double taxation entered into between
Mexico and such Qualified Jurisdiction, and (ii)&nbsp;will use its reasonable commercial efforts to (A)
maintain registration therewith for purposes of Article&nbsp;195 of the Mexican Income Tax Law (<I>Ley del
Impuesto sobre la Renta</I>) and (B)&nbsp;maintain its principal corporate office in a jurisdiction which is
a Qualified Jurisdiction and to satisfy the requirements to be considered a resident of such
jurisdiction under, and to be entitled to the benefits of, the treaty for the avoidance of double
taxation entered into between Mexico and such Qualified Jurisdiction. If in the case of any such
Lender Party such registration is cancelled or not renewed upon expiration during the term of this
Agreement for reasons unambiguously attributable to any such Lender Party, or if any such Lender
Party or beneficial owner of any Note fails to provide, within thirty (30)&nbsp;days after the receipt
of a written request from the Borrower made pursuant to Section&nbsp;2.13(b)(i)(2) above, information,
documentation or other evidence of such registration or renewal, or if such Lender Party fails to
use commercial reasonable efforts to maintain its tax residence in a jurisdiction with which Mexico
has entered into a treaty for the avoidance of double taxation or fails to satisfy the requirements
to be considered a resident of such jurisdiction for tax purposes under, or to be entitled to the
benefits of such treaty, the Borrower may prepay the then outstanding Loans of such Lender Party or
direct such Lender Party to assign, at a price that is no less than all then accrued and unpaid
interest and principal, the relevant Loans to an institution acceptable to the Administrative Agent
that is able to make the representations set forth in clause (i)&nbsp;of the first sentence of this
paragraph (e).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;If as a result of a Change of Law after the date hereof, the rate at which Taxes or Other
Taxes are imposed on payments made by the Borrower hereunder to any Lender Party increases above
the rate in effect on the date hereof (or, in the case of any Lender Party that becomes a party to
this Agreement after the date hereof, on the date such Lender Party becomes a party hereto), then
such Lender Party will take measures within its control to designate a different Lending Office (if
its Loan is affected by such Change of Law) if such designation will avoid the need for, or
minimize or reduce the amount of, payment of additional amounts otherwise payable by the Borrower
under paragraph (b)&nbsp;of this Section&nbsp;2.13, and will not, in the sole opinion of such Lender Party,
be disadvantageous to such Lender Party. In the event that any such Lender Party does not so
designate a different Lending Office, the Borrower may prepay the Loan of such Lender Party or
direct such Lender Party to assign, at a price that is no less than all then accrued and unpaid
interest and principal, such Loan to an institution (which must be satisfactory to the
Administrative Agent) that is able to designate a Lending Office that will avoid the need for, or
minimize or reduce the amount of, additional amounts payable by the Borrower under paragraph (b)&nbsp;of
this Section&nbsp;2.13.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.14. <I>Payments Generally; Pro Rata Treatment; Sharing of Set-offs</I>. (a)&nbsp;The Borrower
shall make each payment required to be made by it under the Loan Documents (whether of principal,
interest or fees, or amounts payable under Section&nbsp;2.10, 2.11 or 2.13 or otherwise) by the time expressly required under the relevant Loan Document for
such payment (or, if no such time is expressly required, before 12:00 noon, New York City time), on
the date when due, in immediately available funds, without set-off or counterclaim. Any amount
received after such time on any day may, in the discretion of the Administrative Agent, be deemed
to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent at the Administrative Agent&#146;s
Account, except that payments pursuant to Sections&nbsp;2.10, 2.11, 2.13 and Section&nbsp;9.03 shall be made
directly to the Persons entitled thereto and payments pursuant to other Loan Documents shall be
made to the Persons specified therein. The Administrative Agent shall distribute any such payment
received by it for the account of any other Person to the appropriate recipient promptly after
receipt thereof. If any payment under any Loan Document shall be due on a day that is not a
Business Day, the date for payment will be extended to the next succeeding Business Day and, if
such payment accrues interest, interest thereon will be payable for the period of such extension.
All payments hereunder with respect to Loans shall be made in Dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, interest and fees relating to the Loans then due
hereunder, such funds shall be applied (i)&nbsp;first, to pay interest and fees then due hereunder with
respect to such Loans, ratably among the parties entitled thereto in accordance with the amounts of
interest and fees then due to such parties, and (ii)&nbsp;second, to pay principal of Loans then due
hereunder with respect to such Loans, ratably among the parties entitled thereto in accordance with
the amounts of principal then due to such parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Loans resulting in such
Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued
interest thereon than the proportion received by any other Lender with respect to such other
Lender&#146;s Loans, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Loans held by other Lenders to the extent necessary so that the
benefit of all such payments shall be shared by such Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans; <I>provided </I>that (i)
if any such participations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations shall be rescinded and the purchase price restored to the extent
of such recovery, without interest, and (ii)&nbsp;the provisions of this subsection shall not apply to
any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans to any assignee or participant (other than to the Borrower or any Subsidiary or
Affiliate thereof). The Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with
respect to such participation as fully as if such Lender were a direct creditor of the Borrower in
the amount of such participation.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Unless, before the date on which any payment is due to the Administrative Agent for the
account of one or more Lender Parties hereunder, the Administrative Agent receives from the
Borrower notice that the Borrower will not make such payment, the Administrative Agent may assume
that the Borrower has made such payment on such date in accordance herewith and may, in reliance on
such assumption, distribute to each
relevant Lender Party the amount due to it. In such event, if the Borrower has not in fact
made such payment, each Lender Party severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender Party with interest thereon, for each
day from and including the day such amount is distributed to it to but excluding the day it repays
the Administrative Agent at the greater of the Federal Funds Effective Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;If any Lender fails to make any payment required to be made by it pursuant to Sections
2.03(b), Section&nbsp;2.14(d) or Section&nbsp;9.03(c), the Administrative Agent may, in its discretion
(notwithstanding any contrary provision hereof), apply any amounts thereafter received by the
Administrative Agent for the account of such Lender to satisfy such Lender&#146;s obligations under such
Sections until all such unsatisfied obligations are fully paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.15. <I>Substitute Rate Loans Substituted for Affected Loans. </I>If (a)&nbsp;the obligation
of any Lender to make or continue Loans at the Eurodollar Rate has been suspended pursuant to
Section&nbsp;2.11 or (b)&nbsp;any Lender has demanded compensation under Section&nbsp;2.10 with respect to its
Loans and the Borrower shall, by at least three Business Days&#146; prior notice to such Lender through
the Administrative Agent, have elected that the provisions of this Section shall apply to such
Lender, then, unless and until such Lender notifies the Borrower that the circumstances giving rise
to such suspension or demand for compensation no longer exist (which notice such Lender shall give
promptly upon making any such determination):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;all Loans which would otherwise be made or continued by such Lender at the
Eurodollar Rate shall instead be Substitute Rate Loans (on which interest and principal
shall be payable contemporaneously with the related Loans of the other Lenders); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;after each of its Loans bearing interest at the Eurodollar Rate has been repaid
(or converted to an Substitute Rate Loan), all payments of principal which would otherwise
be applied to repay such Loans shall be applied to repay its Substitute Rate Loans
instead.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If such Lender notifies the Borrower that the circumstances giving rise to such notice no longer
apply, the principal amount of each such Substitute Rate Loan shall again accrue interest at the
Eurodollar Rate on the first day of the next succeeding Interest Period applicable to the related
Loans of the other Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;2.16. <I>Lender&#146;s Obligation to Mitigate; Replacement of Lenders. </I>(a)&nbsp;If any Lender
requests compensation under Section&nbsp;2.10, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section&nbsp;2.13, then such Lender shall use reasonable efforts to designate a different Lending Office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i)&nbsp;would eliminate or reduce amounts payable pursuant to Section&nbsp;2.10 or
Section&nbsp;2.13, as the case may be, in the future, (ii)&nbsp;would not subject such Lender to any
unreimbursed cost or expense and (iii)&nbsp;would not otherwise be disadvantageous to such Lender. The
Borrower shall pay all costs and expenses incurred by any Lender in connection with any such
designation or
assignment within ten Business Days of written notice thereof, specifying the same in
reasonable detail.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;If (x)&nbsp;any Lender (A)&nbsp;requests compensation under Section&nbsp;2.10, or (B)&nbsp;defaults in its
obligation to fund Loans hereunder, or (y)&nbsp;the Borrower is required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section&nbsp;2.13,
then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
Administrative Agent, require such Lender to assign, without recourse (in accordance with and
subject to the restrictions contained in Section&nbsp;9.04), all its interests, rights and obligations
under this Agreement to an assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment); <I>provided </I>that (i)&nbsp;the Borrower shall have
received the prior written consent of the Administrative Agent, which consent shall not
unreasonably be withheld, (ii)&nbsp;such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon and all other amounts payable to it
hereunder, from the assignee (to the extent of such outstanding principal and accrued interest) or
the Borrower (in the case of all other amounts) and (iii)&nbsp;in the case of any such assignment
resulting from a claim for compensation under Section&nbsp;2.10 or payments required to be made pursuant
to Section&nbsp;2.13, such assignment will result in a reduction in such compensation or payments. A
Lender shall not be required to make any such assignment if, prior thereto, as a result of a waiver
by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment
cease to apply.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 3</B><BR>
<FONT style="font-variant: SMALL-CAPS">Representations and Warranties</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Borrower represents and warrants to the Lender Parties that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.01. <I>Organization; Powers</I>. Each Cablevisi&#243;n Group Company is duly organized and
validly existing under the laws of the jurisdiction of its organization, has all requisite power
and authority to carry on its business as now conducted and, except where failures to do so, in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to
do business in, and is in good standing in, every jurisdiction where such qualification is
required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.02. <I>Authorization; Enforceability. </I>(a)&nbsp;The Financing Transactions to be entered
into by the Borrower are within its corporate powers and have been duly authorized by all necessary
corporate and, if required, stockholder action. This Agreement has been duly executed and
delivered by the Borrower and constitutes, and each other Loan Document to which the Borrower is to
be a party, when executed and delivered by the Borrower, will constitute, a legal, valid and
binding obligation of the Borrower, in each case enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency, <I>concurso mercantil</I>, reorganization, moratorium and other laws
affecting creditors&#146; rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The Borrower and its Material Subsidiaries collectively possess all licenses, concessions,
permits, consents, approvals and other authorizations issued by, and have made all declarations and
filings with, the appropriate Governmental Authority,
that are necessary for the ownership or lease of their respective properties or the conduct of
their respective businesses (except where the failure to do so would not have a Material Adverse
Effect); and neither the Borrower nor any of its Material Subsidiaries has received notice of any
revocation, rescission, withdrawal, <I>rescate </I>proceedings, or modification of any such license,
concession, permit or authorization or has any reason to believe that any such license, concession,
permit or authorization will not be renewed in the ordinary course.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;This Agreement and the other Loan Documents are in proper legal form under the laws of
Mexico for the enforcement thereof against the Borrower under such law. All formalities required
in the Borrower&#146;s jurisdiction of incorporation for the validity and enforceability of each of the
Loan Documents have been satisfied, and no Other Taxes are required to be paid and no notarization
is required for the validity and enforceability thereof; <I>provided</I>, that in the event any legal
proceedings are brought in the courts of Mexico, a Spanish translation of the documents required in
such proceedings, prepared by a court-approved translator, would have to be approved by such court
after the defendant had been given an opportunity to be heard with respect to the accuracy of the
translation, and proceedings would thereafter be based upon the translated documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.03. <I>Governmental Approvals; No Conflicts</I>. The Financing Transactions (i)&nbsp;do not
require the Borrower to obtain or make, as of the Effective Date, any consent or approval of,
registration or filing with, or other action by, any Governmental Authority, except such as have
been obtained or made and are in full force and effect, (ii)&nbsp;will not violate any law or regulation
applicable to the Borrower or the charter, by-laws or other organizational documents of any
Cablevisi&#243;n Group Company or any order of any Governmental Authority, (iii)&nbsp;will not violate or
result in a default under any indenture, agreement or other instrument binding upon any Cablevisi&#243;n
Group Company or any of its properties, or give rise to a right thereunder to require any
Cablevisi&#243;n Group Company to make any payment (except for any of the foregoing in this clause (iii)
that would not reasonably be expected to have a Material Adverse Effect) and (iv)&nbsp;will not result
in the creation or imposition of any Lien on any property of any Cablevisi&#243;n Group Company not
permitted to exist by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.04. <I>Financial Statements; No Material Adverse Change</I>. (a)&nbsp;The Borrower has
heretofore furnished to the Lenders (i)&nbsp;its consolidated balance sheet as of December&nbsp;31, 2006 and
the related consolidated statements of income, stockholders&#146; equity and changes in financial
position for the Fiscal Year then ended, reported on by PricewaterhouseCoopers, independent public
accountants, and (ii)&nbsp;its consolidated balance sheet as of September&nbsp;30, 2007 and the related
consolidated statements of income showing year-to-date results, all certified by its chief
financial officer. Such financial statements present fairly, in all material respects, the
financial position of the Borrower and its consolidated Subsidiaries as of such dates and their
results of operations and cash flows for such periods in accordance with GAAP, subject to normal
year end adjustments and the absence of footnotes in the case of the statements referred to in
clause (ii)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The consolidated forecasted balance sheet, statements of income and cash flows of the
Borrower and its consolidated Subsidiaries delivered to the Lenders were prepared in good faith on
the basis of the assumptions stated therein, which assumptions were fair in light of the conditions
existing at the time of delivery of such forecasts, and represented, at the time of delivery, the
Borrower&#146;s reasonable estimate of its future financial condition and performance.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;None of the Cablevisi&#243;n Group Companies has, as of the Effective Date, any material
contingent liabilities or material, unusual long-term commitments, except as disclosed in the
financial statements referred to in Section&nbsp;3.04(a) or the notes thereto and except for the
Disclosed Matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Since December&nbsp;31, 2006, there has been no material adverse change in the business
operations, property, condition (financial or otherwise) or prospects of the Borrower and its
Material Subsidiaries, taken as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.05. <I>Properties. </I>(a)&nbsp;Each Cablevisi&#243;n Group Company has good title to, or valid
leasehold interests in, all real and personal property material to its business, except for defects
in title that do not interfere in any material respect with its ability to conduct its business as
currently conducted or to utilize such properties for their intended purposes, and free of all
Liens other than those permitted by Section&nbsp;6.02.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Each Cablevisi&#243;n Group Company owns, or is licensed to use, all trademarks, tradenames,
copyrights, patents and other intellectual property material to its business, and the use thereof
by the Cablevisi&#243;n Group Companies does not infringe upon the rights of any other Person, except
for infringements that, in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.06. <I>Litigation and Environmental Matters</I>. (a)&nbsp;Except for the Disclosed Matters,
there are no actions, suits or proceedings by or before any arbitrator or Governmental Authority
pending against or, to the knowledge of the Borrower, threatened against or affecting any
Cablevisi&#243;n Group Company (i)&nbsp;as to which there is a reasonable possibility of adverse
determinations that, in the aggregate, could reasonably be expected to result in a Material Adverse
Effect or (ii)&nbsp;that involve any of the Loan Documents or the Financing Transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Except for the Disclosed Matters and except for other matters that, in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, no Cablevisi&#243;n Group
Company (i)&nbsp;has failed to comply with any Environmental Law or to obtain, maintain or comply with
any permit, license or other approval required under any Environmental Law, (ii)&nbsp;is subject to any
Environmental Liability or (iii)&nbsp;has received notice of any claim with respect to any Environmental
Liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.07. <I>Compliance with Laws and Agreements</I>. (a)&nbsp;Each Cablevisi&#243;n Group Company is
in compliance with all laws, regulations and orders of any Governmental Authority applicable to it
or its property and all indentures, agreements and other instruments binding on it or its property,
except where failures to do so, in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect. No Default has occurred and is continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Each of the Borrower and its Material Subsidiaries complies with Mexican labor laws in all
material respects. Except to the extent the following could not (either separately or in the
aggregate) reasonably be expected to result in a Material Adverse Effect, there is (a)&nbsp;no illegal
labor practice complaint pending or, to the knowledge of the Borrower, threatened against the
Borrower or any of its Material Subsidiaries, and no grievance or arbitration proceeding arising
out of or under collective bargaining agreements is pending or, to the Borrower&#146;s knowledge,
threatened against the Borrower or any of its Material Subsidiaries,
and (b)&nbsp;no strike, material
labor dispute, slowdown, stoppage or other material labor disturbance pending or, to the knowledge of the Borrower,
threatened against the Borrower or any of its Material Subsidiaries; there is no complaint pending
or, to the Borrower&#146;s knowledge, threatened against the Borrower or any of its Material
Subsidiaries alleging violation of any Mexican national, departmental, state, local or foreign law
applicable to the Borrower and its Material Subsidiaries relating to discrimination in the hiring,
promotion or pay of employees; and to the Borrower&#146;s knowledge, there are no other conflicts
between the Borrower or any of its Material Subsidiaries and any of their respective employees.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.08. <I>Investment Company Status; Regulatory Restrictions on Borrowing</I>. The Borrower
is not required to register as an &#147;investment company&#148; under the U.S. Investment Company Act of
1940. The Borrower is not subject to regulation under any law, treaty, rule or regulation or
determination of an arbitrator or court or other Governmental Authority (other than Regulations T,
U and X of the Federal Reserve Board) which limits its ability to incur any Debt under this
Agreement or any Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.09. <I>Federal Reserve Regulations. </I>(a)&nbsp;Neither the Borrower nor any of its Material
Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying Margin Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;No part of the proceeds of any Loan will be used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, for any purpose that entails a violation of, or
that is inconsistent with, the provisions of Regulations T, U and X of the Federal Reserve Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.10. <I>Taxes</I>. (a)&nbsp;There is no income, stamp or other similar tax, levy, assessment,
impost, deduction, charge or withholding imposed by Mexico (or any municipality or other political
subdivision or taxing authority thereof or therein that exercises power to impose such tax, levy,
assessment, impost, deduction, charge or withholding) either (i)&nbsp;on or by virtue of the execution
or delivery by the Borrower of the Loan Documents or (ii)&nbsp;on any payment to be made by the Borrower
pursuant to the Loan Documents, other than any such tax, levy, assessment, impost, deduction,
charge or withholding imposed on any Person as a result of such Person being a resident of Mexico
for tax purposes or by virtue of its having a permanent establishment for tax purposes in Mexico to
which income under the Loan Documents is attributable, except for withholding tax on payments of
interest and fees deemed to be interest to Lenders that are not residents of Mexico for tax
purposes and to the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The Borrower and each Material Subsidiary thereof has filed all foreign federal, state and
local tax returns required to be filed or has requested extensions thereof and paid all taxes and
tax like obligations (including social security, workers&#146; housing fund and retirement fund
obligations) required to be paid by it and any other assessment, fine, or penalty levied against it
and any other assessment, fine or penalty levied against it, to the extent any of the foregoing is
due and payable, except for (i)&nbsp;such taxes as are being contested in good faith by appropriate
proceedings and for which the Borrower or Material Subsidiary, as applicable, has set aside on its
books adequate reserves or (ii)&nbsp;such failure to file or to pay as would not have a Material Adverse
Effect.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.11. <I>Disclosure</I>. None of the reports, financial statements, certificates or other
information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in
connection with the negotiation of this Agreement or any other
Loan Document or delivered hereunder or thereunder (as modified or supplemented by other
information so furnished) contains any untrue statement of a material fact or omits to state any
material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not materially misleading; <I>provided </I>that, with respect to projected financial
information, (i)&nbsp;the Borrower represents only that such information was prepared in good faith
based on assumptions believed to be reasonable at the time and (ii)&nbsp;it is understood that such
projected financial information shall not be viewed as facts and that actual results may differ
significantly from the projected results and such differences may be material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.12. <I>Subsidiaries</I>. Schedule&nbsp;3.12 sets forth the name of, and the ownership
interest of the Borrower in, each of its Material Subsidiaries, in each case as of the Effective
Date. All the Borrower&#146;s Subsidiaries are fully consolidated in its consolidated financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.13. <I>Solvency</I>. Immediately after the Financing Transactions to occur on the
Effective Date are consummated and after giving effect to the application of the proceeds of each
Loan made on the Drawdown Date, (a)&nbsp;the fair value of the assets of the Borrower, at a fair
valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (b)&nbsp;the
present fair saleable value of the property of the Borrower will exceed the amount that will be
required to pay the probable liability of its debts and other liabilities, subordinated, contingent
or otherwise, as such debts and other liabilities become absolute and matured; (c)&nbsp;the Borrower
will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts
and liabilities become absolute and matured; (d)&nbsp;the Borrower will not have unreasonably small
capital with which to conduct the business in which it is engaged as such business is now conducted
and proposed to be conducted after the Effective Date; and (e)&nbsp;the Borrower will not satisfy any of
the requirements to be placed in <I>consurso mercantil </I>under the <I>Ley de Concursos Mercantiles</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.14.<I> Rank of Debt. </I>The obligations of the Borrower under the Loan Documents to pay
any and all amounts due thereunder constitute direct, senior, unsecured, unsubordinated obligations
of the Borrower and rank at least <I>pari passu </I>in right of payment with all other present or future
direct, senior, unsecured, unsubordinated indebtedness for borrowed money of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;3.15.<I> No Immunity. </I>Neither the Borrower nor any of its property has any immunity
from the jurisdiction of any court or from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the
laws of Mexico in respect of its obligations under the Loan Documents.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 4</B><BR>
<FONT style="font-variant: SMALL-CAPS">Conditions</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;4.01. <I>Conditions</I>. The obligations of the Lenders to make Loans hereunder on the
Drawdown Date is subject to each of the following conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;The Administrative Agent (or its counsel) shall have received from each party hereto,
either (i)&nbsp;a counterpart of this Agreement signed on behalf of such party or (ii)&nbsp;written evidence
satisfactory to the Administrative Agent (which may include telecopy or PDF transmission of a
signed signature page) that such party has signed a counterpart of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The Administrative Agent shall have received a favorable written opinion (addressed to the
Administrative Agent and the Lenders and dated the Effective Date) of each of (i)&nbsp;Cleary Gottlieb
Steen &#038; Hamilton LLP, special New York counsel for the Borrower, substantially in the form of
Exhibit&nbsp;B-1 and (ii)&nbsp;Mijares, Angoitia, Cort&#233;s y Fuentes, S.C., Mexican counsel for the Borrower,
substantially in the form of Exhibit&nbsp;B-2 The Borrower requests such counsel to deliver such
opinions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The Administrative Agent shall have received a favorable opinion (addressed to the
Administrative Agent and the Lenders and dated the Effective Date) of each of (i)&nbsp;Davis Polk &#038;
Wardwell, special New York counsel for the Administrative Agent and (ii)&nbsp;Ritch Mueller, S.C.,
special Mexican counsel for the Administrative Agent, substantially in the form of Exhibits B-3 and
B-4, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to (i)&nbsp;the organization and
existence of the Borrower, (ii)&nbsp;the authorization of the Financing Transactions and (iii)&nbsp;any other
legal matters relating to the Borrower, the Loan Documents or the Financing Transactions, all in
form and substance satisfactory to the Administrative Agent and its counsel, including (x)&nbsp;the
<I>estatutos sociales </I>in effect for the Borrower, certified by a notary public as to authenticity and
by a Borrower&#146;s officer as to effectiveness, and (y)&nbsp;powers-of-attorney for officers of the
Borrower, certified by a notary public as to authenticity and by a Borrower&#146;s officer as to
effectiveness, with authority for acts of administration and issuance of negotiable instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;The Administrative Agent shall have received (i)&nbsp;a copy of a letter from CT Corporation
Systems accepting its appointment as the Process Agent pursuant to Section&nbsp;9.10 hereof, on behalf
of the Borrower, and (ii)&nbsp;a special irrevocable power of attorney granted by the Borrower to CT
Corporation Systems appointing it as the Process Agent, duly notarized by a Mexican notary public,
as required under Mexican law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;The representations and warranties of the Borrower set forth in the Loan Documents shall
be true on and as of the date of such Borrowing, both before and immediately after giving effect
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;Immediately after giving effect to such Borrowing no Default shall have occurred and be
continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(h)&nbsp;The Lenders shall have received:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i) (A)&nbsp;audited consolidated financial statements of the Borrower for the fiscal
years ended on December&nbsp;31, 2004, 2005 and 2006 and (B)&nbsp;unaudited consolidated financial
statements of the Borrower for the Fiscal Quarter ended on September&nbsp;30, 2007 and
unaudited consolidated financial statements for the same periods of the prior fiscal year;
and
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;projections for the Cablevisi&#243;n Group Companies beginning in 2007 through 2012,
in form and with detail and supporting information reasonably satisfactory to the
Arranger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;There shall not have occurred or become known to the Administrative Agent or the Lead
Arranger any event, development or circumstance that has had or could reasonably be expected to
have a Material Adverse Effect, since the Effective Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(j)&nbsp;There shall not have occurred, in each case after the date hereof, (i)&nbsp;any material
adverse change in Mexican political or economic conditions, including without limitation any
imposition of exchange or currency controls or declaration of moratorium or (ii)&nbsp;any material
disruption of or material adverse change in conditions in the United States, Mexican or
international financial, banking or capital markets that in the case of (i)&nbsp;or (ii), in the
Arranger&#146;s judgment, could materially impair the syndication of the Loans under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(k)&nbsp;Neither the Administrative Agent nor the Lead Arranger shall have become aware of any
information or other matter (including any matter relating to financial models and underlying
assumptions relating to the projections) affecting any of the Cablevisi&#243;n Group Companies that in
the Administrative Agent&#146;s or the Lead Arranger&#146;s judgment is inconsistent in a material and
adverse manner with any such information or other matter disclosed to the Administrative Agent or
the Lead Arranger prior to the date hereof or could reasonably be expected to materially impair the
syndication of the Loans under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(l)&nbsp;All consents and approvals required to be obtained from any Governmental Authority or
other Person in connection with the execution, delivery and performance by the Borrower of its
obligations under the Loan Documents shall have been obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(m)&nbsp;The Borrower shall have paid all fees and other amounts due and payable to the Lender
Parties on or before the Effective Date, including, to the extent invoiced, all out-of-pocket
expenses (including fees, charges and disbursements of counsel) required to be reimbursed or paid
by the Borrower under the Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(n)&nbsp;The Administrative Agent shall have received for the account of each Lender an executed
Note dated the Drawdown Date complying with the provisions of Section&nbsp;2.05(e).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(o)&nbsp;The Administrative Agent shall have received a certificate of a Financial Officer of the
Borrower attesting to the solvency of the Borrower, in form and substance reasonably satisfactory
to the Administrative Agent, but in any event prepared after giving effect to the Financing
Transactions to occur on the Drawdown Date, and setting forth the aggregate outstanding Debt of the
Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(p)&nbsp;The Administrative Agent shall have received a certificate, dated the Effective Date and
signed by a Financial Officer of the Borrower as to the compliance with items (g), (h)&nbsp;and (m).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Notwithstanding the foregoing, the obligations of the Lenders to make Loans hereunder shall not
become effective unless each of the foregoing conditions is satisfied (or waived
pursuant to Section&nbsp;9.02) at or prior to 5:00 p.m., New York City time, on December&nbsp;26, 2007 (and
in the event such conditions are not so satisfied or waived, the Commitments to make Loans shall
terminate at such time).
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 5</B><BR>
<FONT style="font-variant: SMALL-CAPS">Affirmative Covenants</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Until all the Commitments have expired or terminated and the principal of and interest on each
Loan have been paid in full, the Borrower covenants and agrees with the Lenders that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.01. <I>Financial Statements and Other Information</I>. The Borrower will furnish to the
Administrative Agent (which will promptly forward to each Lender):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;within 120&nbsp;days after the end of each Fiscal Year, its audited consolidated balance sheet
as of the end of such Fiscal Year and the related statements of income, stockholders&#146; equity and
changes in financial position (or cash flows) for such Fiscal Year, setting forth in each case in
comparative form the figures for the previous Fiscal Year, all reported on by independent public
accountants of recognized national standing in Mexico (without any qualification or exception as to
the scope of such audit) as presenting fairly in all material respects the financial position,
results of operations and changes in financial position (or cash flows) of the Borrower and its
consolidated Subsidiaries on a consolidated basis in accordance with GAAP;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;within 60&nbsp;days after the end of each of the first three Fiscal Quarters of each Fiscal
Year, its unaudited consolidated balance sheet as of the end of such Fiscal Quarter and the related
statement of income for such Fiscal Quarter and for the then elapsed portion of such Fiscal Year,
setting forth in each case in comparative form the figures for the corresponding period or periods
of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all certified
by a Financial Officer as presenting fairly in all material respects the financial position and
results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in
accordance with GAAP, subject to normal year-end adjustments and the absence of footnotes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;concurrently with each delivery of financial statements under clauses (a)&nbsp;or (b)&nbsp;above, a
certificate of a Financial Officer (a &#147;<B>Compliance Certificate</B>&#148;) (i)&nbsp;certifying as to whether a
Default has occurred and, if a Default has occurred, specifying the details thereof and any action
taken or proposed to be taken with respect thereto, (ii)&nbsp;setting forth reasonably detailed
calculations demonstrating compliance with Sections&nbsp;6.13 and 6.14 and (iii)&nbsp;stating whether any
change in GAAP or in the application thereof has occurred since the date of the Borrower&#146;s most
recent audited financial statements referred to in Section&nbsp;3.04 or delivered pursuant to this
Section and, if any such change has occurred, specifying the effect of such change on the financial
statements accompanying such certificate;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;concurrently with each delivery of financial statements under clause (a)&nbsp;above, a
certificate of the accounting firm that reported on such financial statements stating whether
during the course of their examination of such financial statements they
obtained knowledge of any Default (which certificate may be limited to the extent required by
accounting rules or guidelines); and
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition (including a projected consolidated balance sheet and
related statements of projected operations and cash flows and setting forth the assumptions used in
the preparation thereof; <U>provided</U>, that in no event shall the Borrower be obligated to
provide such projections more frequently than once per Fiscal Year) of the Cablevisi&#243;n Group
Companies on a consolidated basis, as the Administrative Agent may reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.02. <I>Notice of Material Events</I>. The Borrower will furnish to the Administrative
Agent prompt written notice of the following (and, in any event, within five Business Days after
any Financial Officer obtains knowledge thereof):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;the occurrence of any Default;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;the filing or commencement of any action, suit or proceeding by or before any arbitrator
or Governmental Authority against or affecting any Cablevisi&#243;n Group Company that if adversely
determined, could reasonably be expected to result in a Material Adverse Effect; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;any other event that results in, or that any Financial Officer determines in good faith
could reasonably be expected to result in, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer
of the Borrower setting forth the details of the event or development requiring such notice and any
action taken or proposed to be taken with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.03. <I>Existence; Conduct of Business</I>. The Borrower, together with its Material
Subsidiaries, considered as a whole, will continue to engage primarily in the business of providing
cable, internet and/or telecommunication services in Mexico and in activities reasonably related,
ancillary or complementary thereto. Each Cablevisi&#243;n Group Company will do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its legal existence and the
rights, licenses, concessions, permits, consents, approvals, other authorizations, privileges,
franchises, patents, copyrights, trademarks and trade names material to the conduct of its
business; <I>provided </I>that the foregoing shall not prohibit any merger, consolidation, liquidation or
dissolution expressly permitted under Section&nbsp;6.03.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.04. <I>Payment of Tax Obligations. </I>Each Cablevisi&#243;n Group Company will pay its
material tax liabilities and material tax-like obligations (including obligations under the <I>Ley del
Seguro Social</I>, the <I>Ley del Instituto del Fondo Nacional de la Vivienda para los Trabajadores </I>and
the <I>Ley de los Sistemas de Ahorro para el Retiro </I>and all laws and regulations related to the
foregoing) before the same shall become delinquent or in default, except where (a)&nbsp;the validity or
amount thereof is being contested in good faith by appropriate proceedings and (b)&nbsp;the relevant
Cablevisi&#243;n Group Company has set aside on its books adequate reserves with respect thereto in
accordance with GAAP.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.05. <I>Maintenance of Properties</I>. Each Cablevisi&#243;n Group Company will maintain all
property material to the conduct of its business in good working order and condition, ordinary wear
and tear excepted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.06. <I>Insurance</I>. The Borrower will maintain and will cause each of its Material
Subsidiaries to maintain with financially sound and reputable insurance companies, insurance in at
least such amounts, against at least such risks and with such risk retention as are customarily
maintained by companies engaged in the same or similar businesses operating in the same or similar
locations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.07. <I>Proper Records; Rights to Inspect and Appraise</I>. Each Cablevisi&#243;n Group
Company will keep proper books of record and account in which complete and correct entries are made
of all transactions relating to its business and activities. Each Cablevisi&#243;n Group Company will
permit any representatives designated by the Administrative Agent or any Lender, upon reasonable
prior notice during normal business hours, (i)&nbsp;to visit and inspect its properties, to examine and
make extracts from its books and records and (ii)&nbsp;to discuss its affairs, finances and condition
with its officers and independent accountants, all as may be reasonably necessary, as determined by
the Administrative Agent or any Lender, to ensure compliance by the Borrower of its obligations
hereunder; <I>provided </I>that unless an Event of Default shall be continuing, no Lender shall conduct
the activities referred to in clause (i)&nbsp;above more than once in any calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.08. <I>Compliance with Laws</I>. Each Cablevisi&#243;n Group Company will comply with all
laws, rules, regulations and orders of any Governmental Authority (including Environmental Laws)
applicable to it or its property, except where failures to do so, in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.09. <I>Use of Proceeds</I>. The Borrower shall use the proceeds of the Loans for general
corporate purposes, which may include (i)&nbsp;to fund or refinance the Bestel Acquisition and (ii)&nbsp;to
pay fees and expenses incurred in connection with the Financing Transactions. No part of the
proceeds of any Loan will be used, directly or indirectly, for any purpose that entails a violation
of any of the Regulations of the Federal Reserve Board, including Regulations T, U and X.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;5.10.<I> Currency Hedging. </I>The Borrower will, within the earlier of (a)&nbsp;one year after
the Effective Date and (b)&nbsp;forty-five days after the Leverage Ratio exceeds 2.50:1 at any time
after the Effective Date, enter into, and maintain at all times thereafter, currency Hedging
Agreements with respect to Debt of the Borrower denominated in a currency other than Pesos
(excluding the Letseb Note), and limiting the exchange rate exposure of the Borrower between Pesos
and such other currency for at least five years (&#147;<B>Qualifying Hedges</B>&#148;), such that after giving
effect thereto and at all times thereafter, an amount of Debt of the Borrower and its Material
Subsidiaries equal to (a)&nbsp;100% of the aggregate outstanding principal amount of the Loans <I>plus </I>(b)
50% of the aggregate outstanding principal amount of all other Debt for borrowed money of the
Borrower and its Material Subsidiaries (determined on a consolidated basis), is either (a)
denominated in Pesos or (b)&nbsp;subject to Qualifying Hedges.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 6</B><BR>
<FONT style="font-variant: SMALL-CAPS">Negative Covenants</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Until all the Commitments have expired or terminated and the principal of and interest on each
Loan have been paid in full, the Borrower covenants and agrees with the Lenders that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.01. <I>Debt</I>. The Borrower will not, and will not permit any of its Material
Subsidiaries to, create, incur, assume any Debt, except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;Debt created under the Loan Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;Qualifying Hedges and Hedging Agreements of the Borrower otherwise permitted
under Section&nbsp;6.07;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;Debt existing on the date hereof and listed in Schedule&nbsp;6.01 and any Permitted
Refinancings thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;Debt of the Borrower to any Subsidiary and Debt of any Material Subsidiary to
the Borrower or any other Subsidiary; <U>provided</U>, that loans, advances or other
Investments made by the Borrower or any Material Subsidiary to or in any other Subsidiary
shall be subject to Section&nbsp;6.04;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;Debt of the Borrower incurred to finance the acquisition, construction or
improvement of any assets, including Capital Lease Obligations and any Debt assumed in
connection with the acquisition of any such assets or secured by a Lien on any such assets
before the acquisition thereof, and any Permitted Refinancing thereof; <I>provided </I>that (A)
such Debt is incurred before or within 90&nbsp;days after such acquisition or the completion of
such construction or improvement and (B)&nbsp;the aggregate principal amount of Debt permitted
by this clause (including Permitted Refinancings thereof) shall not exceed $20,000,000 at
any time outstanding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(vi)&nbsp;Debt of any Person that becomes a Material Subsidiary after the date hereof and
Permitted Refinancings thereof; <I>provided </I>that (A)&nbsp;such Debt exists at the time such Person
becomes a Material Subsidiary and is not created in contemplation of or in connection with
such Person becoming a Material Subsidiary and (B)&nbsp;the aggregate principal amount of Debt
permitted by this clause (including Permitted Refinancings thereof) shall not exceed
$20,000,000 at any time outstanding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(vii)&nbsp;Debt incurred by the Borrower or any of its Material Subsidiaries in respect of
letters of credit, bank guarantees, bankers&#146; acceptances, warehouse receipts or similar
instruments issued or created in the ordinary course of business or consistent with past
practice, including in respect of workers compensation claims, health, disability or other
employee benefits;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(viii)&nbsp;obligations in respect of performance, bid, appeal and surety bonds and
performance and completion guarantees and similar obligations provided by the Borrower or
any of the Material Subsidiaries or obligations in respect of letters of credit, bank
guarantees or similar instruments related thereto,
in each case in the ordinary course of business or consistent with past practice; and
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ix)&nbsp;any Guarantee by the Borrower of Debt of a Material Subsidiary permitted under
any of the preceding clauses of this Section&nbsp;6.01;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(x)&nbsp;Debt of the Borrower of the type referred to in the definition of Total Debt;
<I>provided </I>that immediately after giving effect to such incurrence the Leverage Ratio (with
Total Debt determined for this purpose on the date of and immediately after giving effect
to the incurrence of such Debt) shall not exceed 4.0:1; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(xi)&nbsp;Debt of the Borrower not permitted under any of the preceding clauses of this
Section&nbsp;6.01; <I>provided </I>that the aggregate principal amount of Debt permitted by this
clause shall not exceed $20,000,000 at any time outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>provided </I>that immediately after giving effect to any incurrence of Debt under clauses (x)&nbsp;or (xi)
above, no Event of Default shall have occurred and then be continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.02. <I>Liens</I>. Neither the Borrower nor any Material Subsidiary will create or permit
to exist any Lien on any property now owned or hereafter acquired by it, or assign or sell any
income or revenues (including accounts receivable) or rights in respect of any thereof, except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;Permitted Liens;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;any Lien on any property of the Borrower or any Material Subsidiary existing on
the date hereof and listed in Schedule&nbsp;6.02; <I>provided </I>that (A)&nbsp;such Lien shall not apply
to any other property of the Borrower or any Material Subsidiary and (B)&nbsp;such Lien shall
secure only those obligations which it secures on the date hereof and extensions, renewals
and replacements thereof that do not increase the outstanding principal amount thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;any Lien existing on any property before the acquisition thereof by the
Borrower or any Material Subsidiary or existing on any property of any Person that becomes
a Material Subsidiary after the date hereof before the time such Person becomes a Material
Subsidiary; <I>provided </I>that (A)&nbsp;such Lien is not created in contemplation of or in
connection with such acquisition or such Person becoming a Material Subsidiary, as the
case may be, (B)&nbsp;such Lien will not apply to any other property of the Borrower or any
Material Subsidiary and (C)&nbsp;such Lien will secure only those obligations which it secures
on the date of such acquisition or the date such Person becomes a Material Subsidiary, as
the case may be, and extensions, renewals and replacements thereof that do not increase
the outstanding principal amount thereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;Liens on assets acquired, constructed or improved by the Borrower or any
Material Subsidiary; <I>provided </I>that (A)&nbsp;the Debt secured by such liens is permitted by
Section&nbsp;6.01(v), (B)&nbsp;such Liens are incurred before or within 90&nbsp;days after such
acquisition or the completion of such construction or improvement, (C)&nbsp;such Liens will not
apply to any other property of the Borrower or any Material Subsidiary and (D)&nbsp;the
aggregate principal amount of
all obligations outstanding at any date secured by Liens permitted by this clause
(iv)&nbsp;does not at any time exceed $20,000,000.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.03. <I>Fundamental Changes</I>. No Cablevisi&#243;n Group Company will merge into or
consolidate with any other Person, or liquidate or dissolve, or permit any other Person to merge
into or consolidate with it, except that, if at the time thereof and immediately after giving
effect thereto no Default shall have occurred and be continuing, (i)&nbsp;any Subsidiary may merge into
the Borrower in a transaction in which the Borrower is the surviving corporation, (ii)&nbsp;any
Subsidiary may merge into any Subsidiary in a transaction in which the surviving entity is a
Subsidiary and (iii)&nbsp;any Subsidiary may liquidate or dissolve if the Borrower determines in good
faith that such liquidation or dissolution is in the best interests of the Borrower and is not
materially disadvantageous to the Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.04. <I>Investments, Loans, Advances, Guarantees and Acquisitions</I>. Neither the
Borrower nor any Material Subsidiary will purchase, hold or acquire (including pursuant to any
merger with any Person that was not a wholly owned Subsidiary before such merger) any Equity
Interest in or evidence of indebtedness or other security (including any option, warrant or other
right to acquire any of the foregoing) of, make any loan or advance to, Guarantee any obligation
of, or make any investment or other interest in, any other Person, or purchase or otherwise acquire
(in one transaction or a series of transactions) any assets of any other Person constituting a
business unit (but excluding any plant, property or equipment acquired directly by such Person and
not through the acquisition of Equity Interests of another Person holding such assets or a assets
constituting a business unit of such other Person) (each of the foregoing, an &#147;<B>Investment</B>&#148;),
except:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;the Bestel Acquisition;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Permitted Investments;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Investments existing on the date hereof and listed on Schedule&nbsp;6.04; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Investments by (i)&nbsp;the Borrower in its Material Subsidiaries and (ii)&nbsp;one Material
Subsidiary in another Material Subsidiary or the Borrower;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;Investments by the Borrower or its Material Subsidiaries in Subsidiaries other than
Material Subsidiaries; <U>provided</U> that the aggregate amount of all Investments by the
Borrower or its Material Subsidiaries in or to such Subsidiaries under this clause (e) (including
without limitation, loans and advances by the Borrower or its Material Subsidiaries to, and
Guarantees by the Borrower or its Material Subsidiaries of Debt of, such Subsidiaries), including
any such Investments existing on the Effective Date, shall not exceed $20,000,000 in the aggregate;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;Guarantees constituting Debt permitted by Section&nbsp;6.01; and
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;Investments by the Borrower and/or its Material Subsidiaries, directly or indirectly, in
any Person (excluding (i)&nbsp;any Subsidiary that is not a Material Subsidiary and (ii)&nbsp;any Equity
Related Person) engaged primarily in the business of providing cable, internet and/or
telecommunication services, so long as (x)&nbsp;immediately prior to any such Investment, no Default
shall have occurred and be continuing, and (y)&nbsp;the Borrower is in
compliance with both Section&nbsp;6.13 (determined for this purpose immediately after giving effect
to such Investment and the incurrence of any Debt in connection therewith) and Section&nbsp;6.14,
<I>provided </I>that nothing contained in this clause (g)&nbsp;shall be construed to limit Investments by the
Borrower and/or its Material Subsidiaries in (1)&nbsp;Subsidiaries that thereby become Material
Subsidiaries to the extent provided under clause (d)&nbsp;of this Section&nbsp;6.04 or (2)&nbsp;Subsidiaries other
than Material Subsidiaries to the extent permitted under clause (e)&nbsp;of this Section&nbsp;6.04.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.05. <I>Asset Sales</I>. Neither the Borrower nor any Material Subsidiary will sell,
transfer, lease or otherwise dispose of any property, including any Equity Interest owned by it,
except:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;sales transfers, leases or other dispositions of inventory (for the avoidance of doubt,
including set-top boxes), obsolete, worn-out or surplus equipment and Permitted Investments in the
ordinary course of business;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;sales, leases, transfers and other dispositions to the Borrower or a Material Subsidiary;
<I>provided </I>that any such sales, transfers or dispositions shall comply with Section&nbsp;6.09; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;sales, leases, transfers and other dispositions of assets (except Equity Interests in a
Subsidiary) that are not permitted by any other clause of this Section; <I>provided </I>that the aggregate
fair market value of all assets sold, transferred or otherwise disposed of in reliance on this
clause shall not exceed $50,000,000 during any Fiscal Year;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>provided </I>that all sales, transfers, leases and other dispositions permitted by clauses (b)&nbsp;or (c)
of this Section shall be made for fair value and, in the case of clause (c)&nbsp;above, for at least 90%
cash consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.06. <I>Sale and Leaseback Transactions</I>. Neither the Borrower nor any Material
Subsidiary will enter into any arrangement, directly or indirectly, whereby it shall sell or
transfer any property, real or personal, used or useful in its business, whether now owned or
hereafter acquired, and thereafter rent or lease such property or other property that it intends to
use for substantially the same purpose or purposes as the property sold or transferred, unless (i)
any such sale of any asset is made for cash consideration in an amount not less than the cost of
such asset and is consummated within 90&nbsp;days after such Cablevisi&#243;n Group Company acquires or
completes the construction of such asset and (ii)&nbsp;the aggregate consideration of all such
transactions shall not exceed $15,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.07. <I>Hedging Agreements</I>. Neither the Borrower nor any Material Subsidiary will
enter into any Hedging Agreement, except (a)&nbsp;Hedging Agreements required by Section&nbsp;5.10 and (b)
Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to
which a Cablevisi&#243;n Group Company is exposed in the conduct of its business or the management of
its liabilities.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.08. <I>Restricted Payments</I>. (a)&nbsp;No Cablevisi&#243;n Group Company will declare or make,
or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so other than (i)&nbsp;Restricted Payments made by any Wholly Owned
Subsidiary with respect to its capital stock and (ii)
other Restricted Payments, <I>provided </I>that at the time of and after giving effect to any
Restricted Payment made pursuant to this clause (ii):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(A)&nbsp;no Default has occurred and is continuing, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(B)&nbsp;the aggregate amount expended for all Restricted Payments pursuant to this clause
(ii)&nbsp;after the Effective Date would not exceed the aggregate amount of Consolidated Net
Income, determined on a cumulative basis for the period beginning with the Fiscal Quarter
of the Borrower ended September&nbsp;30, 2007 and ending on the last day of the Borrower&#146;s most
recently completed Fiscal Quarter for which financial statements have been provided (or if
not timely provided, required to be provided) pursuant to Section&nbsp;5.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Not later than the date of making any Restricted Payment (other than those Restricted
Payments referred to in paragraph (a)(i) above), the Borrower will deliver to the Administrative
Agent an officers&#146; certificate stating that the Restricted Payment is permitted and setting forth
the basis upon which the calculations required by the covenant were calculated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.09. <I>Transactions with Affiliates</I>. From and after the Effective Date, no
Cablevisi&#243;n Group Company will sell, lease or otherwise transfer any property to, or purchase,
lease or otherwise acquire any property from, or otherwise engage in any other transaction with,
any of its Affiliates, other than another Cablevisi&#243;n Group Company in the ordinary course of
business, the Televisa Subordinated Debt, the Operbes Loan and receipt of capital contributions,
except (a)&nbsp;transactions in the ordinary course of business that are at prices and on terms and
conditions not less favorable to such Cablevisi&#243;n Group Company than could be obtained on an
arm&#146;s-length basis from unrelated third parties and (b)&nbsp;any Restricted Payment permitted by Section
6.08. It is understood that, without limitation of the definition of &#147;Affiliate&#148;, direct or
indirect holders of 10% or more of the capital stock of the Borrower on the date hereof shall be
deemed to be Affiliates of the Borrower and its Material Subsidiaries for purposes of this Section
6.09.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.10. <I>Restrictive Agreements</I>. No Cablevisi&#243;n Group Company will, directly or
indirectly, enter into or permit to exist any agreement or other arrangement that prohibits,
restricts or imposes any condition on the ability of any Subsidiary to pay dividends or other
distributions with respect to any shares of its capital stock or to make or repay loans or advances
to the Borrower or any other Subsidiary or to Guarantee Debt of the Borrower or any other
Subsidiary; <I>provided </I>that the foregoing shall not apply to (i)&nbsp;restrictions and conditions imposed
by law or by any Loan Document, (ii)&nbsp;restrictions and conditions existing on the date hereof and
identified on Schedule&nbsp;6.10 (but shall apply to any amendment or modification expanding the scope
of any such restriction or condition), (iii)&nbsp;customary restrictions and conditions contained in
agreements relating to the sale of a Subsidiary pending such sale, <I>provided </I>that such restrictions
and conditions apply only to the Subsidiary that is to be sold and such sale is permitted
hereunder, (iv)&nbsp;any restrictions and conditions contained in agreements of any Person that becomes
a Subsidiary after the date hereof, <I>provided </I>that such agreements were not entered into in
contemplation of such Person&#146;s becoming a Subsidiary at the time such Person entered into by any
Subsidiary of the Borrower acquired by the Borrower after the Effective Date, (v)&nbsp;restrictions and
conditions imposed by any agreement relating to secured Debt permitted by this Agreement if such
restrictions or conditions apply only to the property
securing such Debt and (vi)&nbsp;customary provisions in leases restricting the assignment or
subletting thereof.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.11. <I>Amendment of Material Documents</I>. No Cablevisi&#243;n Group Company will amend,
modify or waive any of its rights under its constitutional or organizational documents (including
its <I>estatutos sociales</I>, by-laws or other organizational documents) in a manner that could
reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.12. <I>Capital Expenditures</I>. (a)&nbsp;The Borrower will not permit the aggregate amount
of Capital Expenditures made by the Borrower and its Subsidiaries in any Fiscal Year referred to
below to exceed the amount set forth below opposite such Fiscal Year:
</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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fiscal Year</B></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"><!-- 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; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Any amount permitted to be expended in any Fiscal Year pursuant to clause (a)&nbsp;of this
Section&nbsp;6.12, if not so expended in the Fiscal Year for which it is permitted, (i)&nbsp;may be carried
over for expenditure in the next succeeding Fiscal Year only and (ii)&nbsp;Capital Expenditures shall be
deemed made, <U>first</U>, in respect of amounts carried over from the prior Fiscal Year pursuant
to the foregoing clause (i)&nbsp;and, <U>second</U>, in respect of amounts permitted for such Fiscal
Year as provided above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.13. <I>Interest Expense Coverage Ratio</I>. The Borrower will not permit the ratio,
determined as of the last day of any Fiscal Quarter, of (a)&nbsp;Consolidated EBITDA to (b)&nbsp;Consolidated
Interest Expense, in each case for any period of four consecutive Fiscal Quarters, to be less than
2.25 to 1.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.14. <I>Leverage Ratio</I>. The Borrower will not permit the Leverage Ratio determined as
of the last day of any Fiscal Quarter to exceed 4.00 to 1.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;6.15.<I> Fiscal Year. </I>The Borrower shall not change its fiscal year end to a date
other than December&nbsp;31.
</DIV>

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</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 7</B><BR>
<FONT style="font-variant: SMALL-CAPS">Events of Default</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;7.01.<I> Events Of Default. </I>If any of the following events (&#147;<B>Events of Default</B>&#148;) shall
occur:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;the Borrower shall fail to pay any principal of any Loan when the same shall become due,
whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;the Borrower shall fail to pay when due any interest on any Loan or any other amount
(except an amount referred to in clause (a)&nbsp;above) payable under any Loan Document, and such
failure shall continue unremedied for a period of three Business Days;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;any representation, warranty or certification made by or on behalf of any Cablevisi&#243;n
Group Company in or in connection with any Loan Document or any amendment or modification thereof
or waiver thereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with any Loan Document or any amendment or modification
thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made
(or deemed made);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;the Borrower shall fail to observe or perform any covenant or agreement contained in
Section&nbsp;5.02, 5.03 (with respect to the existence of the Borrower) or 5.09 or in Article&nbsp;6;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;the Borrower shall fail to observe or perform any covenant or agreement contained in any
Loan Document (other than those specified in clause (a), (b)&nbsp;or (d)&nbsp;above), and such failure shall
continue unremedied for a period of 30&nbsp;days after notice thereof from the Administrative Agent to
the Borrower (which notice will be given at the request of any Lender);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;any Cablevisi&#243;n Group Company shall fail to make a payment or payments (whether of
principal or interest and regardless of amount) in respect of Material Debt when the same shall
become due, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise,
or within any applicable grace period;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;any event or condition that has not been waived or cured and results in Material Debt
becoming due before its scheduled maturity or that enables or permits (with or without the giving
of notice, the lapse of time or both) the holder or holders of Material Debt or any trustee or
agent on its or their behalf to cause Material Debt to become due, or to be prepaid in full
(whether by redemption, purchase, offer to purchase or otherwise), prior to its stated maturity;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(h)&nbsp;an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i)&nbsp;liquidation, reorganization, <I>concurso mercantil, quiebra, </I>or other similar relief in
respect of any Cablevisi&#243;n Group Company, or of a substantial part of its assets, under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect (including the <I>Ley de Concursos Mercantiles</I>) or (ii)&nbsp;the appointment of a receiver, trustee,
custodian, <I>conciliador, </I>sequestrator, conservator or similar official for any Cablevisi&#243;n Group
Company or for a substantial part of its assets, and, in any such case, such proceeding or petition
shall continue undismissed for 60&nbsp;days or an order or decree approving or ordering any of the
foregoing shall be entered;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;any Cablevisi&#243;n Group Company shall (i)&nbsp;voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization, <I>concurso mercantil, quiebra, </I>or other similar relief
under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect (including the <I>Ley de Concursos Mercantiles</I>), (ii)&nbsp;consent to the institution
of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in
clause (h)&nbsp;of this Section,
(iii)&nbsp;apply for or consent to the appointment of a receiver, trustee, custodian, <I>conciliador</I>,
sequestrator, conservator or similar official for any Cablevisi&#243;n Group Company or for a
substantial part of its assets, (iv)&nbsp;file an answer admitting the material allegations of a
petition filed against it in any such proceeding, (v)&nbsp;make a general assignment for the benefit of
creditors or (vi)&nbsp;take any corporate action for the purpose of effecting any of the foregoing;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(j)&nbsp;any Cablevisi&#243;n Group Company shall become unable, admit in writing its inability or fail
generally to pay its debts as they become due;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(k)&nbsp;one or more final judgments for the payment of money in an aggregate amount exceeding
$20,000,000 shall be rendered against one or more Cablevisi&#243;n Group Companies and shall remain
undischarged for a period of 30 consecutive days during which execution shall not be effectively
stayed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(l)&nbsp;any restriction or requirement shall be imposed, promulgated or amended by any
Governmental Authority on or after the date hereof that restricts, limits or prohibits the
acquisition or the transfer of foreign exchange by the Borrower and that impairs or could
reasonably be expected to impair the Borrower&#146;s ability to perform its financial obligations under
the Loan Documents in accordance with the terms thereof (including payment in Dollars); or any
Governmental Authority shall take any action, including a moratorium, having an effect on the
schedule of payments of the Borrower under any Loan Document; or the Borrower shall, voluntarily or
involuntarily, participate or take any action to participate in any facility or exercise involving
the rescheduling of the Borrower&#146;s debts or the restructuring of the currency in which the Borrower
may pay its obligations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(m)&nbsp;any Loan Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder, ceases to be in full force and effect; or the Borrower or
any other Person acting on its behalf contests in any manner the validity or enforceability of any
Loan Document;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(n)&nbsp;any property or asset of the Borrower and its Material Subsidiaries shall be nationalized,
expropriated, lost, subject to <I>rescate </I>proceedings or impaired (collectively, &#147;impaired&#148;; and
&#147;impairment&#148; has a correlative meaning) by action of any Governmental Authority (including without
limitation through the termination, withdrawal, seizure, revocation or amendment of any license (or
licenses) or concession of the Borrower or any of its Subsidiaries to operate their business but
excluding an impairment resulting from a required divestiture in connection with an acquisition),
<I>provided </I>that (i)&nbsp;the property or asset so impaired produces a loss of more than 10% of the gross
revenues of the Borrower and its Subsidiaries, determined on a consolidated basis for the four
Fiscal Quarters then most recently ended and (ii)&nbsp;unless such impairment is not reasonably
susceptible of cure, such impairment shall continue for a period of 60&nbsp;days thereafter;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">then, and in every such event (other than an event with respect to the Borrower described in clause
(h)&nbsp;or (i)&nbsp;above), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i)
terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable
may thereafter be
declared to be due and payable), and thereupon the principal of the Loans so
declared to be due and payable, together with accrued interest thereon and all other payment
obligations of the Borrower accrued hereunder, shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are waived by the Borrower;
and in the case of any event with respect to the Borrower described in clause (h)&nbsp;or (i)&nbsp;above and
subject to the next succeeding sentence, the Commitments shall automatically terminate and the
principal of the Loans then outstanding, together with accrued interest thereon and all other
payment obligations of the Borrower accrued hereunder, shall automatically become due and payable,
without presentment, demand, protest or other notice of any kind, all of which are waived by the
Borrower. The Administrative Agent shall promptly notify the Lenders of any Event of Default
pursuant to this Section&nbsp;7.01.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 8</B><BR>
<FONT style="font-variant: SMALL-CAPS">The Administrative Agent</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;8.01. <I>Appointment and Authorization. </I>Each of the Lenders hereby irrevocably
appoints the Administrative Agent its agent and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by
the terms hereof, together with such actions and powers as are reasonably incidental thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;8.02.<I> Rights and Powers as a Lender. </I>Any bank serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not the Administrative Agent, and such bank and its
Affiliates may accept deposits from, lend money to and generally engage in any kind of business
with any Cablevisi&#243;n Group Company or Affiliate thereof as if it were not the Administrative Agent
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;8.03. <I>Limited Duties and Responsibilities</I>. The Administrative Agent shall not have
any duties or obligations except those expressly set forth in herein. Without limiting the
generality of the foregoing, (a)&nbsp;the Administrative Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is continuing, (b)&nbsp;the
Administrative Agent shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby that the
Administrative Agent is required in writing to exercise by the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section&nbsp;9.02) and (c)&nbsp;except as expressly set forth herein, the Administrative Agent shall not have
any duty to disclose or any liability for any failure to disclose, any information relating to any
Cablevisi&#243;n Group Company that is communicated to or obtained by the bank serving as the
Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not
be liable for any action taken or not taken by it with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the
circumstances as provided in Section&nbsp;9.02) or in the absence of its own gross negligence or willful
misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless
and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender,
and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i)&nbsp;any
statement, warranty or representation made in or in connection with this Agreement, (ii)&nbsp;the
contents of any certificate, report or other document delivered thereunder or in connection
herewith, (iii)&nbsp;the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein, (iv)&nbsp;the validity, enforceability, effectiveness or genuineness of any
Loan Document or any other agreement, instrument or document or (v)&nbsp;the satisfaction of any
condition set forth in Article&nbsp;4 or elsewhere in any Loan Document, other than to confirm receipt
of items expressly required to be delivered to the Administrative Agent.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;8.04. <I>Authority to Rely on Certain Writings, Statements and Advice</I>. The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person, and shall not incur any liability for relying
thereon. The Administrative Agent may consult with legal counsel (who may be counsel for any
Cablevisi&#243;n Group Company), independent accountants and other experts selected by it, and shall not
be liable for any action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;8.05. <I>Sub-Agents and Related Parties</I>. The Administrative Agent may perform any and
all its duties and exercise its rights and powers by or through one or more sub-agents appointed by
it and shall not be responsible for the negligence or misconduct of any such sub-agent selected by
it in good faith and with due care. The Administrative Agent and any such sub-agent may perform any
and all its duties and exercise its rights and powers through their respective Related Parties.
The exculpatory provisions of the preceding Sections of this Article shall apply to any such
sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent to the same
extent that they apply to the Administrative Agent, and shall apply to activities in connection
with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;8.06. <I>Resignation; Successor Administrative Agent</I>. Subject to the appointment and
acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative
Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation,
the Required Lenders shall have the right, in consultation with the Borrower, to appoint a
successor. If no successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30&nbsp;days after the retiring Administrative Agent gives notice of
its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a
successor Administrative Agent from among the Lenders which shall be a bank with an office in New
York, New York. Upon acceptance of its appointment as Administrative Agent hereunder by a
successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent
shall be discharged from its duties and obligations hereunder. Immediately thereupon, the
successor Administrative Agent shall give notice of its acceptance of its appointment as
Administrative Agent to the Borrower and the Lenders. The fees payable by the Borrower to a
successor Administrative Agent shall be the same as those payable to its predecessor unless
otherwise agreed by the Borrower and such successor. After the Administrative Agent&#146;s resignation
hereunder, the provisions of this Article and Section&nbsp;9.03 shall continue in effect for the benefit
of such retiring
Administrative Agent, its sub-agents and their respective Related Parties in respect of any
actions taken or omitted to be taken by any of them while the retiring Administrative Agent was
acting as Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;8.07. <I>Credit Decisions by Lenders</I>. Each Lender acknowledges that it has,
independently and without reliance on the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender also acknowledges that it will, independently
and without reliance on the Administrative Agent or any other Lender and based on such documents
and information as it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based on this Agreement, any other Loan Document or related
agreement or any document furnished hereunder or thereunder.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARTICLE 9</B><BR>
<FONT style="font-variant: SMALL-CAPS">Miscellaneous</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.01. <I>Notices</I>. (a)&nbsp;Except in the case of notices and other communications
expressly permitted to be given by telephone, all notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;if to the Borrower, to it at Rio de la Loza 182, Colonia Doctores 06720, Mexico,
D.F. M&#233;xico, Attention of Ignacio Gallardo Islas (Telecopy No. (52-55) 5761 2475), with a
copy to Televisa, Vasco de Quiroga 2000, Edificio A, Piso 3, Col. Santa Fe, M&#233;xico, D.F.,
C.P. 06720, Mexico, Attention Vice President and General Counsel (Telecopy No. (52-55)
5261-2546);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Americas
Investment Bank Loan Operations, 1111 Fannin, 10th Floor, Houston, Texas 77002, Attention
of Tokunbo Tayo (Telecopy No. (713)&nbsp;750-2666), with a copy to JPMorgan Chase Bank, 270
Park Avenue, New York 10017, Attention of Paul Doud (Telecopy No. (52-55) 2454-5885); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;if to any other Lender, to it at its address (or telecopy number) set forth in
its Administrative Questionnaire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Administrative Agent; <I>provided</I>
that the foregoing shall not apply to notices pursuant to Article&nbsp;2 unless otherwise agreed by the
Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in
its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may
be limited to particular notices or communications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the Administrative Agent and the Borrower. All notices and
other communications given to any party hereto in accordance
with the provisions of this Agreement will be deemed to have been given on the date of
receipt.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Unless the Administrative Agent otherwise prescribes, (i)&nbsp;notices and other communications
(other than notices or communications in respect of payment of the Loans, the terms of the Loans
(including interest rates) or a Default hereunder) sent to an e-mail address shall be deemed
received upon the sender&#146;s receipt of an acknowledgement from the intended recipient (such as by
the &#147;return receipt requested&#148; function, as available, return e-mail or other written
acknowledgement); <I>provided </I>that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipient and (ii)&nbsp;notices or
communications posted to an Internet or intranet website shall be deemed received upon the deemed
receipt by the intended recipient at its e-mail address as described in the foregoing clause (i)&nbsp;of
notification that such notice or communication is available and identifying the website address
therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.02. <I>Waivers; Amendments</I>. (a)&nbsp;No failure or delay by any Lender Party in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Lender Parties
under the Loan Documents are cumulative and are not exclusive of any rights or remedies that they
would otherwise have. No waiver of any provision of any Loan Document or consent to any departure
by the Borrower therefrom shall in any event be effective unless the same shall be permitted by
subsection (b)&nbsp;of this Section, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. Without limiting the generality of the
foregoing, the making of a Loan shall be construed as a waiver of any Default, regardless of
whether any Lender Party had notice or knowledge of such Default at the time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;No Loan Document or provision thereof may be waived, amended or modified except, in the
case of this Agreement, by an agreement or agreements in writing entered into by the Borrower and
the Required Lenders or, in the case of any other Loan Document, by an agreement or agreements in
writing entered into by the parties thereto with the consent of the Required Lenders; <I>provided </I>that
no such agreement shall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;increase the Commitment of any Lender without its written consent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;reduce the principal amount of any Loan or reduce the rate of interest thereon
without the written consent of each Lender Party affected thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;postpone the maturity of any Loan or any date for the payment of any interest
payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone
the scheduled date of expiration of any Commitment, without the written consent of each
Lender Party affected thereby;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;change Section&nbsp;2.14(b) or Section&nbsp;2.14(c) in a manner that would alter the pro
rata sharing of payments required thereby, without the written consent of each Lender;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;change any provision of this Section or the percentage set forth in the
definition of &#147;Required Lenders&#148; or any other provision of any Loan Document specifying
the number or percentage of Lenders required to take any action thereunder, without the
written consent of each Lender;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>provided further </I>that no such agreement shall amend, modify or otherwise affect the rights or
duties of the Administrative Agent without its prior written consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Notwithstanding the foregoing, if Lenders having at least 75% of the Credit Exposures at
such time (disregarding for this purpose any Credit Exposures held by the Borrower and any Related
Parties) enter into or consent to any waiver, amendment or modification pursuant to subsection (b)
of this Section, no consent of any other Lender will be required if, when such waiver, amendment or
modification becomes effective, (i)&nbsp;the Commitment of each Lender not consenting thereto terminates
and (ii)&nbsp;all amounts owing to it or accrued for its account hereunder are paid in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.03. <I>Expenses; Indemnity; Damage Waiver</I>. (a)&nbsp;The Borrower shall pay (i)&nbsp;all agreed
reasonable out-of-pocket expenses incurred by the Administrative Agent and the Lead Arranger,
including reasonable fees, charges and disbursements of Davis Polk &#038; Wardwell, special New York
counsel and Ritch Mueller, S.C., special Mexican Counsel in connection with the syndication of the
credit facilities provided for herein and the preparation, execution and delivery of the Loan
Documents (whether or not the transactions contemplated hereby or thereby shall be consummated),
<I>provided </I>that the reasonable out-of-pocket expenses incurred by the Administrative Agent and the
Lead Arranger to be paid by the Borrower pursuant to this clause (i)&nbsp;shall be expressly limited to
the terms agreed to in the Commitment Letter, (ii)&nbsp;all reasonable out-of-pocket expenses incurred
by the Lender Parties and their Affiliates, including reasonable fees, charges and disbursements of
counsel for the Administrative Agent, in connection with any amendments, modifications or waivers
of the provisions of any Loan Documents (whether or not consummated), (iii)&nbsp;if an Event of Default
occurs, any stamp or documentary taxes that may be required to be paid upon the introduction into
Mexico of any Note or other Loan Documents in connection with any collection, bankruptcy,
insolvency or other enforcement proceedings resulting therefrom, and (iv)&nbsp;all reasonable
out-of-pocket expenses incurred by any Lender Party, including any fees, charges and disbursements
of any counsel for any Lender Party, in connection with the enforcement or protection of its rights
in connection with the Loan Documents (including its rights under this Section), the Loans,
including all such reasonable out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of the Loans.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The Borrower shall indemnify each of the Lender Parties and their respective Related
Parties (each such Person being called an &#147;<B>Indemnitee</B>&#148;) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages and liabilities and reasonable related expenses,
including the reasonable fees, charges and disbursements of counsel for any Indemnitee, incurred by
or asserted against any Indemnitee arising out of or in connection with (i)&nbsp;the execution or
delivery of any Loan Document or any other agreement or instrument contemplated hereby, the
performance by the parties to the Loan Documents of their respective obligations thereunder or the
consummation of the Financing Transactions or any other transactions contemplated
hereby,
(ii)&nbsp;any Loan or the use of the proceeds therefrom, (iii)&nbsp;any actual or alleged presence or release of
Hazardous Materials on or from any property currently or formerly owned or operated by the Borrower
or any Subsidiary, or any Environmental Liability related in any way to the Borrower or any
Subsidiary or (iv)&nbsp;any claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory and regardless of whether any
Indemnitee is a party thereto; <I>provided </I>that such indemnity shall not be available to any
Indemnitee (x)&nbsp;to the extent that such losses, claims, damages, liabilities or related expenses are
determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from such Indemnitee&#146;s gross negligence, bad faith, breach of the Loan Documents by the
Indemnitee or willful misconduct or (y)&nbsp;with respect to any settlement entered into by any
Indemnitee without the Borrower&#146;s written consent (such consent not to be unreasonably withheld or
delayed).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent under subsection (a)&nbsp;or (b)&nbsp;of this Section, each Lender severally agrees to
pay to the Administrative Agent such Lender&#146;s pro rata share (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; <I>provided</I>
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as
the case may be, was incurred by or asserted against the Administrative Agent, in its capacity as
such. For purposes hereof, a Lender&#146;s &#147;<B>pro rata share</B>&#148; shall be determined based on its share of
the sum of the total outstanding Loans and unused Commitments at the time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;To the extent permitted by applicable law, none of the parties hereto shall assert, and
each hereby waives, any claim against any Indemnitee or other party hereto, on any theory of
liability for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or
instrument contemplated hereby, the Financing Transactions, any Loan or the use of the proceeds
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;All amounts due under this Section shall be payable not later than 10 Business Days after
written demand therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.04. <I>Successors and Assigns</I>. (a)&nbsp;The provisions of this Agreement shall be binding
on and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby, except that (i)&nbsp;the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void) and (ii)&nbsp;no
Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance
with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (except the parties hereto, their respective successors and assigns permitted
hereby and, to the extent expressly provided herein, the Related Parties of the Lender Parties) any
legal or equitable right, remedy or claim under or by reason of this Agreement.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Any Lender may assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of any Commitment it has at the time
and any Loans at the time owing to it); <I>provided </I>that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the Administrative Agent and the Borrower must give prior written consent to any
such assignment (which consent shall not be unreasonably withheld) except that a Lender
may assign or otherwise transfer its rights and obligations hereunder without the prior
written consent of (a)&nbsp;the Borrower if (1)&nbsp;such assignment or transfer is an assignment or
transfer of all or any portion of a Loan to a Person that is a Lender or a Lender
Affiliate or (2)&nbsp;an Event of Default has occurred and is continuing or (b)&nbsp;the
Administrative Agent if such assignment or transfer is an assignment or transfer of all or
any portion of a Loan to a Person that is a Lender or a Lender Affiliate (and if the
consent of the Borrower or the Administrative Agent is not required, such assigning Lender
shall promptly notify the Borrower and/or the Administrative Agent, as applicable, of the
amount of such assignment and the identity of the assignee);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;each partial assignment shall be made as an assignment of a proportionate part
of all the assigning Lender&#146;s rights and obligations under this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;unless the Administrative Agent and the Borrower otherwise consent, the amount
of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date on which the relevant Assignment is delivered to the
Administrative Agent) shall not be less than $3,000,000; <I>provided </I>that this (iii)&nbsp;shall
not apply to an assignment to a Lender or a Lender Affiliate or an assignment of the
entire remaining amount of the assigning Lender&#146;s Commitment or Loans;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iv)&nbsp;the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment, together with a processing and recordation fee of $3,500; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(v)&nbsp;the assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent a completed Administrative Questionnaire in which the assignee designates one or
more credit contacts to whom all syndicate-level information (which may contain material
non-public information about the Borrower and its related parties or their respective
securities) will be made available and who may receive such information in accordance with
the assignee&#146;s compliance procedures and applicable laws, including Federal and state
securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Subject to acceptance and recording thereof pursuant to subsection (d)&nbsp;of this Section, from
and after the effective date specified in each Assignment the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such Assignment, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the
extent of the interest assigned by such Assignment, be released from its obligations under this
Agreement (and, in the case of an Assignment covering all of the assigning Lender&#146;s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections&nbsp;2.10, 2.11, 2.13 and 9.03). Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this subsection
(b)&nbsp;shall be treated for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with subsection (e)&nbsp;of this Section.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;The Administrative Agent, acting for this purpose as agent of the Borrower, shall maintain
at one of its offices in New York City a copy of each Assignment delivered to it and a register for
the recordation of the names and addresses of the Lenders, their respective Commitments and the
principal amounts of the Loans owing to each Lender pursuant to the terms hereof from time to time
(the &#147;<B>Register</B>&#148;). The entries in the Register shall be conclusive, and the parties hereto may
treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by any party hereto at any reasonable time and from time to time upon
reasonable prior notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Upon its receipt of a duly completed Assignment executed by an assigning Lender and an
assignee, the assignee&#146;s completed Administrative Questionnaire (unless the assignee shall already
be a Lender hereunder), the processing and recordation fee referred to in subsection (b)&nbsp;of this
Section and any written consent to such assignment required by subsection (b)&nbsp;of this Section, the
Administrative Agent shall accept such Assignment and record the information contained therein in
the Register. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this subsection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;Any Lender may, without the consent of the Borrower or any other Lender Party, sell
participations to one or more banks or other entities (&#147;<B>Participants</B>&#148;) in all or a portion of such
Lender&#146;s rights and obligations under this Agreement (including all or a portion of its Commitments
and the Loans owing to it); <I>provided </I>that (i)&nbsp;such Lender&#146;s obligations under this Agreement shall
remain unchanged, (ii)&nbsp;such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations and (iii)&nbsp;the Borrower, the Administrative Agent and the other
Lender Parties shall continue to deal solely and directly with such Lender in connection with such
Lender&#146;s rights and obligations under this Agreement. Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce the Loan Documents and to approve any amendment, modification or waiver of any
provision of the Loan Documents; <I>provided </I>that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, modification or
waiver described in the first proviso to Section&nbsp;9.02(b) that affects such Participant. Subject to
subsection (f)&nbsp;of this Section, each Participant shall be entitled to the benefits of Sections
2.10, 2.11, and 2.13 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to subsection (b)&nbsp;of this Section. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section&nbsp;9.08 as though it were a Lender,
<I>provided </I>that such Participant agrees to be subject to Section&nbsp;2.14(c) as though it were a Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;A Participant shall not be entitled to receive any greater payment under Sections&nbsp;2.10 or
2.13 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower&#146;s prior written consent. A Participant that would be a Foreign Lender if it
were a Lender shall not be entitled to the benefits of Section&nbsp;2.13 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for the benefit of the
Borrower, to comply with Section&nbsp;2.13 as though it were a Lender.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or assignment of a security interest; <I>provided </I>that (i)&nbsp;no such pledge or assignment of
a security interest shall release a Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto and (ii)&nbsp;no foreclosure of any such
pledge or security interest shall be permitted without the consents required by this Section&nbsp;9.04.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.05. <I>Survival</I>. All covenants, agreements, representations and warranties made by
the Borrower in the Loan Documents and in certificates or other instruments delivered in connection
with or pursuant to the Loan Documents shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of the Loan Documents and the making of
any Loans, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that any Lender Party may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder. The provisions of
Sections&nbsp;2.10, 2.11, 2.13, 9.03 and Section&nbsp;9.16 and Article&nbsp;8 shall survive and remain in full
force and effect regardless of the consummation of the Financing Transactions, the repayment of the
Loans, the expiration or termination of the Commitments or the termination of this Agreement or any
provision hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.06. <I>Counterparts; Integration; Effectiveness</I>. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement, the other Loan Documents and any separate letter agreements with respect to fees
payable to the Administrative Agent or the Lead Arranger constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section&nbsp;4.01, this Agreement (i)&nbsp;will become effective when the Administrative Agent shall have
signed this Agreement and received counterparts hereof that, when taken together, bear the
signatures of each of the other parties hereto and (ii)&nbsp;thereafter will be binding upon and inure
to the benefit of the parties hereto and their respective successors and permitted assigns.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy or PDF will
be effective as delivery of a manually executed counterpart of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.07. <I>Severability. </I>To the fullest extent permitted by law, if any provision of any
Loan Document is invalid, illegal or unenforceable in any jurisdiction then such provision shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof or thereof and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.08. <I>Right of Set-off</I>. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law and upon notice to the Borrower, to set off and
apply any and all deposits (general or special, time or demand, provisional or final) at any time
held and other obligations at any time owing by such Lender or
Affiliate to or for the credit or the account of the Borrower against any obligations of the
Borrower now or hereafter existing hereunder and held by such Lender, irrespective of whether or
not such Lender shall have made any demand hereunder and although such obligations may be
unmatured. The rights of each Lender under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender may have.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.09. <I>Governing Law; Jurisdiction; Consent to Service of Process</I>. (a)&nbsp;This
Agreement shall be construed in accordance with and governed by the law of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Each of the parties hereto irrevocably and unconditionally submits, for itself and its
property, to the jurisdiction of the Supreme Court of the State of New York sitting in New York
County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof (each a &#147;<B>New York Court</B>&#148;) and to the courts of its own corporate
domicile in any action brought against such party as a defendant, in any action or proceeding
arising out of or relating hereto, or for recognition or enforcement of any judgment, and each
party hereto irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such New York State court, to the extent permitted by
law, in such Federal court or other court. Each party hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating hereto in any New
York Court. Each of the parties hereto hereby irrevocably waive, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.10.<I> Appointment of Agent For Service of Process. </I>(a)&nbsp;The Borrower hereby
irrevocably designates, appoints, authorizes and empowers as its agent for service of process, CT
Corporation System, at its offices currently located at 111 Eighth Avenue, New York, New York 10011
(the &#147;<B>Process Agent</B>&#148;), to accept and acknowledge for and on its behalf service of any and all
process, notices or other documents that may be served in any suit, action or proceeding relating
hereto in any New York Court. Such designation and appointment shall be irrevocable until all
principal of and interest on the Loans and other sums payable under the Loan Documents shall have
been paid in full in accordance with the provisions thereof. The Borrower covenants and agrees
that it shall take any and all reasonable action, including the execution and filing of any and all
documents, that may be necessary to continue the foregoing designation and appointment in full
force and effect and to cause the Process Agent to continue to act in such capacity.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The Borrower consents to process being served in any suit, action or proceeding of the
nature referred to in Section&nbsp;9.09 by serving a copy thereof upon the Process Agent. Without
prejudice to the foregoing, the Lenders and the Administrative Agent agree that, to the extent
lawful and possible, written notice of said service upon the Process Agent shall also be mailed by
internationally recognized overnight courier, postage prepaid, return receipt requested, to the
Borrower at the address specified in or pursuant to Section&nbsp;9.01 or to any other address of which
the Borrower shall have given
written notice to the Administrative Agent.
If said service upon the Process Agent shall not
be possible or shall otherwise be impractical after reasonable efforts to effect the same, the
Borrower consents to process being served in any suit, action or proceeding of the nature referred
to in Section&nbsp;9.09 by the mailing of a copy thereof by registered or certified airmail, postage
prepaid, return receipt requested, to the address of the Borrower specified in or pursuant to
Section&nbsp;9.01 or to any other address of which the Borrower shall have given written notice to the
Administrative Agent, which service shall be effective 14&nbsp;days after deposit in the mail. The
Borrower agrees that such service (i)&nbsp;shall be deemed in every respect effective service of process
upon the Borrower in any such suit, action or proceeding and (ii)&nbsp;shall to the fullest extent
permitted by law, be taken and held to be valid personal service upon and personal delivery to the
Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Nothing in this Section shall affect the right of any party hereto to serve process in any
manner permitted by law, or to enforce in any lawful manner a judgment obtained in one jurisdiction
in any other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.11.
<i>Waiver of Immunity</i>. To the extent that the Borrower has or hereafter may
acquire any immunity from jurisdiction of any court or from any legal process (whether through
service or notice, attachment prior to judgment, attachment in aid or execution, or otherwise) with
respect to itself or its property, the Borrower hereby irrevocably waives such immunity in respect
of its obligations under the Loan Documents to the extent permitted by applicable law and, without
limiting the generality of the foregoing, agrees that the waivers set forth in this Section shall
have effect to the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of
the United States of America and are intended to be irrevocable for purposes of such Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.12.
<i>Judgment Currency</i>. (a)&nbsp;If, for the purpose of obtaining judgment in any
court, it is necessary to convert a sum due hereunder in Dollars into another currency (the
"<B>Judgment Currency</B>&#148;), the parties hereto agree, to the fullest extent that they may legally and
effectively do so, that the rate of exchange used shall be that at which in accordance with normal
banking procedures the Administrative Agent could purchase Dollars with such Judgment Currency in
New York, New York, on the Business Day immediately preceding the day on which final judgment is
given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The obligation of the Borrower in respect of any sum due to any Lender hereunder in
Dollars shall, to the extent permitted by applicable law, notwithstanding any judgment in a
currency other than Dollars, be discharged only to the extent that on the Business Day following
receipt of any sum adjudged to be so due in the Judgment Currency such Lender may in accordance
with normal banking procedures purchase the Dollars in the amount originally due to such Lender
with the Judgment Currency. If the amount of Dollars so purchased is less than the sum originally
due to such Lender, the Borrower agrees, as a separate obligation and notwithstanding any such
judgment, to indemnify such Lender against the resulting loss; and if the amount of Dollars so
purchased is greater than the sum originally due to such Lender, such Lender agrees to repay such
excess to the Borrower.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.13. <I>WAIVER OF JURY TRIAL</I>. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.14.<i> Use of English Language. </I>Except as provided in Section&nbsp;3.02(c), any
translation of this Agreement into another language shall have no interpretive effect. All
documents or notices to be delivered pursuant to or in connection with this Agreement shall be in
the English language or, if any such document or notice is not in the English language, accompanied
by an English translation thereof, and the English language version of any such document or notice
shall control for purposes hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.15. <I>Headings</I>. Article and Section headings and the Table of Contents herein are
for convenience of reference only, are not part of this Agreement and shall not affect the
construction of, or be taken into consideration in interpreting, this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.16. <I>Confidentiality</I>. Each Lender Party agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (a)&nbsp;to its and its
Affiliates&#146; directors, officers, employees and agents, including accountants, legal counsel and
other advisors (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b)&nbsp;to the extent requested by any regulatory authority having jurisdiction over
such Lender Party, <I>provided </I>that such Lender Party shall, to the extent legally permissible, notify
the Borrower of the request for disclosure prior to such disclosure if such Lender Party has reason
to believe that such regulatory authority is not subject to its customary duty of confidentiality,
(c)&nbsp;to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (d)&nbsp;to any other party to this Agreement, (e)&nbsp;in connection with the exercise of any
remedy hereunder or any suit, action or proceeding relating to any Loan Document or the enforcement
of any right thereunder, (f)&nbsp;subject to an agreement containing provisions substantially the same
as those of this Section, to (i)&nbsp;any actual or prospective assignee of or Participant in any of its
rights or obligations under this Agreement or (ii)&nbsp;any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g)
with the consent of the Borrower or (h)&nbsp;to the extent such Information either (i)&nbsp;becomes publicly
available other than as a result of a breach of this Section or (ii)&nbsp;becomes available to such
Lender Party on a nonconfidential basis from a source other than the Borrower. For the purposes of
this Section, &#147;<B>Information</B>&#148; means all information received from the Borrower or any Related Parties
relating to the Borrower, any of its Related Parties or their respective businesses, other than any
such information that is available to any Lender Party on a nonconfidential basis before disclosure
by the Borrower or any of its Related Parties; <I>provided </I>that such information shall be deemed to
have been provided on a confidential basis unless such information is clearly identified at the
time of delivery as &#147;nonconfidential.&#148; Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>EACH LENDER ACKNOWLEDGES TO THE BORROWER THAT INFORMATION AS DEFINED IN THE PRECEDING
PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION
CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS TO
THE BORROWER THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC
INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE
PROCEDURES AND APPLICABLE LAW, INCLUDING UNITED STATES FEDERAL AND STATE SECURITIES LAWS.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR
THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER,
THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH
LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS
ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Section&nbsp;9.17. <I>USA Patriot Act. </I>Each Lender that is subject to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)) (the &#147;<B>Act</B>&#148;), hereby
notifies the Borrower that, pursuant to the requirements of the Act, it is required to obtain,
verify and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that will allow such Lender to identify the Borrower
in accordance with the Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Signature Page(s) to Follow&#093;
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /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; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers 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="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">EMPRESAS CABLEVISI&#211;N, S.A.B. DE C.V., <BR>
as Borrower<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">/s/&nbsp;Salvi Rafael Folch Viadero / Jorge Lutteroth Echegoyen</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 / Jorge Lutteroth Echegoyen</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorneys-in-fact</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">

<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">LENDER PARTIES:</TD>
    <TD colspan="3" align="left" nowrap><BR>
<BR>
JPMORGAN CHASE BANK,
N.A.,<br> as Administrative
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">/s/
Anthony O. Preware</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Anthony O. Preware</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President</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">JPMORGAN CHASE BANK, N.A.,<BR>
as Lender<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">/s/
Anthony O. Preware</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Anthony O. Preware</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">

<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="right" style="font-size: 10pt; margin-top: 10pt"><B>Schedule&nbsp;2.01</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Commitment Schedule</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="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Lender</B></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">JPMorgan Chase Bank, N.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">225,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <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>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">225,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<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="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="right"><B>Schedule&nbsp;3.05</B>

<P style="font-size: 10pt" align="center"><B>Existing Real Properties</B>

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

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

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="center"><B>Schedule&nbsp;3.05</B>

<P style="font-size: 10pt; margin-left: 5%" align="justify">Land owner: Tecnicable, S.A. de C.V.
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="6%">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD width="45%">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD width="43%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center"><B>Location</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center"><B>Public Deed Description</B></TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">1. </DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Dr. Rio de Ia Loza 182, Col. Doctores, Delegaci&#243;n Cuauhtemoc, Mexico, D.F., C.P.
06720. </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Public deed number 33,486, dated December 6, 1994, granted before Lic. Luis Antonio
Montes de Oca Mayagoitia, Notary Public number 29 in M&#233;xico, Distrito Federal.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">2 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Dr. Rio de la Loza 190, Col. Doctores, Delegaci&#243;n Cuauhtemoc, Mexico, D.F., C.P.
06720. </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Public deed number 30,470, dated December 6,1994, granted before Lic. Luis Antonio
Montes de Oca Mayagoitia, Notary Public number 29 in M&#233;xico, Distrito Federal.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">3. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Lago Chiem 77, Col. San Juanico Pensil, Delegaci&#243;n Miguel Hidalgo, M&#233;xico,
D.F., C.P. 11440. </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Public deed number 57,077 dated August&nbsp;21, 2003, granted before Lic. Rafael Manuel
Oliveros Lara, Notary Public number. 45 in M&#233;xico Distrito Federal.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">4. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Hacienda Zotoluca 455, Col. Hacienda Echegaray, Naucalpan, Estado de M&#233;xico. </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Public deed number 34,035 dated October&nbsp;2, 2003, granted before Lic. Pedro Porcayo
Vergara, Notary Public number. 93 in M&#233;xico, Distrito Federal.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">5. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Capulhuac 58, Col. Cumbria, Cuautitlan lzcalli, Estado de M&#233;xico. </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Public deed number 32,907 dated March&nbsp;12, 2004, granted before Lic. Juan
Casta&#241;eda Salinas, Notary Public number 93 in the State of M&#233;xico.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">6. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Federico T. de Ia Chica, Edificio 6, Ciudad Sat&#243;lite, Naucalpan, Estado de
M&#233;xico. </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Public deed number 58,002 dated May&nbsp;20, 2004, granted before Lic. Rafael Manuel
Oliveros Lara, Notary Public number 45 in M&#233;xico Distrito Federal.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">7. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Poniente 150 No.&nbsp;991, Fraccionamiento A, Lote 12, Manzana 1-A, Col. Industrial
Vallejo, Delegaci&#243;n Azcapotzalco, M&#233;xico, D.F., C.P. 02300. </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Public deed number 15,716 dated May&nbsp;12, 2006, granted before Lic. Manuel Enrique
Oliveros Lara, Notary Public number 100 in Ciudad de M&#233;xico, Distrito Federal.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">8. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Concepcion Beistegui No.&nbsp;312, Col. Del Valle, Delegaci&#243;n Benito Juarez,
M&#233;xico, D.F., C.P. 03100. </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Public deed number 105,010 dated November 29, 2006, granted before Lic. Gerardo Correa
Etchegaray, Notary Public number 89 in M&#233;xico, Distrito Federal.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">9. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Emiliano Zapata #22, Col. Santa Anita, lztacalco, Estado de M&#233;xico, C.P. 08300.
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Public deed number 16,327 dated March&nbsp;21, 2007, granted before Lic. Manuel Enrique
Oliveros Lara, Notary Public number 100 in M&#233;xico, Distrito Federal.</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

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

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

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="30%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="30%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="30%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top" align="left">&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="right">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="right"><B>Schedule&nbsp;3.06</B></TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center"><B>Disclosed Matters</B>

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

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

<P style="display: none; font-size: 10pt" align="center">3
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify">Schedule&nbsp;3.06

<P style="font-size: 10pt" align="justify">The following issues are still pending to be resolved. It is important to
mention that the following pending resolutions, even if their outcome is negative, will not result in a Material
Adverse Effect against any Cablevisi&#243;n Group Company pursuant to the Loan Documents.

<P style="font-size: 10pt" align="justify"><B>1.&nbsp;Center of Arbitration Mexico.</B>

<P style="font-size: 10pt" align="justify">Empresas Cablevision, S.A. de C.V., &nbsp;

<P style="font-size: 10pt; margin-left: 8%" align="justify">Vs. <BR>
&nbsp;

<P style="font-size: 10pt; margin-right: 1%" align="justify">Grupo Integral de Television por Cable, S.A. de C.V., Tele
Cabe Centro Occidente, S.A. de C.V., <BR>
Telecable del Oriente, S.A. de C.V., Bestcable, S.A. de C.V., y Metrovision
del Centro, S.A. de C.V.

<P style="font-size: 10pt" align="justify">Arbitral Trial. <BR>
Negative Resolution.

<P style="font-size: 10pt" align="justify"><B>2.&nbsp;Fourth District Court on Civil Matters.</B>

<P style="font-size: 10pt" align="justify">Empresas Cablevision, S.A. de C.V., &nbsp;

<P style="font-size: 10pt; margin-left: 8%" align="justify">vs. <BR>
&nbsp;

<P style="font-size: 10pt" align="justify">Grupo Integral de Television por Cable, S.A. de C.V., Tele Cabe Centro
Occidente, S.A. de C.V., <BR>
Telecable del Oriente, S.A, de C.V., Bestcable, S.A. de C.V., y Metrovision del Centro,
S.A. de C.V.

<P style="font-size: 10pt" align="justify">Nullity Incident to the Arbitration Declaration <BR>
Expediente
No.&nbsp;128/2007.

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

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

<P style="display: none; font-size: 10pt" align="center">4
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="right"><B>Schedule&nbsp;3.12</B>

<P style="font-size: 10pt" align="center"><B>List of Subsidiaries</B>

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

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

<P style="display: none; font-size: 10pt" align="center">5
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">
<DIV align="center">


<P style="font-size: 10pt" align="center">EMPRESAS CABLEVISION, S.A.B. DE C.V.<BR>
<B>Subsidiaries and Associate<BR>
as
of September&nbsp;30, 2007</B>

<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="85%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="10%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><B>Name of Company</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center"><B>Country of Incorporation</B></TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Milar, S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Argos Comunicacion, S.A. de CV, (*) </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Cablestar, S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Cablevision, S.A. de C.V </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 30px; text-indent: 0px">Tercera Mirada. S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Grupo Mexicano de Cable, S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Integravision de Occidente, S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">La Casa de la Risa, S.A. de C.V. (1) </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Servicios Cablevision, S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Tecnicable, S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Telestar del Pacifico, S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Letseb, S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 15px; text-indent: 0px">Operbes, S.A. de C.V. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="center">Mexico</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="justify">( * ) Associate <BR>
( 1 ) Entity with no current operations.

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

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

<P style="display: none; font-size: 10pt" align="center">7
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="right"><B>Schedule&nbsp;6.01</B>

<P style="font-size: 10pt" align="center"><B>Existing Debt</B>

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

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

<P style="display: none; font-size: 10pt" align="center">8
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="26%">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD width="71%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 0px solid" nowrap align="left"><B>Cablestar Bridge Loan</B></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Borrower</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Cablestar</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Lender</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Videoserpel</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>3M Libor on 10-12-7</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">5.1325 %</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Applicable Margin (bps)</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">50.4 over Libor 3M</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Total Interest Rate</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">5.6363 %</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Tenor</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">3.0&nbsp;months</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Effective Date</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Martes-11/12/2007</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Maturity</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Martes-11/03/2008</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Amount</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">325.0 millions of dollars</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Guarantors</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Empresas Cablevision, Cablemas y TVI according to the following table</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="30%">&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: 10pt" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align="center" colspan="3"><B>Amount</B></TD>
  <TD>&nbsp;</TD>
  <TD nowrap align="center" colspan="3"><B>Spread</B></TD>
  <TD>&nbsp;</TD>
  <TD nowrap align="center" colspan="3"><B>Percentage of Guaranty</B></TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR style="background: #cceeff" valign="bottom">
  <TD>
<DIV style="margin-left: 10px; text-indent: -10px">Cablevision</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">225</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">50</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align="left">&nbsp;</TD>
  <TD align="right">69</TD>
  <TD nowrap>%</TD>
 </TR>
 <TR valign="bottom">
  <TD>
<DIV style="margin-left: 10px; text-indent: -10px">Cablemas</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">50</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">50</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align="left">&nbsp;</TD>
  <TD align="right">15</TD>
  <TD nowrap>%</TD>
 </TR>
 <TR style="background: #cceeff" valign="bottom">
  <TD>
<DIV style="margin-left: 10px; text-indent: -10px">TVI</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">50</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">52.5</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD nowrap align="left">&nbsp;</TD>
  <TD align="right">15</TD>
  <TD nowrap>%</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

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

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

<P style="display: none; font-size: 10pt" align="center">9
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="46%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="46%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Borrower</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Cablevision</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Lender</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Grupo Televisa</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>3M Libor on 10-12-7</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">4.4175 %</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top"><DIV style="margin-left: 0px; text-indent: 0px"><B>Applicable Margin (bps)</B>&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">50.4 over Libor 12M</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Total Interest Rate</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">4.9213 %</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Tenor</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">12.0&nbsp;months</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Effective Date</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Jueves-20/12/2007</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Maturity</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Viernes-19/12/2008</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Amount</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">8,000,000 dollars</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Moratory Interest</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">LIBOR + 250</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Borrower</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Operbes</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Lender</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Cablevision</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>3M Libor on 10-12-7</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><B>4.4175 </B>%</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Applicable Margin (bps)</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">50.4 over Libor 12M</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Total Interest Rate</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">4.9213 %</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Tenor</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">12.0&nbsp;months</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Effective Date</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Jueves-20/12/2007</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Maturity</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Viernes-19/12/2008</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Amount</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">8,000,000 dollars</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Moratory Interest</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">LIBOR + 250</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

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

<P style="display: none; font-size: 10pt" align="center">10
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="46%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="46%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Borrower</B></DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Operbes</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Lender</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Grupo Televisa</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>3M Libor on 10-12-7</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">5.1325 %</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Applicable Margin (bps)</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">50.4 over Libor 3M</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Total Interest Rate</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">5.6363 %</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Tenor</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">3.0&nbsp;months</TD>
 </TR>
 <TR align="right" valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Effective Date</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Jueves-13/12/2007</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Maturity</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Jueves-13/03/2008</TD>
 </TR>
 <TR valign="bottom">
  <TD align="right" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><B>Amount</B>&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">38,082,685.0 dollars</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

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

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

<P style="display: none; font-size: 10pt" align="center">11
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="right"><B>Schedule&nbsp;6.02</B>

<P style="font-size: 10pt" align="center"><B>Existing Liens</B>

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

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

<P style="display: none; font-size: 10pt" align="center">12
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="right">Schedule&nbsp;6.02

<P style="font-size: 10pt" align="justify">There are no liens or limitations upon any property or right of the Borrower
or any of its Material Subsidiaries, that could affect the compliance of its obligations under the Loan Agreement.

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

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

<P style="display: none; font-size: 10pt" align="center">13
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="right"><B>Schedule&nbsp;6.10</B>

<P style="font-size: 10pt" align="center"><B>Existing Restrictions</B>

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

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

<P style="display: none; font-size: 10pt" align="center">14
</DIV>

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

<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="right">Schedule&nbsp;6.10

<P style="font-size: 10pt" align="justify">There are no restrictions for any Cablevision Group Company to pay dividends
or other distributions with respect to any shares of its capital stock or to make or repay loans, that could affect the
compliance of its obligations pursuant to the Loan Agreement.

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

<P style="display: none; font-size: 10pt" align="center">15
</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; margin-left: .25in; width: 7.20in">



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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ASSIGNMENT AND ASSUMPTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Assignment and Assumption (the &#147;<U>Assignment and Assumption</U>&#148;) is dated as of the
Effective Date set forth below and is entered into by and between &#091;<I>Insert name of Assignor</I>&#093; (the
&#147;<U>Assignor</U>&#148;) and &#091;<I>Insert name of Assignee</I>&#093; (the &#147;<U>Assignee</U>&#148;). Capitalized terms used
but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (as may be further amended from time to time, the &#147;<U>Credit Agreement</U>&#148;), receipt of a
copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a
part of this Assignment and Assumption as if set forth herein in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i)&nbsp;all of the Assignor&#146;s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below and (ii)&nbsp;to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause (i)&nbsp;above (the rights and obligations sold and assigned pursuant to clauses (i)&nbsp;and (ii)
above being referred to herein collectively as the &#147;<U>Assigned Interest</U>&#148;). Such sale and
assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assignor:</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" style="padding-top: 1px">
    <TD valign="top" align="right"><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" style="padding-top: 1px">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assignee:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#091;is an Eligible Assignee&#093;&#091;and is an Affiliate of &#091;<I>identify Lender</I>&#093;&#093;<SUP style="font-size: 85%; vertical-align: text-top"> 1</SUP></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top" align="right"><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" style="padding-top: 1px">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Borrower:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3">Empresas Cablevisi&#243;n, S.A.B. de C.V.
</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top" align="right"><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" style="padding-top: 1px">
    <TD valign="top" align="right" >4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administrative Agent:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">JPMorgan Chase Bank, N.A.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top" align="right"><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" style="padding-top: 1px">
    <TD valign="top" align="right">5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Agreement:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The Credit Agreement dated as of December&nbsp;19, 2007 among Empresas Cablevisi&#243;n, S.A.B. de C.V.,
the Lenders parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</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>Select if and as applicable</TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





<DIV style="margin-top: 10pt">
<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="8%" nowrap align="right">6.</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Assigned Interest:</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="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Aggregate Amount of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of Loans</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Percentage Assigned of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Loans for all Lenders</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Assigned</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Loans<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">%</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Effective Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
&nbsp;_____, 20&nbsp;_____&nbsp;&#091;TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire
in which the Assignee designates one or more Credit Contacts to whom all syndicate-level
information (which may contain material non-public information about the Borrower, the Obligors
and their Related Parties or their respective securities) will be made available and who may
receive such information in accordance with the Assignee&#146;s compliance procedures and applicable
laws, including Federal and state securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The terms set forth in this Assignment and Assumption are hereby agreed to:
</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"><U>ASSIGNOR</U><BR>
<BR>
&#091;NAME OF ASSIGNOR&#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 colspan="2" align="left">Title:&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 valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>ASSIGNEE</U><BR>
<BR>
&#091;NAME OF ASSIGNEE&#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 colspan="2" align="left">Title:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Set forth, to at least 9 decimals, as a percentage of
the Loans of all Lenders thereunder.</TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Consented to and Accepted:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left">JPMORGAN CHASE BANK, N.A.,<br>
as Administrative Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By</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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left">Consented to:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD colspan="3" valign="top" align="left">EMPRESAS CABLEVISI&#211;N, S.A.B. DE C.V.,<br>
as Borrower</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By</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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">ANNEX 1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Credit Agreement<BR>
dated as of December&nbsp;19, 2007<BR>
Empresas Cablevisi&#243;n, S.A.B. de C.V.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">STANDARD TERMS AND CONDITIONS FOR<BR>
ASSIGNMENT AND ASSUMPTION
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">1. <U>Representations and Warranties</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.1 <U>Assignor</U>. The Assignor (a)&nbsp;represents and warrants that (i)&nbsp;it is the legal and
beneficial owner of the Assigned Interest, (ii)&nbsp;the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii)&nbsp;it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b)&nbsp;assumes no responsibility with respect to (i)&nbsp;any
statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii)&nbsp;the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Loan Documents or any collateral thereunder, (iii)&nbsp;the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Loan Document or (iv)&nbsp;the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Loan Document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.2. <U>Assignee</U>. The Assignee (a)&nbsp;represents and warrants that (i)&nbsp;it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii)&nbsp;it satisfies the requirements, if any, specified in the Credit Agreement
that are required to be satisfied by it in order to acquire the Assigned Interest and become a
Lender, (iii)&nbsp;from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the
obligations of a Lender thereunder, (iv)&nbsp;it has received and/or had the opportunity to review a
copy of the Credit Agreement to the extent it has in its sole discretion deemed necessary, together
with copies of the most recent financial statements delivered pursuant to Section&nbsp;5.01 thereof, as
applicable, and such other documents and information as it has in its sole discretion deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and
Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis
and decision independently and without reliance on the Administrative Agent or any other Lender,
and (v)&nbsp;if it is a Foreign Lender or a Lender which is not a resident of Mexico, attached to the
Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms
of the Credit Agreement, duly completed and executed by the Assignee; and (b)&nbsp;agrees that (i)&nbsp;it
will, independently and without reliance on the Administrative Agent, the Assignor or any other
Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under the Loan Documents,
and (ii)&nbsp;it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a
Lender.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.&nbsp;<U>Payments</U>. From and after the Effective Date, the Administrative Agent shall
make all payments in respect of the Assigned Interest (including payments of principal, interest,
fees and other amounts) to the Assignor for amounts which have accrued to but excluding the
Effective Date and to the Assignee for amounts which have accrued from and after the Effective
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">3.&nbsp;<U>General Provisions</U>. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">EXHIBIT B-1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OPINION OF SPECIAL NEW YORK COUNSEL<BR>
TO THE BORROWER</B>
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Writer&#146;s Direct Dial: (212)&nbsp;225-2590<BR>
<U>E-Mail: apodolsky@cgsh.com</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">December &#091; &#093;, 2007

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To each of the Lenders and the Agent referred to below<BR>
c/o JPMorgan Chase Bank, N.A.,<BR>
as Administrative Agent<BR>
270 Park Avenue<BR>
New York, NY 10017

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">We have acted as special United States counsel to Empresas Cablevisi&#243;n, S.A.B. de C.V., a
limited liability stock corporation <I>(sociedad an&#243;nima bursatil de capital variable) </I>organized
under the laws of the United Mexican States (the &#147;Borrower&#148;), in connection with the
$225,000,000 Credit Agreement dated as of December&nbsp;19, 2007 (hereinafter referred to as the
&#147;Credit Agreement&#148;) among the Borrower, the lenders party thereto (the &#147;Lenders&#148;), and JPMorgan
Chase Bank, N.A., as Administrative Agent. This opinion letter is furnished to you pursuant to
Section&nbsp;4.01(b)(i) of the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">Unless otherwise defined herein, capitalized terms defined in the Credit Agreement
are used herein as defined therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">In arriving at the opinions expressed below, we have reviewed the following
documents:
</DIV>

<DIV style="margin-top: 10pt">
<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="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an executed copy of the Credit Agreement; and</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an executed copy of the promissory note dated as of the Drawdown Date and delivered to the
Administrative Agent pursuant to Section&nbsp;4.01(o) of the Credit Agreement (the &#147;Note&#148; and,
together with the Credit Agreement, the &#147;Opinion Documents&#148;).</TD>
</TR>

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">JPMorgan Chase Bank, N.A.<BR>
As Administrative Agent, <u>et al.</u><BR>
December &#091; &#093;, 2007<BR>
p. 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">In addition, we have reviewed such certificates of representatives of the Borrower, and we
have made such investigations of law, as we have deemed appropriate as a basis for the opinions
expressed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">In rendering the opinions expressed below, we have assumed the authenticity of all documents
submitted to us as originals and the conformity to the originals of all documents submitted to us
as copies. In addition, we have assumed and have not verified the accuracy as to factual matters of
each document we have reviewed (including, without limitation, the accuracy of the representations
and warranties of the Borrower in the Opinion Documents).
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 6%; font-size: 10pt; text-indent: 7%">Based upon the foregoing, and subject to the further assumptions and
qualifications set forth below, it is our opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">1.&nbsp;The Credit Agreement has been duly executed and delivered under the law of the State of New
York by the Borrower and is a valid and binding obligation of the Borrower, enforceable in
accordance with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">2.&nbsp;The Note has been duly executed and delivered under the law of the State of New York by the
Borrower and is a valid and binding obligation of the Borrower, enforceable in accordance with its
terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">3.&nbsp;The execution and delivery by the Borrower of each of the Opinion Documents do not, and the
performance by the Borrower of its obligations under each of the Opinion Documents will not, (a)
require any consent, approval or authorization of, registration, qualification or filing with, or
notice to, any governmental authority of the United States of America or the State of New York that
in our experience normally would be applicable to general business entities with respect to such
execution, delivery or performance, or (b)&nbsp;result in a violation of any United States federal or
New York State law or published rule or regulation that in our experience normally would be
applicable to general business entities with respect to such execution, delivery or performance.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 2%; font-size: 10pt; text-indent: 7%">4. The Borrower is not required to be registered as an &#147;investment company&#148; under the U.S.
Investment Company Act of 1940, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">5.&nbsp;The making of the Loans and the use of proceeds thereof as contemplated by the Credit
Agreement do not violate Regulation&nbsp;T, U or X of the Board of Governors of the Federal Reserve
System (the &#147;Board&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 9%">
In rendering the opinions set forth above, we express no opinion with respect to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">(i)&nbsp;the Spanish text of the Note or whether the terms of the Credit Agreement or of the Note
will control in the event of a conflict between one or more provisions of such documents;
</DIV>


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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">JPMorgan Chase Bank, N.A.<BR>
As Administrative Agent, <u>et al.</u><BR>
December &#091; &#093;, 2007<BR>
p. 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">(ii)&nbsp;the effect of the proviso to the governing law provision contained in the Note on the
validity or effectiveness of the choice of New York law contained in the Note or any other
provision of the Note;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">(iii)&nbsp;the provisions of the Opinion Documents providing for the submission by the Borrower to
the jurisdiction of any court other than the Supreme Court of the State of New York sitting in New
York County or the United States District Court of the Southern District of New York; or
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 1%; font-size: 10pt; text-indent: 7%">(iv)&nbsp;the validity, binding effect or enforceability of any provision in the Opinion
Documents that purports to (a)&nbsp;provide indemnification of any person to the extent such provision
covers or could be construed to cover losses or claims under U.S. federal or state securities
laws or to the extent inconsistent with public policy or (b)&nbsp;render conclusive any determination
or calculation made by a party to any Opinion Document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">Insofar as the foregoing opinions relate to the validity, binding effect or enforceability of
any agreement or obligation of the Borrower, (a)&nbsp;we have assumed that each party to such agreement
or obligation has satisfied those legal requirements that are applicable to it to the extent
necessary to make such agreement or obligation enforceable against it (except that no such
assumption is made as to the Borrower regarding matters of the federal law of the United States of
America or the law of the State of New York that in our experience normally would be applicable to
general business entities with respect to such agreement or obligation) and (b)&nbsp;such opinions are
subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally
and to general principles of equity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 7%">The opinions set forth above are subject to the following qualifications:
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 1%; font-size: 10pt; text-indent: 8%">(a)&nbsp;In rendering the opinion in paragraph 3 above, we have assumed that the Borrower is not
subject to any New York State laws and regulations other than those laws and regulations
generally applicable to general business entities doing business in the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;In rendering the opinion in paragraph 5 above, we have assumed that none of the Lenders is
a &#147;creditor&#148; within the meaning of Regulation&nbsp;T of the Board or a &#147;foreign branch of a
broker-dealer&#148; within the meaning of Regulation&nbsp;X of the Board.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 1%; font-size: 10pt; text-indent: 8%">(c)&nbsp;We express no opinion as to the applicability or effect of the law of any jurisdiction
other than the State of New York wherein any Lender may be located or wherein enforcement of the
Credit Agreement or of the Note may be sought that limits the rates of interest legally
chargeable or collectible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;We have assumed that any assignments made by or among the Lenders of their rights and
obligations under the Credit Agreement will not contravene New York Judiciary Law Section&nbsp;489
(which makes it a criminal offense to take an assignment of a debt obligation with the intent of
and for the purpose of bringing an action or proceeding thereon).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">JPMorgan Chase Bank, N.A.<BR>
As Administrative Agent, <u>et al.</u><BR>
December &#091; &#093;, 2007<BR>
p. 4

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">(e)&nbsp;We express no opinion with respect to the enforceability of the restriction on assignment
of the Borrower&#146;s rights contained in Section&nbsp;9.04(a)(i) of the Credit Agreement, to the extent
Part&nbsp;4 of Article&nbsp;9 of the Uniform Commercial Code of the State of New York is applicable thereto.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 2%; font-size: 10pt; text-indent: 7%">(f)&nbsp;We express no opinion as to the enforceability of Section&nbsp;9.12(b) of the Credit
Agreement relating to currency indemnity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">(g)&nbsp;Except as set forth in paragraphs 4 and 5 above, we express no opinion as to any United
States federal or state securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">(h)&nbsp;With respect to the submission in any Opinion Document to the jurisdiction of a United
States federal court sitting in the State of New York, we express no opinion as to the subject
matter jurisdiction of any such court to adjudicate any action relating to the Opinion Document
where jurisdiction based on diversity of citizenship under 28 U.S.C. &#167; 1332 does not exist.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 1%; font-size: 10pt; text-indent: 7%">(i)&nbsp;The enforceability of the waiver of immunities by the Borrower set forth in Section&nbsp;9.11
of the Credit Agreement is subject to the limitations imposed by the Foreign Sovereign Immunities
Act of 1976.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">(j)&nbsp;The enforceability of the obligations of the Borrower under the Opinion Documents is also
subject to judicial application of foreign laws or foreign governmental actions affecting
creditors&#146; rights.
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 1%; font-size: 10pt; text-indent: 7%">The foregoing opinions are limited to the federal law of the United States of America and
the law of the State of New York, but we express no opinion as to any regulations or laws
specific to the telecommunications industry or to the provision of cable or internet services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 7%">We are furnishing this opinion letter to you, as a Lender, and in the case of JPMorgan Chase
Bank, N.A., as Administrative Agent, solely for your benefit in your capacity as such in connection
with the transactions contemplated by the Credit Agreement. This opinion letter is not to be relied
on by or furnished to any other person or used, circulated, quoted or otherwise referred to for any
other purpose. Notwithstanding the foregoing, a copy of this opinion may be furnished to, and
relied upon by, any transferee of a Lender&#146;s rights and obligations under the Credit Agreement
properly transferred in accordance with the Credit Agreement, and any such transferee may show this
opinion to any governmental authority pursuant to requirements of applicable law or regulations.
The opinions expressed herein are rendered on and as of the date hereof, and we assume no
obligation to advise you or any such transferee or governmental authority or any other person, or
to make any investigations, as to any legal developments or factual matters arising subsequent to
the date hereof that might affect the opinions expressed herein.
</DIV>


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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">JPMorgan Chase Bank, N.A.<BR>
As Administrative Agent, <u>et al.</u><BR>
December &#091; &#093;, 2007<BR>
p. 5

</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="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&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">Very truly yours,</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CLEARY GOTTLIEB STEEN &#038; HAMILTON LLP</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><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="center" valign="top">Andrea G. Podolsky, a Partner</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">EXHIBIT B-2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OPINION OF SPECIAL MEXICAN COUNSEL<BR>
TO THE BORROWER</B>
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">December&nbsp;19, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">JPMORGAN CHASE BANK, N.A.,<BR>
as Administrative Agent for the benefit of the Lenders under the Credit Agreement<BR>
1111 Fannin Street<BR>
10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Houston, Texas 77002

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have acted as Mexican counsel to Empresas Cablevision, S.A.B. de C.V. (the &#147;Company&#148; or the
&#147;Borrower&#148;), a Mexican limited liability public stock corporation with variable capital <I>(sociedad
an6nima bursatil de capital variable) </I>in connection with the preparation, execution and delivery of
the Credit Agreement dated December&nbsp;19, 2007 among the Company, the Persons listed in Schedule&nbsp;2.01
thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and J.P. Morgan Securities Inc. as
Sole Bookruner and Lead Arranger (the &#147;Credit Agreement&#148;). This opinion is furnished to you, at
your request, pursuant to Section&nbsp;4.01(b)(ii) of the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All capitalized terms used herein that are defined in the Credit Agreement, have the meanings
assigned to such terms therein, unless otherwise defined herein. All assumptions and statements of
reliance herein have been made without any independent investigation or verification on our part,
<U>except to the extent otherwise expressly stated, </U>and we express no opinion with respect to
the subject matter or accuracy of such assumptions or items relied upon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In rendering the opinions expressed below, we have examined originals, or copies identified to
our satisfaction, of the following documents:
</DIV>

<DIV style="margin-top: 10pt">
<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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Credit Agreement;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Notes;</TD>
</TR>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="margin-top: 10pt">
<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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of the deed of incorporation <I>(escritura constitutiva) </I>and of the
current by-laws <I>(estatutos sociales) </I>of the<BR>
Borrower;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of the deed of incorporation <I>(escritura constitutiva) </I>and of the
current by-laws <I>(estatutos sociales) </I>of each of the
Guarantors;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copy of public deed No. &#091;<B>&#149;</B>&#093;, dated &#091;<B>&#149;</B>&#093;, granted before Mr. &#091;<B>&#149;</B>&#093;, notary
public No. &#091;<B>&#149;</B>&#093; of Mexico, Federal District, evidencing the powers of attorney granted
to &#091;<B>&#149;</B>&#093;, to execute each of the Loan Documents on behalf of the Borrower;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the public deed which contains the special power of attorney
granted by the Borrower in favor of the Process Agent pursuant to the Credit
Agreement (the <U>&#147;Power of Attorney of Process Agent&#148;).</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have further examined originals or copies of all such other corporate records, certificates
of public officials, corporate resolutions, certificates and other documents, as we have deemed
necessary as a basis for the opinions hereinafter expressed. However, we have made no independent
investigation in any public registry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In rendering the opinions expressed below, we have assumed without any independent
investigation or verification of any kind, the legal capacity of all natural persons, the
genuineness of all signatures, the authenticity of all documents submitted to us as originals and
the conformity with authentic original documents of all documents submitted to us as copies. As to
questions of fact material to the opinions hereinafter expressed, we have, when relevant facts were
not independently established by us, relied upon the accuracy of the representations and warranties
of the Borrower set forth in the Loan Documents and we have also relied upon originals or copies,
certified or otherwise identified to our satisfaction, of all such corporate records of the
Borrower, the Administrative Agent and the Lenders, and certificates and oral or written statements
of public officials, officers and representatives of the Borrower and such other persons, and
assume compliance on the part of all parties to the Loan Documents with their covenants and
agreements contained therein. We have further assumed that:
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;the Credit Agreement has been duly authorized by, has been duly executed and delivered by,
and constitutes legal, valid, binding and enforceable obligations of, all of the parties to such
documents (other than the Borrower;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;the validity, binding effect and enforceability of the Loan Documents under the laws of
the State of New York, United States of America, and all other applicable laws and regulations
(other than Mexican laws and regulations); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;that all of the parties to the Credit Agreement (other than the Borrower are duly
organized and validly existing and have the power and authority (corporate or other) under all
applicable laws, rules, regulations and their constitutive documents to execute, deliver and
perform their respective obligations under the Credit Agreement and that all corporate and
governmental authorizations required under applicable law, other than Mexican law, have been
obtained and are in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Based on the foregoing and subject to the assumptions and qualifications set forth herein, we
are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;The Borrower (i)&nbsp;is a <I>sociedad an&#243;nima bursatil de capital variable, </I>duly organized and
validly existing under the laws of the United Mexican States, and (ii)&nbsp;has the corporate power and
authority to execute, deliver and perform its obligations arising under each Loan Document and has
taken all necessary corporate action to authorize the execution, delivery and performance by it of
each Loan Document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;The Borrower has duly executed and delivered each Loan Document, and assuming the due
authorization, execution and delivery thereof by the Lenders and the Administrative Agent,
constitutes a valid and binding obligation of the Borrower, enforceable against it in accordance
with its respective terms, except to the extent that the enforceability thereof may be limited by
applicable bankruptcy, <I>concurso mercantil, </I>insolvency, reorganization, moratorium or similar laws
generally affecting creditors&#146; rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;Neither the execution, delivery or performance by the Borrower of each of the Loan
Documents nor compliance by it with the terms and provisions thereof (i)&nbsp;contravenes any provisions
of any existing applicable Mexican law, statute, rule or regulation, (ii)&nbsp;violates any provision of
the bylaws <I>(estatutos sociales) </I>of the Borrower, or (iii)&nbsp;contravenes the terms of any concession, authorization or license or any judgment of any Mexican
governmental body or agency or court having jurisdiction over the Borrower or its respective
properties or assets, or any agreement or instrument known to us to which the Borrower is a party
or under which it is bound.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;No authorization or approval by, and no notice to or filing with, any Mexican governmental,
judicial or legislative authority, or approval from any shareholder or third party, is required for
the execution or performance by the Borrower of each of the Loan Documents or for the validity or
enforceability thereof, except for those which have been obtained or made and are in full force and
effect on the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;The Notes, when duly executed, issued and delivered on the Effective Date in accordance
with the Credit Agreement, will constitute legal, valid and enforceable obligations of the
Borrower, that qualify each as a <I>pagar&#233; </I>under Mexican law, enforceable against the Borrower in
accordance with their terms. The Notes may be enforced against the Borrower in Mexico pursuant to
executory proceedings <I>(juicio ejecutivo mercantil) </I>or ordinary proceedings <I>(juicio ordinario
mercantil).</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;The choice of the laws of the State of New York, United States of America, in the Credit
Agreement and in the Notes, under which each of them is stated to be governed by such laws is a
valid and binding choice of law that will be observed and be given effect by the courts of Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;None of the Borrower&#146;s properties or assets in the United Mexican States is entitled to
immunity from suit, execution, attachment or other legal process in the United Mexican States or in
connection with any procedure initiated in the courts of the United Mexican States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;Any judgment rendered in a New York court, arising out of or in relation to the obligations
of the Borrower under the Credit Agreement and the Notes, may be enforced by Mexican courts,
provided that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(a)&nbsp;such judgment is obtained in compliance with legal requirements of the
jurisdiction of the court rendering such judgment and in compliance with legal requirements
and terms set forth in the Credit Agreement or the Notes, as applicable;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(b)&nbsp;such judgment is strictly for the payment of a certain sum of money and has been
rendered in an <I>in personam </I>action as opposed to an <I>in rem </I>action;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c)&nbsp;process was served personally on the Borrower or on the process agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(d)&nbsp;such judgment does not contravene Mexican law, Mexican public policy,
international treaties or agreements binding upon Mexico or general accepted principles of
international law;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(e)&nbsp;the applicable procedure under the laws of Mexico with respect to the enforcement
of foreign judgments (including, but not limited to, the issuance of a letter rogatory by
the competent authority of such jurisdiction requesting enforcement of such judgments as
being final and the certification of such judgments as authentic by the corresponding
authorities of such jurisdiction in accordance with the laws thereof) is complied with;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(f)&nbsp;such judgment is final in the jurisdiction in which it was obtained;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(g)&nbsp;the action in respect of which such judgment was rendered is not the subject
matter of a lawsuit among the same parties pending before a Mexican court;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(h)&nbsp;the judgment and related documents are translated into Spanish by an expert duly
authorized for their admissibility before the Mexican courts before which enforcement is
requested, being such translation subject to approval by the Mexican court after the
defendant has been given an opportunity to be heard with respect to the accuracy of the
translation, and such proceedings would thereafter be based upon the translated documents,
and
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:1%; font-size: 10pt; text-indent: 4%">(i)&nbsp;any such foreign court would enforce final judgments rendered by the federal or
state courts of Mexico as a matter of reciprocity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;To the best of our knowledge, there is no pending or
threatened action, suit or proceeding by or before any court or governmental agency, authority or
body or any arbitrator, involving the Borrower or any of its subsidiaries or its or their
respective property which, if determined adversely to the Borrower, or to any of its subsidiaries, would individually or in
the aggregate, have or be reasonably expected to have, a Material Adverse Effect.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;The Borrower has duly appointed CT Corporation System as its authorized agent for service
of process, such appointment is legal, valid and binding under Mexican law, and such process agent
will be entitled to receive process on behalf of the Borrower &#091;and each of the Guarantors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;The payment obligations of the Borrower under the Credit Agreement and the Notes, will
rank, at all times, at least <I>pari passu </I>in priority of payment with all other present and future
unsecured and unsubordinated obligations of the Borrower from time to time outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;There is no tax, deduction or withholding imposed by the United Mexican States, on or by
virtue of (i)&nbsp;the execution and delivery of each of the Loan Documents, or (ii)&nbsp;any payments to be
made to the Administrative Agent or the Lenders under any of the Loan Documents by the Borrower,
except for payments to the Administrative Agent or to Lenders that are non-resident of Mexico for
tax purposes, of interest or payments that are deemed to be interest for Mexican tax purposes,
which are subject to the payment of withholding taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;None of the Lenders, the Administrative Agent or the Lead Arranger is required to be
licensed or qualified to carry on business in the United Mexican States, or subject to taxation as
a resident of Mexico for tax purposes, solely by virtue of the execution, delivery or enforcement
of any of the Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.&nbsp;To ensure the legality, enforceability or admissibility in evidence of any of the Loan
Documents, it is not necessary that any of such documents be filed or recorded with any court or
governmental authority of the United Mexican States or that any Loan Document be notarized,
provided that an official Spanish translation of the Credit Agreement or any related document is
required to bring an action thereon in the courts of Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The foregoing opinions are subject to the following qualifications:
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(a)&nbsp;The enforceability of the obligations of the Borrower under the Loan Documents are subject
to applicable tax, labor, <I>concurso mercantil, </I>insolvency, reorganization, moratorium or similar
laws affecting creditors&#146; rights generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(b)&nbsp;In the event that legal proceedings are brought in the courts of Mexico with respect to
the Credit Agreement, a Spanish translation of such document will be required to be prepared by a
court-authorized translator and approved by the court after the defendant has been given an
opportunity to be heard with respect to the accuracy of the translation, and proceedings would
thereafter be based upon the translated documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(c)&nbsp;In any proceeding brought before the courts of Mexico for the enforcement of the Credit
Agreement, or with respect to any judgment related thereto obtained in a foreign jurisdiction
against the Borrower, a Mexican court would apply Mexican procedural law in such proceedings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(d)&nbsp;Mexican law does not permit the collection of interest-oninterest and, consequently, any
relevant provisions of the Loan Documents relating to the payment of interest-on-interest may not
be enforced in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(e)&nbsp;We note that since service of process by mail does not constitute personal service of
process under Mexican Law and since service of process is considered to be a basic procedural
requirement under the laws of Mexico, if for the purposes of a legal proceeding outside Mexico
service of process is made by mail or in any manner that does not constitute personal service or
does not guarantee due process of law or otherwise prevents the Borrower, as the case may be, from
exercising its rights as defendant to be heard and to controvert the facts which bear on the
question of law in the matter involved, then a final judgment rendered in connection with such
legal proceeding may not be enforced by the courts of Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(f)&nbsp;In case of any suit brought before Mexican courts, said courts should apply Mexican law on
statute of limitations and expiration <I>(prescripci&#243;n) </I>notwithstanding the fact that the parties to
the Credit Agreement have selected other laws to govern such documents. We express no opinion as to
the enforceability of a foreign judgment deriving from an action instituted once the Mexican
statute of limitation periods have elapsed.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(g)&nbsp;Covenants and other agreements to perform an act other than payment of money and covenants
and other agreements not to perform an act may not be specifically enforceable in Mexico, although
any breach thereof may give rise to acceleration of the Credit Agreement and an action for monetary
damages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(h)&nbsp;Under the laws of Mexico, labor claims, claims of tax authorities for unpaid taxes, social
security quotas, workers&#146; housing fund quotas and retirement fund quotas may have priority over
claims of Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(i)&nbsp;We express no opinion concerning the validity, binding nature and enforceability of the
provisions set forth in Section&nbsp;9.12 of the Credit Agreement since we consider that if a judgment
is issued in Mexican currency and becomes final, no separate action in connection with such
judgment may arise in order to discharge or satisfy such judgment in U.S. dollars or increase the
amount of such judgment in connection with the exchange of Mexican currency for U.S. dollars or any
other currency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(j)&nbsp;In the event that proceedings are brought in Mexico seeking performance of the Borrower&#146;s
obligations in Mexico, pursuant to Article&nbsp;8 of the Mexican Monetary Law <I>(&#147;Ley Monetaria de los
Estados Unidos Mexicanos&#148;), </I>the Borrower may discharge its obligations by paying any sums due in
currency other than Mexican currency, in Mexican currency at the rate of exchange published in the
Official Gazette of the Federation by the Central Bank the date when payment is made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(k)&nbsp;Under the laws of Mexico, covenants of the Borrower that purport to bind it on matters
reserved by law to shareholders or that purport to bind shareholders to vote or refrain from voting
their shares, are not enforceable through specific performance, but may result in the acceleration
of amounts due under the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(l)&nbsp;We note that, to the extent unenforceable under New York law, the law that governs the
Credit Agreement, the indemnity provisions contained therein may be unenforceable under Mexican
law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(m)&nbsp;Provisions of the Loan Documents granting discretionary authority to the Administrative
Agent or the Lenders cannot be exercised in a manner inconsistent with relevant facts nor defeat
any requirement from a competent authority to produce satisfactory evidence as to the basis of any determination. In addition, under the laws of Mexico, the Borrower, will have the right to
contest in court any notice or certificate of the Administrative Agent of the Lenders purporting to
be conclusive and binding.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">(n)&nbsp;We note that in case of insolvency or bankruptcy proceeding <I>(concurso mercantil) </I>affecting
the Borrower, any unsecured obligations of any of the parties to the Loan Documents subject to any
such proceedings payable in currency other than pesos, will be converted first into pesos and then
into <I>unidades de inversion </I>(UDIS)&nbsp;on the date the declaration of insolvency or bankruptcy <I>(concurso
mercantil) </I>is made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">We express no opinion as to any laws other than the laws Mexico and we have assumed that there
is nothing in any other law that affects our opinion, which is delivered based upon Mexican law
applicable as of the date hereof. In particular, we have made no independent investigation of the
laws of the State of New York and of the laws of the United States of America or any jurisdiction
thereof as a basis for the opinions stated herein and do not express or imply any opinion on or
based on the criteria or standards provided for in such laws. We express no opinion as to rights,
obligations or other matters (including change of law or circumstances) arising subsequent to the
date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 5%">We are furnishing this opinion to you solely for your benefit, in connection with the
transactions contemplated under the Loan Documents. This opinion letter is not to be used,
circulated, reproduced, quoted or otherwise referred to or relied upon by anyone else or for any
other purpose without our prior written consent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Sincerely,
</DIV>


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

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Mijares, Angoitia, Cort&#234;s y Fuentes, S.C.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 10pt">EXHIBIT B-3
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OPINION OF SPECIAL NEW YORK COUNSEL<BR>
TO THE ADMINISTRATIVE AGENT</B>
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">December &#091; &#093;, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To the Lenders and the Administrative Agent<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;referred to below<BR>
c/o JPMorgan Chase Bank, N.A.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Administrative Agent<BR>
Americas Investment Bank Loan Operations<BR>
1111 Fannin, 10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Houston, Texas 77002

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have participated in the preparation of the Credit Agreement (the <B>&#147;Credit Agreement&#148;)</B>
dated as of December <U>&#091;</U> &#093;, 2007 among Empresas Cablevisi&#243;n, S.A.B. de C.V., a corporation
organized and existing under the laws of the United Mexican States (the <B>&#147;Borrower&#148;), </B>the lenders
listed therein (the <B>&#147;Lenders&#148;) </B>and JPMorgan Chase Bank, N.A., as Administrative Agent (the
<B>&#147;Administrative Agent&#148;) </B>and have acted as special counsel for the Administrative Agent for the
purpose of rendering this opinion pursuant to Section&nbsp;4.01(c)(i) of the Credit Agreement. Terms
defined in the Credit Agreement are used herein as therein defined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have examined originals or copies, certified or otherwise identified to our satisfaction,
of such documents, corporate records, certificates of public officials and other instruments and
have conducted such other investigations of fact and law as we have deemed necessary or advisable
for purposes of this opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Upon the basis of the foregoing, and subject to the assumptions and qualifications set forth
below, we are of the opinion that the Credit Agreement constitutes a valid and binding agreement
of the Borrower enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or similar laws affecting creditors&#146; rights generally, including without limitation
laws regarding fraudulent conveyance or transfer, by possible judicial action giving effect to
governmental actions or foreign laws affecting creditors&#146; rights and by general principles of
equity.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In giving the foregoing opinion, we have assumed, without independent investigation, that (i)
the Borrower has been duly incorporated and is validly existing and in good standing under the laws
of its jurisdiction of incorporation and of each other jurisdiction in which the conduct of its
business or the ownership of its property makes such qualification necessary, (ii)&nbsp;the Borrower has
full power and authority to execute, deliver and perform the Credit Agreement, (iii)&nbsp;the execution,
delivery and performance of the Credit Agreement by the Borrower have been duly authorized by all
requisite corporate action on the part of the Borrower, (iv)&nbsp;the Credit Agreement has been duly
executed and delivered by the Borrower, (v)&nbsp;the execution, delivery and performance of the Credit
Agreement by the Borrower do not require any action by or in respect of, or filing with, any
governmental body, agency or official, and do not and will not violate or constitute a default
under any provision of applicable law or regulation, the memorandum or articles of association or
any other organizational document of the Borrower, or any contract, undertaking, judgment,
injunction, order, decree or other instrument to which the Borrower is a party or by which it is
bound and (vi)&nbsp;the Credit Agreement constitutes a valid and binding agreement of all parties
thereto (other than the Borrower), enforceable against such parties in accordance with its terms.
In addition, we express no opinion as to the effect (if any) of any law of any jurisdiction (except
the State of New York) in which any Lender is located which limits the rate of interest that such
Lender may charge or collect. We express no opinion as to provisions in the Credit Agreement which
subject the Borrower to any claim for deficiency resulting from a judgment being rendered in a
currency other than the currency called for in the Credit Agreement, and we express no opinion as
to (i)&nbsp;whether a New York State or United States federal court would render or enforce a judgment
in a currency other than U.S. Dollars or (2)&nbsp;the exchange rate that such a court would use in
rendering a judgment in U.S. Dollars in respect of an obligation in any other currency. We express
no opinion as to the subject matter jurisdiction of the Federal courts of the United States over
any action between two parties neither of which is a &#147;citizen&#148; of any state for purposes of 28
U.S.C. Section&nbsp;1332. We note that the selection of U.S. federal courts sitting in New York City
contained in Section&nbsp;9.09 of the Credit Agreement as the venue for actions for proceedings relating
to the Credit Agreement is subject to the power of such courts to transfer actions pursuant to 28
U.S.C. Section&nbsp;1404(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are members of the Bar of the State of New York and the foregoing opinion is limited to the
laws of the State of New York and the federal laws of the United States of America. In particular,
we do not purport to be experts on the laws of the United Mexican States and to the extent that
such laws are relevant to the opinions set forth herein, we understand that you will receive
opinions from Mijares, Angoitia, Cortes y Fuentes, S.C., special Mexican counsel to the Borrower,
and Ritch Mueller, S.C., special Mexican counsel to the Administrative Agent.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This opinion is rendered solely to you in connection with the above matter. This opinion may
not be relied upon by you for any other purpose or relied upon by or any other person without our
prior written consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">Very truly yours,

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

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 10pt">EXHIBIT B-4
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OPINION OF SPECIAL MEXICAN COUNSEL<BR>
TO THE ADMINISTRATIVE AGENT</B>
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">December __, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To the Lenders and the Administrative Agent<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Party to the Credit Agreement referred to below<BR>
c/o JPMorgan Chase Bank, N.A.<BR>
270 Park Avenue<BR>
New York, New York 10017<BR>
United States of America

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have acted as special Mexican counsel to JPMorgan Chase Bank, N.A., as administrative
agent (the <U>&#147;Administrative Agent&#148;), </U>and to the Lenders specified therein, in connection
with the preparation and execution of the Credit Agreement dated as of December
&nbsp;_____&nbsp;

, 2007 (the <u>&#147;Credit Agreement&#148;),</u>
entered into among Empresas Cablevisi&#243;n, S.A.B. de C.V. (the <u>&#147;Borrower&#148;),</u> the
Administrative Agent and the Lenders therein specified. This opinion is delivered to you pursuant
to Section&nbsp;4.01(c) (ii)&nbsp;of the Credit Agreement. Unless otherwise defined herein, terms defined in
the Credit Agreement are used herein as therein defined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In rendering the opinion expressed below, we have examined copies of the following
documents:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;the Credit Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;forms of the Notes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;the <I>estatutos sociales </I>of the Borrower;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;the powers-of-attorney granted to the attorneys-in-fact acting for the Borrower, in
connection with the execution of the Credit Agreement and the Notes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;such other documents and instruments, and such Mexican laws,
rules or regulations, as we have deemed necessary or appropriate as a basis for the
opinion expressed below.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

 <DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have assumed, without any independent investigation or verification of any kind, (i)&nbsp;the
due authorization and execution by all parties thereto (other than the Borrower) of the Credit
Agreement, and the power and authority of each such party (other than the Borrower), under all
applicable laws, rules, regulations and their constitutive documents, to enter into, execute and perform their respective obligations under the Credit Agreement, (ii)&nbsp;that each of the
aforementioned powers-of-attorney granted by the Borrower has been duly registered with the
relevant <I>Registro P&#250;blico de Comercio, </I>(iii)&nbsp;that all approvals (other than approvals required
under the laws of Mexico, which are addressed in this opinion) necessary for the validity and
enforceability of the Credit Agreement and the Notes, have been obtained and are in full force and
effect, (iv)&nbsp;the effectiveness, validity, binding effect and enforceability of the Credit Agreement
and the Notes under the laws of the State of New York and of the United States of America, (v)&nbsp;the
genuineness of all signatures and the authenticity of the Credit Agreement, the Notes and all
opinions, documents, instruments and papers submitted to us, (vi)&nbsp;that copies of all opinions,
documents, instruments and papers submitted to us are complete and conform to the originals
thereof, and (vii)&nbsp;that the documents submitted to us have not been amended or modified after the
date thereof in a manner that could reasonably affect the opinion hereinafter expressed. As to
questions of fact material to the opinion hereinafter expressed, we have, when relevant facts were
not independently established by us, relied upon originals or copies, certified or otherwise
identified to our satisfaction, of all such corporate records of the Borrower, and such other
instruments, representations and certificates of public officials, officers and representatives of
the Borrower and such other persons, and we have made such investigations of law, as we have deemed
necessary or appropriate as a basis for the opinion expressed below. We have made no independent
investigation in any public registry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Based upon the foregoing and subject to the qualifications specified below, we are of the
opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(1)&nbsp;The Borrower is a <I>sociedad an&#243;nima de capital variable, </I>duly organized and validly
existing under the laws of Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(2)&nbsp;The execution and performance by the Borrower of the Credit Agreement and the Notes, are
within the Borrower&#146;s powers, have been authorized by all corporate action, and the Credit
Agreement and the Notes do not contravene any applicable Mexican Federal law, rule or regulation or
the <I>estatutos sociales </I>of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(3)&nbsp;The Credit Agreement and the Notes have been duly executed by the Borrower, and the Notes
constitute a valid and binding obligation of the Borrower, enforceable against the Borrower in
accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(4)&nbsp;No authorization or approval by, and no notice to or filing with, any Mexican
governmental authority is required for the execution and performance by the Borrower, of the
Credit Agreement and the Notes, as the case may be, or for the validity or enforceability thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(5)&nbsp;The payment obligations of the Borrower under the Credit Agreement and the Notes, rank at
least <I>pari passu </I>in priority of payment, with all other unsecured and unsubordinated indebtedness
of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(6)&nbsp;There is no tax, deduction or withholding imposed by Mexico either (i)&nbsp;on or by virtue of
the execution of the Credit Agreement and the Notes by the Borrower, or (ii)&nbsp;on any payment to be
made by the Borrower pursuant to the Credit Agreement or the Notes, <U>except </U>for a
withholding tax on payments of interest, commissions and fees made by the Borrower to the Administrative Agent or any Lender
that is not a resident of Mexico for tax purposes, imposed under the <I>Ley del Impuesto Sobre la
Renta </I>(the Mexican Income Tax Law).
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(7)&nbsp;The choice of New York law as the governing law of the Credit Agreement and the
Notes is a valid choice of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(8)&nbsp;The submission by the Borrower to the jurisdiction of any court of the United States of
America located in New York or of the courts of the State of New York, United States of America,
contained in the Credit Agreement and the Notes, is a valid submission to jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(9)&nbsp;Any judgment obtained against the Borrower in any of the courts specified in the Credit
Agreement or the Notes, as the case may be, arising out of or in relation to the obligations of
the Borrower under the Credit Agreement or the Notes, as the case may be, would be enforceable in
Mexico against the Borrower pursuant to Article&nbsp;1347A of the Commerce Code <I>(COdigo de Comercio),</I>
which provides, <I>inter alia, </I>that any judgment rendered outside Mexico may be enforced by Mexican
courts, <U>provided </U>that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;such judgment is obtained in compliance with legal requirements of the jurisdiction of
the court rendering such judgment and in compliance with all legal requirements of the
Credit Agreement or the Notes, as the case may be;
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:3%; font-size: 10pt">(b)&nbsp;such judgment is strictly for the payment of a certain sum of money, based on an
<I>in personam </I>(as opposed to an <I>in rem) </I>action;
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:1%; font-size: 10pt">(c)&nbsp;service of process was made personally on the Borrower or on the appropriate process
agent;
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-left: 4%; margin-right:2%; font-size: 10pt">(d)&nbsp;such judgment does not contravene Mexican law, public policy of Mexico,
international treaties or agreements binding upon Mexico or generally accepted
principles of international law;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(e)&nbsp;the applicable procedure under the laws of Mexico with respect to the enforcement of
foreign judgments (including issuance of a letter rogatory by the competent authority of
such jurisdiction requesting enforcement of such judgment and the certification of such
judgment as authentic by the corresponding authorities of such jurisdiction in accordance
with the laws thereof) is complied with;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(f)&nbsp;such judgment is final in the jurisdiction where obtained;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(g)&nbsp;the courts of such jurisdiction recognize the principles of reciprocity in
connection with the enforcement of Mexican judgments in such jurisdiction; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(h)&nbsp;the action in respect of which judgment is rendered is not the subject matter
of a lawsuit among the same parties pending before a Mexican court.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="margin-top: 10pt; margin-right: 1%; font-size: 10pt; text-indent: 4%">(10)&nbsp;The Notes qualify as negotiable instruments <I>(titulos de credito) </I>under Mexican law and
may be enforced through executory proceedings <I>(accidn ejecutiva mercantil).</I>
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 1%; font-size: 10pt; text-indent: 4%">The foregoing opinion is subject to the following qualifications:
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 1%; font-size: 10pt; text-indent: 4%">(a)&nbsp;enforcement of the Credit Agreement and the Notes may be limited by bankruptcy, <I>concurso
mercantil, quiebra, </I>insolvency, liquidation, reorganization, moratorium and other similar laws of
general application relating to or affecting the rights of creditors generally;
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 3%; font-size: 10pt; text-indent: 4%">(b)&nbsp;in any proceedings brought in the courts of Mexico for the enforcement of the
Credit Agreement or the Notes against the Borrower, a Mexican court would apply Mexican
procedural law;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;in the event that proceedings are brought in Mexico, seeking performance of the
obligations of the Borrower in Mexico, pursuant to the <I>Ley Monetaria de los Estados Unidos
Mexicanos </I>(the Mexican Monetary Law), the Borrower may discharge its obligations by paying any sum
due in a currency other than Mexican currency, in Mexican currency at the rate of exchange
prevailing in Mexico on the date when payment is made;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;provisions of the Credit Agreement or the Notes granting discretionary authority to the
Administrative Agent or any Lender cannot be exercised in a manner inconsistent with relevant facts
nor defeat any requirement from a competent authority to produce satisfactory evidence as to the
basis of any determination; in addition, under Mexican law, the Borrower Will have the right to
contest in court any notice or certificate of the Administrative Agent or any Lender purporting to
be conclusive and binding;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;in the event that any legal proceedings are brought to the courts of Mexico, a Spanish
translation of the documents required in such proceedings prepared by a court-approved translator,
would have to be approved by the court after the defendant had been given an opportunity to be
heard with respect to the accuracy of the translation, and proceedings would thereafter be based
upon the translated documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;in any bankruptcy proceeding initiated in Mexico pursuant to the laws of Mexico, labor
claims, claims of tax authorities for unpaid taxes, Social Security quota, Workers&#146; Housing Fund
quota and Retirement Fund quota will have priority over claims of the Administrative Agent or any
Lender;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;with respect to provisions contained in the Credit Agreement and the Notes in connection
with service of process, it should be noted that service of process by mail does not constitute
personal service of process under Mexican law and, since such service is considered to be a basic
procedural requirement, if for purposes of proceedings outside Mexico service of process is made by
mail, a final judgment based on such process would not be enforced by the courts of Mexico;
</DIV>

<DIV align="left" style="margin-top: 10pt; margin-right: 2%; font-size: 10pt; text-indent: 4%">(h)&nbsp;covenants of the Borrower which purport to bind any of them on matters reserved by
law to shareholders, or which purport to bind shareholders to vote or refrain from voting
shares issued by any company owned by them, are not enforceable through specific performance, but may result in an
acceleration of amounts payable under the Credit Agreement;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;Mexican law does not permit the collection of interest-on-interest and, consequently,
relevant provisions of the Credit Agreement and the Notes may not be enforceable in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We are qualified to practice law in Mexico. We express no opinion as to any laws other than
the laws of Mexico in effect on the date hereof or as to any matters not expressly covered herein.
We express no opinion as to rights, obligations or other matters (including change of law or other
circumstances) arising subsequent to the date hereof. We assume no responsibility to advise you of
any change to our opinion subsequent to the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This opinion is addressed to you solely for your benefit and it is not to be transmitted to
anyone else nor is it to be relied upon by anyone else or for any other purpose or quoted or
referred to in any public document or filed with anyone without our express consent.
</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="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</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" colspan="3">Very truly yours,
</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3">Ritch Mueller, S.C.
</TD>


</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><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">Luis A. Nicolau, a partner</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

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


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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">NO NEGOCIABLE<BR>
NON-NEGOTIABLE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">PAGARE<BR>
PROMISSORY NOTE
</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="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S.$225,000,000.00 D<FONT face="Helvetica,Arial,sans-serif">II</FONT>s.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">E.U.A.$225,000,000.00 D<FONT face="Helvetica,Arial,sans-serif">I</FONT>s.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">For value received, the undersigned, Empresas Cablevisi&#243;n, S.A.B. de
C.V., by this Promissory Note unconditionally promises to pay to J.P.
Morgan Chase Bank, N.A. (the &#147;Bank&#148;), the principal sum of
U.S.$225,000,000.00 (TWO HUNDRED AND TWENTY FIVE MILLION
DOLLARS OF THE UNITED STATES OF AMERICA 00/100), payable
on December _, 2012 (the <u>&#147;Maturity Date&#148;). </u>If the Maturity Date is not a
Business Day (as defined below), then payment shall be made on the
next succeeding Business Day.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Por valor recibido, la suscrita, Empresas Cablevisi&#243;n, S.A.B. de
C.V., por este Pagar&#234; promete incondicionalmente pagar a J.P.
Morgan Chase Bank, N.A. (el <u>&#147;Banco&#148;), </u>la suma principal de
E.U.A.$225,000,000.00 (DOSCIENTOS VEINTICINCO
MILLONES DE DOLARES DE LOS ESTADOS UNIDOS DE
AMERICA 00/100), pagadera el dia <u>&nbsp;&nbsp;&nbsp;</U> de diciembre de 2012 (la
<u>&#147;Fecha de Vencimiento&#148;). </u>Si la Fecha de Vencimiento no fuere un
Dia Habil (como se define a continuaci6n), entonces el pago se
hara el siguiente Dia Habil.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The undersigned also promises to pay interest on the outstanding and
unpaid principal amount of this Promissory Note, for each day during
each Interest Period (as defined below), from the date hereof until the
amount hereof shall have been paid in full, at a rate per annum equal to
the sum of the Applicable Margin (as defined below) for such day plus
the Adjusted LIBO Rate (as defined below) applicable to such Interest
Period. Interest shall be payable in arrears, on each Interest Payment
Date (as defined below).
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">La suscrita promete, asi mismo, pagar intereses sobre el saldo
insoluto de la suma de principal de este Pagar&#243;, por cada dia
respecto de cada Periodo de Intereses (como se define a
continuacion), desde la fecha del presente hasta que hubiere
pagado totalmente el saldo insoluto, a una tasa anual igual al
Margen Aplicable (como se define a continuaci6n) para el dia de
que se trate mas la Tasa LIBO (como se define a continuacion)
aplicable a dicho Period() de Intereses. Los intereses seran
pagaderos en forma vencida, en cada Fecha de Pago de
Intereses (como se define a continuaci6n).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Any principal amount and (to the extent permitted by applicable law)
interest not paid when due under this Promissory Note, shall bear
interest for each day until paid, at a rate per annum equal to the sum of
2.00% plus the interest rate then applicable hereunder as provided in
the preceding paragraph.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cualquier monto de principal y (en la medida permitida por
legislacion aplicable) de intereses que no sea pagada cuando sea
debida conforme a este Pagar&#243;, devengara intereses por cada dia
hasta que sea pagado, a una tasa anual igual a la suma de 2.00%
mas la tasa de interes aplicable conforme al parrafo anterior.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest hereunder shall be computed on the basis of a year of 360
days, and in each case shall be payable for the actual number of days
elapsed in the relevant period (including the first day but excluding the
last day).
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Los intereses conforme al presente seran calculados sobre la
base de un alio de 360 dias, y en cada caso seran pagaderos por
el namero de dias transcurridos en el periodo de que se trate
(incluyendo el primer dia, pero excluyendo el Ultimo dia).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">For purposes of this Promissory Note, the following terms shall have the following meanings:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Para efectos de este Pagare, los siguientes t&#243;rminos tendran los siguientes significados:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>&#147;Administrative Agent&#148; </u>means JPMorgan Chase Bank, N.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Aqente Administrativo&#148; </u>significa JPMorgan Chase Bank, N.A.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>&#147;Adjusted LIBO Rate&#148; </u>means an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to (a)&nbsp;the LIBO
Rate for such Interest Period multiplied by (b)&nbsp;the Statutory Reserve
Adjustment.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Tasa LIBO Aiustada&#148; </u>significa la tasa de interas anual
(redondeada hacia arriba, de ser necesario, al siguiente 1/16 del
1%) igual a (a)&nbsp;la Tasa LIBO respecto de dicho Periodo de
Intereses multiplicada por (b)&nbsp;la Reserva Legal Ajustada.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>&#147;Applicable Margin&#148; </u>means 0.400 % per annum.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Margen Aplicable&#148; </u>significa 0.400 % anual.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>&#147;Business Day&#148; </u>means any day except a Saturday, Sunday or other
day on which commercial banks in Mexico City, Mexico, or New York
City, United States of America, are authorized or required by law to
close, and any day on which commercial banks are not open for
international business in London, England, including dealings in United
States dollar deposits in the London interbank market.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Dia Habil&#148; </u>significa cualquier dia excepto por sabado, domingo o
cualquier otro dia en el que los bancos comerciales en la ciudad
de Mexico, Mexico, o de Nueva York, Estados Unidos de America,
estan autorizados o sean requeridos por ley para cerrar, y
cualquier otro dia en que los bancos comerciales no est&#038;
abiertos para Ilevar a cabo operaciones internacionales en
Londres, Inglaterra, incluyendo operaciones respecto de
depositos en dolares de los Estados Unidos en el mercado
interbancario de Londres.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="border-bottom: 1px solid #000000">&#147;Interest Payment Date&#148; </FONT>means the last day of
each Interest Period.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Fecha de Pago de Intereses&#148; </u>significa el Ultimo dia de cada
Periodo de Intereses.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<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="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>&#147;Interest Period&#148; </u>means (i)&nbsp;in the case of the first Interest Period, the
period commencing on the date hereof and ending on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
and (ii)&nbsp;for each subsequent Interest Period, the period commencing on
the last date of the Interest Period then ending and ending on the
numerically corresponding day of the
&nbsp;_____&nbsp;

calendar month
thereafter; <u>provided </u>that (x)&nbsp;if any Interest Period would end on a day
which is not a Business Day, such Interest Period shall be extended to
the next succeeding Business Day unless such next succeeding
Business Day falls in another calendar month, in which case such
Interest Period shall end on the next preceding Business Day, (y)&nbsp;any
Interest Period that commences on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day
in the last calendar month of such Interest Period) shall end on the last
Business Day of the last calendar month of such Interest Period, and
(z)&nbsp;any Interest Period that would otherwise end after the Maturity Date,
shall instead end on the Maturity Date.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Periodo de Intereses&#148; </u>significa (i)&nbsp;en el caso del primer Periodo
de Intereses, el periodo que inicie en la fecha del presente y que
termine el de
&nbsp;_____&nbsp;

de
&nbsp;_____, y (ii)&nbsp;en el caso de cada
Periodo de Intereses siguiente, el periodo que inicie el ultimo dia
del Periodo de Intereses anterior y que termine en el dia
numOricamente correspondiente del
&nbsp;_____&nbsp;

mes calendario
siguiente; <u>en el entendido </u>que (x)&nbsp;si cualquier Periodo de
Intereses terminaria en una fecha que no sea un Dia Habil, tal
Periodo de Intereses se extenders al siguiente Dia Habil salvo
que tal Dia Habil siguiente tuviere lugar en otro mes calendario,
caso en el cual tal Periodo de Intereses terminara en el Dia Habil
anterior, (y)&nbsp;cualquier Period() de Intereses que inicie en el Ultimo
Dia Habil de un mes calendario (o en un dia en que no hays dia
num&#243;ricamente correspondiente en el Ultimo mes calendario de
tal Periodo de Intereses) terminara el ultimo Dia Habil del Ultimo
mes calendario de tal Periodo de Intereses, y (z)&nbsp;cualquier
Periodo de Intereses que terminaria despuas de la Fecha de
Vencimiento, terminara en la Fecha de Vencimiento.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>&#147;LIBO Rate&#148; </u>means, for any Interest Period, the rate per annum equal
to the British Bankers Association LIBOR Rate (<u>&#147;BBA LIBOR&#148;)</u> from
Telerate Successor Page 3750, as published by Reuters (or, if such
source is unavailable, other commercially available source providing
quotations of BBA LIBOR as designated by the Administrative Agent
from time to time to the undersigned) at approximately 11:00&nbsp;a.m.,
London time, &#091;three&#093; Business Days prior to the commencement of such
Interest Period, as the rate (rounded upwards, if necessary, to the next
1/16 of 1%) for deposits in United States dollars with a maturity
comparable to such Interest Period. If such rate is not available at such
time for any reason, then the <u>&#147;LIBO Rate&#148; </u>for such Interest Period shall
be the rate at which United States dollar deposits of $5,000,000 and for
a maturity comparable to such Interest Period are offered by the
principal London office of the Administrative Agent in immediately
available funds in the London interbank market at approximately 11:00
a.m., London time, &#091;three&#093; Business Days before the beginning of such
Interest Period.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Tasa LIBO&#148; </u>significa, respecto de cualquier Periodo de Intereses,
la tasa anual igual a la Tasa LIBOR de la Asociacion de
Banqueros Britanicos (<u>&#147;LIBOR BBA&#148;) </u>que aparezca en la Pagina
Sucesora Telerate 3750, que publique Reuters (o si dicha fuente
no esta disponible, cualquier otra fuente comercialmente
disponible que divulgue cotizaciones de la LIBOR BBA segim lo
determine periodicamente el Agente Administrativo a la suscrita),
aproximadamente a las 11:00&nbsp;a.m., hora de Londres, &#091;tres&#093; Dias
Habiles antes del inicio de tal Periodo de Intereses, como la tasa
(redondeada hacia arriba, de ser necesario, al siguiente 1/16 del
1%) para depositos en dolares de los Estados Unidos con
vencimiento comparable a tal Periodo de Intereses. En el caso
que tal tasa no estuviere disponible en ese momento por
cualquier causa, entonces la <u>&#147;Tasa LIBO&#148; </u>pars tal Periodo de
Intereses sera el la tasa a la que depOsitos en dOlares de los
Estados Unidos, por una suma de principal de EUA$5,000,000 y
con una fecha de vencimiento comparable a dicho Periodo de
Intereses, sean ofrecidos por la oficina principal en Londres del
Agente Administrativo, en fondos inmediatamente disponibles, en
el mercado interbancario de Londres, aproximadamente a las
11:00&nbsp;a.m., hora de Londres, &#091;tres&#093; Dias Habiles antes del inicio
de tal Periodo de Intereses.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>&#147;Other Taxes&#148; </u>means any and all documentary taxes and any other
excise or property taxes, or similar charges or levies, including any
penalties, fines or interest arising therefrom or with respect thereto
imposed by Mexico, and which arise from any payment made by the
undersigned under this Promissory Note or from the enforcement of, or
otherwise with respect to, this Promissory Note (including any of the
foregoing that are imposed or that arise in the future).
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Otros Impuestos&#148; </u>significa cualesquiera impuestos del timbre o
documentales y cualquier otra contribucion o impuesto sobre la
propiedad, o cargas o aportaciones gubernamentales, incluyendo
recargos, multas e intereses que resulten de los anteriores o
relacionados con los mismos, que sean impuestos por Mexico, y
que resulten de cualquier pago hecho por la suscrita conforme a
este Pagar&#233;o de la ejecucion de, o con respecto a, este Pagara
(incluyendo cualquiera de los anteriores que sean impuestos o
existan en el futuro).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>&#147;Statutory
Reserve Adjustment&#148;</u> means a fraction (expressed as a
decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special,
emergency or supplemental reserves) expressed as a decimal
established by the Board of Governors of the Federal Reserve System
of the United States of America (the <u>&#147;Federal Reserve Board&#148;)</u> to which
the Administrative Agent is subject with respect to eurocurrency funding
(currently referred to as &#147;Eurocurrency Liabilities&#148; in Regulation&nbsp;D of the
Federal Reserve Board). Such reserve percentages will include those
imposed pursuant to such Regulation&nbsp;D. The Statutory Reserve
Adjustment will be adjusted automatically on and as of the effective
date of any change in any applicable reserve percentage.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Reserva Legal Aiustada&#148; </u>significa la fracci6n (expresada en
decimales), el numerador de la cual es el numero uno y el
denominador de la cual es el niimero uno menos el total de los
porcentajes maximos de reserva (incluyendo cualesquiera
reserves marginales, especiales, de emergencia o
complementarias) expresada como un decimal serialada por la
Junta de Gobierno del Sistema de la Reserva Federal de los
Estados Unidos de America (la <u>&#147;Reserva Federal&#148;) </u>a la que el
Agente Administrativo esta sujeto con respecto de pasivos en
euromonedas (referidas en esta fecha como &#147;Pasivos en
Euromonedas&#148; en la Regla D de la Reserva Federal. Tales
porcentajes de reserva incluir&#226;n los que se impongan de acuerdo a
la Regla D. La Reserva Legal Ajustada sera ajustada
autornaticamente precisamente en la fecha de eficacia de
cualquier modificacion a cualquier porcentaje de reserva
aplicable.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

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

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<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="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>&#147;Taxes&#148; </u>means any and all taxes, duties, levies, imposts, contributions,
deductions, charges or withholdings, of any nature, imposed by Mexico
(or any political subdivision thereof, or taxing authority therein), and any
penalties, fines or interest thereon, excluding, in the case of the holder
hereof, taxes, duties, levies, imposts, deductions, charges and
withholdings imposed on (or measured by) its net income, and branch
profits, franchise or taxes imposed on it (other than Other Taxes due to
a connection between such holder and Mexico other than the holding of
this Promissory Note).
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>&#147;Impuestos"</u> significa cualesquiera impuestos, derechos,
aportaciones, contribuciones, deducciones, cargas o retenciones,
de cualquier naturaleza, determinadas por Mexico (o cualquier
division politica de Mexico o autoridad fiscal mexicana), y
cualesquiera recargos, multas e intereses que resulten de los
anteriores, excluyendo, respecto del tenedor del presente,
impuestos, derechos, aportaciones, contribuciones, deducciones,
cargas o retenciones impuestas respecto de (o determinadas
considerando) sus ingresos netos, y cualquier impuesto a
sucursales, de franquicias y otros impuestos determinados
tenedor (excepto por Otros Impuestos resultantes de que exista
un punto de contacto entre el tenedor y Mexico distinto de la
tenencia de este Pagare).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All payments by the undersigned of principal, interest and other
payments hereunder shall be made without setoff or counterclaim not
later than 12:00 (noon), New York City time, on the date due, in
immediately available funds, at the office of the Administrative Agent
located at JPMorgan Chase Bank, N.A., Americas Investment Bank
Loan Operations, 1111 Fannin, 10th Floor, Houston, Texas 77002. The
undersigned agrees to pay all reasonable out-of-pocket expenses
incurred by the holder hereof, including any fees, charges and
disbursements of any counsel for such holder, in connection with the
enforcement or protection of its rights under this Promissory Note.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Todos los pagos que deban hacerse conforme a este Pagar&#233; por
la suscrita, de principal, intereses y por otros conceptos seran
efectuados sin compensacion o defensa, antes de las 12:00&nbsp;p.m.,
hora de la ciudad de Nueva York, en la fecha en que sean
pagaderos, en fondos disponibles inmediatamente, en la oficina
del Agente Administrativo localizada en JPMorgan Chase Bank,
N.A., Americas Investment Bank Loan Operations, 1111 Fannin,
10th Floor, Houston, Texas 77002. La suscrita conviene en pagar
todos los costos y gastos razonables en que incurra el tenedor del
presente, incluyendo honorarios, gastos y desembolsos del
representante legal de dicho tenedor, respecto de la ejecucion y
proteccion de sus intereses conforme al presente Pagar&#233;.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Any and all payments by the undersigned to or for the account of the
holder hereof shall be made without deduction or withholding for any
Taxes or Other Taxes; <u>provided </u>that, if the undersigned shall be
required by law, rule or regulation to deduct or withhold any Taxes or
Other Taxes from any such payments, then (i)&nbsp;the sum payable by the
undersigned to the holder hereof shall be increased as necessary so
that after making all required deductions and withholdings (including
deductions and withholding applicable to additional sums payable
hereunder), the holder hereof receives an amount equal to the sum it
would have received, had no deductions or withholdings been made, (ii)
the undersigned shall make such deductions or withholdings, and (iii)
the undersigned shall pay the full amount deducted or withheld to the
relevant taxation authority or other authority in accordance with
applicable law.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Todos los pagos por parte de la suscrita a favor y para beneficio
del tenedor del presente se realizaran libres de y sin deduccion o
retencion alguna respecto de cualesquiera Impuestos u Otros
Impuestos; <u>en el entendido </u>que, si la suscrita estuviere obligada,
por ley, reglamento o regla a deducir o retener cualesquiera
Impuestos u Otros Impuestos de dichos pagos, entonces (i)&nbsp;la
cantidad pagadera por la suscrita al tenedor del presente Pagar&#233;
se incrementar&#226; en la medida necesaria para que, una vez que
todas las deducciones o retenciones requeridas (incluyendo las
deducciones o retenciones aplicables a las cantidades adicionales
pagaderas conforme al presente) hayan sido realizadas, el
tenedor del presente Pagar&#233; reciba una cantidad igual a la
cantidad que hubiere recibido, si no se hubieren realizado dichas
deducciones o retenciones, (ii)&nbsp;la suscrita realizara dichas
deducciones o retenciones, y (Hi) la suscrita pagara la cantidad
total deducida o retenida a la autoridad fiscal o cualquier otra
autoridad correspondiente de conformidad con la legislacion
aplicable.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">This Promissory Note shall be governed by, and construed in
accordance with, the laws of the State of New York, United States of
America; <u>provided, however </u>that if any action or proceedings in
connection with this Promissory Note were brought to any courts in the
United Mexican States, this Promissory Note shall be deemed as
governed under the laws of the United Mexican States.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Este Pagar&#233; se regira e interpretara de acuerdo con las leyes del
Estado de Nueva York, Estados Unidos de America; <u>en el entendido,
sin embargo</u> de que si cualquier accion o
procedimiento en relacion con este Pagar&#233; se iniciara en los
tribunales de los Estados Unidos Mexicanos, este Pagar&#233; se
considerar&#225; regido de acuerdo con las leyes de los Estados
Unidos Mexicanos.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Any legal action or proceeding arising out of or relating to this
Promissory Note may be brought before the Supreme Court of the
State of New York, sitting in New York County, State of New York,
United States of America, and the United States District Court of the
Southern District of New York, State of New York, United States of
America, and any appellate court from any thereof, or in the courts
located in the City of Mexico, Federal District, United Mexican States;
the undersigned waives the jurisdiction of any other courts.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cualquier accion o procedimiento legal que derive o se relacione
con este Pagar&#233; podra ser instituido ante la Suprema Corte del
Estado de Nueva Cork, con asiento en el Condado de Nueva
York, Estado de Nueva York, Estados Unidos de America, y en el
Tribunal de Distrito de los Estados Unidos para Distrito Sur de
Nueva York, Estado de Nueva York, Estados Unidos de America,
y cualquier tribunal de apelacion respecto de los anteriores, o
cualquier tribunal localizado en la ciudad de Mexico, Distrito
Federal, Estados Unidos Mexicanos, renunciando la suscrita a la
jurisdiccion de cualesquiera otros tribunales.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The undersigned hereby waives diligence, demand, protest,
presentment, notice of dishonor or any other notice or demand
whatsoever in respect of this Promissory Note.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">La suscrita en este acto renuncia a diligencia, demanda, protesto,
presentacion, notificacion de no aceptacion y a cualquier
notificacion o demanda de cualquier naturaleza respecto de este
Pagarg.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

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

<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; margin-left: .25in; width: 7.20in">
<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="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">This Promissory Note is executed in both English and Spanish
versions. In the case of any conflict or doubt as to the proper
construction of this Promissory Note, the English version shall govern.
Notwithstanding the foregoing, any action or proceeding brought in any
court in the United Mexican States, the Spanish version shall be
controlling.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">El presente Pagar&#233; se suscribe en versiones en ingles y espanol.
En caso de conflicto o duda en relacion con la debida
interpretaci&#243;n de este Pagar&#233;, la version en ingles prevalecer&#225;.
No obstante lo anterior, cualquier procedimiento iniciado en los
Estados Unidos Mexicanos, prevalecer&#225; la version en espanol.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IN WITNESS WHEREOF, the undersigned has duly executed this
Promissory Note as of the date mentioned below.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EN VIRTUD DE LO CUAL, la suscrita ha firmado este Pagare en
la fecha abajo mencionada.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Mexico,
Distrito Federal, Estados Unidos Mexicanos, a
<u>&nbsp;&nbsp;&nbsp;</U> de diciembre de 2007.<BR>
Mexico, Federal District, United Mexican States, December_, 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="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Empresas Cablevisi&#243;n, S.A.B. de C.V.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Por/By</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" style="padding-top: 1px">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Nombre/Name::<br>
Cargo/Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



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

<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; margin-left: .25in; width: 7.20in">



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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>FORM OF BORROWING REQUEST</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">JPMorgan Chase Bank, N.A.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Administrative Agent<BR>
Attention of Tokunbo Tayo<BR>
Americas Investment Bank Loan Operations<BR>
1111 Fannin, 10th Floor<BR>
Houston, Texas 77002

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This notice shall constitute a &#147;<B>Borrowing Request</B>&#148; pursuant to Section&nbsp;2.02 of the Credit
Agreement dated as of December&nbsp;19, 2007 among Empresas Cablevisi&#243;n, S.A.B. de C.V., the Lenders
parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as the same may be amended
from time to time, the &#147;<B>Credit Agreement</B>&#148;). Capitalized terms not otherwise defined herein have
the meanings ascribed to them in the Credit Agreement.
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date of the Borrowing shall be <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
2007.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The aggregate amount of the Borrowing shall be
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The duration of the initial Interest Period for
the Loans comprising this Borrowing shall be <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</TD>
</TR>

</TABLE>
</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">EMPRESAS CABLEVISI&#243;N, S.A.B. DE C.V.<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" valign="top">&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Date:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">

<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="right" style="font-size: 10pt; margin-top: 10pt">EXHIBIT E
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>NOTICE OF INTEREST PERIOD ELECTION</B><SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">JPMorgan Chase Bank, N.A.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Administrative Agent<BR>
Attention of Tokunbo Tayo<BR>
Americas Investment Bank Loan Operations<BR>
1111 Fannin, 10th Floor<BR>
Houston, Texas 77002

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This notice shall constitute a &#147;<B>Notice of Interest Period Election</B>&#148; pursuant to Section&nbsp;2.06
of the Credit Agreement dated as of December&nbsp;19, 2007 among Empresas Cablevisi&#243;n, S.A.B. de C.V.,
the Lenders parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as the same may
be amended from time to time, the &#147;<B>Credit Agreement</B>&#148;). Capitalized terms not otherwise defined
herein have the meanings ascribed to them in the Credit Agreement.
</DIV>

<DIV style="margin-top: 10pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date on which the continuation selected is to be effective is <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20_____.</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The duration of the new Interest Period for the Loans shall be <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.<SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
</TR>

</TABLE>
</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">EMPRESAS CABLEVISI&#243;N, S.A.B. DE C.V.<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: 10pt">Date: __________________, ____
</DIV>


<DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Deliver to the Administrative Agent not later than
12:00 Noon (New York City time) on the third Business Day before such election
is to be effective.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Insert appropriate Interest Period pursuant to the
definition thereof.</TD>
</TR>

</TABLE>

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

<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; margin-left: .25in; width: 7.20in">





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


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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Subordinate Debt shall, to the extent hereinafter set forth, be subordinate to the Senior
Debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;Unless and until the Senior Debt shall have been paid in full and all commitments to
extend Senior Debt shall have terminated, neither the Borrower nor any of its Subsidiaries shall
make, and the Subordinated Lender shall not demand, accept or receive, or attempt to collect or
commence any legal proceedings to collect, any direct or indirect payment (in cash or property or
by setoff, exercise of contractual or statutory rights or otherwise) of or on account of the
Subordinated Debt (including any payment in respect of redemption or purchase or other acquisition
of the Subordinated Debt) or any interest thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;Unless and until the Senior Debt shall have been paid in full and all commitments to
extend Senior Debt shall have terminated, the Subordinated Lender will not commence or maintain any
action, suit or any other legal or equitable proceeding against the Borrower or any of its
Subsidiaries, or join with any creditor in any such proceeding, under any insolvency, bankruptcy,
receivership, liquidation, reorganization or other similar law, unless the Senior Debt Holders
shall also join in bringing such proceeding; <I>provided </I>that the foregoing shall not prohibit the
Subordinated Lender from filing a proof of claim or otherwise participating in any such proceeding
not commenced by it (subject to subsection (l)&nbsp;below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;In the event of any Bankruptcy Proceeding relative to the Borrower or to substantially all
of the property of the Borrower and its Subsidiaries, then:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the Senior Debt Holders shall first be entitled to receive payment in full of the
Senior Debt before the Subordinated Lender is entitled to receive any payment on account
or in respect of Subordinated Debt; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;any payment or distribution of assets of the Borrower or any of its Subsidiaries
of any kind or character, whether in cash, property or securities to which the
Subordinated Lender would be entitled in respect of the Subordinated Debt, but for the
provisions of these terms of subordination, shall be paid or distributed by the
liquidating trustee or agent or other person making such payment or distribution, whether
a trustee in bankruptcy, a receiver or liquidating trustee or other trustee or agent,
directly to the Senior Debt Representative on behalf of and for the benefit of the Senior
Debt Holders to the extent necessary to make payment in full of all amounts of Senior Debt
remaining unpaid, after giving effect to any concurrent payment or distribution to the
Senior Debt Holders.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(d)&nbsp;Should any payment or distribution or security or the proceeds of any thereof be collected
or received by the Subordinated Lender in respect of the Subordinated Debt, at a time when the
payment thereof by the Borrower or any of its Subsidiaries is prohibited by these terms of
subordination, the Subordinated Lender will
forthwith deliver the same to the Senior Debt Representative on behalf of the Senior Debt
Holders for the equal and ratable benefit of the Senior Debt Holders in precisely the form received
(except for the endorsement or the assignment of or by the Subordinated Lender where necessary) for
application to payment of the Senior Debt in accordance with the Credit Agreement, after giving
effect to any concurrent payment or distribution to the Senior Debt Holders and, until so
delivered, the same shall be held in trust by the Subordinated Lender as the property of the Senior
Debt Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;The Subordinated Lender shall not be subrogated to the rights of the Senior Debt Holders
to receive payments or distributions of assets of the Borrower or any of its Subsidiaries until all
amounts payable with respect to the Senior Debt shall be paid in full; and, for the purposes of
such subrogation, no payments or distributions to the Senior Debt Holders of any cash, property or
securities with respect to the Subordinated Debt to which the Subordinated Lender would be entitled
except for these provisions shall, as among the Borrower, its Subsidiaries, their respective
creditors other than the Senior Debt Holders, and the Subordinated Lender, be deemed to be a
payment by the Borrower to or on account of the Senior Debt. These terms of subordination are and
are intended solely for the purpose of defining the relative rights of the Subordinated Lender, on
the one hand, and the Senior Debt Holders, on the other hand with respect to the Subordinated Debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(f)&nbsp;Subject to the payment in full of the Senior Debt, the Subordinated Lender shall be
subrogated to the rights of the Senior Debt Holders to receive payments or distributions of cash,
property or securities of the Borrower or any of its Subsidiaries applicable to the Senior Debt
until all amounts owing on the Subordinated Debt shall be paid in full. For purposes of such
subrogation, no payments or distributions to the Subordinated Lender of cash, property, securities
or other assets by virtue of the subrogation herein provided which otherwise would have been made
to the Senior Debt Holders shall, as between the Borrower, its Subsidiaries, their respective
creditors other than the Senior Debt Holders and the Subordinated Lender, be deemed to be a payment
to or on account of the Subordinated Debt. The Subordinated Lender agrees that, in the event that
all or any part of any payment made on account of the Senior Debt is recovered from the Senior Debt
Holders as a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or
similar law, any payment or distribution received by the Subordinated Lender on account of the
Subordinated Debt at any time after the date of the payment so recovered, whether pursuant to the
right of subrogation provided for in these terms of subordination or otherwise, shall be deemed to
have been received by the Subordinated Lender in trust as the property of the Senior Debt Holders
and the Subordinated Lender shall forthwith deliver the same to the Senior Debt Representative and
any other representative on behalf of the Senior Debt Holders for the equal and ratable benefit of
the Senior Debt Holders for application to payment of the Senior Debt in full.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(g)&nbsp;The Subordinated Lender hereby waives any and all notice in respect of the Senior Debt,
present or future, and agrees and consents that without notice to or assent by the Subordinated
Lender:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(i)&nbsp;the obligation and liabilities of the Borrower or any of its Subsidiaries or any
other party or parties for or upon the Senior Debt (or any
promissory note, security document or guaranty evidencing or securing the same) may,
from time to time, in whole or in part, be renewed, extended, modified, amended, restated,
accelerated, compromised, supplemented, terminated, sold, exchanged, waived or released in
accordance with the Loan Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(ii)&nbsp;the Senior Debt Representative and the Senior Debt Holders may exercise or
refrain from exercising any right, remedy or power granted by or in connection with any
agreements relating to the Senior Debt in connection with the Loan Documents; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(iii)&nbsp;any balance or balances of funds with any Senior Debt Holders at any time
standing to the credit of the Borrower or any of its Subsidiaries may, from time to time,
in whole or in part, be surrendered or released;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">all as the Senior Debt Representative or the Senior Debt Holders may deem advisable and all without
impairing, abridging, diminishing, releasing or affecting the subordination of the Subordinated
Debt to the Senior Debt provided for herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(h)&nbsp;Nothing contained in these terms of subordination is intended to or shall impair, as
between the Borrower, its Subsidiaries, their respective creditors other than the Senior Debt
Holders, and the Subordinated Lender, the obligation of the Borrower and/or its Subsidiaries, which
is absolute and unconditional, to pay to the Subordinated Lender the principal of, premium, if any,
and interest and other amounts due on the Subordinated Debt, as and when the same shall become due
and payable (subject to the subordination provisions in these terms of subordination for the
benefit of the Senior Debt Holders) in accordance with its terms, or is intended to or shall affect
the relative rights of the Subordinated Lender and other creditors of the Borrower or any of its
Subsidiaries other than the Senior Debt Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(i)&nbsp;The Subordinated Lender acknowledges and agrees that the Senior Debt Holders have relied
upon and will continue to rely upon the subordination provided for herein in entering into the Loan
Documents and in extending credit to the Borrower pursuant thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(j)&nbsp;No present or future Senior Debt Holder shall be prejudiced in its right to enforce the
subordination contained herein in accordance with the terms hereof by any act or failure to act on
the part of the Borrower, any of its Subsidiaries or the Subordinated Lender. The subordination
provisions contained herein are for the benefit of the Senior Debt Holders from time to time and,
so long as the Senior Debt is outstanding, may not be rescinded, cancelled or modified in any way
without the prior written consent thereto of all Senior Debt Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(k)&nbsp;Notwithstanding anything to the contrary in these subordination provisions, upon any
payment or distribution of assets of the Borrower or any of its Subsidiaries in any Bankruptcy
Proceeding, the Subordinated Lender shall be entitled to rely upon any final order or decree made
by any court of competent jurisdiction in which any such proceedings are pending for the purpose of
ascertaining the persons entitled to participate in such payment or distribution, the Senior Debt
Holders and other debt of the
Borrower or any of its Subsidiaries, the amount thereof or payable thereon, the amount or
amounts paid or distributed thereon and all other facts pertinent thereto.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(l)&nbsp;The Subordinated Lender hereby irrevocably authorizes the Senior Debt Representative, to
the extent permitted by law and so long as the Senior Debt remains outstanding, (i)&nbsp;to file on the
Subordinated Lender&#146;s behalf proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims with respect to the Subordinated Debt allowed in any
Bankruptcy Proceeding and (ii)&nbsp;to authorize or consent to, or accept or adopt on behalf of the
Subordinated Lender, any plan of reorganization, arrangement, adjustment or composition affecting
the Subordinated Debt or the rights of the Subordinated Lender with respect thereto, or otherwise
vote the claim or claims in respect of the Subordinated Debt in any Bankruptcy Proceeding. The
Senior Debt Representative is further entitled and empowered to the extent permitted by law and so
long as Senior Debt remains outstanding to collect, receive and distribute any money, securities or
other property payable or deliverable upon conversion or exchange of the Subordinated Debt or upon
any such claims. Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by the Subordinated Lender to
make such payments to the Senior Debt Representative and, if the Senior Debt Representative
consents to the making of such payments directly to the Senior Debt Holders, to pay to the Senior
Debt Representative any amount due to it under the Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(m)&nbsp;These Terms of Subordination shall be binding upon any holder of Subordinated Debt and
upon the successors and assigns of the Subordinated Lender; and all references herein to the
Subordinated Lender shall be deemed to include any successor or successors, whether immediate or
remote, to the Subordinated Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(n)&nbsp;Notwithstanding anything contained herein, the Borrower or any of its Subsidiaries may (i)
pay any fees, costs and expenses due to the Subordinated Lender and (ii)&nbsp;if the Subordinated Lender
(at its discretion) agrees, pay any of the Subordinated Debt, in each case by means of an issuance
of equity interests (other than indebtedness) of the Borrower or any of its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><U>Definitions</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Bankruptcy Proceeding</I></B>&#148; means any proceeding, whether voluntary or involuntary, with respect
to the Borrower or its debts or assets under any insolvency, bankruptcy, receivership, liquidation,
reorganization or other similar law now or hereafter in effect, including for the winding up or
dissolution of the Borrower, and including any such proceeding involving the appointment of a
receiver, trustee, custodian, sequestrator, conservator or similar official for the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Borrower</I></B>&#148; means Empresas Cablevisi&#243;n, S.A.B. de C.V.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Credit Agreement</I></B>&#148; means the Credit Agreement dated as of December&nbsp;19, 2007 between the
Borrower, the lenders parties thereto and the Senior Debt Representative.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<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; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Loan Documents</I></B>&#148; means the Credit Agreement and any promissory note delivered in connection
therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Senior Debt</I></B>&#148; means all principal, interest, fees, expenses, and other amounts payable to the
Lenders parties to the Credit Agreement under the Credit Agreement on or in respect of loans under
the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Senior Debt Holders</I></B>&#148; means any holder or holders of Senior Debt, together with their
respective successors and permitted assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Senior Debt Representative</I></B>&#148; means the Administrative Agent, as defined in the Credit
Agreement, including its successors in such capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Subordinated Debt</I></B>&#148; means the payment obligations being subordinated to the Senior Debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Subordinated Lender</I></B>&#148; means Grupo Televisa, S.A.B. and/or its Affiliates, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>subsidiary</I></B>&#148; means, with respect to any Person at any date, any corporation, limited liability
company, partnership or other entity of which voting stock representing more than 50% of the total
voting power of the outstanding voting stock is owned, directly or indirectly, by such Person
and/or one or more other subsidiaries of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">&#147;<B><I>Subsidiary</I></B>&#148; means any subsidiary of the Borrower.
</DIV>


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

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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>c73656exv8w1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B> Exhibit 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, 2007</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="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">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 subdidiaries (*)</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. (*) </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. (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">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 Fe, 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 nowrap 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">Desarrollo Vista Hermosa, 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">Digital TV, 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">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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Bestel USA, 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:75px; text-indent:-15px">Letseb, 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:90px; text-indent:-15px">Bestphone, 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:90px; text-indent:-15px">Operbes, 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">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: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">
    <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>
<TR valign="bottom" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">DTH M&#233;xico, 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">Mednet, 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">Rasca Lana Instant&#225;neos, 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 --><!-- /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"><B>GRUPO TELEVISA, S.A.B.<BR>
Subsidiaries, Consolidated Variable Interest Entities, Joint Ventures and Associates<BR>
as of December&nbsp;31, 2007</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="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">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 GyJ 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 Motorpress 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 Televisa Argentina, 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">Editorial Televisa Chile, 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">Editorial Televisa Colombia, 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 Colombia Cultural, 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: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">
    <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 nowrap colspan="3" align="center">United States of America</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nuevas Inversiones, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Argentina</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Inversora de Medios, 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:60px; text-indent:-15px">Holding de Comunicaciones, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Argentina</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Editorial Atl&#225;ntida, 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:90px; text-indent:-15px">Atl&#225;ntida Chile, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chile</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Atl&#225;ntida Digital, 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:90px; text-indent:-15px">Corporativo Editorial Mundo Atlantida, 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:90px; text-indent:-15px">Desarrollos del Atlantico, 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:90px; text-indent:-15px">Dewal, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Uruguay</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Ediciones Paparazzi, 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:90px; text-indent:-15px">Feria Puro Dise&#241;o, 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">Publicaciones Aquario, 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">Vanipubli Ecuatoriana, 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">VeneTel Servicios Publicitarios, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Venezuela</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 US 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 US 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">GT Holding, 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">GT I, 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">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:90px; text-indent:-15px">Novavisi&#243;n Panam&#225;, S.A. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Panam&#225;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Ridge Manor, Inc. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Panama</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Eminent Shine, Inc. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Panama</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:120px; text-indent:-15px">Servicios Directos de Sat&#233;lite, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Costa Rica</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:105px; text-indent:-15px">Galaxy Nicaragua, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Nicaragua</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Sky El Salvador, S.A. de C.V. (1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">El Salvador</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:90px; text-indent:-15px">Televisi&#243;n Novavisi&#243;n de Guatemala, S.A. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Guatemala</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Corporaci&#243;n Satelital Novavisi&#243;n Dominicana, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Dominican Republic</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">Novavisi&#243;n Honduras, S.A. (1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Honduras</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gestora de Inversiones Audiovisuales La Sexta, S.A. 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" style="background: #cceeff">
    <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">
    <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">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>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /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"><B>GRUPO TELEVISA, S.A.B.<BR>
Subsidiaries, Consolidated Variable Interest Entities, Joint Ventures and Associates<BR>
as of December&nbsp;31, 2007</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="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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: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 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">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">Samra, S.A.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Ecuador</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Saral Publications, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap 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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Servicios Radi&#243;polis, 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">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" style="background: #cceeff">
    <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">
    <TD><DIV style="margin-left:30px; text-indent:-15px">AISA Inmuebles, 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">United States of America</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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>
<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 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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Televisa Pay-TV Venture, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">United States of America</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /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"><B>GRUPO TELEVISA, S.A.B.<BR>
Subsidiaries, Consolidated Variable Interest Entities, Joint Ventures and Associates<BR>
as of December&nbsp;31, 2007</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="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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:30px; text-indent:-15px">TuTv, LLC (2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap 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">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">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bay City Television, 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">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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" style="background: #cceeff">
    <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">
    <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" 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">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">Televisora de Calimex, 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 Mexicali, 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 Navojoa, 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">Televisora 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:30px; text-indent:-15px">Televisora del Golfo, 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">Televisora del Yaqui, 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 Peninsular, 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">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" style="background: #cceeff">
    <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>
<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">Television Holdings de Centroam&#233;rica, S.A:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Nicaragua</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 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 --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>7
<FILENAME>c73656exv12w1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;12.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER<BR>
Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, Emilio Azc&#225;rraga Jean, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.B.;<BR></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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):</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Dated this
25th day of June, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Emilio Azc&#225;rraga Jean
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Title: Chairman of the Board, President and
Chief Executive 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">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>8
<FILENAME>c73656exv12w2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;12.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER<BR>
Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, Salvi Rafael Folch Viadero, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have reviewed this annual report on Form 20-F of Grupo Televisa, S.A.B.;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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):</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Dated this
25th day of June, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- 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>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <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&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><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" style="padding-top: 1px">
    <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">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>9
<FILENAME>c73656exv13w1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;13.1</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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: 10pt">
<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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2007, 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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date:
June&nbsp;25, 2008

</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
Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>10
<FILENAME>c73656exv13w2.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<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="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;13.2</B>
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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: 10pt">
<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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2007, 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</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Date:
June&nbsp;25, 2008</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">&nbsp;

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
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<SEQUENCE>11
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
