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<SEC-DOCUMENT>0000950123-08-007692.txt : 20080708
<SEC-HEADER>0000950123-08-007692.hdr.sgml : 20080708
<ACCEPTANCE-DATETIME>20080708171916
ACCESSION NUMBER:		0000950123-08-007692
CONFORMED SUBMISSION TYPE:	F-4
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20080708
DATE AS OF CHANGE:		20080708

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:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-152184
		FILM NUMBER:		08943402

	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>F-4
<SEQUENCE>1
<FILENAME>y62497fv4.htm
<DESCRIPTION>FORM F-4
<TEXT>
<HTML>
<HEAD>
<TITLE>F-4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on July 8, 2008.</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Registration No.: 333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


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




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

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

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM F-4</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

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

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


<DIV align="center">
<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="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 align="center" valign="top"><B>United Mexican States</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>4833</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>None</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Primary Standard Industrial
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Classification Code Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Av. Vasco de Quiroga No.&nbsp;2000<BR>
Colonia Santa Fe<BR>
01210 M&#233;xico, D.F. M&#233;xico<BR>
(52) (55)&nbsp;5261-2000</B><BR>
(Address and telephone number of registrant&#146;s principal executive offices)</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Donald J. Puglisi<BR>
Puglisi and Associates<BR>
850 Library Avenue, Suite&nbsp;804<BR>
Newark, Delaware 19711<BR>
(302)&nbsp;738-6680</B><BR>
(Name, address and telephone number of agent for service)</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I>Copies to:</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Kenneth Rosh, Esq.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Joaqu&#237;n Balc&#225;rcel Santa Cruz</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Fried, Frank, Harris, Shriver &#038; Jacobson LLP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Grupo Televisa, S.A.B</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>One New York Plaza</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Av. Vasco de Quiroga No.&nbsp;2000</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>New York, New York 10004-1980</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Colonia Santa Fe</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(212)&nbsp;859-8000</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>01210 Mexico, D.F. Mexico</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(52) (55)&nbsp;5261-2000</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate date of commencement of proposed exchange offer</B>: As soon as practicable after
this Registration Statement becomes effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT style="font-family: Wingdings">&#168;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT style="font-family: Wingdings">&#168;</FONT>
</DIV>

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

<DIV align="center" style="margin-top: 0pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt" >
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&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: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of each Class of</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to be</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center" style="border-bottom: 1px solid #ffffff"><B>Securities to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Per Unit (1)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Offering Price (1)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Fee (1)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD nowrap valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><B>6.0% Senior Exchange Notes due 2018</B>
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">500,000,000</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">100</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">%</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">500,000,000</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">19,650</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The notes being registered are being offered (i)&nbsp;in exchange for 6.0% Senior Notes due
2018 previously sold in transactions exempt from registration under the Securities Act of
1933 and (ii)&nbsp;upon certain resales of the notes by broker-dealers. The registration fee,
which was previously wired to the Securities and Exchange Commission, was computed based
on the face value of the 6.0% Senior Notes due 2018 solely for the purpose of calculating
the registration fee pursuant to Rule&nbsp;457 under the Securities Act of 1933.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Registrant hereby amends this Registration Statement on such date or dates as may be
necessary to delay the effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in
accordance with </B><B>Section 8(a)</B><B> of the Securities Act of 1933 or until this Registration Statement
shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;</B><B>8(a)</B><B>,
may determine.</B>
</DIV>

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


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

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

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






<P style="padding: 5px; border: 3px double #000000; font-size: 10pt; color: #FF0000">The information in this prospectus is not complete and may be changed. We may not sell these
securities or consummate the exchange offer until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell or
exchange these securities and it is not soliciting an offer to acquire or exchange these securities
in any jurisdiction where the offer, sale or exchange is not permitted.



<DIV align="center" style="font-size: 10pt; margin-top: 18pt; color: #FF0000">SUBJECT TO COMPLETION, DATED JULY 8, 2008
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y62497y6249701.gif" alt="(GRUPO TELEVISA, S.A.B. LOGO)">
</DIV>


<DIV align="Center" style="font-size: 24pt; margin-top: 6pt"><B>Grupo Televisa, S.A.B.</B>

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>Offer to exchange all of our outstanding unregistered<BR>
U.S.$500,000,000 6.0% Senior Notes due 2018</B>

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>for</B>

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>U.S.$500,000,000 6.0% Senior Exchange Notes due 2018<BR>
which have been registered under the Securities Act of 1933</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Material Terms of the Exchange Offer</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;We are offering
to exchange the
notes that we sold
previously in a
private offering
for new registered
notes.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;You may withdraw tenders of old notes at any time
before 5:00 p.m., New York City time, on the date of the
expiration of the exchange offer.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" rowspan="4"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; The terms of the
new notes are
identical to the
terms of the old
notes, except for
the transfer
restrictions and
registration rights
relating to the
outstanding old
notes.
</DIV>
<BR>
<DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;The exchange
offer will expire
at 5:00 p.m., New
York City time, on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008,
unless we extend
it.
</DIV>
<BR>
<DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;We will exchange
all old notes that
are validly
tendered and not
validly withdrawn.
</DIV>

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;Application will be made to list the new notes on the
Luxembourg Stock Exchange.<br><br></DIV><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the exchange
offer.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;We will pay the expenses of the exchange offer.</DIV><br>
<DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;No dealer-manager is being used in connection with the
exchange offer.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;The exchange of old notes for new notes will not be a
taxable exchange for U.S. federal income tax purposes.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You should carefully review &#147;Risk Factors&#148; beginning on page 17 of this prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal offense.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The date of this prospectus is July&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008.
</DIV>



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

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

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

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

<DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">Incorporation by Reference</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">ii</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Limitation of Liability</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">iii</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Cautionary Statement Regarding Forward-Looking Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">iii</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Prospectus Summary</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Recent Developments</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Summary of Terms of the Exchange Offer</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Summary of Terms of the Exchange Notes</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">Summary Financial Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">The Exchange Offer</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">Capitalization</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">Description of the New Notes</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">Plan of Distribution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">General Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#117">Available Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">Legal Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#119">Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#120">PART II</A></DIV></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"><A href="#121">Item&nbsp;20. Indemnification of Directors and Officers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">II-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#122">Item&nbsp;21. Exhibits and Financial Statement Schedules</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">II-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#123">EXHIBIT INDEX</A></DIV></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"><A href="#124">Item&nbsp;22. Undertakings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">II-5</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv4w14.htm">EX-4.14: FORM OF THIRTEENTH SUPPLEMENTAL INDENTURE</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv4w17.htm">EX-4.17: REGISTRATION RIGHTS AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv5w1.htm">EX-5.1: OPINION OF FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv5w2.htm">EX-5.2: OPINION OF MIJARES, ANGOITIA, CORTES Y FUENTES, S.C.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv12w1.htm">EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv23w3.htm">EX-23.3: CONSENT OF PRICEWATERHOUSECOOPERS, S.C.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv25w1.htm">EX-25.1: STATEMENT OF ELIGIBILITY OF TRUSTEE ON FORM T-1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv99w1.htm">EX-99.1: FORM OF LETTER OF TRANSMITTAL</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv99w2.htm">EX-99.2: FORM OF NOTICE OF GUARANTEED DELIVERY</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv99w3.htm">EX-99.3: FORM OF LETTER TO REGISTERED HOLDERS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv99w4.htm">EX-99.4: FORM OF LETTER TO BROKERS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y62497exv99w5.htm">EX-99.5: FORM OF LETTER TO CLIENTS</A></FONT></TD></TR>
</TABLE>
</DIV>

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

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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will apply to list the new notes on the Luxembourg Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL SECURITIES REGISTRY
(REGISTRO NACIONAL DE VALORES) MAINTAINED BY THE NATIONAL BANKING AND SECURITIES COMMISSION (THE
COMISI&#211;N NACIONAL BANCARIA Y DE VALORES, OR CNBV), AND MAY NOT BE OFFERED OR SOLD PUBLICLY, OR
OTHERWISE BE THE SUBJECT OF BROKERAGE ACTIVITIES IN MEXICO, EXCEPT PURSUANT TO A PRIVATE PLACEMENT
EXEMPTION SET FORTH UNDER ARTICLE 8 OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE
VALORES). AS REQUIRED UNDER THE MEXICAN SECURITIES MARKET LAW, WE WILL NOTIFY THE CNBV OF THE
OFFERING OF THE NOTES OUTSIDE OF MEXICO. SUCH NOTICE WILL BE DELIVERED TO THE CNBV TO COMPLY WITH A
LEGAL REQUIREMENT AND FOR INFORMATION PURPOSES ONLY, AND THE DELIVERY TO AND THE RECEIPT BY THE
CNBV OF SUCH NOTICE, DOES NOT IMPLY ANY CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE NOTES OR
OUR SOLVENCY, LIQUIDITY OR CREDIT QUALITY. THE INFORMATION CONTAINED IN THIS PROSPECTUS IS
EXCLUSIVELY OUR RESPONSIBILITY AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV. THE ACQUISITION
OF THE NOTES BY AN INVESTOR OF MEXICAN NATIONALITY WILL BE MADE UNDER ITS OWN RESPONSIBILITY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We are not making an offer to exchange notes in any jurisdiction where the offer is not
permitted, and will not accept surrenders for exchange from holders in any such jurisdiction.</B>
</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission, or the SEC, allows us to &#147;incorporate by reference&#148;
information contained in documents we file with them, which means that we can disclose important
information to you by referring you to those documents. The information incorporated by reference
is considered to be part of this prospectus, and later information that we file with the SEC, to
the extent that we identify such information as being incorporated by reference into this
prospectus, will automatically update and supersede this information. Information set forth in this
prospectus supersedes any previously filed information that is incorporated by reference into this
prospectus. We incorporate by reference into this prospectus the following information and
documents:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2007, dated June
25, 2008 (SEC File No.&nbsp;001-12610), which we refer to in this prospectus as the &#147;2007 Form
20-F&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Forms 6-K, which we submitted to the SEC on April&nbsp;29, 2008 and June&nbsp;11, 2008, which discuss our
results for the quarter ended March&nbsp;31, 2008; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any future filings on Form 20-F we make under the Securities Exchange Act of 1934, as
amended, after the date of this prospectus and prior to the termination of the exchange
offer, and any future submissions on Form 6-K during this period that are identified as
being incorporated into this prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You may request a copy of these filings, at no cost, at the office of our Luxembourg paying
agent and transfer agent at the address listed on the back cover of this prospectus or by writing
or calling us at the following address and phone number:</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Investor Relations<BR>
Grupo Televisa, S.A.B.<BR>
Avenida Vasco de Quiroga, No.&nbsp;2000<BR>
Colonia Santa Fe, 01210<BR>
M&#233;xico, D.F., M&#233;xico<BR>
(52) (55)&nbsp;5261-2000
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information contained in this prospectus or to which we have
referred you. We have not authorized any person to provide you with different information. We are
offering to exchange the old notes for new notes only in jurisdictions where offers and sales are
permitted. The information in this document may only be accurate on the date of this document.
</DIV>

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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="102"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially all of our directors, executive officers and controlling persons reside outside
of the United States, 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
United States and some of the experts named in this prospectus also reside outside of the United
States. As a result, it may not be possible 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 United States. 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;Risk Factors &#151; Risk Factors Related to the New Notes and Exchange Offer &#151;
It May Be Difficult to Enforce Civil Liabilities Against Us or Our Directors, Executive Officers
and Controlling Persons&#148;.
</DIV>


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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and the documents incorporated by reference into this prospectus 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: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>projections of operating revenues, net income (loss), net income (loss)&nbsp;per CPO/share, capital
expenditures, dividends, capital structure or other financial items or ratios;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements of our plans, objectives or goals, including those relating to anticipated trends,
competition, regulation and rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current and future plans regarding our online and wireless content division, Televisa Digital;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our current and future plans regarding our investment in the Spanish
television channel Gestora de Inversiones Audiovisuales La Sexta, S.A., or La Sexta;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our current and future plans regarding our gaming business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our current and future plans regarding the introduction of fixed telephony
service by Empresas Cablevisi&#243;n, S.A.B. de C.V., or Cablevisi&#243;n;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our transactions with and/or litigation involving Univision Communications,
Inc., or Univision;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our series of transactions with the DIRECTV Group, Inc., or DIRECTV, and
News Corporation, or News Corp.;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our transactions with NBC Universal&#146;s Telemundo Communications Group, or
Telemundo;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements concerning our plans to build and launch a new transponder satellite;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements about our acquisition of Editorial Atl&#225;ntida, S.A., or Editorial Atl&#225;ntida;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements about our recent acquisition of shares of companies owning the majority of the assets
of Bestel, S.A. de C.V., or Bestel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements about our future economic performance or 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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements or assumptions underlying these statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words such as &#147;believe&#148;, &#147;anticipate&#148;, &#147;plan&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;target&#148;, &#147;estimate&#148;,
&#147;project&#148;, &#147;predict&#148;, &#147;forecast&#148;, &#147;guideline&#148;, &#147;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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements involve inherent risks and uncertainties. We caution you that a
number of important factors could cause actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in these forward-looking
statements. These factors, some of which are discussed under &#147;Item&nbsp;3 &#151; Key Information &#151; Risk Factors&#148;,
in our Form 20-F for the year ended December&nbsp;31, 2007, herein incorporated by reference, include
economic and political conditions and government policies in Mexico or elsewhere, inflation
rates, exchange rates, regulatory developments, customer demand and competition. We caution you
that the foregoing list of factors is not exclusive and that other risks and uncertainties may
cause actual results to differ materially from those in forward-looking statements. You should
evaluate any statements made by us in light of these important factors.
</DIV>

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


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



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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You should read the following summary together with the information set forth under the
heading &#147;Risk Factors&#148; and in our audited year-end financial statements and the accompanying notes,
which are included in the 2007 </I><I>Form 20-F</I><I> and which are incorporated herein by reference. All
references to &#147;Televisa&#148;, &#147;we&#148;, &#147;us&#148; and words of similar effect refer to Grupo Televisa, S.A.B.,
and, unless the context requires otherwise, its restricted and unrestricted consolidated
subsidiaries. References to &#147;Innova&#148; or, for segment reporting purposes, &#147;Sky&#148; refer to Innova, S.
de R.L. de C.V. Unless otherwise indicated, all Peso information is stated in Pesos in purchasing
power as of December&nbsp;31, 2007.</I>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa, S.A.B., is the largest media company in the Spanish-speaking world and a major
participant in the international entertainment business. We 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
own 58.7% of Sky, a direct-to-home, or DTH, satellite
television provider in Mexico. We are
also a shareholder in three Mexican cable companies,
Cablevisi&#243;n, Televisi&#243;n Internacional,
S.A. de C.V., or TVI, and
Cablem&#225;s, S.A. de
C.V., or Cablem&#225;s.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also own an unconsolidated equity stake in
La Sexta, a free-to-air television channel in Spain, and in Operadora de Centros de Espect&#225;culos, S.A. de C.V., or OCESA, one of the leading live
entertainment companies in Mexico.
</DIV>

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


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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. We have launched a number of initiatives in creative development,

</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the strategic alliance agreement entered into with 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 more than 1,000 hours of 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.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2007, Innova and Sky Brasil Servicos Ltda., or 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.
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablevisi&#243;n has introduced a variety of new multimedia communications services over the past
few years, such as interactive television and other enhanced program services, including high-speed
internet access through cable modem as well as internet protocol, or 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 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
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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We supply television programming for the U.S.-Hispanic market through Univision, the leading
Spanish-language media company in the United States. During 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
million and U.S.$138.0&nbsp;million, respectively, in royalties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2007, at the closing of the acquisition of Univision, all of Televisa&#146;s shares and
warrants in Univision were cancelled and converted into cash in an aggregate amount of U.S.$1,094.4
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
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may continue to bind Televisa by reason of the Program License
Agreement, or PLA, as amended, among Televisa Internacional, S.A. de C.V. and Univision, 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain a joint venture, TuTv, with Univision through which we operate and distribute a
suite of Spanish-language television channels for digital cable and satellite delivery in the
United States. TuTv currently distributes five cable channels, including two movie channels and
three channels featuring music videos, celebrity lifestyle and interviews and entertainment news
programming. In 2007, channels distributed by TuTv reached approximately 1.8&nbsp;million subscribers
through EchoStar Communications Corporation, DIRECTV (PR), Cox, Charter and other smaller systems.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We plan to continue leveraging our strengths and capabilities to develop new business
opportunities and expand through acquisitions and investments in Mexico, the United States and
elsewhere. Any such acquisition or investment, which could be funded using cash on hand, our equity
securities and/or the issuance of debt securities, could be substantial in size.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2006, our subsidiary, Corporativo Vasco de Quiroga, S.A. de C.V. or CVQ, acquired a
50% interest in 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVQ notified the Comisi&#243;n Federal de Competencia, or 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2006, we invested U.S.$258.0&nbsp;million in long-term notes, convertible, at our
option and subject to regulatory approval, into 99.99% of the equity of Alvafig, S.A. de C.V., or 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
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
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>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa, S.A.B. is a <I>sociedad an&#243;nima burs&#225;til</I>, a limited liability public stock
corporation organized under the laws of the United Mexican States. Our principal executive offices
are located at Avenida Vasco de Quiroga, No.&nbsp;2000, Colonia Santa Fe, 01210 M&#233;xico, D.F., M&#233;xico.
Our telephone number at that address is (52)(55) 5261 2000.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="105"></A>
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;24, 2008, we announced our results of operations for the three months ended March&nbsp;31,
2008. For a description of these results, see our Form 6-K filed on April&nbsp;29, 2008 and incorporated
herein by reference. Since the financial information set forth in the Form 6-K as of March&nbsp;31,
2008 and for the three months ended on that date does not recognize the effects of inflation
beginning January&nbsp;1, 2008, due to a change in Mexican Financial Reporting Standards (Normas de
Informaci&#243;n Financiera), or Mexican FRS, it is not directly comparable to the financial information
presented elsewhere in this prospectus, which, unless otherwise stated, is presented in Pesos in
purchasing power as of December&nbsp;31, 2007.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. See
&#147;Item&nbsp;3 &#151; Key Information &#151; Dividends&#148; included in the 2007 Form 20-F.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;12, 2008, we consummated our offering of US$500.0&nbsp;million aggregate principal amount of
6.0% Senior Notes due 2018. The notes issued in May&nbsp;2008 are a single series of notes. We are
offering to exchange these notes for new registered notes on the terms described in this
prospectus.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY OF TERMS OF THE EXCHANGE OFFER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a summary description of the terms of the exchange offer. We refer you to
&#147;The Exchange Offer&#148; for a more complete description of the terms of the exchange offer.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New Notes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Up to U.S.$500,000,000 aggregate principal amount of 6.0% Senior Exchange Notes due 2018, or Exchange Notes, or new notes. The terms of the new notes and the old
notes are identical in all respects, except that, because the offer of the new notes will have been registered under the Securities Act of 1933, or the Securities
Act, the new notes will not be subject to transfer restrictions, registration rights or the related provisions for increased interest if we default under the related
registration rights agreement.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Exchange Offer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We are offering to exchange up to U.S.$500,000,000 aggregate principal amount of new notes for a like aggregate principal amount of old notes. Old notes may be
tendered only in a minimum principal amount of U.S.$100,000 and in integral multiples of U.S.$1,000.</TD>
</TR>


<TR valign="bottom">
    <TD>&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">In connection with the private placement of the old notes on May&nbsp;12, 2008, we entered into a registration rights agreement, which grants holders of the old notes
certain exchange and registration rights. This exchange offer is intended to satisfy our obligations under this registration rights agreement.</TD>
</TR>


<TR valign="bottom">
    <TD>&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">If the exchange offer is not completed within the time period specified in the registration rights agreement, we will be required to pay additional interest on the
old notes covered by the registration rights agreement for which the specified time period was exceeded.</TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Resale of New Notes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Based on existing interpretations by the staff of the SEC set forth in interpretive letters issued to parties unrelated to us, we believe that the new notes may be
offered for resale, resold or otherwise transferred by you without compliance with the registration and prospectus delivery requirements of the Securities Act,
provided that:</TD>
</TR>


<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;you are acquiring the new notes in the exchange offer in the ordinary course of your business;
</DIV></TD>
</TR>


<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;you are not participating, do not intend to participate, and have no arrangements or understandings with any person to participate in the exchange offer for the
purpose of distributing the new notes; and</DIV></TD>
</TR>


<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;you are not our &#147;affiliate&#148;, within the meaning of Rule&nbsp;405 under the Securities Act.
</DIV></TD>
</TR>


<TR valign="bottom">
    <TD>&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">If any of the statements above are not true and you transfer any new notes without delivering a prospectus that meets the requirements of the Securities Act or
without an exemption from registration of your new notes from those requirements, you may incur liability under the Securities Act. We will not assume or indemnify
you against that liability.</TD>
</TR>


<TR valign="bottom">
    <TD>&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">Each broker-dealer that receives new notes for its own account in exchange for old notes that were acquired by such broker-dealer as a result of market-making or
other trading activities may be a statutory underwriter and must acknowledge that it will comply with the prospectus delivery requirements of the Securities Act in
connection with any resale or transfer of the new notes. A broker-dealer may use this prospectus for an offer to resell, resale or other transfer of the new notes.
See &#147;Plan of Distribution&#148;.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The exchange offer is not being made to, nor will we accept surrenders of old notes for exchange from, holders of old notes in any jurisdiction in which the exchange
offer or the acceptance thereof would not be in compliance with the securities or blue sky laws of the jurisdiction.</TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Consequences of Failure to
Exchange
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Old Notes for New Notes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">If you do not exchange your old notes for new notes, you will not be able to offer, sell or otherwise transfer your old notes except:</TD>
</TR>


<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;in compliance with the registration requirements of the Securities Act and any other applicable securities laws;
</DIV></TD>
</TR>


<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;pursuant to an exemption from the securities laws; or</DIV></TD>
</TR>


<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;in a transaction not subject to the securities laws.</DIV></TD>
</TR>


<TR valign="bottom">
    <TD>&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">Old notes that remain outstanding after completion of the exchange offer will continue to bear a legend reflecting these restrictions on transfer. In addition, upon
completion of the exchange offer, you will not be entitled to any rights to have the resale of old notes registered under the Securities Act, and we currently do not
intend to register under the Securities Act the resale of any old notes that remain outstanding after the completion of the exchange offer.</TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expiration Date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The exchange offer will expire at 5:00 p.m., New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008, unless we extend it. We do not currently intend to extend the exchange offer.</TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest on the New Notes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest on the new notes will accrue at the rate of 6.0% from the date of the last periodic payment of interest on the old notes or, if no interest has been paid,
from May&nbsp;12, 2008. No additional interest will be paid on old notes tendered and accepted for exchange.</TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Conditions to the Exchange Offer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The exchange offer is subject to customary conditions, including that:</TD>
</TR>

<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;the exchange offer
does not violate applicable law or any applicable interpretation of the
Securities and Exchange Commission, or the SEC, staff;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;the old notes are validly tendered in accordance with the exchange offer;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;no action or proceeding would impair our ability to proceed with the exchange offer; and
</DIV></TD>
</TR>


<TR valign="bottom">
    <TD>&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"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;any governmental approval that we believe, in our sole discretion, is necessary for the consummation of the exchange offer, as outlined in this prospectus, has been
obtained.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD>&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">The exchange offer is not conditioned upon any minimum principal amount of old notes being tendered for exchange. See &#147;The Exchange Offer &#151; Conditions&#148;.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Procedures for Tendering Old Notes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If you wish to accept the exchange offer, you must follow the procedures for book-entry transfer described in this prospectus, whereby you will agree to be bound by
the letter of transmittal and we may enforce the letter of transmittal against you. Questions regarding the tender of old notes or the exchange offer generally should
be directed to the exchange agent at one of its addresses specified in &#147;The Exchange Offer &#151; Exchange Agent&#148;. See &#147;The Exchange Offer &#151; Procedures for Tendering&#148;
and &#147;The Exchange Offer &#151; Guaranteed Delivery Procedures&#148;.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

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


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&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">Guaranteed Delivery Procedures
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If you wish to tender your old notes and the procedure for book entry transfer cannot be completed on a timely basis, you may tender your old notes according to the
guaranteed delivery procedures described under the heading &#147;The Exchange Offer &#151; Guaranteed Delivery Procedures&#148;.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Acceptance of Old Notes and
Delivery
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="top">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">of New Notes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will accept for exchange any and all old notes that are properly tendered in the exchange offer before 5:00 p.m., New York City time, on the expiration date, as
long as all of the terms and conditions of the exchange offer are met. We will deliver the new notes promptly following the expiration date.</TD>
</TR>



<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Withdrawal Rights
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You may withdraw the tender of your old notes at any time before 5:00 p.m., New York City time, on the expiration date of the exchange offer. To withdraw, you must
send a written notice of withdrawal to the exchange agent at one of its addresses specified in &#147;The Exchange Offer &#151; Exchange Agent&#148; before 5:00 p.m., New York City
time, on the expiration date. See &#147;The Exchange Offer &#151; Withdrawal of Tenders&#148;.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Taxation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We believe that the exchange of old notes for new notes should not be a taxable transaction for U.S. federal income tax purposes. For a discussion of certain other
U.S. and Mexican federal tax considerations relating to the exchange of the old notes for the new notes and the purchase, ownership and disposition of new notes, see
&#147;Taxation&#148;.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exchange Agent
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of New York Mellon is the exchange agent. The address, telephone number and facsimile number of the exchange agent are set forth in &#147;The Exchange Offer &#151; Exchange
Agent&#148; and in the back cover of this prospectus.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Use of Proceeds
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will not receive any proceeds from the issuance of the new notes. We are making the exchange offer solely to satisfy our obligations under the registration rights
agreement. See &#147;Use of Proceeds&#148; for a description of our use of the net proceeds received in connection with the issuance of the old notes.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY OF TERMS OF THE EXCHANGE NOTES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Unless otherwise specified, references in this section to the &#147;notes&#148; mean the
U.S.$500,000,000 aggregate principal amount of old notes issued on May&nbsp;12, 2008 and up to an equal
principal amount of new notes we are offering hereby. The new notes will be issued under the same
indenture under which the old notes were issued and, as a holder of new notes, you will be entitled
to the same rights under the indenture that you had as a holder of old notes. The old notes and the
new notes will be treated as a single series of debt securities under the indenture.</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="33%">&nbsp;</TD>
    <TD width="3%">&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">Issuer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grupo Televisa, S.A.B.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notes Offered
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Up to U.S.$500.0&nbsp;million aggregate principal amount of 6.0% Senior
Exchange Notes due 2018 which have been registered under the Securities
Act.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maturity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2018</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest Payment Dates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest on the Exchange Notes is payable semi-annually on May&nbsp;15 and
November&nbsp;15 of each year, beginning on November&nbsp;15, 2008.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ranking
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Exchange Notes are our unsecured general obligations and rank equally
with all of our existing and future unsecured and unsubordinated
indebtedness. The Exchange Notes effectively rank junior to all of our
secured indebtedness with respect to the value of our assets securing
that indebtedness and to all of the existing and future liabilities,
including trade payables, of our subsidiaries.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As of March&nbsp;31, 2008:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:19px; text-indent:-19px">(i)&nbsp;&nbsp;Televisa had approximately Ps.21,579.2&nbsp;million (equivalent to
approximately U.S.$2,026.9&nbsp;million) of aggregate liabilities (not
including the notes and excluding liabilities to subsidiaries),
U.S.$975.5&nbsp;million of which was Dollar-denominated. These liabilities
include approximately Ps.18,250.3&nbsp;million (equivalent to approximately
U.S.$1,714.2&nbsp;million) of indebtedness, U.S.$972.0&nbsp;million of which was
Dollar-denominated, all of which would have effectively ranked equal to
the notes; and</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:19px; text-indent:-19px">(ii)&nbsp;&nbsp;Televisa&#146;s subsidiaries had approximately Ps.34,324.1&nbsp;million
(equivalent to approximately U.S.$3,224.0&nbsp;million) of liabilities
(excluding liabilities to us and excluding guarantees by subsidiaries of
indebtedness of Televisa), U.S.$775.1&nbsp;million of which was
Dollar-denominated. These liabilities include approximately Ps.6,100.7
million (equivalent to approximately U.S.$573.0&nbsp;million) of indebtedness,
U.S.$239.3&nbsp;million of which was Dollar-denominated, all of which
(equivalent to approximately Ps.2,547.7&nbsp;million) would have effectively
ranked senior to the notes.</div></TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since the Peso-denominated information in this paragraph does not recognize the effects of
inflation on certain non-monetary liabilities included in aggregate liabilities, due to a change in
Mexican FRS beginning January&nbsp;1, 2008, such information is not directly
comparable to the financial information presented elsewhere in this prospectus, which, unless
otherwise stated, is presented in Pesos in purchasing power as of December&nbsp;31, 2007. U.S. Dollar
equivalents are stated at the interbank free market exchange rate, or the Interbank Rate, as
reported by <I>Banco Nacional de M&#233;xico, S.A.</I>, or Banamex, as of March&nbsp;31, 2008, which was Ps.10.6465
per one U.S. Dollar.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certain Covenants
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The indenture governing the Exchange Notes contains certain covenants
relating to Televisa and its restricted subsidiaries, including covenants
with respect to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">
<B>&#149;</B>&nbsp;&nbsp;&nbsp;limitations on liens;</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;limitations on sales and leasebacks; and
</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;limitations on certain mergers, consolidations and similar transactions.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">These covenants are subject to a number of important qualifications and
exceptions. See &#147;Description of the New Notes &#151; Certain Covenants&#148;.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Change of Control Offer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If we experience specific changes of control, we must offer to repurchase
the Exchange Notes at 101% of their principal amount, plus accrued and
unpaid interest. See &#147;Description of the New Notes &#151; Certain Covenants
&#151; Repurchase of Notes upon a Change of Control&#148;.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Additional Amounts
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All payments by us in respect of the Exchange Notes, whether of principal
or interest, will be made without withholding or deduction for Mexican
taxes, unless any withholding or deduction is required by law. If you are
not a resident of Mexico for tax purposes, payment of interest on the
Exchange Notes to you will generally be subject to Mexican withholding
tax at a rate which is currently 4.9% (subject to certain exceptions).
See &#147;Taxation &#151; United States/Mexico Tax Treaty &#151; Federal Mexican
Taxation&#148; in this prospectus. In the event any withholding or deduction
for Mexican taxes is required by law, subject to specified exceptions and
limitations, we will pay the additional amounts required so that the net
amount received by the holders of the Exchange Notes after the
withholding or deduction will not be less than the amount that would have
been received by the holders in the absence of such withholding or
deduction. See &#147;Description of the New Notes &#151; Certain Covenants &#151;
Additional Amounts&#148;.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Redemption for Changes in Mexican
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Withholding Taxes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In the event that, as a result of certain changes in law affecting
Mexican withholding taxes, we become obligated to pay additional amounts
in respect of the Exchange Notes in excess of those attributable to a
Mexican withholding tax rate of 10%, the Exchange Notes will be
redeemable, as a whole but not in part, at our option at any time at 100%
of their principal amount plus accrued and unpaid interest, if any. See
&#147;Description of the New Notes &#151; Certain Covenants &#151; Additional Amounts&#148;
and &#147;Description of the New Notes &#151; Optional Redemption &#151; Withholding
Tax Redemption&#148;.</TD>
</TR>










<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Optional Redemption
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We may redeem any of the Exchange Notes at any time in whole or in part
by paying the greater of the principal amount of the Exchange Notes or a
&#147;make-whole&#148; amount, plus in each case accrued interest, as described
under &#147;Description of the New Notes &#151; Optional Redemption &#151; Optional
Redemption With Make-Whole Amount&#148;.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form and Denomination
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Exchange Notes will be issued in fully registered book-entry form,
with a minimum denomination of U.S.$100,000 and integral multiples of
U.S.$1,000 in excess thereof.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trustee and Principal Paying Agent
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of New York Mellon</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Governing Law
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Exchange Notes and the indenture are, and following the completion of
the exchange offer will continue to be, governed by New York law.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Risk Factors
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">See &#147;Risk Factors&#148; and the other information in this prospectus for a
discussion of factors you should carefully consider before deciding to
participate in the exchange offer.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Luxembourg Listing
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will apply to list the Exchange Notes on the Luxembourg Stock Exchange.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more complete information regarding the Exchange Notes, see &#147;Description of the New
Notes&#148;.
</DIV>


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



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="108"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables present our selected consolidated financial information as of and for
each of the periods indicated. This data is qualified in its entirety by reference to, and should
be read together with, our audited year-end financial statements. The following data for each of
the years ended December&nbsp;31, 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 prospectus. 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;Item&nbsp;5 &#151; Operating and Financial Review and Prospects &#151; Results of
Operations&#148; in the 2007 Form 20-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange rate used in translating Pesos into U.S. Dollars in calculating the convenience
translations included in the following tables is determined by reference to the Interbank Rate, as
reported by Banamex as of December&nbsp;31, 2007, which was Ps.10.9222 per U.S. Dollar. This prospectus
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 prospectus should not
be construed as representations that the Peso amounts actually represent the U.S. Dollar amounts
presented or that they could be converted into U.S. Dollars at the rate indicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our year-end financial statements have been prepared in accordance with
Mexican FRS, which became effective on
January&nbsp;1, 2006 and which differ in some significant respects from
generally accepted accounting principles in the United States, or
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 and 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;Item&nbsp;3 &#151; Key
Information &#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; included in the
2007 Form 20-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For unaudited selected consolidated financial information as of March&nbsp;31, 2008 and for the
three-month periods ended March&nbsp;31, 2007 and 2008 and a discussion of Televisa&#146;s financial results
for the three-month periods ended March&nbsp;31, 2007 and 2008, see our Form 6-K filed on April&nbsp;29,
2008. For a description of our indebtedness as of March&nbsp;31, 2008, see our Form 6-K filed on April
29, 2008 and &#147;Capitalization&#148;. Since the financial information as of March&nbsp;31, 2008 and for the
three-month period ended March&nbsp;31, 2008 in our Form 6-K filed on April&nbsp;29, 2008 and under
&#147;Capitalization&#148; does not recognize the effects of inflation beginning on January&nbsp;1, 2008, due to a
change in Mexican FRS, the financial information as of March&nbsp;31, 2008 and for the three-month
period ended March&nbsp;31, 2008 in our Form 6-K filed on April&nbsp;29, 2008 and under &#147;Capitalization&#148; is
not directly comparable to the financial information included elsewhere in this prospectus or in
the table below, which unless otherwise indicated, is presented in constant Mexican Pesos in
purchasing power as of December&nbsp;31, 2007. Results of operations for the interim periods are not
necessarily indicative of the results that might be expected for any other interim period or for an
entire year.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a general extraordinary meeting and at special meetings of the stockholders of Grupo
Televisa, S.A.B., or Televisa, held on April&nbsp;16, 2004, our stockholders approved the creation of a
new class of capital stock, the B Shares, and the distribution of new shares to our stockholders as
part of the recapitalization of our capital stock as described in the Information Statement dated
March&nbsp;25, 2004, which was submitted to the SEC on Form
6-K on March&nbsp;25, 2004. Except where otherwise indicated, all information in this prospectus
reflects our capital structure as of December&nbsp;31, 2007.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Summary Financial Data</B></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="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>(Millions of Pesos in purchasing power as of December 31, 2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 0px solid #000000"><B>or millions of U.S. Dollars)(1)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican GAAP/FRS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income Statement Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">27,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">32,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">35,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">39,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">41,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">3,805</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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">
    <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">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&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">
    <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="right">&nbsp;</TD>
    <TD align="right">(1,139</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&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">
    <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">
    <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">
    <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">
    <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">
    <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">
    <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">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income Statement Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">27,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">32,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">35,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">39,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">41,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">3,805</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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">
    <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">
    <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">
    <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">
    <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">
    <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">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican GAAP/FRS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance Sheet Data (end of year):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and temporary investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">14,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">18,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">15,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">16,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">27,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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">
    <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">
    <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">
    <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">
    <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">
    <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">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance Sheet Data (end of year):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">11,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">17,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">15,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">15,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">25,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">2,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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">
    <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">
    <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">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(Mexican GAAP/FRS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Financial Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">1,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">2,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">2,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">3,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">Ps.</TD>
    <TD align="right">3,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">U.S.$</TD>
    <TD align="right">355</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Financial Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used for financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,110</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(703</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,412</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,621</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(115</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used for investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,550</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(673</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,392</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,216</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(294</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(27</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of earnings to fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>(Millions of Pesos in purchasing power as of December 31, 2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 0px solid #000000"><B>or millions of U.S. Dollars)(1)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Data (unaudited):</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average prime time audience share (TV broadcasting)(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">68.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">68.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">69.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&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">
    <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">
    <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">
    <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">
    <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">
    <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">
    <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="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><B>Notes to Summary Financial Data:</B>
</DIV>




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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>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.</TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>For further analysis of income (loss)&nbsp;from continuing operations per
CPO and net income per CPO (as well as corresponding amounts per A
Share not traded as CPOs), see Note 20 (for the calculation under
Mexican FRS) and Note 23 (for the calculation under U.S. GAAP) to our
year-end financial statements.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>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 Global Depositary Shares, or
GDSs, each GDS representing 5 CPOs. Before March&nbsp;22, 2006, each GDS
represented 20 CPOs.
</TR>

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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
The number of CPOs and shares issued and outstanding for financial
reporting purposes under Mexican GAAP/FRS and U.S. GAAP is different
than the number of CPOs issued and outstanding for legal purposes,
because under Mexican GAAP/FRS and U.S. GAAP shares owned by
subsidiaries and/or the trusts created to implement our Stock
Purchase Plan and our Long-Term Retention Plan are not considered
outstanding for financial reporting purposes.</TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
As of December&nbsp;31, 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.</TD>
</TR>

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

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

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

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

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;Item&nbsp;5 &#151; Operating and Financial Review and Prospects &#151; Results of
Operations &#151; Liquidity, Foreign Exchange and Capital Resources &#151;
Indebtedness&#148; included in the 2007 Form 20-F and Note 8 to our
year-end financial statements.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Capital expenditures are those investments made by us in property,
plant and equipment, which amounts are first translated from Mexican
Pesos into U.S. Dollars, 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.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;Average prime time audience share&#148; for a period refers to the
average daily prime time audience share for all of our networks and
stations during that period, and &#147;average prime time rating&#148; for a
period refers to the average daily rating for all of our networks and
stations during that period, each rating point representing one
percent of all television households. As used in this prospectus,
&#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</TD>
</TR>

</TABLE>


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</DIV>

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





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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>as published by IBOPE Mexico. For
further information regarding audience share and ratings information
and IBOPE Mexico, see &#147;Item&nbsp;4 &#151; Information on the Company &#151;
Business Overview &#151; Television &#151; Television Broadcasting&#148; included
in the 2007 Form 20-F.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>The figures set forth in this line item represent total circulation
of magazines that we publish independently and through joint ventures
and other arrangements and do not represent magazines distributed on
behalf of third parties.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Innova, our 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;Item&nbsp;4 &#151; Information on the Company &#151;
Business Overview &#151; DTH Joint Ventures &#151; Mexico and Central
America&#148; included in the 2007 Form 20-F. 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;Item&nbsp;5 &#151; Operating and Financial
Review and Prospects &#151; Results of Operations &#151; Equity in
Results of Affiliates, Net&#148; included in the 2007 Form 20-F. Since April&nbsp;1,
2004, Innova has been consolidated in our financial results.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>RGU is defined as an individual service subscriber who generates
recurring revenue under each service provided by 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;Item&nbsp;5 &#151; Operating and Financial Review and
Prospects &#151; Results of Operations &#151; Cable and Telecom&#148; and &#147;Item&nbsp;4
&#151; Information on the Company &#151; Business Overview &#151; Cable and
Telecom&#148; included in the 2007 Form 20-F.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>The results of operations of Esmas.com are included in the results of
operations of our Other Businesses segment. See &#147;Item&nbsp;5 &#151; Operating
and Financial Review and Prospects &#151; Results of Operations &#151; Other
Businesses&#148; included in the 2007 Form 20-F. For a description of
Esmas.com, see &#147;Item&nbsp;4 &#151; Information on the Company &#151; Business
Overview &#151; Other Businesses &#151; Televisa Digital&#148; included in the
2007 Form 20-F. The figures set forth in this line item represent the
number of registered users in each year presented. The term
&#147;registered user&#148; means a visitor that has completed a profile
questionnaire that enables the visitor to use the e-mail service
provided by Esmas.com.</TD>
</TR>

</TABLE>




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</DIV>



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

<DIV align="left">
<A name="109"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>An investment in the new notes involves risk. You should consider carefully the following
factors, as well as all other information in, or incorporated by reference into, this prospectus,
including &#147;Item&nbsp;3 &#151; Key Information &#151; Risk Factors&#148; in the 2007 </I><I>Form 20-F</I><I>, before deciding to
participate in the exchange offer.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risk Factors Related to the New Notes and Exchange Offer</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>We Have Substantial Indebtedness and May Incur Additional Indebtedness; Most of Our Other Existing
Indebtedness Matures Prior to the Maturity of the Exchange Notes</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We now
have and will continue to have after the issuance of these notes a substantial amount
of indebtedness outstanding. Any Mexican UDI-denominated indebtedness we may issue in the future,
will increase as the Mexican National Consumer Price Index, or the NCPI, increases.
The <I>Unidad de Inversi&#243;n</I>, or UDI, is an inflation-indexed, Mexican Peso-denominated monetary unit that is linked to,
and adjusted daily to reflect changes in, the NCPI.
In addition, the indenture governing the Exchange Notes does
not limit our ability, or the ability of our subsidiaries, to incur additional indebtedness, and we
may incur indebtedness in connection with our business, including borrowings to fund investments
and acquisitions. Such additional borrowings could adversely affect our financial position and
results of operations. To the extent our restricted or unrestricted subsidiaries borrow money,
whether on a secured or an unsecured basis, that indebtedness will effectively rank senior to the
Exchange Notes. The degree to which we are leveraged may impair our ability to internally fund or
obtain financing in the future for working capital, capital expenditures, acquisitions or other
general corporate purposes and may limit our flexibility in planning for or reacting to changes in
market conditions and industry trends. As a result, we may be more vulnerable in the event of a
further substantial downturn in general economic conditions in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture does not restrict our ability or the ability of our unrestricted subsidiaries to
pledge shares of capital stock or assets of our unrestricted subsidiaries, and our ability and our
restricted subsidiaries&#146; ability to pledge assets is subject only to the limited restrictions
contained in the indenture. To the extent we pledge shares of capital stock or other assets to
secure indebtedness, the indebtedness so secured will effectively rank senior to the Exchange Notes
to the extent of the value of the shares or other assets pledged. The indenture also does not
restrict the ability of our unrestricted subsidiaries to pledge shares of capital stock or other
assets that they own to secure indebtedness. See &#147;Description of the New Notes&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture does not restrict the ability of Televisa to lend its funds to, or otherwise
invest in, its subsidiaries, including its unrestricted subsidiaries. If Televisa were to lend
funds to, or otherwise invest in, its subsidiaries, creditors of such subsidiaries could have a
claim on their assets that would be senior to the claims of Televisa. See &#147;&#151; We Are a Holding
Company With Our Assets Held Primarily by Our Subsidiaries; Creditors of Those Companies Have a
Claim on Their Assets That Is Effectively Senior to That of Holders of the Exchange Notes&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of our outstanding indebtedness will mature prior to the maturity date of the Exchange
Notes. If we cannot generate sufficient cash flow from operations to meet our obligations
(including payments on the Exchange Notes at their maturity), then our indebtedness (including the
Exchange Notes) may have to be refinanced. Any such refinancing may not be effected successfully or
on terms that are acceptable to us. In the absence of such refinancings, we could be forced to
dispose of assets in order to make up for any shortfall in the payments due on our indebtedness,
including interest and principal payments due on the Exchange Notes, under circumstances that might
not be favorable to realizing the best price for such assets. Further, any assets may not be sold
quickly enough, or for amounts sufficient, to enable us to make any such payments. If we are unable
to sell sufficient assets to repay this debt we could be forced to issue equity securities to make
up any shortfall. Any such equity issuance would be subject to the approval of Emilio Azc&#225;rraga
Jean who has the voting power to prevent us from raising money in equity offerings. In addition,
the terms of our bank loans require us to maintain compliance with certain financial covenants. See
&#147;Item&nbsp;5 &#151; Operating and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity,
Foreign Exchange and Capital Resources &#151; Indebtedness&#148; included in the 2007 Form 20-F. If we
cannot maintain such compliance, this indebtedness could be accelerated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><i>We Are a Holding Company With Our Assets Held Primarily by Our Subsidiaries; Creditors of Those
Companies Have a Claim on Their Assets That Is Effectively Senior to That of Holders of the
Exchange Notes</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a holding company with no significant operating assets other than through our ownership
of shares of our subsidiaries. We receive substantially all of our operating income from our
subsidiaries. Televisa is the only company obligated to make payments under the Exchange Notes. Our
subsidiaries are separate and distinct legal entities and they will have no obligation, contingent
or otherwise, to pay any amounts due under the Exchange Notes or to make any funds available for
any of those payments. The Exchange Notes will be senior unsecured obligations of Televisa ranking
<I>pari passu </I>with other unsubordinated and unsecured obligations. Claims of creditors of our subsidiaries,
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">including trade creditors and banks and
other lenders, will effectively have priority over the holders of the Exchange Notes with respect
to the assets of our subsidiaries. In addition, our ability to meet our financial obligations,
including obligations under the Exchange Notes, will depend in significant part on our receipt of
cash dividends, advances and other payments from our subsidiaries. In general, Mexican corporations
may pay dividends only out of net income, which is approved by stockholders. The stockholders must
then also approve the actual dividend payment after we establish mandatory legal reserves (5% of
net income annually up to at least an amount equal to 20% of the paid-in capital) and satisfy
losses for prior fiscal years. The ability of our subsidiaries to pay such dividends or make such
distributions will be subject to, among other things, applicable laws and, under certain
circumstances, restrictions contained in agreements or debt instruments to which we, or any of our
subsidiaries, are parties. In addition, third parties own substantial interests in certain of our
other businesses such as Cablevisi&#243;n and Innova. Accordingly, we must share with minority
stockholders any dividends paid by these businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims of creditors of our subsidiaries, including trade creditors, will generally have
priority as to the assets and cash flows of those subsidiaries over any claims we and the holders
of the Exchange Notes may have. For a description of our outstanding debt, see &#147;Item&nbsp;5 &#151;
Operating and Financial Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign
Exchange and Capital Resources &#151; Indebtedness&#148; included in the 2007 Form 20-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, creditors of Televisa, including holders of the Exchange Notes, will be limited
in their ability to participate in distributions of assets of our subsidiaries to the extent that
the outstanding shares of any of our subsidiaries are either pledged as collateral to our other
creditors or are not owned by us. As of the date of this prospectus, only a small portion of the
shares of our subsidiaries are pledged as collateral, although minority interests in several
subsidiaries, as described above, are held by third parties. See &#147;Item&nbsp;5 &#151; Operating and Financial
Review and Prospects &#151; Results of Operations &#151; Liquidity, Foreign Exchange and Capital Resources
&#151; Indebtedness&#148; and &#147;&#151; Minority Interest Net Income&#148; included in the 2007 Form 20-F. At December
31, 2007, our subsidiaries had Ps.35,115.5&nbsp;million (equivalent to U.S.$3,215.0&nbsp;million) of
liabilities (excluding liabilities to us and excluding guarantees by subsidiaries of indebtedness
of Televisa), U.S.$765.0&nbsp;million of which was U.S. Dollar-denominated. These liabilities include
Ps.6,163.7&nbsp;million (equivalent to U.S.$564.3&nbsp;million) of indebtedness, U.S.$239.3&nbsp;million of which
was U.S. Dollar-denominated indebtedness (equivalent to Ps.2,613.7&nbsp;million). All of these
liabilities would effectively have ranked senior to the Exchange Notes. The indenture does not
limit the amount of indebtedness which can be incurred by us or by our restricted or unrestricted
subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><i>Judgments of Mexican Courts Enforcing Our Obligations in Respect of the Exchange Notes Would Be
Paid Only in Pesos</i></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the <I>Ley Monetaria</I>, or the Mexican Monetary Law, in the event that any proceedings are
brought in Mexico seeking performance of our obligations under the Exchange Notes, pursuant to a
judgment or on the basis of an original action, we may discharge our obligations denominated in any
currency other than Mexican Pesos by paying Pesos converted at the rate of exchange prevailing on
the date payment is made. This rate is currently determined by the Mexican Central Bank every
business day in Mexico and published the next business day in the <I>Diario Oficial de la Federaci&#243;n</I>,
or the Official Gazette of the Federation, for application the following business day. As a result,
if the Exchange Notes are paid by us in Pesos to holders of the debt securities, the amount
received may not be sufficient to cover the amount of Dollars that the holder of the note would
have received under the terms of the Exchange Notes. In addition, our obligation to indemnify
against exchange losses may be unenforceable in Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in the case of our bankruptcy or <I>concurso mercantil</I>, or judicial reorganization,
our foreign currency-denominated liabilities, including our liabilities under the Exchange Notes,
will be converted into Pesos at the rate of exchange applicable on the date on which the
declaration of bankruptcy or judicial reorganization is effective, and the resulting amount, in
turn, will be converted to UDIs, or inflation-indexed units. Our foreign currency-denominated
liabilities, including our liabilities under the Exchange Notes, will not be adjusted to take into
account any depreciation of the Peso as compared to the U.S. Dollar occurring after the declaration
of bankruptcy or judicial reorganization. Also, all obligations under the Exchange Notes will
cease to accrue interest from the date of the bankruptcy or judicial reorganization declaration,
will be satisfied only at the time those of our other creditors are satisfied and will be subject
to the outcome of, and amounts recognized as due in respect of, the relevant bankruptcy or judicial
reorganization proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><i>We May Not Have Sufficient Funds to Meet Our Obligation Under the Indenture to Repurchase the
Exchange Notes Upon a Change of Control</i></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a change of control, we will be required to offer to repurchase each
holder&#146;s Exchange Notes at a price of 101% of the principal amount plus accrued and unpaid
interest, if any, to the date of purchase. We may not have the financial resources necessary to
meet our obligations in respect of our indebtedness, including the required repurchase of Exchange
Notes, following a change of control.
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If an offer to repurchase the Exchange Notes is required to be
made and we do not have available sufficient funds to repurchase the Exchange Notes, an event of
default would occur under the indenture. The occurrence of an event of default will result in
acceleration of the maturity of the Exchange Notes and other indebtedness. See &#147;Description of the
New Notes&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>It May Be Difficult to Enforce Civil Liabilities Against Us or Our Directors, Executive
Officers and Controlling Persons</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are organized under the laws of Mexico. Substantially all of our directors, executive
officers and controlling persons reside outside the U.S., all or a significant portion of the
assets of our directors, executive officers and controlling persons, and substantially all of our
assets, are located outside of the U.S., and some of the parties named in this prospectus 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. See &#147;Limitation of Liability&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>There May Not Be a Liquid Trading Market for the New Notes, Which Could Limit Your Ability to Sell
Your New Notes in the Future</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new notes are being offered to the holders of the old notes. The new notes will constitute
a new issue of securities for which, prior to the exchange offer, there has been no public market,
and the new notes may not be widely distributed. Accordingly, an active trading market for the new
notes may not develop. If a market for any of the new notes does develop, the price of such new
notes may fluctuate and liquidity may be limited. If a market for any of the new notes does not
develop, purchasers may be unable to resell such new notes for an extended period of time, if at
all.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Your Failure
to Tender Old Notes in the Exchange Offer May Affect Their Marketability</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If old notes are tendered for exchange and accepted in the exchange offer, the trading market,
if any, for the untendered and tendered but unaccepted old notes will be adversely affected. Your
failure to participate in the exchange offer will substantially limit, and may effectively
eliminate, opportunities to sell your old notes in the future. We issued the old notes in a private
placement exempt from the registration requirements of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, you may not offer, sell or otherwise transfer your old notes except in compliance
with the registration requirements of the Securities Act and any other applicable securities laws,
or pursuant to an exemption from the securities laws, or in a transaction not subject to the
securities laws. If you do not exchange your old notes for new notes in the exchange offer, or if
you do not properly tender your old notes in the exchange offer, your old notes will continue to be
subject to these transfer restrictions after the completion of the exchange offer. In addition,
after the completion of the exchange offer, you will no longer be able to obligate us to register
the old notes under the Securities Act.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="110"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Purpose of the Exchange Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We issued and sold the old notes in a private placement on May&nbsp;12, 2008. In connection with
the issuance and sale, we entered into a registration rights agreement with the initial purchasers
of the old notes. In the registration rights agreement we agreed, for the benefit of the holders of
the notes, at our cost, to, among other things:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use our best efforts to prepare and, as soon as practicable within 120&nbsp;days following the
original issue date of the old notes, file with the SEC an exchange offer registration
statement with respect to a proposed exchange offer and the issuance and delivery to the
holders, in exchange for the old notes, of the new notes, which will have terms identical in
all material respects to the old notes, except that the new notes will not contain terms
with respect to transfer restrictions and will not provide for any increase in the interest
rate under the circumstances described below;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use our reasonable best efforts to cause the exchange offer registration statement to be
declared effective under the Securities Act within 180&nbsp;days of the most recent issue date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use our best efforts to keep the exchange offer registration statement effective until
the closing of the exchange offer; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use our best efforts to cause the exchange offer to be consummated not later than 210
days following the most recent issue date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These requirements under the registration rights agreement will be satisfied when we complete
the exchange offer. However, if we fail to meet any of these requirements under the registration
rights agreement and under some other circumstances, then the interest rate borne by the notes that
are affected by the registration default with respect to the first 90-day period, or portion
thereof, will be increased by an additional interest of 0.25% per annum upon the occurrence of each
registration default. The amount of additional interest will increase by an additional 0.25% each
90-day period, or portion thereof, while a registration default is continuing until all
registration defaults have been cured; <I>provided </I>that the maximum aggregate increase in the interest
rate will in no event exceed one percent (1%) per annum. Upon:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the filing of the exchange offer registration statement after the 120th calendar day
following the most recent issue date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effectiveness of the exchange offer registration statement after the 180th calendar
day following the most recent issue date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the consummation of the exchange offer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effectiveness of the shelf registration statement after the 210th calendar day
following the most recent issue date; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date of the first anniversary of the last date of original issue of the notes,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the interest rate on the notes will be reduced to the original interest rate set forth on the cover
page of this prospectus if Televisa is otherwise in compliance with this paragraph. If after any
such reduction in interest rate, a different event specified above occurs, the interest rate will
again be increased pursuant to the foregoing provisions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application will be made to list the new notes on the Luxembourg Stock Exchange for trading on
the Euro MTF, the alternative market of the Luxembourg Stock Exchange. Notice will be made prior to
commencing the exchange offer. You may obtain documents relating to the exchange offer and
consummate the exchange at the office of The Bank of New York (Luxembourg) S.A., our paying and
transfer agent in Luxembourg, at Aerogulf Center, 1A Hoehenhof, L-1736 Senningerberg, Luxembourg.
The results of the exchange offer, including any increase in the rate, will be provided to the
Luxembourg Stock Exchange and published in a daily newspaper of general circulation in Luxembourg
(which is expected to be <I>d&#146;Wort</I>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also agreed to keep the exchange offer open for not less than 20 business days after
the notice thereof is mailed to holders (or longer, if required by applicable law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the registration rights agreement, our obligations to register the new notes will
terminate upon the completion of the exchange offer. However, pursuant to the registration rights
agreement, we will be required to file a shelf registration statement for a continuous offering by
the holders of the outstanding notes if:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we are not permitted to file the exchange offer registration statement or to consummate
the exchange offer because the exchange offer is not permitted by applicable law or SEC
policy;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for any reason, the exchange offer registration statement is not declared effective
within 180&nbsp;days following the date of most recent issuance of these notes or the exchange
offer is not consummated within 210&nbsp;days following the most recent issue date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon the request of the initial purchasers in certain circumstances; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a holder is not permitted to participate in the exchange offer or does not receive freely
tradable new notes pursuant to the exchange offer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any 365-day period, we will have the ability to suspend the availability of such shelf
registration statement for up to two periods of up to 45 consecutive days (except for the
consecutive 45-day period immediately prior to the maturity of the notes), but no more than an
aggregate of 60&nbsp;days during any 365-day period, if our Board of Directors determines in good faith
that there is a valid purpose for the suspension.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will, in the event of the filing of a shelf registration statement, provide to each holder
of notes that are covered by the shelf registration statement copies of the prospectus which is a
part of the shelf registration statement and notify each such holder when the shelf registration
statement has become effective. A holder of notes that sells the notes pursuant to the shelf
registration statement generally will be required to be named as a selling securityholder in the
related prospectus and to deliver a prospectus to purchasers, will be subject to certain of the
civil liability provisions under the Securities Act in connection with the sales and will be bound
by the provisions of the registration rights agreement which are applicable to the holder
(including certain indemnification obligations).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once the exchange offer is complete, we will have no further obligation to register any of the
old notes not tendered to us in the exchange offer. See &#147;Risk Factors &#151; Risk Factors Related to
the New Notes and Exchange Offer &#151; Your Failure to Tender Old Notes in the Exchange Offer May
Affect Their Marketability&#148;.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on existing interpretations of the Securities Act by the staff of the SEC in several
no-action letters to third parties, and subject to the immediately following sentence, we believe
that the exchange notes issued pursuant to the exchange offer may be offered for resale, resold or
otherwise transferred by the holders (other than holders who are broker-dealers) without further
compliance with the registration and prospectus delivery provisions of the Securities Act. However,
any purchaser of notes who is an affiliate of Televisa or who intends to participate in the
exchange offer for the purpose of distributing the exchange notes, or any participating
broker-dealer who purchased the notes for its own account, other than as a result of market-making
activities or other trading activities, to resell pursuant to Rule&nbsp;144A or any other available
exemption under the Securities Act:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will not be able to rely on the interpretations by the staff of the SEC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will not be able to tender its notes in the exchange offer; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>must comply with the registration and prospectus delivery requirements of the Securities
Act in connection with any sale or transfer of the exchange notes, unless such sale or
transfer is made pursuant to an exemption from such requirements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not intend to seek our own interpretation regarding the exchange offer and there can be
no assurance that the staff of the SEC would make a similar determination with respect to the
exchange notes as it has in other interpretations to third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each holder of notes, other than certain specified holders, who wishes to exchange the old
notes for the new notes in the exchange offer will be required to make representations that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is not an affiliate of Televisa;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is not a broker-dealer tendering notes acquired directly from Televisa for its own
account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any exchange notes to be received by it will be acquired in the ordinary course of its
business; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it has no arrangement with any person to participate in the distribution, within the
meaning of the Securities Act, of the exchange notes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in connection with resales of new notes, any participating broker-dealer must
acknowledge in that it will deliver a prospectus meeting the requirements of the Securities Act.
The letter of transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an &#147;underwriter&#148; within the meaning of the
Securities Act. The staff of the SEC has taken the position that participating broker-dealers may
fulfill their prospectus delivery requirements with respect to the exchange notes, other than a
resale of an unsold allotment from the original sale of the notes, with this prospectus. Under the
registration rights agreement, we have agreed, for a period of 90&nbsp;days following the consummation
of the exchange offer, to make available a prospectus meeting the requirements of the Securities
Act to any such participating broker-dealer for use in connection with any resale of any exchange
notes acquired in the exchange offer. By acceptance of this exchange offer, each broker-dealer that
receives new notes under the exchange offer agrees to notify us prior to using this prospectus in a
sale or transfer of new notes. See &#147;Plan of Distribution&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described above, this prospectus may not be used for an offer to resell, resale or
other transfer of new notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent old notes are tendered and accepted in the exchange offer, the principal amount
of old notes that will be outstanding will decrease with a resulting decrease in the liquidity in
the market for the old notes. Old notes that are still outstanding following the completion of the
exchange offer will continue to be subject to transfer restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Terms of the Exchange Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and the accompanying letter of transmittal together constitute the exchange
offer. Upon the terms and subject to the conditions of the exchange offer described in this
prospectus and in the accompanying letter of transmittal, we will accept for exchange all old notes
validly tendered and not withdrawn before 5:00 p.m., New York City time, on the expiration date. We
will issue U.S.$1,000 principal amount of new notes in exchange for each U.S.$1,000 principal
amount of old notes accepted in the exchange offer. You may tender some or all of your old notes
pursuant to the exchange offer. However, old notes may be tendered only in a minimum principal
amount of U.S.$100,000 and in integral multiples of U.S.$1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new notes will be substantially identical to the old notes, except that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new notes will have been registered under the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new notes will not be subject to transfer restrictions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new notes will be issued free of any covenants regarding registration rights and free
of any provision for additional interest.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new notes will evidence the same debt as the old notes and will be issued under and be
entitled to the benefits of the same indenture under which the old notes were issued. The old notes
and the new notes will be treated as a single series of debt securities under the indenture. For a
description of the terms of the indenture and the new notes, see &#147;Description of the New Notes&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange offer is not conditioned upon any minimum aggregate principal amount of old notes
being tendered for exchange. As of the date of this prospectus, an aggregate of U.S.$500,000,000
principal amount of old notes is outstanding. This prospectus is being sent to all registered
holders of old notes. There will be no fixed record date for determining registered holders of old
notes entitled to participate in the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to conduct the exchange offer in accordance with the applicable requirements of the
Securities Act and the Securities Exchange Act and the rules and regulations of the SEC. Holders of
old notes do not have any appraisal or dissenters&#146; rights under law or under the indenture in
connection with the exchange offer. Old notes that are not tendered for exchange in the exchange
offer will remain outstanding and continue to accrue interest and will be entitled to the rights
and benefits their holders have under the indenture relating to the old notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will be deemed to have accepted for exchange validly tendered old notes when we have given
oral or written notice of the acceptance to the exchange agent. The exchange agent will act as
agent for the tendering holders of old notes for the purposes of receiving the new notes from us
and delivering the new notes to the tendering holders. Subject to the terms of the registration
rights agreement, we expressly reserve the right to amend or terminate the exchange offer, and not
to accept for exchange any old notes not previously accepted for exchange, upon the occurrence of
any of the conditions specified below under &#147;&#151;
Conditions&#148;. All old notes accepted for exchange will be exchanged for
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">new notes promptly following the expiration date.
If we decide for any reason to delay for any period our acceptance of any old notes for exchange,
we will extend the expiration date for the same period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we do not accept for exchange any tendered old notes because of an invalid tender, the
occurrence of certain other events described in this prospectus or otherwise, such unaccepted old
notes will be returned, without expense, to the holder tendering them or the appropriate book-entry
will be made, in each case, as promptly as practicable after the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not making, nor is our Board of Directors making, any recommendation to you as to
whether to tender or refrain from tendering all or any portion of your old notes in the exchange
offer. No one has been authorized to make any such recommendation. You must make your own decision
whether to tender in the exchange offer and, if you decide to do so, you must also make your own
decision as to the aggregate amount of old notes to tender after reading this prospectus and the
letter of transmittal and consulting with your advisers, if any, based on your own financial
position and requirements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;expiration date&#148; means 5:00 p.m., New York City
time,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008, unless we, in
our sole discretion, extend the exchange offer, in which case the term &#147;expiration date&#148; shall mean
the latest date and time to which the exchange offer is extended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we determine to extend the exchange offer, we will notify the exchange agent of any
extension by oral or written notice. We will notify the registered holders of old notes of the
extension no later than 9:00 a.m., New York City time, on the business day immediately following
the previously scheduled expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reserve the right, in our sole discretion:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to delay accepting for exchange any old notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to extend the exchange offer or to terminate the exchange offer and to refuse to accept
old notes not previously accepted if any of the conditions set forth below under &#147;&#151;
Conditions&#148; have not been satisfied by the expiration date; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the terms of the registration rights agreement, to amend the terms of the
exchange offer in any manner.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such delay in acceptance, extension, termination or amendment will be followed as promptly
as practicable by oral or written notice to the registered holders of old notes. If we amend the
exchange offer in a manner that we determine to constitute a material change, we will promptly
disclose the amendment in a manner reasonably calculated to inform the holders of the old notes of
the amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the manner in which we may choose to make public announcements of any delay
in acceptance, extension, termination or amendment of the exchange offer, we will have no
obligation to publish, advertise or otherwise communicate any public announcement, other than by
making a timely release to a financial news service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any extension of the exchange offer, all old notes previously tendered will remain
subject to the exchange offer, and we may accept them for exchange. We will return any old notes
that we do not accept for exchange for any reason without expense to the tendering holder as
promptly as practicable after the expiration or earlier termination of the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest on the New Notes and the Old Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any old notes not tendered or accepted for exchange will continue to accrue interest at the
rate of 6.0% per annum in accordance with their terms. The new notes will accrue interest at the
rate of 6.0% per annum from the date of the last periodic payment of interest on the old notes or,
if no interest has been paid, from the original issue date of old notes. Interest on the new notes
and any old notes not tendered or accepted for exchange will be payable semi-annually in arrears on
May&nbsp;15 and November&nbsp;15 of each year, commencing on November&nbsp;15, 2008.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only a registered holder of old notes may tender those notes in the exchange offer. When the
holder of outstanding notes tenders, and we accept such notes for exchange pursuant to that tender,
a binding agreement between us and the tendering holder is created, subject to the
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">terms and conditions set forth in this prospectus and the accompanying letter
of transmittal. To tender in the exchange offer, a holder must transmit a properly completed and
duly executed letter of transmittal, including any required signature guarantees, together with all
other documents required by such letter of transmittal, to the exchange agent at one of the
addresses set forth below under &#147;&#151; Exchange Agent&#148;, before 5:00 p.m., New York City time, on the
expiration date. In addition, either:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exchange agent must receive, before the expiration date, a timely confirmation of a
book-entry transfer of the tendered old notes into the exchange agent&#146;s account at The
Depository Trust Company, or DTC, or the depositary, along with the letter of transmittal or
an agent&#146;s message, according to the procedure for book-entry transfer described below; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder must comply with the guaranteed delivery procedures described below.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;agent&#146;s message&#148; means a message transmitted by DTC to, and received by, the
exchange agent and forming a part of a book-entry confirmation, that states that DTC has received
an express acknowledgment from a participant in DTC tendering old notes that are the subject of the
book-entry confirmation stating (1)&nbsp;the aggregate principal amount of old notes that have been
tendered by such participant, (2)&nbsp;that such participant has received and agrees to be bound by the
terms of the letter of transmittal and (3)&nbsp;that we may enforce such agreement against the
participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A tender of old notes by a holder that is not withdrawn prior to the expiration date will
constitute an agreement between that holder and us in accordance with the terms and subject to the
conditions set forth in this prospectus and in the accompanying letter of transmittal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The method of delivery of letters of transmittal and all other required documents to the
exchange agent is at the holder&#146;s election and risk. Instead of delivery by mail, we recommend that
holders use an overnight or hand delivery service. If delivery is by mail, we recommend that
holders use certified or registered mail, properly insured, with return receipt requested. In all
cases, holders should allow sufficient time to assure delivery to the exchange agent before the
expiration date. Holders should not send letters of transmittal or other required documents to us.
Holders may request their respective brokers, dealers, commercial banks, trust companies or other
nominees to effect the above transactions for them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signatures on a letter of transmittal or a notice of withdrawal must be guaranteed by an
eligible institution unless the outstanding notes surrendered for exchange are tendered:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by a registered holder of the outstanding notes; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the account of an eligible institution.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An &#147;eligible institution&#148; is a firm which is a member of a registered national securities
exchange or a member of the National Association of Securities Dealers, Inc., or a commercial bank
or trust company having an office or correspondent in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any beneficial owner whose old notes are registered in the name of a broker, dealer,
commercial bank, trust company or other nominee and who wishes to tender those notes should contact
the registered holder promptly and instruct it to tender on the beneficial owner&#146;s behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If outstanding notes are registered in the name of a person other than the signer of the
letter of transmittal, the outstanding notes surrendered for exchange must be endorsed by, or
accompanied by a written instrument or instruments of transfer or exchange, in satisfactory form as
determined by us in our sole discretion, duly executed by the registered holder with the holder&#146;s
signature guaranteed by an eligible institution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will determine, in our sole discretion, all questions as to the validity, form, eligibility
(including time of receipt), acceptance of tendered old notes and withdrawal of tendered old notes,
and our determination will be final and binding. We reserve the absolute right to reject any and
all old notes not properly tendered or any old notes the acceptance of which would, in the opinion
of us or our counsel, be unlawful. We also reserve the absolute right to waive any defects or
irregularities or conditions of the exchange offer as to any particular old notes either before or
after the expiration date. Our interpretation of the terms and conditions of the exchange offer as
to any particular old notes either before or after the expiration date, including the instructions
in the letter of transmittal, will be final and binding on all parties. Unless waived, any defects
or irregularities in connection with tenders of old notes for exchange must be cured within such
time as we shall determine. Although we intend to notify holders of any defects or irregularities
with respect to tenders of old notes for exchange, neither we nor the exchange agent nor any other
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">person shall be under any duty to give such notification, nor shall any of them incur any liability
for failure to give such notification. Tenders of old notes will not be deemed to have been made
until all defects or irregularities have been cured or waived. Any old notes delivered by
book-entry transfer to DTC will be credited to the account maintained with DTC by the participant
in DTC which delivered such old notes, unless otherwise provided in the letter of transmittal, as
soon as practicable following the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we reserve the right in our sole discretion (a)&nbsp;to purchase or make offers for
any old notes that remain outstanding after the expiration date, (b)&nbsp;as set forth below under &#147;&#151;
Conditions&#148;, to terminate the exchange offer and (c)&nbsp;to the extent permitted by applicable law,
purchase old notes in the open market, in privately negotiated transactions or otherwise. The terms
of any such purchases or offers could differ from the terms of the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing, or otherwise becoming bound by, the letter of transmittal, each tendering holder
of old notes (other than certain specified holders) will represent to us that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is acquiring the new notes in the exchange offer in the ordinary course of its
business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is not engaging in and does not intend to engage in a distribution of the new notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is not participating, does not intend to participate, and has no arrangements or
understandings with any person to participate in the exchange offer for the purpose of
distributing the new notes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is not our &#147;affiliate&#148;, within the meaning of Rule&nbsp;405 under the Securities Act, or,
if it is our affiliate, it will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the tendering holder is a broker-dealer that will receive new notes for its own account in
exchange for old notes that were acquired as a result of market-making activities or other trading
activities, it may be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act. Any
such holder will be required to acknowledge in the letter of transmittal that it will deliver a
prospectus in connection with any resale or transfer of these new notes. However, by so
acknowledging and by delivering a prospectus, the holder will not be deemed to admit that it is an
&#147;underwriter&#148; within the meaning of the Securities Act.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange agent will establish a new account or utilize an existing account with respect to
the old notes at DTC promptly after the date of this prospectus, and any financial institution that
is a participant in DTC&#146;s systems may make book-entry delivery of old notes by causing DTC to
transfer these old notes into the exchange agent&#146;s account in accordance with DTC&#146;s procedures for
transfer. However, the exchange for the old notes so tendered will only be made after timely
confirmation of this book-entry transfer of old notes into the exchange agent&#146;s account, and timely
receipt by the exchange agent of an agent&#146;s message and any other documents required by the letter
of transmittal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although delivery of old notes must be effected through book-entry transfer into the exchange
agent&#146;s account at DTC, the letter of transmittal, properly completely and validly executed, with
any required signature guarantees, or an agent&#146;s message in lieu of the letter of transmittal, and
any other required documents, must be delivered to and received by the exchange agent at one of its
addresses listed below under &#147;&#151; Exchange Agent,&#148; before 5:00 p.m., New York City time, on the
expiration date, or the guaranteed delivery procedure described below must be complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of documents to DTC in accordance with its procedures does not constitute delivery to
the exchange agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All references in this prospectus to deposit or delivery of old notes shall be deemed to also
refer to DTC&#146;s book-entry delivery method.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders who wish to tender their old notes and (1)&nbsp;who cannot deliver a confirmation of
book-entry transfer of old notes into the exchange agent&#146;s account at DTC, the letter of
transmittal or any other required documents to the exchange agent prior to the expiration date or
(2)&nbsp;who cannot complete the procedure for book-entry transfer on a timely basis, may effect a
tender if:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the tender is made through an eligible institution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>before the expiration date, the exchange agent receives from the eligible institution a
properly completed and duly executed notice of guaranteed delivery, by facsimile
transmission, mail or hand delivery, listing the principal amount of old notes tendered,
stating that the tender is being made thereby and guaranteeing that, within three New York
Stock Exchange trading days after the expiration date, a book-entry confirmation, together
with a properly completed and duly executed letter of transmittal or agent&#146;s message with
any required signature guarantees and together with a confirmation of book-entry, and any
other documents required by the letter of transmittal and the instructions thereto, will be
deposited by such eligible institution with the exchange agent; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the properly completed and executed letter of transmittal and a confirmation of
book-entry transfer of all tendered old notes into the exchange agent&#146;s account at DTC and
all other documents required by the letter of transmittal are received by the exchange agent
within three New York Stock Exchange, Inc. trading days after the expiration date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon request to the exchange agent, a notice of guaranteed delivery will be sent to holders
who wish to tender their old notes according to the guaranteed delivery procedures described above.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this prospectus, tenders of old notes may be withdrawn at any
time prior to 5:00 p.m., New York City time, on the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a withdrawal to be effective, the exchange agent must receive a written or facsimile
transmission notice of withdrawal at one of its addresses set forth below under &#147;&#151; Exchange
Agent&#148;. Any notice of withdrawal must:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>specify the name of the person who tendered the old notes to be withdrawn;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>identify the old notes to be withdrawn, including the principal amount of such old notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be signed by the holder in the same manner as the original signature on the letter of
transmittal by which the old notes were
tendered and include any required signature guarantees; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>specify the name and number of the account at DTC to be credited with the withdrawn old
notes and otherwise comply with the procedures of DTC.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will determine, in our sole discretion, all questions as to the validity, form and
eligibility (including time of receipt) of any notice of withdrawal, and our determination shall be
final and binding on all parties. Any old notes so withdrawn will be deemed not to have been
validly tendered for exchange for purposes of the exchange offer and no new notes will be issued
with respect thereto unless the old notes so withdrawn are validly retendered. Properly withdrawn
old notes may be retendered by following one of the procedures described above under &#147;&#151; Procedures
for Tendering&#148; at any time prior to the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any old notes that are tendered for exchange through the facilities of DTC but that are not
exchanged for any reason will be credited to an account maintained with DTC for the old notes as
soon as practicable after withdrawal, rejection of tender or termination of the exchange offer.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite any other term of the exchange offer, we will not be required to accept for exchange,
or to issue new notes in exchange for, any old notes, and we may terminate the exchange offer as
provided in this prospectus prior to the expiration date, if:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exchange offer, or the making of any exchange by a holder of old notes, would violate
applicable law or any applicable interpretation of the SEC staff; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the old notes are not tendered in accordance with the exchange offer;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>you do not represent that you are acquiring the new notes in the ordinary course, that
you are not engaging in and do not intend to engage in a distribution of the new notes, of
your business and that you have no arrangement or understanding with any person to
participate in a distribution of the new notes and you do not make any other representations
as may be reasonably necessary under applicable SEC rules, regulations or interpretations to
render available the use of an appropriate form for registration of the new notes under the
Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any action or proceeding is instituted or threatened in any court or by or before any
governmental agency with respect to the exchange offer which, in our judgment, would
reasonably be expected to impair our ability to proceed with the exchange offer; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any governmental approval has not been obtained, which we believe, in our sole
discretion, is necessary for the consummation of the exchange offer as outlined in this
prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These conditions are for our sole benefit and may be asserted by us regardless of the
circumstances giving rise to any of these conditions or may be waived by us, in whole or in part,
at any time and from time to time in our reasonable discretion. Our failure at any time to exercise
any of the foregoing rights shall not be deemed a waiver of the right and each right shall be
deemed an ongoing right which may be asserted at any time and from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we determine in our reasonable judgment that any of the conditions are not satisfied, we
may:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>refuse to accept and return to the tendering holder any old notes or credit any tendered
old notes to the account maintained with DTC by the participant in DTC which delivered the
old notes; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend the exchange offer and retain all old notes tendered before the expiration date,
subject to the rights of holders to withdraw the tenders of old notes (see &#147;&#151; Withdrawal of
Tenders&#148; above); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive the unsatisfied conditions with respect to the exchange offer prior to the
expiration date and accept all properly tendered old notes that have not been withdrawn or
otherwise amend the terms of the exchange offer in any respect as provided under &#147;&#151;
Expiration Date; Extensions; Amendments&#148;. If a waiver constitutes a material change to the
exchange offer, we will promptly disclose the waiver by means of a prospectus supplement
that will be distributed to the registered holders, and we will extend the exchange offer
for a period of five to ten business days, depending upon the significance of the waiver and
the manner of disclosure to the registered holders, if the exchange offer would otherwise
expire during such five to ten business day period.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we will not accept for exchange any old notes tendered, and we will not issue new
notes in exchange for any of the old notes, if at that time any stop order is threatened or in
effect with respect to the registration statement of which this prospectus constitutes a part or
the qualification of the indenture under the Trust Indenture Act of 1939.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New York Mellon has been appointed as the exchange agent for the exchange offer. All
signed letters of transmittal and other documents required for a valid tender of your old notes
should be directed to the exchange agent at one of the addresses set forth below. Questions and
requests for assistance, requests for additional copies of this prospectus or of the letter of
transmittal and requests for notices of guaranteed delivery should be directed to the exchange
agent addressed 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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B><I>By Hand Delivery:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>By Registered Mail or Overnight Carrier:</I></B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">The Bank of New York Mellon<BR>
Corporate Trust Operations <BR>
Reorganization Unit <BR>
101 Barclay Street, 7 East <BR>
New York, New York 10286<BR>

</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The Bank of New York Mellon<BR>
Corporate Trust Operations<BR>
Reorganization Unit<BR>
101 Barclay Street, 7 East<BR>
New York, New York 10286<BR>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Facsimile Transmission:</I></B><BR>
(212)&nbsp;298-1915<BR>
Confirm by Telephone:<BR>
(212)&nbsp;815-5076<BR>
<B><I>For information with respect to the exchange offer, call:</I></B><BR>
Corporate Trust Operations &#151; Reorganization Unit<BR>
at (212)&nbsp;815-5076
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery to other than the above addresses or facsimile number will not constitute a valid
delivery.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will bear the expenses of soliciting tenders. We have not retained any dealer-manager in
connection with the exchange offer and will not make any payments to brokers, dealers or others
soliciting acceptance of the exchange offer. The principal solicitation is being made by mail;
however, additional solicitation may be made by facsimile, telephone or in person by our officers
and employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay the expenses to be incurred in connection with the exchange offer. These expenses
include fees and expenses of the exchange agent and the trustee, accounting and legal fees,
printing costs, and related fees and expenses.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders who tender their old notes for exchange will not be obligated to pay any transfer
taxes in connection with the exchange offer.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will record the new notes in our accounting records at the same carrying values as the old
notes on the date of the exchange. Accordingly, we will recognize no gain or loss, for accounting
purposes, as a result of the exchange offer. Under Mexican FRS, the expenses of the exchange offer
and the unamortized expenses relating to the issuance of the old notes will be amortized over the
term of the new notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consequences of Failure to Exchange</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of old notes who do not exchange their old notes for new notes pursuant to the
exchange offer will continue to be subject to the restrictions on transfer of the old notes as set
forth in the legend printed thereon as a consequence of the issuance of the old notes pursuant to
an exemption from the Securities Act and applicable state securities laws. Old notes not exchanged
pursuant to the exchange offer will continue to accrue interest at 6.0% per annum, and the old
notes will otherwise remain outstanding in accordance with their terms. Holders of old notes do not
have any appraisal or dissenters&#146; rights under Mexican law in connection with the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, the old notes may not be offered or sold unless registered under the Securities
Act, except pursuant to an exemption from, or in a transaction not subject to, the Securities Act
and applicable state securities laws. Upon completion of the exchange offer, holders of old notes
will not be entitled to any rights to have the resale of old notes registered under the Securities
Act, and we currently do not intend to register under the Securities Act the resale of any old
notes that remain outstanding after completion of the exchange offer.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any cash proceeds from the exchange offer. We are making this exchange
offer solely to satisfy our obligations under the registration rights agreement entered into in
connection with each issuance of the old notes. In consideration for issuing the new notes, we will
receive old notes in an aggregate principal amount equal to the value of the new notes. The old
notes surrendered in exchange for the new notes will be retired and canceled. Accordingly, the
issuance of the new notes will not result in any change in our indebtedness.
</DIV>

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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="112"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our consolidated capitalization as of March&nbsp;31, 2008, (i)&nbsp;on a
historical, actual basis and (ii)&nbsp;as adjusted to reflect the issuance of notes in the aggregate
principal amount of U.S.$500.0&nbsp;million, as if such transaction occurred on March&nbsp;31, 2008. This
table should be read together with our year-end financial statements included in the annual report
on Form&nbsp;20-F and unaudited selected interim consolidated financial information on Form 6-K, hereby
incorporated by reference. Information in the following table presented in U.S. Dollar amounts are
translated from the Peso amounts, solely for the convenience of the reader, at an exchange rate of
Ps.10.6465 to U.S.$1.00, the Interbank Rate on March&nbsp;31, 2008. Since the financial information in
the following table has not been restated to recognize the effects of inflation for the three-month
period ended March&nbsp;31, 2008, it is not directly comparable to the financial information included
elsewhere in this prospectus, which, unless otherwise indicated, is presented in constant Mexican
Pesos in purchasing power 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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>As of March 31, 2008(1)(2)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>As Adjusted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>As Adjusted</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>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(Millions of Pesos)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><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"><B>Current debt and satellite transponder lease obligation:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes payable(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S. $</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">U.S. $</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Banamex loan due 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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">Current portion of satellite transponder lease obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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>Long-term debt and satellite transponder lease obligation:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes payable(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</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">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8% Senior Notes due 2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.5% Senior Notes due 2032</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.625% Senior Notes due 2025</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.49% Senior Notes due 2037</DIV></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">4,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">423</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.0% Senior Exchange Notes due 2018 offered hereby</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Innova&#146;s 9.375% Senior Notes due 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Banamex loan due 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Banamex loan due 2010 and 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">JPMorgan Chase Bank, N.A. loan due 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Santander Serfin loan due 2016(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Banamex loan due 2016(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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">24,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,764</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Satellite transponder lease obligation, net of current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="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"><B>Total
Stockholders&#146; Equity(5)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">66,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Ps.</TD>
    <TD align="right">72,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S. $</TD>
    <TD nowrap align="right">6,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">U.S. $</TD>
    <TD nowrap align="right">6,773</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Columns may not add due to rounding.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Solely for purposes of preparing calculations for this table, our U.S.
Dollar-denominated indebtedness has been translated into Pesos at an
exchange rate of Ps.10.6465 to U.S.$1.00, the Interbank Rate, as
reported by Banamex, as of March&nbsp;31, 2008.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents secured debt.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents debt incurred by Sky and guaranteed by us.</TD>
</TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Does not reflect dividends approved on April&nbsp;30, 2008.</TD>
</TR>

</TABLE>


<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">





<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF THE NEW NOTES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We issued the old notes and will issue the new notes under an indenture, dated as of August&nbsp;8,
2000, as amended or supplemented, which we collectively call the indenture, between Televisa, as
issuer, The Bank of New York Mellon, as trustee, registrar, paying agent and transfer agent and The Bank
of New York (Luxembourg) S.A., as Luxembourg paying agent and transfer agent. The following summary
of certain provisions of the indenture and the notes does not purport to be complete and is subject
to, and qualified in its entirety by, reference to the provisions of the indenture, including the
definitions of certain terms contained in the indenture. Capitalized terms not defined in this
section of the prospectus have meanings as set forth in the indenture.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture does not limit the aggregate principal amount of senior debt securities which
may be issued under the indenture and provides that Televisa may issue senior debt securities from
time to time in one or more series. The senior debt securities which Televisa may issue under the
indenture, including the notes, are collectively referred to in this prospectus as the &#147;senior
notes&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The old notes, and the new notes, which together are referred to in this prospectus as the
&#147;notes&#148;, will constitute a single series of senior notes under the indenture. The notes will be
unsecured senior obligations of Televisa. Televisa may &#147;reopen&#148; the note series and issue
additional notes of the same series. If the exchange offer described under &#147;The Exchange Offer&#148; is
consummated, holders of old notes who do not exchange their old notes for new notes will vote
together as a single series of senior notes with holders of the new notes of the series for all
relevant purposes under the indenture. In that regard, the indenture requires that certain actions
by the holders under the notes (including acceleration following an event of default) must be
taken, and certain rights must be exercised, by specified minimum percentages of the aggregate
principal amount of the outstanding notes. In determining whether holders of the requisite
percentage in principal amount have given any notice, consent or waiver or taken any other action
permitted under the indenture, any old notes which remain outstanding after the exchange offer will
be aggregated with the new notes of the relevant series and the holders of the old notes and new
notes will vote together as a single series for all purposes. Accordingly, all references in this
prospectus to specified percentages in aggregate principal amount of the outstanding notes will be
deemed to mean, at any time after the exchange offer is consummated, the percentages in aggregate
principal amount of the old notes and the new notes then outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notes bear interest at the rate per annum shown above from the date of original issuance
or from the most recent date to which interest has been paid or duly provided for, payable
semi-annually on May&nbsp;15 and November&nbsp;15 of each year, each of which is referred to in this
prospectus as an &#147;interest payment date&#148;, commencing November&nbsp;15, 2008 to the persons in whose
names the notes are registered at the close of business on the fifteenth calendar day preceding the
interest payment date. Interest payable at maturity will be payable to the person to whom principal
will be payable on that date. Interest on the notes will be calculated on the basis of a 360-day
year of twelve 30-day months. The maturity date for the notes is May&nbsp;15, 2018. If any interest
payment date or maturity date would be otherwise a day that is not a business day, the related
payment of principal and interest will be made on the next succeeding business day as if it were
made on the date the payment was due, and no interest will accrue on the amounts so payable for the
period from and after the interest payment date or the maturity date, as the case may be, to the
next succeeding business day. A business day means a day other than a Saturday, Sunday or other day
on which banking institutions in New York, New York or Luxembourg are authorized or obligated by
law, regulation or executive order to close. The notes will not be subject to any sinking fund. For
a discussion of the circumstances in which the interest rate on the notes may be adjusted, see &#147;The
Exchange Offer&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture does not contain any provision that would limit the ability of Televisa to incur
indebtedness or to substantially reduce or eliminate Televisa&#146;s assets or that would afford the
holders of the notes protection in the event of a decline in Televisa&#146;s credit quality or a
takeover, recapitalization or highly leveraged or similar transaction involving Televisa. In
addition, subject to the limitations set forth below under &#147;&#151; Merger and Consolidation&#148;,
Televisa may,
in the future, enter into certain transactions, including the sale of all or substantially all of
its assets or the merger or consolidation of Televisa, that would increase the amount of
Televisa&#146;s
indebtedness or substantially reduce or eliminate Televisa&#146;s assets, which may have an adverse
effect on Televisa&#146;s ability to service its indebtedness, including the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
book-entry note will be represented by one or more global notes in fully registered form,
registered in the name of DTC. Beneficial interests in the global notes will be shown
on, and transfers thereof will be effected only through, records maintained by DTC and its
participants. See &#147;&#151; Form, Denomination and Registration&#148; below. Except in the limited circumstances
described in this prospectus, book-entry notes will not be exchangeable for notes issued in fully
registered form (&#147;certificated notes&#148;).
</DIV>

<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">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes sold to qualified institutional buyers, or QIBs, and subsequent transferees, directly or
indirectly, of those notes and notes sold initially to non-U.S. persons in reliance on Regulation&nbsp;S
under the Securities Act will be issued as book-entry notes and will be represented as global
notes, which will be deposited with the custodian for DTC and registered in the name of DTC&#146;s
nominee. See &#147;&#151; Form, Denomination and Registration&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that, as a result of certain changes in law affecting Mexican withholding taxes,
Televisa becomes obliged to pay additional amounts in excess of those attributable to a Mexican
withholding tax rate of 10%, the notes will be redeemable, as a whole but not in part, at Televisa
&#145;s option at any time at 100% of their principal amount plus accrued and unpaid interest, if any.
See &#147;&#151; Withholding Tax Redemption&#148;. In addition, we will have the right at our option to redeem
any of the notes in whole or in part at a redemption price equal to the Make-Whole Amount (as
defined below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book-entry notes may be transferred or exchanged only through the depositary. See &#147;&#151; Form,
Denomination and Registration&#148; below. Registration of transfer or exchange of certificated notes will be
made at the office or agency maintained by Televisa for this purpose in the Borough of Manhattan,
The City of New York, currently the office of the trustee at 101
Barclay Street, 7 East, New York,
New York 10286 or at the office of The Bank of New York (Luxembourg) S.A., our paying and transfer
agent in Luxembourg, at Aerogulf Center, 1A Hoehenhof, L- 1736 Senningerberg, Luxembourg. Neither
Televisa nor the trustee will charge a service charge for any registration of transfer or exchange
of notes, but Televisa may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with the transfer or exchange (other than
exchanges pursuant to the indenture not involving any transfer). Televisa will maintain a paying
and transfer agent in Luxembourg for so long as any notes or any new notes are listed on the
Luxembourg Stock Exchange for trading on the Euro MTF.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa will make payments of principal, and premium, if any, and interest on book-entry
notes through the trustee to the depositary. See &#147;&#151; Form,
Denomination and Registration&#148; below. In the
case of certificated notes, Televisa will pay the principal and premium, if any, due on the
maturity date in immediately available funds upon presentation and surrender by the holder of the
notes at the office or agency maintained by Televisa for this purpose in the Borough of Manhattan,
The City of New York, currently the office of the trustee at 101 Barclay Street, 4 East, New York,
New York 10286. Televisa will pay interest due on the maturity date of a certificated note to the
person to whom payment of the principal and premium, if any, will be made. Televisa will pay
interest due on a certificated note on any interest payment date other than the maturity date by
check mailed to the address of the holder entitled to the payment as the address shall appear in
the note register of Televisa. Notwithstanding the foregoing, a holder of U.S.$10.0&nbsp;million or more
in aggregate principal amount of certificated notes will be entitled to receive interest payments,
if any, on any interest payment date other than the maturity date 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 interest payment date. Any wire transfer
instructions received by the trustee will remain in effect until revoked by the holder. Any
interest not punctually paid or duly provided for on a certificated note on any interest payment
date other than the maturity date will cease to be payable to the holder of the note as of the
close of business on the related record date and may either be paid (1)&nbsp;to the person in whose name
the certificated note is registered at the close of business on a special record date for the
payment of the defaulted interest that is fixed by Televisa, written notice of which will be given
to the holders of the notes not less than 30 calendar days prior to the special record date, or (2)
at any time in any other lawful manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All monies paid by Televisa to the trustee or any paying agent for the payment of principal
of, and premium and interest on, any note which remains unclaimed for two years after the
principal, premium or interest is due and payable may be repaid to Televisa and, after that
payment, the holder of the note will look only to Televisa for payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ranking and Holding Company Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a holding company with no significant operating assets other than through our ownership
of shares of our subsidiaries and cash and cash equivalents. We receive substantially all of our
operating income from our subsidiaries. The notes will be solely our unsecured senior obligations
ranking <I>pari passu </I>among themselves and with other unsecured senior obligations, including the 8%
Senior Notes due 2011, the 8.50% Senior Notes due 2032, the 6.625% Senior Notes due 2025, and the
8.49% Senior Notes due 2037. Claims of creditors of our subsidiaries, including trade creditors and
banks and other lenders, will have priority over the claims of holders of the notes with respect to
the assets of our subsidiaries. At March&nbsp;31, 2008, our subsidiaries had approximately Ps.34,324.1
million (equivalent to approximately U.S.$3,224.0&nbsp;million) of liabilities (excluding liabilities to
us and excluding guarantees by subsidiaries of indebtedness of Televisa), U.S.$775.1&nbsp;million of
which was Dollar-denominated, including approximately Ps.6,100.7&nbsp;million (equivalent to
approximately U.S.$573.0&nbsp;million), U.S.$239.3&nbsp;million of which was Dollar-denominated indebtedness, that will effectively rank senior to the notes.
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See &#147;Risk Factors &#151; Risk Factors Related to the
New Notes and Exchange Offer &#151; We Are a Holding Company With Our Assets Held Primarily by Our
Subsidiaries; Creditors of Those Companies Have a Claim on Their Assets That Is Effectively Senior
to That of Holders of the Exchange Notes&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Form, Denomination and Registration</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new notes will be issued in book-entry form in minimum denominations of U.S.$100,000 and
integral multiples of U.S.$1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notes will initially be issued in the form of one or more U.S. global notes in definitive,
full registered book entry form, without interest coupons that will be deposited with, or on behalf
of, the depositary, which initially will be DTC, and registered in the name of the depositary or
its nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as the depositary, which initially will be DTC, or its nominee is the registered owner
of a global note, the depositary or its nominee, as the case may be, will be the sole holder of the
notes represented by the global note for all purposes under the indenture. Except as otherwise
provided in this section, the beneficial owners of the global notes representing the notes will not
be entitled to receive physical delivery of certificated notes and will not be considered the
holders of the notes for any purpose under the indenture, and no global note representing the
book-entry notes will be exchangeable or transferable. Accordingly, each beneficial owner must rely
on the procedures of the depositary and, if the beneficial owner is not a participant of the
depositary, then the beneficial owner must rely on the procedures of the participant through which
the beneficial owner owns its interest in order to exercise any rights of a holder under the global
notes or the indenture. The laws of some jurisdictions may require that certain purchasers of notes
take physical delivery of the notes in certificated form. Such limits and laws may impair the
ability to transfer beneficial interests in a global note representing the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The global notes representing the notes will be exchangeable for certificated notes of like
tenor and terms and of differing authorized denominations aggregating a like principal amount, only
if the depositary notifies us that it is unwilling or unable to continue as depositary for the
global notes, the depositary ceases to be a clearing agency registered under the Exchange Act, we
in our sole discretion determine that the global notes shall be exchangeable for certificated
notes, or there shall have occurred and be continuing an event of default under the indenture with
respect to the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any exchange, the certificated notes shall be registered in the names of the beneficial
owners of the global notes representing the notes, which names shall be provided by the
depositary&#146;s relevant participants (as identified by the depositary) to the trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cross-Market Transfers. </I>Subject to compliance with the transfer restrictions applicable to
any new notes, and the certification and other requirements set forth in the indenture, any
cross-market transfer between participants of the depositary, on the one hand, and Euroclear or
Clearstorm Banking, on the other hand, will be effected in the depositary&#146;s book-entry system on
behalf of Euroclear or Clearstorm Banking, as the case may be, in accordance with the rules of the
depositary. However, these cross-market transfers may require delivery of instructions to Euroclear
or Clearstream Banking, as the case may be, by the counterparty in such system in accordance with
its rules and procedures and within its established deadlines. Euroclear or Clearstream Banking, as
the case may be, will, if the transfer meets its settlement requirements, deliver instructions to
its respective depositary to take action to effect final settlement on its behalf by delivering or
receiving the beneficial interests in the applicable global note in the depositary, and making or
receiving payment in accordance with normal procedures for same-day funds settlement applicable to
the depositary. Participants in Euroclear or Clearstream Banking may not deliver instructions
directly to the depositaries for Euroclear or Clearstream Banking, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of time zone differences, the securities account of a Euroclear or Clearstream Banking
participant purchasing a beneficial interest in a global note from a depositary participant will be
credited during the securities settlement processing day, which must be a business day for
Euroclear or Clearstream Banking, as applicable, immediately following the depositary&#146;s settlement
date. Credit of a transfer of a beneficial interest in a global note settled during that processing
day will be reported to the applicable Euroclear or Clearstream Banking participant on that day.
Cash received in Euroclear or Clearstream Banking as a result of a transfer of a beneficial
interest in a global note by or through a Euroclear or Clearstream Banking participant to a
depositary participant will be received with value on the depositary&#146;s settlement date but will be
available in the applicable Euroclear or Clearstream Banking cash account only as of the business
day following settlement in the depositary.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any beneficial interest in a global note that is transferred for a beneficial interest in
another global note will, upon transfer, cease to be an interest in the original global note and
will become an interest in the other global note and, accordingly, will be subject to all transfer
restrictions and other procedures applicable to beneficial interests in the other global note for
as long as it remains a beneficial interest in that global note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to insure the availability of Rule&nbsp;144 under the Securities Act for non-affiliates,
the indenture provides that all notes, other than the notes referred to herein, which are redeemed,
purchased or otherwise acquired by Televisa or any of its subsidiaries or &#147;affiliates&#148;, as defined
in Rule&nbsp;144 under the Securities Act, may not be resold or otherwise transferred and will be
delivered to the trustee for cancellation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Information Relating to the Depositary. </I>The following is based on information furnished by
the depositary:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary will act as the depositary for the notes. The notes will be issued as fully
registered senior notes registered in the name of Cede &#038; Co., which is the depositary&#146;s
partnership nominee. Fully registered global notes will be issued for the notes, in the aggregate
principal amount of the issue, and will be deposited with the depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary is a limited-purpose trust company organized under the New York Banking Law,
a &#147;banking organization&#148; within the meaning of the New York Banking Law, a member of the Federal
Reserve System, a &#147;clearing corporation&#148; within the meaning of the New York Uniform Commercial
Code, and a &#147;clearing agency&#148; registered pursuant to the provisions of Section&nbsp;17A of the
Exchange Act. The depositary holds securities that its participants deposit with the depositary.
The depositary also facilitates the settlement among participants of securities transactions,
including transfers and pledges, in deposited securities through electronic computerized
book-entry changes to participants&#146; accounts, thereby eliminating the need for physical movement
of senior notes certificates. Direct participants of the depositary include securities brokers
and dealers, including the initial purchasers of the notes, banks, trust companies, clearing
corporations and certain other organizations. The depositary is owned by a number of its direct
participants, including the initial purchasers of the notes and by the New York Stock Exchange,
Inc., the American Stock Exchange, Inc., and the National Association of Securities Dealers, Inc.
Access to the depositary&#146;s system is also available to indirect participants, which includes
securities brokers and dealers, banks and trust companies that clear through or maintain a
custodial relationship with a direct participant, either directly or indirectly. The rules
applicable to the depositary and its participants are on file with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of notes under the depositary&#146;s system must be made by or through direct
participants, which will receive a credit for the notes on the depositary&#146;s record. The ownership
interest of each beneficial owner, which is the actual purchaser of each note, represented by
global notes, is in turn to be recorded on the direct and indirect participants&#146; records.
Beneficial owners will not receive written confirmation from the depositary of their purchase,
but beneficial owners are expected to receive written confirmations providing details of the
transaction, as well as periodic statements of their holdings, from the direct or indirect
participants through which the beneficial owner entered into the transaction. Transfers of
ownership interests in the global notes representing the notes are to be accomplished by entries
made on the books of participants acting on behalf of beneficial owners. Beneficial owners of the
global notes representing the notes will not receive certificated notes representing their
ownership interests therein, except in the limited circumstances described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To facilitate subsequent transfers, all global notes representing the notes which are
deposited with, or on behalf of, the depositary are registered in the name of the depositary&#146;s
nominee, Cede &#038; Co. The deposit of global notes with, or on behalf of, the depositary and their
registration in the name of Cede &#038; Co. effect no change in beneficial ownership. The depositary
has no knowledge of the actual beneficial owners of the global notes representing the notes; the
depositary&#146;s records reflect only the identity of the direct participants to whose accounts the
notes are credited, which may or may not be the beneficial owners. The participants will remain
responsible for keeping account of their holdings on behalf of their customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conveyance of notices and other communications by the depositary to direct participants, by
direct participants to indirect participants, and by direct and indirect participants to
beneficial owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the depositary nor Cede &#038; Co. will consent or vote with respect to the global notes
representing the notes. Under its usual procedure, the depositary mails an omnibus proxy to
Televisa as soon as possible after the applicable record date. The omnibus proxy assigns Cede &#038;
Co.&#146;s consenting or voting rights to those direct participants to whose accounts the notes are
credited on the applicable record date (identified in a listing attached to the omnibus proxy).
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal, premium, if any, and/or interest payments on the global notes representing the
notes will be made to the depositary. The depositary&#146;s practice is to credit direct participants&#146;
accounts on the applicable payment date in accordance with their respective holdings shown on the
depositary&#146;s records unless the depositary has reason to believe that it will not receive payment
on the date. Payments by participants to beneficial owners will be governed by standing
instructions and customary practices, as is the case with securities held for the accounts of
customers in bearer form or registered in &#147;street name&#148;, and will be the responsibility of the
participant and not of the depositary, the trustee or Televisa, subject to any statutory or
regulatory requirements as may be in effect from time to time. Payment of principal, premium, if
any, and/or interest to the depositary is the responsibility of Televisa or the trustee,
disbursement of the payments to direct participants will be the responsibility of the depositary,
and disbursement of the payments to the beneficial owners will be the responsibility of direct
and indirect participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The depositary may discontinue providing its services as securities depositary with respect
to the notes at any time by giving reasonable notice to Televisa or the trustee. Under such
circumstances, in the event that a successor securities depositary is not obtained, certificated
notes are required to be printed and delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa may decide to discontinue use of the system of book-entry transfers through the
depositary or a successor securities depositary. In that event, certificated notes will be printed
and delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the depositary, Euroclear and Clearstream Banking have agreed to the procedures
described above in order to facilitate transfers of interests in the global notes among
participants of the depositary, Euroclear and Clearstream Banking, they are under no obligation to
perform or continue to perform these procedures, and these procedures may be discontinued at any
time. Neither the trustee nor Televisa will have any responsibility for the performance by the
depositary, Euroclear or Clearstream Banking or their respective participants or indirect
participants of their respective obligations under the rules and procedures governing their
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Trading. </I>Transfers between participants in the depositary will be effected in the ordinary
way in accordance with the depositary&#146;s rules and operating procedures, while transfers between
participants in Euroclear and Clearstream Banking will be effected in the ordinary way in
accordance with their respective rules and operating procedures.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information in this subsection &#147;&#151; Form, Denomination and Registration&#148; concerning the
depositary, Euroclear and Clearstream Banking and their respective book-entry systems has been
obtained from the depository, Euroclear and Clearstream Banking but Televisa takes responsibility
solely for the accuracy of its extraction of this information.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that the covenants set forth below are applicable to Televisa and its
Restricted Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Limitation on Liens</I></B><I>. </I>Televisa will not, and will not permit any Restricted Subsidiary to,
directly or indirectly, create, incur or assume any Lien, except for Permitted Liens, on any
Principal Property to secure the payment of Funded Indebtedness of Televisa or any Restricted
Subsidiary if, immediately after the creation, incurrence or assumption of such Lien the sum of
(without duplication) (A)&nbsp;the aggregate outstanding principal amount of all Funded Indebtedness of
Televisa and the Restricted Subsidiaries that is secured by Liens (other than Permitted Liens) on
any Principal Property and (B)&nbsp;the Attributable Debt relating to any Sale and Leaseback Transaction
which would otherwise be subject to the provisions of clause 2(A)(i) of the &#147;Limitation on Sale and
Leaseback&#148; covenant would exceed the greater of (x)&nbsp;U.S.$300.0&nbsp;million and (y)&nbsp;15% of Adjusted
Consolidated Net Tangible Assets, unless effective provision is made whereby the notes (together
with, if Televisa shall so determine, any other Funded Indebtedness ranking equally with the notes,
whether then existing or thereafter created) are secured equally and ratably with (or prior to)
such Funded Indebtedness (but only for so long as such Funded Indebtedness is so secured). For
purposes of this covenant, the value of any Lien on any Principal Property securing Funded
Indebtedness will be computed on the basis of the lesser of (i)&nbsp;the outstanding principal amount of
such secured Funded Indebtedness and (ii)&nbsp;the higher of (x)&nbsp;the book value or (y)&nbsp;the Fair Market
Value of the Principal Property securing such Funded Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing limitation on Liens shall not apply to the creation, incurrence or assumption of
the following Liens (&#147;Permitted Liens&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any Lien which arises out of a judgment or award against Televisa or any Restricted
Subsidiary with respect to which Televisa or such Restricted Subsidiary at the time shall be
prosecuting an appeal or proceeding for review (or with respect to which the period within which
such appeal or proceeding for review may be initiated shall not have expired) and with respect
to which it shall have secured a
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">stay of execution pending such appeal or proceedings for
review or with respect to which Televisa or such Restricted Subsidiary shall have posted a bond
and established adequate reserves (in accordance with Mexican GAAP) for the payment of such
judgment or award;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Liens arising from the rendering of a final judgment or order against Televisa or any
Restricted Subsidiary of Televisa that would not, with notice, passage of time or both, give
rise to an Event of Default;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Liens incurred or deposits made to secure indemnity obligations in respect of the
disposition of any business or assets of Televisa or any Restricted Subsidiary; <I>provided </I>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 Televisa and its Restricted Subsidiaries in connection with
such disposition;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Liens resulting from the deposit of funds or evidences of Indebtedness in trust for the
purpose of discharging or defeasing Indebtedness of Televisa or any Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Liens on assets or property of a Person existing at the time such Person is merged
into, consolidated with or acquired by Televisa or any Restricted Subsidiary or becomes a
Restricted Subsidiary; <I>provided </I>that: (i)&nbsp;any such Lien is not incurred in contemplation of such
merger, consolidation or acquisition and does not secure any property of Televisa or any
Restricted Subsidiary other than the property and assets subject to such Lien prior to such
merger, consolidation or acquisition or (ii)&nbsp;if such Lien is incurred in contemplation of such
merger, consolidation or acquisition it would be, if created or incurred on or after the
consummation of such merger, consolidation or acquisition, a Permitted Lien under clause 7
below;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Liens existing on the date of original issuance of the first series of notes pursuant
to the indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Liens securing Funded Indebtedness (including in the form of Capitalized Lease
Obligations and purchase money Indebtedness) incurred for the purpose of financing the cost
(including without limitation the cost of design, development, site acquisition, construction,
integration, manufacture or acquisition) of real or personal property (tangible or intangible)
which is incurred contemporaneously therewith or within 180&nbsp;days thereafter; <I>provided </I>(i)&nbsp;such
Liens secure Funded Indebtedness in an amount not in excess of the cost of such property (plus
an amount equal to the reasonable fees and expenses incurred in connection with the incurrence
of such Funded Indebtedness) and (ii)&nbsp;such Liens do not extend to any property of Televisa or
any Restricted Subsidiary other than the property for which such Funded Indebtedness was
incurred;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Liens to secure the performance of statutory and common law obligations, surety or
appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary
course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Liens to secure the notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Liens granted in favor of Televisa and/or any Wholly Owned Restricted Subsidiary to
secure indebtedness owing to Televisa or such Wholly Owned Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Legal or equitable encumbrances deemed to exist by reason of the inclusion of
customary negative pledge provisions in any financing document of Televisa or any Restricted
Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Liens on the rights of Televisa or any Restricted Subsidiary to licensing, royalty and
other similar payments in respect of programming or films and all proceeds therefrom; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Any Lien in respect of Funded Indebtedness representing the extension, refinancing,
renewal or replacement (or successive extensions, refinancings, renewals or replacements) of
Funded Indebtedness secured by Liens referred to in clauses (3), (4), (5), (6), (7), (8), (9),
(10), (11)&nbsp;and (12)&nbsp;above; <I>provided </I>that the principal of the Funded Indebtedness secured
thereby does not exceed the principal of the Funded Indebtedness secured thereby immediately
prior to such extension, renewal or replacement, plus any accrued and unpaid interest or
capitalized interest payable thereon, reasonable fees and expenses incurred in connection
therewith, and the amount of any prepayment premium necessary to accomplish any refinancing; and
<I>provided</I>, <I>further</I>, that such extension, renewal or replacement shall be limited to all or a part
of the property (or interest therein) subject to the Lien so extended, renewed or replaced (plus
improvements and construction on such property); and <I>provided</I>, <I>further</I>, that in the case of
Liens referred to in clauses (3), (4), (8), (9), (10), (11)&nbsp;and (12), the secured party with
respect to the Lien so extended, renewed, refinanced or replaced is the party (or any successor
or assignee thereof) that was secured prior to such extension, renewal, refinancing or
replacement.
</DIV>


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</DIV>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Limitation on Sale and Leaseback</I></B><I>. </I>Televisa will not, and will not permit any Restricted
Subsidiary to, enter into any Sale and Leaseback Transaction; <I>provided </I>that Televisa or any
Restricted Subsidiary may enter into a Sale and Leaseback Transaction if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the gross cash proceeds of the Sale and Leaseback Transaction are at least equal to the
Fair Market Value, as determined in good faith by the Board of Directors and set forth in a
resolution delivered to the trustee, of the Principal Property that is the subject of the Sale
and Leaseback Transaction; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) either
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Televisa or the Restricted Subsidiary, as applicable, either (i)&nbsp;could have
incurred a Lien to secure Funded Indebtedness in an amount equal to the Attributable Debt
relating to such Sale and Leaseback Transaction pursuant to the &#147;Limitation on Liens&#148;
covenant, or (ii)&nbsp;makes effective provision whereby the notes (together with, if Televisa
shall so determine, any other Funded Indebtedness ranking equally with the notes, whether
then existing or thereafter created) are secured equally and ratably with (or prior to) the
obligations of Televisa or the Restricted Subsidiary under the lease of such Principal
Property, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) within 360&nbsp;days, Televisa or the Restricted Subsidiary either (i)&nbsp;applies an
amount equal to the Attributable Debt in respect of such Sale and Leaseback Transaction to
purchase the notes or to retire, defease or prepay (in whole or in part) other Funded
Indebtedness, or (ii)&nbsp;enters into a bona fide commitment to expend for the acquisition or
improvement of a Principal Property an amount at least equal to the Attributable Debt in
respect of such Sale and Leaseback Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Designation of Restricted Subsidiaries</I></B><I>. </I>The Board of Directors of Televisa may designate an
Unrestricted Subsidiary as a Restricted Subsidiary or designate a Restricted Subsidiary as an
Unrestricted Subsidiary at any time; <I>provided </I>that (1)&nbsp;immediately after giving effect to such
designation, Televisa and its Restricted Subsidiaries would have been permitted to incur at least
U.S.$1.00 of additional Funded Indebtedness secured by a Lien pursuant to the &#147;Limitation on Liens&#148;
covenant (other than Funded Indebtedness permitted to be secured by a Lien pursuant to the
provisions of the definition of &#147;Permitted Liens&#148;), (2)&nbsp;no default or event of default shall have
occurred and be continuing, and (3)&nbsp;an Officer&#146;s Certificate with
respect to such designation is
delivered to the trustee within 75&nbsp;days after the end of the fiscal
quarter of Televisa in which
such designation is made (or, in the case of a designation
made during the last fiscal quarter of
Televisa&#146;s fiscal year, within 120&nbsp;days after the end of such fiscal year), which Officers&#146;
Certificate shall state the effective date of such designation. Televisa has initially designated
as Unrestricted Subsidiaries all of its Subsidiaries other than those subsidiaries engaged in
television broadcasting, pay television networks and programming exports (other than the
subsidiaries which operate Bay City Television) and will deliver the required Officers&#146; Certificate
with respect thereto to the trustee, on or prior to the date of initial issuance of the first
series of notes pursuant to the indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Repurchase of Notes upon a Change of Control</I></B><I>. </I>Televisa 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. Televisa 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 covenant if it were made by
Televisa 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, Televisa covenants to (i)&nbsp;repay in full all indebtedness of Televisa 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 Televisa to permit the
repurchase of the notes. Televisa shall first comply with the covenant in the preceding sentence
before it repurchases notes upon a Change of Control pursuant to this covenant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The covenant requiring Televisa to repurchase the notes will, unless consents are obtained,
require Televisa to repay all indebtedness then outstanding, which by its terms would prohibit such
note repurchase, either prior to or concurrently with such note repurchase. There can be no
assurance that Televisa will have sufficient funds available at the time of any Change of Control
to make any debt payment (including repurchases of notes) required by the foregoing covenant (as
well as by any covenant contained in other securities of Televisa which might be outstanding at the
time).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Additional Amounts</I></B><I>. </I>All payments of amounts due in respect of the notes by Televisa 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;Taxes&#148;) unless the withholding or deduction of such Taxes
is required by law or by the interpretation or administration thereof. In that event, Televisa will
pay such additional amounts (&#147;Additional Amounts&#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
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Taxes which are imposed on, or deducted or withheld from, payments made to the
holder or beneficial owner of 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 a
trade or business therein) other than the mere holding of such note or the receipt of amounts
due in respect thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any estate, inheritance, gift, sales, stamp, transfer or personal property Tax;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Taxes that are imposed on, or withheld or deducted from, payments made to the
holder or beneficial owner of 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 Televisa
shall apply this clause (iii), Televisa shall have notified all the holders of notes, in
writing, that such holders or beneficial owners of the notes will be required to provide such
information or documentation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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 Televisa 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 (<I>provided </I>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 Televisa (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 Televisa shall make such reasonable request, Televisa 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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any withholding or deductions imposed on a payment to an individual required to be made
pursuant to the European Council Directive 2003/48/EC (the &#147;Directive&#148;) or any law implementing
or introduced in order to conform to, such Directive; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) 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;Excluded Taxes&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the limitations on Televisa&#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
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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; I. 3.22.8
issued by the Secretar&#237;a de Hacienda y Cr&#233;dito P&#250;blico (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;I. 3.22.8 (or a
substantially similar successor of such rule), Televisa cannot obtain such information,
documentation or other evidence on its own through reasonable diligence and Televisa otherwise
would meet the requirements for application of Rule&nbsp;I. 3.22.8 (or such 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least 30&nbsp;days prior to each date on which any payment under or with respect to the notes is
due and payable, if Televisa will be obligated to pay Additional Amounts with respect to such
payment (other than Additional Amounts payable on the date of the indenture), Televisa will deliver
to the trustee an Officer&#146;s 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 trustee to pay such Additional Amounts to holders on the payment date. Whenever either in the
indenture or in this prospectus 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that Televisa 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% as
a result of certain changes affecting Mexican tax laws, Televisa may redeem all, but not less than
all, of the notes, at any time at 100% of the principal amount, together with accrued and unpaid
interest thereon, if any, to the redemption date. See &#147;&#151; Optional Redemption &#151; Withholding Tax
Redemption&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa will provide the trustee with documentation evidencing the payment of Mexican taxes
in respect of which Televisa has paid any Additional Amounts. Copies of such documentation will be
made available to the holders or the paying agent, as applicable, upon request therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Televisa will pay any stamp, issue, registration, documentary or other similar
taxes and other duties (including interest and penalties) (a)&nbsp;payable in Mexico or the United
States (or any political subdivision of either jurisdiction) in respect of the creation, issue and
offering of the notes, and (b)&nbsp;payable in Mexico (or any political subdivision thereof) in respect
of the subsequent redemption or retirement of the notes (other than, in the case of any subsequent
redemption or retirement, Excluded Taxes; except for this purpose, the definition of Excluded Taxes
will not include those defined in clause (ii)&nbsp;thereof).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not be permitted to redeem the notes before their stated maturity, except as set forth
below. The notes will not be entitled to the benefit of any sinking fund &#151; meaning that we will
not deposit money on a regular basis into any separate account to repay your notes. In addition,
you will not be entitled to require us to repurchase your notes from you before the stated
maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Optional Redemption With &#147;Make-Whole&#148; Amount</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will have the right at our option to redeem any of the notes in whole or in part, at any
time or from time to time prior to their maturity, on at least 30&nbsp;days&#146; but not more than 60&nbsp;days&#146;
notice, at a redemption price equal to the greater of (1)&nbsp;100% of the principal amount of such
notes 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 date of redemption) 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;Make-Whole Amount&#148;), plus in each case accrued
interest on the principal amount of the notes to the date of redemption.
</DIV>

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

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#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 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Independent Investment Banker&#148; means one of the Reference Treasury Dealers appointed by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#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 we obtain fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reference 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 us; 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;), we will substitute
therefore another Primary Treasury Dealer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reference Treasury Dealer Quotation&#148; means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by us, 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 us by such Reference Treasury Dealer at 3:30 pm New York time on the third business
day preceding such redemption date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On and after the redemption date, interest will cease to accrue on the notes or any portion of
the notes called for redemption (unless we default in the payment of the redemption price and
accrued interest). On or before the redemption date, we will deposit with the trustee money
sufficient to pay the redemption price of 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="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Withholding Tax Redemption</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Televisa, 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)
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, Televisa has become or would become required to pay any Additional
Amounts (as defined above) in excess of those attributable to Taxes (as defined above) that are
imposed, deducted or withheld at a rate of 10% on or from any payments under the notes. See &#147;&#151;
Certain Covenants &#151; Additional Amounts&#148; and &#147;Taxation &#151; Federal Mexican Taxation&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of Televisa to redeem the notes shall be evidenced by a certificate (a
&#147;Withholding Tax Redemption Certificate&#148;) of a financial officer of Televisa, which certificate
shall be delivered to the trustee. Televisa 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 Televisa 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 Televisa 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>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Withholding Tax Redemption shall be given by the trustee to the holders, in
accordance with the provisions under &#147;Notices&#148;, upon the mailing by first-class postage prepaid to
each holder at the address of such holder as it appears in the Register not less than 30&nbsp;days nor
more than 60&nbsp;days prior to the Withholding Tax Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of Withholding Tax Redemption shall state:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Withholding Tax Redemption Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Withholding Tax Redemption Price;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sum of all other amounts due to the holders under the notes and the indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that on the Withholding Tax Redemption Date the Withholding Tax Redemption Price will
become due and payable upon each such note so to be redeemed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the place or places, including the offices of our paying agent in Luxembourg, where such
notes so to be redeemed are to be surrendered for payment of the Withholding Tax Redemption
Price; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the ISIN number of the notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Withholding Tax Redemption having been given as aforesaid, the notes so to be
redeemed shall, on the Withholding Tax Redemption Date, become due and payable at the Withholding
Tax Redemption Price therein specified. Upon surrender of any such notes for redemption in
accordance with such notice, such notes shall be paid by the paying agent on behalf of Televisa on
the Withholding Tax Redemption Date; <I>provided </I>that moneys sufficient therefor have been deposited
with the trustee for the holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in the indenture or in the notes, if a
Withholding Tax Redemption Certificate has been delivered to the trustee and Televisa 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 Televisa to the trustee for the benefit of the holders shall not entitle
either the holders or the trustee on their behalf after such payment to declare the principal of
any notes then outstanding to be due and payable on any date prior to the Withholding Tax
Redemption Date. The funds paid to the trustee shall be used to redeem the notes on the Withholding
Tax Redemption Date.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa may not consolidate with or merge into, or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its assets and the properties and assets of its
Subsidiaries (taken as a whole) as an entirety to, any entity or entities (including limited
liability companies) unless (1)&nbsp;the successor entity or entities, each of which shall be organized
under the laws of Mexico or of the United States or a State thereof, shall assume by supplemental
indenture all the obligations of Televisa under the notes, the indenture and the registration
rights agreement, (2)&nbsp;immediately after giving effect to the transaction or series of transactions,
no default or event of default shall have occurred and be continuing, and (3)&nbsp;if, as a result of
such transaction, properties or assets of Televisa would become subject to an encumbrance which
would not be permitted by the terms of the notes, Televisa or the successor entity or entities
shall take such steps as are necessary to secure such notes equally and ratably with all
indebtedness secured thereunder; <I>provided</I>, that notwithstanding the foregoing, nothing herein shall
prohibit Televisa or a Restricted Subsidiary from selling, assigning, transferring, leasing,
conveying or otherwise disposing of any of Televisa&#146;s Subsidiaries that are Unrestricted
Subsidiaries at the date of the indenture or any interest therein or any assets thereof.
Thereafter, all such obligations of Televisa shall terminate.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;event of default&#148; means any one of the following events with respect to any series
of senior debt securities, including the notes:
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default in the payment of any interest on any senior debt security of the series, or
any Additional Amounts payable with respect thereto, when the interest becomes or the Additional
Amounts become due and payable, and continuance of the default for a period of 30&nbsp;days;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default in the payment of the principal of or any premium on any senior debt security
of the series, or any Additional Amounts payable with respect thereto, when the principal or
premium becomes or the Additional Amounts become due and payable at their maturity;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) failure of Televisa to comply with any of its obligations described above under &#147;&#151;
Merger and Consolidation&#148;;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) default in the deposit of any sinking fund payment when and as due by the terms of a
senior debt security of the series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) default in the performance, or breach, of any covenant or warranty of Televisa in the
indenture or the senior debt securities (other than a covenant or warranty a default in the
performance or the breach of which is elsewhere in the indenture specifically dealt with or
which has been expressly included in the indenture solely for the benefit of a series of senior
debt securities other than the relevant series), and continuance of the default or breach for a
period of 60&nbsp;days after there has been given, by registered or certified mail, to Televisa by
the trustee or to Televisa and the trustee by the holders of at least 25% in principal amount of
the outstanding senior debt securities of the series, a written notice specifying the default or
breach and requiring it to be remedied and stating that the notice is a &#147;Notice of Default&#148;
under the indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) if any event of default as defined in any mortgage, indenture or instrument under which
there may be issued, or by which there may be secured or evidenced, any Indebtedness of Televisa
or any Material Subsidiary of Televisa, whether the Indebtedness now exists or shall hereafter
be created, shall happen and shall result in Indebtedness in aggregate principal amount (or, if
applicable, with an issue price and accreted original issue discount) in excess of U.S.$100.0
million becoming or being declared due and payable prior to the date on which it would otherwise
become due and payable, and (i)&nbsp;the acceleration shall not be rescinded or annulled, (ii)&nbsp;such
Indebtedness shall not have been paid or (iii)&nbsp;Televisa or such Material Subsidiary shall not
have contested such acceleration in good faith by appropriate proceedings and have obtained and
thereafter maintained a stay of all consequences that would have a material adverse effect on
Televisa, in each case within a period of 30&nbsp;days after there shall have been given, by
registered or certified mail, to Televisa by the trustee or to Televisa and the trustee by the
holders of at least 25% in principal amount of the outstanding senior debt securities of the
series then outstanding, a written notice specifying the default or breaches and requiring it to
be remedied and stating that the notice is a &#147;Notice of Default&#148; or other notice as prescribed
in the indenture; <I>provided</I>, <I>however</I>, that if after the expiration of such period, such event of
default shall be remedied or cured by Televisa or be waived by the holders of such Indebtedness
in any manner authorized by such mortgage, indenture or instrument, then the event of default
with respect to such series of senior debt securities or by reason thereof shall, without
further action by Televisa, the trustee or any holder of senior debt securities of such series,
be deemed cured and not continuing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the entry by a court having competent jurisdiction of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a decree or order for relief in respect of Televisa or any Material Subsidiary in
an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or
other similar law, which decree or order shall remain unstayed and in effect for a period
of 60 consecutive days;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a decree or order adjudging Televisa or any Material Subsidiary to be insolvent,
or approving a petition seeking reorganization, arrangement, adjustment or composition of
Televisa or any Material Subsidiary, which decree or order shall remain unstayed and in
effect for a period of 60 consecutive days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a final and non-appealable order appointing a custodian, receiver, liquidator,
assignee, trustee or other similar official of Televisa or any Material Subsidiary or of
any substantial part of the property of Televisa or any Material Subsidiary or ordering the
winding up or liquidation of the affairs of Televisa;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the commencement by Televisa or any Material Subsidiary of a voluntary proceeding under
any applicable bankruptcy, insolvency, reorganization or other similar law or of a voluntary
proceeding seeking to be adjudicated insolvent or the consent by Televisa or any Material
Subsidiary to the entry of a decree or order for relief in an involuntary proceeding under any
applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of
any insolvency proceedings against it, or the filing by Televisa or any Material Subsidiary of a
petition or answer or consent seeking reorganization or relief under any applicable law, or the consent by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Televisa or any Material Subsidiary to the
filing of the petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee or similar official of Televisa or any Material Subsidiary or any
substantial part of the property of Televisa or any Material Subsidiary or the making by
Televisa or any Material Subsidiary of an assignment for the benefit of creditors, or the taking
of corporate action by Televisa or any Material Subsidiary in furtherance of any such action; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) any other event of default provided in or pursuant to the indenture with respect to
senior debt securities of the series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an event of default with respect to senior debt securities of any series at the time
outstanding (other than an event of default specified in clause (7)&nbsp;or (8)&nbsp;above) occurs and is
continuing, then the trustee or the holders of not less than 25% in principal amount of the
outstanding senior debt securities of the series may declare the principal of all the senior debt
securities of the series, or such lesser amount as may be provided for in the senior debt
securities of the series, to be due and payable immediately, by a notice in writing to Televisa
(and to the trustee if given by the holders), and upon any declaration the principal or such lesser
amount shall become immediately due and payable. If an event of default specified in clause (7)&nbsp;or
(8)&nbsp;above occurs, all unpaid principal of and accrued interest on the outstanding senior debt
securities of that series (or such lesser amount as may be provided for in the senior debt
securities of the series) shall become and be immediately due and payable without any declaration
or other act on the part of the trustee or any holder of any senior debt security of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time after a declaration of acceleration or automatic acceleration with respect to the
senior debt securities of any series has been made and before a judgment or decree for payment of
the money due has been obtained by the trustee, the holders of not less than a majority in
principal amount of the outstanding senior debt securities of the series, by written notice to
Televisa and the trustee, may rescind and annul the declaration and its consequences if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Televisa has paid or deposited with the trustee a sum of money sufficient to pay all
overdue installments of any interest on and additional amounts with respect to all senior debt
securities of the series and the principal of and any premium on any senior debt securities of
the series which have become due otherwise than by the declaration of acceleration and interest
on the senior debt securities; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all events of default with respect to senior debt securities of the series, other than
the non-payment of the principal of, any premium and interest on, and any additional amounts
with respect to senior debt securities of the series which shall have become due solely by the
acceleration, shall have been cured or waived.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No rescission shall affect any subsequent default or impair any right consequent thereon.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A meeting of noteholders may be called by the trustee, Televisa or the holders of at least 10%
in aggregate principal amount of the outstanding notes at any time and from time to time, to make,
give or take any request, demand, authorization, direction, notice, consent, waiver or other
actions provided by the indenture to be made, given or taken by holders of notes. The meeting shall
be held at such time and at such place in the Borough of Manhattan, The City of New York or in such
other place as the trustee shall determine. Notice of every meeting of noteholders, setting forth
the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given not less than 21 nor more than 180&nbsp;days prior to the date fixed for the
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The persons entitled to vote a majority in principal amount of the outstanding notes shall
constitute a quorum for a meeting; except that if any action requires holders of at least 66 2/3%
in principal amount of the outstanding notes to consent or waiver the Persons entitled to vote 66
2/3% in principal amount of the outstanding notes shall constitute a quorum. Any resolution
presented to a meeting at which a quorum is present may be adopted only by the affirmative vote of
the holders of a majority in principal amount of the outstanding notes; except that any resolution
requiring consent of the holders of at least 66 2/3% in principal amount of the outstanding notes
may be adopted at a meeting by the affirmative vote of the holders of at least 66 2/3% in principal
amount of the outstanding notes. Any resolution passed or decision taken at any meeting of holders
of notes duly held in accordance with the indenture shall be binding on all the holders of notes,
whether or not such holders were present or represented at the meeting.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Modification and Waiver</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modification and amendments of the indenture may be made by Televisa and the trustee with the
consent of the holders of not less than a majority in aggregate principal amount of the outstanding
senior debt securities of each series affected thereby; <I>provided</I>, <I>however</I>, that no modification or
amendment may, without the consent of the holder of each outstanding senior debt security affected
thereby:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) change the stated maturity of the principal of, or any premium or installment of
interest on, or any Additional Amounts with respect to, any senior debt security;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the principal amount of, or the rate (or modify the calculation of the rate) of
interest on, or any Additional Amounts with respect to, or any premium payable upon the
redemption of, any senior debt security;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) change the redemption provisions of any senior debt security or adversely affect the
right of repayment at the option of any holder of any senior debt security;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) change the place of payment or the coin or currency in which the principal of, any
premium or interest on or any Additional Amounts with respect to any senior debt security is
payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) impair the right to institute suit for the enforcement of any payment on or after the
stated maturity of any senior debt security (or, in the case of redemption, on or after the
redemption date or, in the case of repayment at the option of any holder, on or after the date
for repayment);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) reduce the percentage in principal amount of the outstanding senior debt securities,
the consent of whose holders is required in order to take certain actions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) reduce the requirements for quorum or voting by holders of senior debt securities as
provided in the indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) modify any of the provisions in the indenture regarding the waiver of past defaults and
the waiver of certain covenants by the holders of senior debt securities except to increase any
percentage vote required or to provide that certain other provisions of the indenture cannot be
modified or waived without the consent of the holder of each senior debt security affected
thereby; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) modify any of the above provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of not less than a majority in aggregate principal amount of the senior debt
securities of any series may, on behalf of the holders of all senior debt securities of the series,
waive compliance by Televisa with certain restrictive provisions of the indenture. The holders of
not less than a majority in aggregate principal amount of the outstanding senior debt securities of
any series may, on behalf of the holders of all senior debt securities of the series, waive any
past default and its consequences under the indenture with respect to the senior debt securities of
the series, except a default:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the payment of principal (or premium, if any), or any interest on or any Additional
Amounts with respect to senior debt securities of the series; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of a covenant or provision of the indenture that cannot be modified or amended
without the consent of the holder of each senior debt security of any series.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the indenture, Televisa is required to furnish the trustee annually a statement as to
performance by Televisa of certain of its obligations under the indenture and as to any default in
the performance. Televisa is also required to deliver to the trustee, within five days after
becoming aware thereof, written notice of any event of default or any event which after notice or
lapse of time or both would constitute an event of default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture contains provisions permitting Televisa and the trustee, without the consent of
any holders of notes, to enter into a supplemental indenture, among other things, for purposes of
curing any ambiguity or correcting or supplementing any provisions contained in the indenture or in
any supplemental indenture or making other provisions in regard to the matters or questions arising
under the indenture or any supplemental indenture as the Board of Directors of Televisa deems
necessary or desirable and which does not adversely affect the interests of the holders of notes in
any material respect. Televisa and the trustee, without the consent of any holders of notes, may
also enter into a supplemental indenture to establish the forms or terms of any series of senior
debt securities as are not otherwise inconsistent with any of the provisions of the indenture.
</DIV>

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</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices regarding the notes shall be valid if that notice is given to holders of notes in
writing and mailed to each holder of notes, and, for so long as the notes are listed on the
Luxembourg Stock Exchange, if published in a leading daily newspaper of general circulation in
Luxembourg.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the notes are represented by the global note deposited with the common depositary,
notices to holders may be given by delivery to the depositary, and such notices will be deemed to
be given on the date of delivery to the depositary. The trustee will also mail notices by
first-class mail, postage prepaid, to each registered holder&#146;s last known address as it appears in
the security register that the trustee maintains. The trustee will only mail these notices to the
registered holder of the notes. You will not receive notices regarding the notes directly from us
unless we reissue the notes to you in fully certificated form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, so long as the notes are admitted to listing on the Official List of the
Luxembourg Stock Exchange and for trading on the Euro MTF, in accordance with the rules and
regulations of the Luxembourg Stock Exchange, all notices regarding the notes shall be valid if
published in a leading daily newspaper of general circulation in Luxembourg, which is expected to
be <I>d&#146;Wort </I>or on the website of the Luxembourg Stock Exchange (www.bourse.lu). If such publication
is not practicable, notice will be considered to be validly given if otherwise made in accordance
with the rules of the Luxembourg Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices will be deemed to have been given on the date of mailing or of publication as
aforesaid or, if published on different dates, on the date of the first such publication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the failure to give any notice to a particular holder, nor any defect in a notice will
be considered to be validly given if otherwise made in accordance with the rules of the Luxembourg
Stock Exchange.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money deposited with the trustee or paying agent or held by Televisa, in trust, for the
payment of principal, premium, interest or any Additional Amounts, that remains unclaimed for two
years after such amount becomes due and payable shall be paid to Televisa on its request or, if
held by Televisa, shall be discharged from such trust. The holder of the notes will look only to
Televisa for payment thereof, and all liability of the trustee, paying agent or of Televisa, as
trustee, shall thereupon cease. However, the trustee or paying agent may at the expense of Televisa
cause to be published once in a newspaper in each place of payment, or to be mailed to holders of
notes, or both, notice that that money remains unclaimed and any unclaimed balance of such money
remaining, after a specified date, will be repaid to Televisa.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are certain of the terms defined in the indenture:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the following definitions, the covenants described above under &#147;&#151; Certain
Covenants&#148; and the indenture generally, all calculations and determinations shall be made in
accordance with Mexican GAAP as in effect on the closing date and shall be based upon the
consolidated financial statements of Televisa and its restricted subsidiaries prepared in
accordance with Mexican GAAP and Televisa&#146;s accounting policies as in effect on the closing
date. Where calculations or amounts are determined with reference to reports filed with the
Commission or the trustee, the information contained in such reports shall (solely for purposes
of the indenture) be adjusted to the extent necessary to conform to Mexican GAAP as in effect on
the closing date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Adjusted Consolidated Net Tangible Assets&#148; </I>means the total amount of assets of Televisa
and its Restricted Subsidiaries (less applicable depreciation, amortization and other valuation
reserves), including any write-ups or restatements required under Mexican GAAP (other than with
respect to items referred to in clause (ii)&nbsp;below), after deducting therefrom (i)&nbsp;all current
liabilities of Televisa and its Restricted Subsidiaries (excluding deposits and customer
advances) and (ii)&nbsp;all goodwill, trade names, trademarks, licenses, concessions, patents,
unamortized debt discount and expense and other intangibles, all as determined in accordance
with Mexican GAAP; <I>provided </I>that &#147;Adjusted Consolidated Net Tangible Assets&#148; shall be deemed to
include transmission rights, programs and films, as determined in accordance with Mexican GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Affiliate&#148; </I>means, as applied to any Person, any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, such Person. For
purposes of this definition, &#147;control&#148; (including, with correlative meanings,
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the terms &#147;controlling&#148;, &#147;controlled by&#148; and &#147;under common control with&#148;), as applied to
any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Attributable Debt&#148; </I>in respect of a Sale and Leaseback transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental payments during
the remaining term of the lease included in such Sale and Leaseback transaction including any
period for which such lease has been extended or may, at the option of the lessor, be extended.
Such present value shall be calculated using a discount rate equal to the rate of interest
implicit in such transaction, determined in accordance with Mexican GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Board of Directors&#148; </I>means the Board of Directors of Televisa or the Executive Committee
thereof, if duly authorized by the Board of Directors and under Mexican Law to act with respect
to the indenture; <I>provided</I>, that for purposes of clause (ii)&nbsp;of the definition of Change of
Control, the Board of Directors shall mean the entire Board of Directors then in office.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Capitalized Lease Obligation&#148; </I>of any Person means any obligation of such Person to pay
rent or other amounts under a lease with respect to any property (whether real, personal or
mixed) acquired or leased (other than leases for transponders) by such Person and used in its
business that is required to be accounted for as a liability on the balance sheet of such Person
in accordance with Mexican GAAP and the amount of such Capitalized Lease Obligation shall be the
amount so required to be accounted for as a liability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Change of Control&#148; </I>means such time as (i)&nbsp;a &#147;person&#148; or &#147;group&#148; (within the meaning of
Sections 13(d) and 14(d)(2) of the Exchange Act) becomes the ultimate &#147;beneficial owner&#148; (as
defined in Rule&nbsp;13d-3 under the Exchange Act) of shares of Voting Stock of Televisa representing
more than 35% of the total voting power of the total Voting Stock of Televisa on a fully diluted
basis and (A)&nbsp;such ownership is greater than the amount of voting power of the total Voting
Stock, on a fully diluted basis, &#147;beneficially owned&#148; by the Existing Stockholders and their
Affiliates on such date, (B)&nbsp;such beneficial owner has the right under applicable law to
exercise the voting power of such shares and (C)&nbsp;such beneficial owner has the right to elect
more directors than the Existing Stockholders and their Affiliates on such date; or (ii)
individuals who on the closing date constitute the Board of Directors of Televisa (together with
any new directors whose election by the Board of Directors or whose nomination for election by
Televisa&#146;s stockholders was approved by a vote of at least two-thirds of the members of the
Board of Directors then in office who either were members of the Board of Directors on the
closing date or whose election or nomination for election was previously so approved) cease for
any reason to constitute a majority of the members of the Board of Directors then in office.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Existing Stockholders&#148; </I>means (i)&nbsp;Emilio Azc&#225;rraga Jean, (ii)&nbsp;a parent, brother or sister
of the individual named in clause (i), (iii)&nbsp;the spouse or a former spouse of any individual
named in clause (i)&nbsp;or (ii), (iv)&nbsp;the lineal descendants of any person named in clauses (i)
through (iii)&nbsp;and the spouse or a former spouse of any such lineal descendant, (v)&nbsp;the estate or
any guardian, custodian or other legal representative of any individual named in clauses (i)
through (iv), (vi)&nbsp;any trust established solely for the benefit of any one or more of the
individuals named in clauses (i)&nbsp;through (v)&nbsp;and (vii)&nbsp;any Person in which all of the equity
interests are owned, directly or indirectly, by any one or more of the Persons named in clauses
(i)&nbsp;through (vi).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Fair Market Value&#148; </I>means, with respect to any asset or property, the price which could be
negotiated in an arm&#146;s-length transaction, for cash, between an informed and willing seller
under no compulsion to sell and an informed and willing buyer under no compulsion to buy. Fair
Market Value shall be determined by the Board of Directors of Televisa, acting in good faith and
evidenced by a resolution delivered to the trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Funded Indebtedness&#148; </I>of any Person means, as of the date as of which the amount thereof is
to be determined, without duplication, all Indebtedness of such Person for borrowed money or for
the deferred purchase price of property or assets in respect of which such Person is liable and
all guarantees by such Person of any Indebtedness of others for borrowed money, and all
Capitalized Lease Obligations of such Person, which by the terms thereof have a final maturity,
duration or payment date more than one year from the date of determination thereof (including,
without limitation, any balance of such Indebtedness or obligation which was Funded Indebtedness
at the time of its creation maturing within one year from such date of determination) or which
has a final maturity, duration or payment date within one year from such date of determination
but which by its terms may be renewed or extended at the option of such Person for more than one
year from such date of determination, whether or not theretofore renewed or extended; <I>provided</I>,
<I>however</I>, &#147;Funded Indebtedness&#148; shall not include (1)&nbsp;any Indebtedness of Televisa or any
Subsidiary to Televisa or another Subsidiary, (2)&nbsp;any guarantee by Televisa or any Subsidiary of
Indebtedness of Televisa or another Subsidiary; <I>provided </I>that such guarantee is not secured by a
Lien on any Principal Property, (3)&nbsp;any guarantee by Televisa or any Subsidiary of the Indebtedness of any person (including,
without limitation, a business
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">trust), if the obligation of Televisa or such Subsidiary under
such guaranty is limited in amount to the amount of funds held by or on behalf of such person
that are available for the payment of such Indebtedness, (4)&nbsp;liabilities under interest rate
swap, exchange, collar or cap agreements and all other agreements or arrangements designed to
protect against fluctuations in interest rates or currency exchange rates, and (5)&nbsp;liabilities
under commodity hedge, commodity swap, exchange, collar or cap agreements, fixed price
agreements and all other agreements or arrangements designed to protect against fluctuations in
prices. For purposes of determining the outstanding principal amount of Funded Indebtedness at
any date, the amount of Indebtedness issued at a price less than the principal amount thereof
shall be equal to the amount of the liability in respect thereof at such date determined in
accordance with Mexican GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>&#147;Indebtedness&#148; </I>of any Person means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any indebtedness of such Person (i)&nbsp;for borrowed money or (ii)&nbsp;evidenced by a
note, debenture or similar instrument (including a purchase money obligation) given in
connection with the acquisition of any property or assets, including securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any guarantee by such Person of any indebtedness of others described in the
preceding clause (1); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any amendment, renewal, extension or refunding of any such indebtedness or
guarantee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>&#147;Lien&#148; </I>means any mortgage, pledge, lien, security interest, or other similar encumbrance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>&#147;Material Subsidiary&#148; </I>means, at any relevant time, any Subsidiary that meets any of the
following conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Televisa&#146;s and its other Subsidiaries&#146; investments in and advances to the
Subsidiary exceed 10% of the total consolidated assets of Televisa and its Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Televisa&#146;s and its other Subsidiaries&#146; proportionate share of the total assets
(after intercompany eliminations) of the Subsidiary exceeds 10% of the total consolidated
assets of Televisa and its Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Televisa&#146;s and its other Subsidiaries&#146; proportionate share of the total revenues
(after intercompany eliminations) of the Subsidiary exceeds 10% of the total consolidated
revenue of Televisa and its Subsidiaries; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Televisa&#146;s and its other Subsidiaries&#146; equity in the income from continuing
operations before income taxes, extraordinary items and cumulative effect of a change in
accounting principle of the Subsidiary exceeds 10% of such income of Televisa and its
Subsidiaries;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">all as calculated by reference to the then latest fiscal year-end accounts (or consolidated fiscal
year-end accounts, as the case may be) of such Subsidiary and the then latest audited consolidated
fiscal year-end accounts of Televisa and its Subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Mexican GAAP</I><B><I>&#148; </I></B>means, with respect to the notes, Financial Reporting Standards in Mexico and
the accounting principles and policies of Televisa and its Restricted Subsidiaries, in each case in
effect as of the date of the Twelfth Supplemental Indenture relating
to the 6.0% Notes due 2018. All ratios and computations shall be
computed in conformity with Mexican GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; </I>means an individual, a corporation, a partnership, a limited liability company, an
association, a trust or any other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Principal Property&#148; </I>means, as of any date of determination, (a)&nbsp;any television production
and/or network facility, television programming library, and, if applicable, any cable system and
satellite television services facility, including land and buildings and other improvements thereon
and equipment located therein, owned by Televisa or any Restricted Subsidiary and used in the
ordinary course of its business and (b)&nbsp;any executive offices, administrative buildings, and
research and development facilities, including land and buildings and other improvements thereon
and equipment located therein, of Televisa or any Restricted Subsidiary, other than any such
property which, in the good faith opinion of the Board of Directors, is not of material importance
to the business conducted by Televisa and its Restricted Subsidiaries taken as a whole.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Restricted Subsidiary&#148; </I>means, as of any date of determination, a subsidiary which has been,
or is then being, designated a Restricted Subsidiary in accordance with the &#147;Designation of
Restricted Subsidiaries&#148; covenant, unless and until designated an Unrestricted Subsidiary in
accordance with such covenant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Sale and Leaseback Transactions&#148; </I>means any arrangement providing for the leasing to Televisa
or a Subsidiary of any Principal Property (except for temporary leases for a term, including
renewals, of not more than three years) which has been or is to be sold by Televisa or such
Subsidiary to the lessor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Subsidiary&#148; </I>means any corporation, association, limited liability company, partnership or
other business entity of which a majority of the total voting power of the capital stock or other
interests (including partnership interests) entitled (without regard to the incurrence of a
contingency) to vote in the election of directors, managers, or trustees thereof is at the time
owned or controlled, directly or indirectly, by (i)&nbsp;Televisa, (ii)&nbsp;Televisa and one or more of its
Subsidiaries or (iii)&nbsp;one or more Subsidiaries of Televisa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Televisa&#148; </I>means Grupo Televisa, S.A.B., a limited liability public stock corporation
<I>(sociedad an&#243;nima burs&#225;til) </I>organized under the laws of the United Mexican States, until a
successor replaces it pursuant to the applicable provisions of the indenture and thereafter means
the successor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Unrestricted Subsidiary&#148; </I>means, as of any date of determination, any Subsidiary of Televisa
that is not a Restricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Voting Stock&#148; </I>means, with respect to any Person, capital stock of any class or kind
ordinarily having the power to vote for the election of directors, managers or other voting members
of the governing body of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Wholly Owned&#148; </I>means, with respect to any Restricted Subsidiary of any Person, such Restricted
Subsidiary if all of the outstanding Capital Stock in such Restricted Subsidiary (other than any
director&#146;s qualifying shares or investments by foreign nationals mandated by applicable law and
shares of Common Stock that, in the aggregate, do not exceed 1% of the economic value or voting
power of the Capital Stock of such Restricted Subsidiary) is owned by such Person or one or more
Wholly Owned Restricted Subsidiaries of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Discharge, Defeasance and Covenant Defeasance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa may discharge certain obligations to holders of any series of senior debt securities
that have not already been delivered to the trustee for cancellation and that either have become
due and payable or will become due and payable within one year (or scheduled for redemption within
one year) by irrevocably depositing or causing to be deposited with the trustee, in trust, funds
specifically pledged as security for, and dedicated solely to, the benefit of the holders in U.S.
Dollars or Government Obligations, which is defined below, in an amount sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the trustee, to pay and discharge the entire indebtedness on the
senior debt securities with respect to principal (and premium, if any) and interest to the date of
the deposit (if the senior debt securities have become due and payable) or to the maturity thereof,
as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that, unless the provisions of the &#147;Defeasance and Covenant Defeasance&#148;
section thereof are made inapplicable in respect of any series of senior debt securities of or
within any series pursuant to the &#147;Amount Unlimited; Issuable in Series&#148; section thereof, Televisa
may elect, at any time, either:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to defease and be discharged from any and all obligations with respect to the senior debt
securities (except for, among other things, the obligation to pay additional amounts, if
any, upon the occurrence of certain events of taxation, assessment or governmental charge
with respect to payments on the senior debt securities and other obligations to register the
transfer or exchange of the senior debt securities, to replace temporary or mutilated,
destroyed, lost or stolen senior debt securities, to maintain an office or agency with
respect to the senior debt securities and to hold moneys for payment in trust)
(&#147;defeasance&#148;); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to be released from its obligations with respect to the senior debt securities under the
covenants described under &#147;&#151; Certain Covenants&#148; and &#147;&#151; Merger and Consolidation&#148; above or,
if provided pursuant to the &#147;Amount Unlimited; Issuable in Series&#148; section of the indenture,
its obligations with respect to any other covenant, and any omission to comply with the
obligations shall not constitute a default or an event of default with respect to the senior
debt securities (&#147;covenant defeasance&#148;).</TD>
</TR>

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


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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defeasance or covenant defeasance, as the case may be, shall be conditioned upon the
irrevocable deposit by Televisa with the trustee, as trust funds in trust for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to, the benefit
of the holders of the notes, of (i)&nbsp;an amount in Dollars, in which such senior debt securities,
together with all interest appertaining thereto, are then specified as payable at their stated
maturity, or (ii)&nbsp;an amount of Government Obligations, which is defined below, applicable to such
senior debt securities and the interest appertaining thereto, which through the scheduled payment
of principal and interest in accordance with their terms will provide money, or a combination
thereof in an amount, in any case, sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the
trustee, to pay and discharge the entire indebtedness on the senior debt securities with respect to
principal (and premium, if any) and interest to the date of the deposit (if the senior debt
securities have become due and payable) or to the maturity thereof, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such a trust may only be established if, among other things,
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the applicable defeasance or covenant defeasance does not result in a breach or violation
of, or constitute a default under, the indenture or any other material agreement or
instrument to which Televisa is a party or by which it is bound, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Televisa has delivered to the trustee an opinion of counsel (as specified in the
indenture) to the effect that the holders of the senior debt securities will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of the defeasance or
covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if the defeasance or
covenant defeasance had not occurred, and the opinion of counsel, in the case of defeasance,
must refer to and be based upon a letter ruling of the Internal Revenue Service received by
Televisa, a revenue ruling published by the Internal Revenue Service or a change in
applicable U.S. federal income tax law occurring after the date of the indenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Government Obligations&#148; means securities which are:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>direct obligations of the United States of America or the government or the governments
in the confederation which issued the Foreign Currency in which the senior debt securities
of a particular series are payable, for the payment of which the full faith and credit of
the United States or such other government or governments is pledged; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America or such other government or governments, the
timely payment of which is unconditionally guaranteed as a full faith and credit obligation
by the United States of America or such other government or governments;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and which are not callable or redeemable at the option of the issuer or issuers thereof, and shall
also include a depositary receipt issued by a bank or trust company as custodian with respect to
any Government Obligation or a specific payment of interest on or principal of or any other amount
with respect to any Government Obligation held by the custodian for the account of the holder of
the depositary receipt; <I>provided </I>that (except as required by law) the custodian is not authorized
to make any deduction from the amount payable to the holder of the depositary receipt from any
amount received by the custodian with respect to the Government Obligation or the specific payment
of interest on or principal of or any other amount with respect to the Government Obligation
evidenced by the depositary receipt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event Televisa effects covenant defeasance with respect to any senior debt securities
and the senior debt securities are declared due and payable because of the occurrence of any event
of default other than an event of default with respect to the &#147;Limitations on Liens&#148; and
&#147;Limitation on Sale and Leaseback&#148; covenants contained in the indenture (which sections would no
longer be applicable to the senior debt securities after the covenant defeasance) or with respect
to any other covenant as to which there has been covenant defeasance, the amount in the Foreign
Currency in which the senior debt securities are payable, and Government Obligations on deposit
with the trustee, will be sufficient to pay amounts due on the senior debt securities at the time
of the stated maturity but may not be sufficient to pay amounts due on the senior debt securities
at the time of the acceleration resulting from the event of default. However, Televisa would remain
liable to make payment of the amounts due at the time of acceleration.
</DIV>

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


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



<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Submission to Jurisdiction; Agent for Service of Process</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will submit to the jurisdiction of any federal or state court in the City of New York,
Borough of Manhattan for purposes of all legal actions and proceedings instituted in connection
with the notes, the indenture or the registration rights agreement. We expect to appoint CT
Corporation System Inc., 111 Eighth Avenue, New York, New York 10011 as our authorized agent upon
which service of process may be served in any such action.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trustee is permitted to engage in other transactions with Televisa and its subsidiaries
from time to time; <I>provided </I>that if the trustee acquires any conflicting interest it must eliminate
the conflict upon the occurrence of an event of default, or else resign.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa 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 rescind such designations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>No Personal Liability of Shareholders, Officers, Directors, or Employees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture provides that no recourse for the payment of the principal of, premium, if any,
or interest on any of the notes or for any claim based thereon or otherwise in respect thereof, and
no recourse under or upon any obligation, covenant or agreement of Televisa in such indenture, or
in any of the notes or because of the creation of any indebtedness represented thereby, shall be
had against any shareholder, officer, director, employee or controlling person of Televisa or of
any successor thereof.
</DIV>

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</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the principal U.S. federal income and Mexican federal
tax consequences of the purchase, ownership and disposition of the new notes and the exchange of
the old notes for the new notes, but it does not purport to be a comprehensive description of all
the tax considerations that may be relevant to a decision to purchase, own and dispose of the new
notes or exchange the old notes for the new notes. This summary does not describe any tax
consequences arising under the laws of any state, locality or taxing jurisdiction other than the
United States and Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary is for general information only and is based on the tax laws of the United States
and Mexico as in effect on the date of this prospectus, as well as regulations, rulings and
decisions of the United States and rules and regulations of Mexico available on or before that date
and now in effect. All of the foregoing are subject to change, possibly with retroactive effect,
which could affect the continued validity of this summary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Prospective purchasers of the new notes and beneficial owners of the old notes considering an
exchange of the old notes for the new notes should consult their own tax advisors as to the
Mexican, U.S. or other tax consequences of the purchase, ownership and disposition of the new notes
and the exchange of the old notes for the new notes, including the particular tax consequences to
them in light of their particular investment circumstances.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>United States/Mexico Tax Treaty</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A convention for the Avoidance of Double Taxation and protocols to that convention
(collectively referred to herein as the &#147;U.S.-Mexico treaty&#148;) are in effect. However, as discussed
below under &#147;&#151; Federal Mexican Taxation&#148;, as of the date of this prospectus, the U.S.-Mexico
treaty is not generally expected to have any material effect on the Mexican income tax consequences
described in this prospectus. The United States and Mexico have also entered into an agreement that
covers the exchange of information with respect to tax matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico has also entered into, and is negotiating, several other tax treaties with various
countries that also, as of the date of this prospectus, are not generally expected to have any
material effect on the Mexican income tax consequences described in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>United States Federal Income Taxation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary of the principal U.S. federal income tax consequences of the purchase, ownership
and disposition of the new notes and the exchange of the old notes for the new notes is limited to
beneficial owners of the new notes and the old notes that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are U.S. holders (as defined below); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hold the old notes and/or will hold the new notes as capital assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this prospectus, a &#147;U.S. holder&#148; means a beneficial owner of the old notes or the
new notes that is, for U.S. federal income tax purposes:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a citizen or individual resident of the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation (or entity treated as a corporation for such purposes) created or organized
in or under the laws of the United States, or any State thereof or the District of Columbia;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate the income of which is includible in its gross income for U.S. federal income
tax purposes without regard to its source; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust, if either (x)&nbsp;it is subject to the primary supervision of a court within the
United States and one or more &#147;United States persons&#148; has the authority to control all
substantial decisions of the trust or (y)&nbsp;it has a valid election in effect under applicable
U.S. Treasury regulations to be treated as a &#147;United States person&#148;.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary does not discuss considerations or consequences relevant to persons subject to
special provisions of U.S. federal income tax law, such as:
</DIV>

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</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entities that are tax-exempt for U.S. federal income tax purposes and retirement plans,
individual retirement accounts and tax-deferred accounts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pass-through entities (including partnerships and entities and arrangements classified as
partnerships for U.S. federal income tax purposes) and beneficial owners of pass-through
entities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain U.S. expatriates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons that are subject to the alternative minimum tax;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial institutions, insurance companies, and dealers or traders in securities or
currencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons having a &#147;functional currency&#148; other than the U.S. Dollar; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons that hold the old notes or will hold the new notes as part of a constructive
sale, wash sale, conversion transaction or other integrated transaction or a straddle, hedge
or synthetic security.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a partnership (or an entity or arrangement classified as a partnership for U.S. federal
income tax purposes) holds the old notes or the new notes, 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 the old notes or the new notes should consult their
own tax advisors regarding the U.S. federal income tax consequences of purchasing, owning and
disposing of the new notes and exchanging the old notes for the new notes. Further, the discussion
below does not address the effect of any U.S. federal tax laws other than the U.S. federal income
tax laws (e.g., U.S. federal estate or gift tax laws) or any U.S. state or local tax laws on a
beneficial owner of the old notes or the new notes. This discussion assumes that each beneficial
owner of the new notes will comply with the certification procedures described in &#147;Description of
the New Notes &#151; Certain Covenants &#151; Additional Amounts&#148; as may be necessary to obtain a reduced
rate of withholding tax under Mexican law. Each beneficial owner of an old note considering an
exchange of the old note for the new note should consult a tax advisor as to the particular tax
consequences to it of the exchange and the ownership and disposition of the new note, including the
applicability and effect of any U.S. federal tax laws other than the U.S. federal income tax laws,
U.S. state, local and foreign tax laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exchange of Notes. </I></B>The exchange of the old notes for the new notes in the exchange offer will
not be a taxable exchange for U.S. federal income tax purposes and, accordingly, for such purposes
a U.S. holder will not recognize any taxable gain or loss as a result of such exchange and will
have the same tax basis and holding period in the new notes as it had in the old notes immediately
before the exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest and Additional Amounts. </I></B>Interest on the new notes and Additional Amounts paid in
respect of Mexican withholding taxes imposed on interest payments on the new notes (as described in
&#147;Description of the New Notes &#151; Certain Covenants &#151; Additional Amounts&#148;) will be taxable to a
U.S. holder as ordinary interest income at the time they are paid or accrued in accordance with the
U.S. holder&#146;s usual method of accounting for U.S. federal income tax purposes. The amount of income
taxable to a U.S. holder will include the amount of all Mexican taxes that we withhold (as
described below under &#147;&#151; Federal Mexican Taxation&#148;) from these payments made on the new notes.
Thus, a U.S. holder will have to report income in an amount that is greater than the amount of cash
it receives from these payments on its new note. For purposes of the following discussion,
references to interest include Additional Amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder may, subject to certain limitations, be eligible to claim any Mexican income
taxes withheld from interest payments as a credit or deduction for purposes of computing its U.S.
federal income tax liability, even though we will remit these Mexican withholding tax payments.
Interest and Additional Amounts paid on the new notes will constitute income from sources without
the United States for foreign tax credit purposes. Such income generally will constitute &#147;passive
category income&#148; or, in the case of certain U.S. holders, &#147;general category income&#148;, for foreign
tax credit purposes. The rules relating to the calculation and timing of foreign tax credits and,
in the case of a U.S. holder that elects to deduct foreign taxes, the rules relating to the
availability of deductions, are complex and their application depends upon a U.S. holder&#146;s
particular circumstances. In addition, foreign tax credits generally will not be allowed for
Mexican taxes withheld from interest on certain short-term or hedged positions in the new notes.
U.S. holders should consult with their own tax advisors with regard to the availability of a credit
or deduction in respect of foreign taxes and, in particular, the application of the foreign tax
credit rules to their particular situations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Market Discount and Bond Premium. </I></B>If a U.S. holder purchases a new note (or purchased the old
note for which the new note was exchanged, as the case may be) at a price that is less than its
principal amount, the excess of the principal amount over the U.S. holder&#146;s
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">purchase price will be treated as &#147;market discount.&#148; However, the market discount
will be considered to be zero if it is less than 1/4 of 1% of the principal amount multiplied by
the number of complete years to maturity from the date the U.S. holder purchased the new note or
old note, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the market discount rules of the U.S. Internal Revenue Code, a U.S. holder generally
will be required to treat any principal payment on, or any gain realized on the sale, exchange,
retirement or other disposition of, a new note as ordinary income (generally treated as interest
income) to the extent of the market discount which accrued but was not previously included in
income by the U.S. holder during the period the U.S. holder held the new note (and the old note for
which the new note was exchanged, as the case may be). In addition, the U.S. holder may be required
to defer, until the maturity of the new note or its earlier disposition in a taxable transaction,
the deduction of all or a portion of the interest expense on any indebtedness incurred or continued
to purchase or carry the new note (or the old note for which the new note was exchanged, as the
case may be). In general, market discount will be considered to accrue ratably during the period
from the date of the purchase of the new note (or old note for which the new note was exchanged, as
the case may be) to the maturity date of the new note, unless the U.S. holder makes an irrevocable
election (on an instrument-by-instrument basis) to accrue market discount under a constant yield
method. A U.S. holder of a new note may elect to include market discount in income currently as it
accrues (under either a ratable or constant yield method), in which case the rules described above
regarding the treatment as ordinary income of gain upon the disposition of the new note and upon
the receipt of certain payments and the deferral of interest deductions will not apply. The
election to include market discount in income currently, once made, applies to all market discount
obligations acquired on or after the first day of the first taxable year to which the election
applies, and may not be revoked without the consent of the Internal Revenue Service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a U.S. holder purchases a new note (or purchased the old note for which the new note was
exchanged, as the case may be) for an amount in excess of the amount payable at maturity of the new
note, the U.S. holder will be considered to have purchased the new note (or old note) with &#147;bond
premium&#148; equal to the excess of the U.S. holder&#146;s purchase price over the amount payable at
maturity (or on an earlier call date if it results in a smaller amortizable bond premium). It may
be possible for a U.S. holder of a new note to elect to amortize the premium using a constant yield
method over the remaining term of the new note (or until an earlier call date, as applicable). The
amortized amount of the premium for a taxable year generally will be treated first as a reduction
of interest on the new note included in such taxable year to the extent thereof, then as a
deduction allowed in that taxable year to the extent of the U.S. holder&#146;s prior interest inclusions
on the new note, and finally as a carryforward allowable against the U.S. holder&#146;s future interest
inclusions on the new note. The election, once made, is irrevocable without the consent of the
Internal Revenue Service and applies to all taxable bonds held during the taxable year for which
the election is made or subsequently acquired. A U.S. holder that does not make this election will
be required to include in gross income the full amount of interest on the new note in accordance
with its regular method of tax accounting, and will include the premium in its tax basis for the
new note for purposes of computing the amount of its gain or loss recognized on the taxable
disposition of the new note. U.S. holders should consult their own tax advisors concerning the
computation and amortization of any bond premium on the new notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder may elect to include in gross income under a constant yield method all amounts
that accrue on a new note that are treated as interest for tax purposes (i.e., stated interest,
market discount and de minimis market discount, as adjusted by any amortizable bond premium). U.S.
holders should consult their tax advisors as to the desirability, mechanics and collateral
consequences of making this election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dispositions of the Notes. </I></B>Except as discussed above, under &#147;&#151;Exchange of Notes&#148; and unless
a nonrecognition provision of the U.S. federal income tax laws applies, upon the sale, exchange,
redemption, retirement or other taxable disposition of a new note, a U.S. holder will recognize
taxable gain or loss in an amount equal to the difference, if any, between the amount realized on
the sale, exchange, redemption, retirement or other taxable disposition (other than amounts
attributable to accrued interest, which will be treated as described above) and the U.S. holder&#146;s
adjusted tax basis in the new note. A U.S. holder&#146;s adjusted tax basis in a new note generally will
be its cost for the new note (or, in the case of a new note exchanged for an old note in the
exchange offer, the tax basis of the old note, as discussed above under &#147;&#151; Exchange of Notes&#148;),
increased by the amount of any market discount previously included in the U.S. holder&#146;s gross
income, and reduced by the amount of any amortizable bond premium applied to reduce, or allowed as
a deduction against, interest on the new note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain or loss recognized by a U.S. holder on the sale, exchange, redemption, retirement or
other taxable disposition of a new note generally will be capital gain or loss, except with respect
to accrued market discount not previously included in income, which will be taxable as ordinary
income. The gain or loss recognized by a U.S. holder will be long-term capital gain or loss if the
new note has been held for more than one year at the time of the disposition (taking into account,
for this purpose, in the case of a new note received in exchange for an old note in the exchange
offer, the period of time that the old note was held). Long-term capital gains recognized by
individual and certain other non-corporate U.S. holders generally are eligible for reduced rates of
taxation. The deductibility of capital losses is subject to limitations. Capital gain or loss
recognized by a U.S. holder generally will be U.S. source gain or loss for foreign tax credit
purposes. Therefore, if any such gain is subject to Mexican income
tax, a U.S. holder may not be able to credit the Mexican income tax against its U.S. federal income tax liability. U.S.
holders
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">should consult their own tax advisors as to the foreign tax credit implications of a
disposition of the new notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Backup Withholding and Certain Reporting Requirements. </I></B>In general, &#147;backup withholding&#148; may
apply to payments of principal and interest made on a new note, and to the proceeds of a
disposition of a new note before maturity within the United States, that are made to a
non-corporate beneficial owner of the new notes if that beneficial owner fails to provide an
accurate taxpayer identification number or otherwise comply with applicable requirements of the
backup withholding rules. Backup withholding is not an additional tax and may be credited against a
beneficial owner&#146;s U.S. federal income tax liability, provided that the required information is
furnished to the U.S. Internal Revenue Service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-U.S. Holders. </I></B>For purposes of the following discussion a &#147;non-U.S. holder&#148; means a
beneficial owner of the new notes that is not, for U.S. federal income tax purposes, a U.S. holder
or a partnership (or entity or arrangement classified as a partnership for such purposes). A
non-U.S. holder generally will not be subject to U.S. federal income or withholding tax on:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest and Additional Amounts received in respect of the new notes, unless those
payments are effectively connected with the conduct by the non-U.S. holder of a trade or
business in the United States; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gain realized on the sale, exchange, redemption or retirement of the new notes, unless
that gain is effectively connected with the conduct by the non-U.S. holder of a trade or
business in the United States or, in the case of gain realized by an individual non-U.S.
holder, the non-U.S. holder is present in the United States for 183&nbsp;days or more in the
taxable year of the disposition and certain other conditions are met.</TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The below discussion does not address all Mexican tax considerations that may be relevant to
particular investors, nor does it address the special tax rules applicable to certain categories of
investors or any tax consequences under the tax laws of any state or municipality of Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the principal consequences, under the Mexican Income Tax
Law, Federal Tax Code and rules as currently in effect (collectively, the &#147;Mexican Income Tax
Laws&#148;), all of which are subject to change or interpretation, and under the U.S.-Mexico treaty, of
the purchase, ownership and disposition of the notes by a foreign holder that acquires the notes in
this offering at the price at which the notes are sold in this offering. As used in this
prospectus, a &#147;foreign holder&#148; means a beneficial owner of the notes that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is not a resident of Mexico for tax purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>does not hold the notes or a beneficial interest in the notes in connection with the
conduct of a trade or business through a permanent establishment in Mexico; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is not (a)&nbsp;a holder of more than 10% of our voting stock, directly or indirectly, jointly
with persons related to us or individually, or (b)&nbsp;a corporation or other entity, more than
20% of whose stock is owned, directly or indirectly, jointly by persons related to us or
individually (each a &#147;Related Party&#148;), that in the case of either (a)&nbsp;or (b), is the
effective beneficiary, directly or indirectly, jointly with persons related to us or
individually, of more than 5% of the aggregate amount of any interest payment on the notes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For these purposes, persons will be related if:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one person holds an interest in the business of the other person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both persons have common interests; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a third party has an interest in the business or assets of both persons.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to the Mexican Income Tax Laws:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an 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</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a legal entity is considered a Mexican tax resident if it maintains the main
administration of its head office, business or the effective location of its management in
Mexico;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a foreign person with a permanent establishment in Mexico will be required to pay taxes
in Mexico in accordance with the Mexican Income Tax Law for all income attributable to such
permanent establishment; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a foreign person without a permanent establishment in Mexico will be required to pay
taxes in Mexico in respect of revenues proceeding from sources of wealth located in national
territory.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each foreign holder should consult a tax advisor as to the particular Mexican or other tax
consequences to that foreign holder of purchasing, owning and disposing of the notes, including the
applicability and effect of any state, local or foreign tax laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest and Principal. </I>Payments of interest on the notes (including payments of principal in
excess of the issue price of the notes, which under the Mexican Income Tax Law are deemed to be
interest) made by us to a foreign holder will be subject to a Mexican withholding tax assessed at a
rate of 4.9% if all of the following requirements are met:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the notes, as expected, are placed outside of Mexico through banks or brokerage houses,
in a country with which Mexico has entered into a treaty for the avoidance of double
taxation and such treaty is in effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regarding the notes, as expected, the notice referred to in the second paragraph of
Article&nbsp;7 of the Securities Market Law is filed with the National Banking and Securities
Commission, and a copy of that notice is provided to the Mexican Ministry of Finance and
Public Credit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we timely file with the Mexican Ministry of Finance and Public Credit 15&nbsp;days after
placement of the notes according to this prospectus, certain information relating to the
issuance of the notes and this prospectus; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we timely file with the Mexican Ministry of Finance and Public Credit, on a quarterly
basis, information representing (a)&nbsp;the amount and the payment date of interest, and (b)
that no Related Party jointly or individually, directly or indirectly, is the effective
beneficiary of more than 5% of the aggregate amount of each interest payment, and we
maintain records that evidence compliance with this requirement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that all of the foregoing requirements will be met and, accordingly, we expect to
withhold Mexican income tax from interest payments on the notes made to foreign holders at the 4.9%
rate in accordance with the Mexican Income Tax Law. In the event that any of the foregoing
requirements are not met, under the Mexican Income Tax Law, payments of interest on the notes made
by us to a foreign holder will be subject to Mexican withholding tax assessed at a rate of 10% or
higher, if certain other requirements are not complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this prospectus, neither the U.S.-Mexico treaty nor any other tax treaty
entered into by Mexico is expected generally to have any material effect on the Mexican income tax
consequences described in this prospectus, because, as discussed above, it is expected that the
4.9% rate will apply in the future and, therefore, that we will be entitled to withhold taxes in
connection with interest payments under the notes at the 4.9% rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign holders residing in the United States should nonetheless be aware that Mexico
presently has a treaty for the avoidance of double taxation with the United States. Under the
U.S.-Mexico treaty, the Mexican withholding tax rate applicable to interest payments made to U.S.
holders which are eligible for benefits under the U.S.-Mexico treaty will be limited to either:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>15% generally; or</TD>
</TR>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>4.9% in the event that the notes are considered to be &#147;regularly and substantially traded
on a recognized securities market&#148;.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other foreign holders should consult their tax advisors regarding whether they reside in a
country that has entered into a treaty for the avoidance of double taxation with Mexico and, if so,
the conditions and requirements for obtaining benefits under that treaty. The Mexican Income Tax
Law provides that in order for a foreign holder to be entitled to the benefits under a treaty
entered into by Mexico, it is necessary for the foreign holder to meet the procedural requirements
established in the Mexican Income Tax Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders or beneficial owners of the notes may be requested, subject to specified exceptions
and limitations, to provide certain information or documentation necessary to enable us to apply
the appropriate Mexican withholding tax rate applicable to such holders or beneficial owners. In
the event that the specified information or documentation concerning the holder or beneficial
owner, if requested, is not provided prior to the payment of any interest to that holder or
beneficial owner, we may withhold Mexican tax from that interest payment to that holder or
beneficial owner at the maximum applicable rate, but our obligation to pay Additional Amounts
relating to those withholding taxes will be limited as described
under &#147;Description of the New Notes &#151;
Certain Covenants &#151; Additional Amounts&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Mexican Income Tax Law, payments of interest made by us with respect to the notes to
non-Mexican pension or retirement funds will be exempt from Mexican withholding taxes, provided
that the fund:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is the effective beneficiary of each interest payment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is duly organized under the laws of its country of origin;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is exempt from income tax in that country in respect of such interest payment; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is registered with the Mexican Ministry of Finance and Public Credit for that purpose.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed, subject to specified exceptions and limitations, to pay Additional Amounts
relating to the above-mentioned Mexican withholding taxes to foreign holders of the notes. See
&#147;Description of the New Notes &#151; Certain Covenants &#151; Additional Amounts&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Mexican Income Tax Law, a foreign holder will not be subject to any Mexican
withholding or similar taxes on payments of principal on the notes made by us (except for payments
of principal in excess of the issue price of the notes, which under the Mexican Income Tax Law are
deemed to be interest subject to the Mexican withholding taxes described above).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dispositions. </I>Under the Mexican Income Tax Law, gains resulting from the sale of the notes by
a foreign holder to a Mexican resident or permanent establishment of a foreign holder, or by the
sale of a permanent establishment of a foreign holder, will be treated as interest and therefore
will be subject to the Mexican withholding tax rules described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Taxes. </I>A foreign holder will not be liable for Mexican estate, gift, inheritance or
similar taxes with respect to its holding of the notes, nor will it be liable for Mexican stamp,
registration or similar taxes.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>European Union Directive on the Taxation of Savings Income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The European Union Council Directive 2003/48/EC regarding the taxation of savings income
payments obliges a Member State of the European Union, or Member State, to provide to the tax
authorities of another Member State details of payments of interest and other similar income
payments made by a person within its jurisdiction for the immediate benefit of an individual or to
certain non corporate entities resident in that other Member State (or for certain payments secured
for their benefit). However, Austria, Belgium and Luxembourg have opted out of the reporting
requirements and are instead applying a special withholding tax for a transitional period in
relation to such payments of interest, deducting tax at rates rising over time to 35&nbsp;percent. This
transitional period commenced on July&nbsp;1, 2005 and will terminate at the end of the first fiscal
year following agreements by certain non European Union countries to the exchange of information
relation to such payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, a number of non European Union countries and certain dependent or associated territories
of Member States have adopted similar measures (either provision of information or transitional
withholding) in relation to payments of interest or other similar income payments made by a person
in that jurisdiction for the immediate benefit of an individual or to certain non corporate
entities in any Member State. The Member States have entered into reciprocal provision of
information or transitional special withholding tax arrangements with certain of those dependent or
associated territories. These apply in the same way to payments by persons in any Member State to
individuals or certain non-corporate residents of those territories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a payment were to be made or collected through a Member State (or such a non-European Union
country or territory) which has opted for a withholding system and an amount of, or in respect of,
tax were to be withheld from that payment, neither the issuer nor any paying agent nor any other
person would be obliged to pay additional amounts to the holders of the new notes or to otherwise
compensate the holders of the new notes for the reduction in the amounts that they will receive as
a result of the imposition of such withholding tax.
</DIV>

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following requirements apply only to broker-dealers. If you are not a broker-dealer as
defined in Section&nbsp;3(a)(4) and Section&nbsp;3(a)(5) of the Exchange Act, these requirements do not
affect you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives new notes for its own account under the exchange offer must
acknowledge that it will deliver a prospectus in connection with any resale of the new notes. This
prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer
in connection with resales of new notes received in exchange for old notes where the old notes were
acquired as a result of market-making activities or other trading activities. We have agreed that,
for a period of 90&nbsp;days after the expiration date, we will make this prospectus, as amended or
supplemented, available to any broker-dealer for use in connection with any such resale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from any sale of new notes by broker-dealers or any other
holder of new notes. New notes received by broker-dealers for their own account under the exchange
offer may be sold from time to time in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on the new notes or a combination of these
methods of resale, at market prices prevailing at the time of resale, at prices related to the
prevailing market prices or at negotiated prices. The resale may be made directly to purchasers or
to or through brokers or dealers who may receive compensation in the form of commissions or
concessions from any of these broker-dealers and/or the purchasers of any such new notes. Any
broker-dealer that resells new notes that were received by it for its own account in the exchange
offer or participates in a distribution of the new notes may be deemed to be an &#147;underwriter&#148;
within the meaning of the Securities Act and any profit on their resale of new notes and any
commissions or concessions received by them may be deemed to be underwriting compensation under the
Securities Act. The letter of transmittal states that by acknowledging that it will deliver a
prospectus and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is
an &#147;underwriter&#148; within the meaning of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new notes will constitute a new issue of securities with no established trading market. We
do not intend to list the new notes on any national securities exchange or to seek approval for
quotation through any automated quotation system, except that application has been made to list the
new notes on the Luxembourg Stock Exchange. We have been advised by the placement agents of the old
notes that following completion of this exchange offer, these placement agents intend to make a
market in the new notes. However, they are not obligated to do so and any market-making activities
with respect to the new notes may be discontinued at any time without notice. Accordingly, no
assurance can be given that an active public or other market will develop for the new notes or as
to the liquidity of or the trading market for the new notes. If a trading market does not develop
or is not maintained, holders of the new notes may experience difficulty in reselling the new notes
or may be unable to sell them at all. If a market for the new notes develops, any such market may
cease to continue at any time. In addition, if a market for the new notes develops, the market
prices of the new notes may be volatile. Factors such as fluctuations in our earnings and cash
flow, the difference between our actual results and results expected by investors and analysts and
Mexican and U.S. currency and economic developments could cause the market prices of the new notes
to fluctuate substantially.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a period of 90&nbsp;days after the expiration date, we will promptly send additional copies of
this prospectus and any amendment or supplement to this prospectus to any broker-dealer that
requests these documents in the letter of transmittal. We have agreed to pay all expenses incident
to the exchange offer, including the reasonable expenses of one counsel for the holders of the old
notes, other than commissions or concessions of any brokers or dealers. In addition, we will
indemnify the holders of the old notes (including any broker-dealers) against certain liabilities,
including liabilities under the Securities Act.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="116"></A>
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new notes have been accepted for clearance through Euroclear and Clearstream Banking. In
addition, the new notes have been accepted for trading in book-entry form by DTC. The ISIN number
for the new notes is
US 40049JAX54
&nbsp;and the CUSIP number is
40049JAX5.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application will be made to list the new notes on the Luxembourg Stock Exchange. In connection
with the application to list notes on the Luxembourg Stock Exchange, a legal notice relating to the
issuance of the notes and a copy of the bylaws <I>(estatutos sociales) </I>of Televisa will be available
at the Registrar of the District Court in Luxembourg <I>(Greffier en Chef du Tribunal d&#146;Arrondissement
de et &#224; Luxembourg) </I>where such documents may be examined or copies obtained. Copies of the
<I>estatutos sociales </I>of Televisa in English, the indenture, as may be amended or supplemented from
time to time, any published annual audited consolidated financial statements and quarterly
unaudited consolidated financial statements of Televisa will be available at the principal office
of Televisa, at the offices of the trustee, the offices of the Luxembourg listing agent, at no
cost, and at the addresses of the paying agents set forth on the back cover of this prospectus.
Televisa does not make publicly available annual or quarterly non-consolidated financial
statements. Televisa will maintain a paying and transfer agent in Luxembourg for so long as any old
notes or new notes are listed on the Luxembourg Stock Exchange.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have obtained all necessary consents, approvals and authorizations in connection with the
issuance and performance of the notes. The issuance of the notes was authorized by resolutions of
the Board of Directors of Televisa passed on February&nbsp;21, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>No Material Adverse Change</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in this prospectus (or in the documents incorporated herein by reference),
there has been no material adverse change in the financial position or prospects of Televisa and
its subsidiaries taken as a whole since December&nbsp;31, 2007.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in &#147;Item&nbsp;10 &#151; Additional Information &#151; Legal Proceedings&#148; included in
the 2007 Form 20-F, Televisa is not involved in any legal or arbitration proceedings (including any
such proceedings which are pending or threatened) relating to claims or amounts which may have or
have had during the 12&nbsp;months prior to the date of this prospectus a material adverse effect on the
financial position of Televisa and its subsidiaries taken as a whole.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="117"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the SEC a registration statement on Form F-4 under the Securities Act with
respect to the securities offered by this prospectus. The prospectus, which forms a part of the
registration statement, including amendments, does not contain all the information included in the
registration statement. This prospectus is based on information provided by us and other sources
that we believe to be reliable. This prospectus summarizes certain documents and other information
and we refer you to them for a more complete understanding of what we discuss in this prospectus.
This prospectus incorporates important business and financial information about us which is not
included in or delivered with this prospectus. You can obtain documents containing this information
through us. If you would like to request these documents from us, please do so
by
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2008, to receive them before the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa is subject to the informational requirements of the Exchange Act and in accordance
therewith files reports and other information with the SEC. Reports and other information filed by
Televisa with the SEC can be inspected and copied at the public reference facilities maintained by
the SEC at its Public Reference Room at 100 F Street, N.E., 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will make available to the holders of the notes, at the corporate trust office of The Bank
of New York Mellon, the trustee under the indenture and supplemental indenture governing the notes, at no
cost, copies, in physical form, of the indenture and the supplemental indenture as well as our
annual report on Form 20-F in English, including a review of our operations, and annual audited
consolidated financial statements prepared in conformity with Mexican FRS, together with a
reconciliation of operating income, net income and total stockholders&#146; equity to U.S. GAAP as well
as a copy of this prospectus and our articles of association (<I>estatutos sociales</I>). We will also
make available at the office of the trustee our unaudited quarterly consolidated financial
statements in English prepared in accordance with Mexican FRS.
</DIV>
<DIV align="left">
<A name="118"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some legal matters relating to the validity of the notes will be passed upon by Mijares,
Angoitia, Cort&#233;s y Fuentes, S.C., Mexico City, Mexico and Fried, Frank, Harris, Shriver &#038; Jacobson
LLP, New York, New York, Televisa&#146;s Mexican and U.S. counsel, respectively. With respect to matters
of Mexican law, Fried, Frank, Harris, Shriver &#038; Jacobson LLP may rely upon the opinion of Mijares,
Angoitia, Cort&#233;s y Fuentes, S.C.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alfonso de Angoitia Noriega, one of our directors, Executive Vice President and Member of the
Executive Office of the Chairman and Member of the Executive Committee of Televisa, is a partner on
leave of absence from Mijares, Angoitia, Cort&#233;s y Fuentes, S.C. and Ricardo Maldonado Y&#225;&#241;ez,
Secretary of the Board and Secretary of the Executive Committee of Grupo Televisa, is an active
partner of Mijares, Angoitia, Cort&#233;s y Fuentes, S.C.
</DIV>
<DIV align="left">
<A name="119"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and management&#146;s assessment of the effectiveness of internal control
over financial reporting (which is included in Management&#146;s Report on Internal Control over
Financial Reporting) incorporated in this Registration Statement by reference to the Annual Report
on Form 20-F of Grupo Televisa, S.A.B. for the year ended December&nbsp;31, 2007, have been so
incorporated in reliance of the report of PricewaterhouseCoopers, S.C., an independent registered
public accounting firm, given on the authority of such firm as an expert in auditing and
accounting. PricewaterhouseCoopers, S.C. is a member of the Mexican Institute of Public Accountants
<I>(Insituto Mexicano de Contadores P&#250;blicos, A.C.)</I>.
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRUPO TELEVISA, S.A.B.</B><BR>
Avenida Vasco de Quiroga, No.&nbsp;2000<BR>
Colonia Santa Fe<BR>
01210 M&#233;xico, D.F., M&#233;xico
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EXCHANGE AGENT,<BR>
TRUSTEE, REGISTRAR,<BR>
PAYING AGENT<BR>
AND TRANSFER AGENT</B><BR>
The Bank of New York Mellon<BR>
101 Barclay Street, Floor 7-E<BR>
New York, New York 10286<BR>
Attn: Corporate Trust Operations &#151; Reorganization Unit<BR>
U.S.A.

</DIV>
<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%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="BOTTOM"><B>LUXEMBOURG PAYING AGENT
AND</B><BR><B>TRANSFER AGENT</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>LUXEMBOURG LISTING AGENT</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">The Bank of New York (Luxembourg) S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The Bank of New York (Luxembourg) S.A.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Aerogulf Center
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Aerogulf Center</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">1A Hoehenhof
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1A Hoehenhof</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">L-1736 Senningerberg, Luxembourg
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">L-1736 Senningerberg, Luxembourg</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL ADVISERS TO 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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B><I>As to United States Law:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>As to Mexican Law:</I></B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Fried, Frank, Harris, Shriver &#038; Jacobson LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Mijares, Angoitia, Cort&#233;s y Fuentes, S.C.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">One New York Plaza
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Montes Urales 505, Piso 3</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">New York, New York 10004
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colonia Lomas de Chapultepec</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">U.S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11000 M&#233;xico, D.F., M&#233;xico</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PricewaterhouseCoopers, S.C.<BR>
Mariano Escobedo 573<BR>
Colonia Rinc&#243;n del Bosque<BR>
11580 M&#233;xico, D.F., M&#233;xico

</DIV>


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




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

<DIV align="left">
<A name="120"></A>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION NOT REQUIRED IN THE PROSPECTUS</B>

</DIV>
<DIV align="left">
<A name="121"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;20. Indemnification of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican law, when an officer or director of a corporation acts within the scope of his
authority, the corporation will answer for any resulting liabilities or expenses. In addition, the
Board of Directors of the Registrant has expressly resolved that the Registrant will indemnify and
hold harmless each director or officer of the Registrant against liabilities incurred in connection
with the distribution of the securities registered under this Registration Statement on Form F-4,
as amended. The Registrant has also entered into indemnification agreements with certain of its
officers and directors. Such indemnification agreements provide for the Registrant to indemnify
and advance expenses to any officer and/or director a party thereto to the fullest extent permitted
by applicable law.
</DIV>


<DIV align="left">
<A name="122"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;21. Exhibits and Financial Statement Schedules</B>
</DIV>


<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English translation of Amended and Restated Bylaws (<I>Estatutos Sociales</I>) of the
Registrant, dated as of April&nbsp;30, 2008 (previously filed with
the Securities and
Exchange Commission as Exhibit&nbsp;1.1 to the Registrant&#146;s Annual Report on Form
20-F for the year ended December&nbsp;31, 2007 (the &#147;2007 Form&nbsp;20-F&#148;), and
incorporated herein by reference).
</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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture relating to Senior Debt Securities, dated as of August&nbsp;8, 2000,
between the Registrant, as Issuer, and The Bank of New York, as Trustee, as
amended or supplemented from time to time (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"><!-- 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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Supplemental Indenture relating to the 8 5/8% Senior Notes due 2005, dated
as of August&nbsp;8, 2000, 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;4.2 to the 2000 Form&nbsp;F-4 and
incorporated herein by reference).</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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Supplemental Indenture relating to the 8 5/8% Senior Exchange Notes due
2005, dated as of January&nbsp;19, 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;4.3 to the 2000 Form&nbsp;F-4
and incorporated herein by reference).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Supplemental Indenture relating to the 8% Senior Notes due 2011, dated as
of September&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>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth Supplemental Indenture relating to the 8.5% Senior 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 and Exchange
Commission as Exhibit&nbsp;4.5 to the Registrant&#146;s Registration Statement on Form&nbsp;F-4
(File number 333-90342) (the &#147;2002 Form&nbsp;F-4&#148;) and incorporated herein by
reference).</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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fifth Supplemental Indenture relating to the 8% Senior Exchange Notes due 2011
between the Registrant, as Issuer, and The Bank of New York and Dexia Banque
Internationale &#224; Luxembourg, S.A (previously filed with the Securities and
Exchange Commission as Exhibit&nbsp;4.6 to the 2002 Form&nbsp;F-4 and incorporated herein
by reference).</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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sixth Supplemental Indenture relating to the 8.5% Senior 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 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"><!-- 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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seventh Supplemental Indenture relating to the 6 5/8% Senior Notes due 2025
between Registrant, as Issuer, and The Bank of New York and Dexia Banque
Internationale &#224; Luxembourg, dated March&nbsp;18, 2005 (being concurrently 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&nbsp;20-F&#148;)
and incorporated herein by reference).</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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eighth Supplemental Indenture relating to the 6 5/8% Senior Notes due 2025
between Registrant, as Issuer, and The Bank of New York and Dexia Banque
Internationale &#224; Luxembourg, dated May&nbsp;26, 2005 (being concurrently filed with
the Securities and Exchange Commission as Exhibit&nbsp;2.9 to the 2004 Form&nbsp;20-F and
incorporated herein by reference).</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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ninth Supplemental Indenture relating to the 6 5/8% Senior Notes due 2025
between Registrant, as Issuer, The Bank of New York and Dexia Banque
Internationale &#224; Luxembourg, dated September&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&nbsp;20-F&#148;)
and incorporated herein by reference).</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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tenth Supplemental Indenture related to the 8.49% Senior Notes due 2037 between
Registrant, as Issuer, The Bank of New York and The Bank of New York
(Luxembourg) S.A., dated as of May&nbsp;9, 2007 (previously filed
with the Securities and
Exchange Commission as Exhibit&nbsp;2.9 to the Registrant&#146;s Annual Report on Form
20-F for the year ended December&nbsp;31, 2006 (the &#147;2006 Form&nbsp;20-F&#148;), and
incorporated herein by reference).</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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eleventh Supplemental Indenture relating 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., dated as August&nbsp;24, 2007 (previously filed with
the Securities and Exchange Commission as Exhibit&nbsp;4.12 to the Registrant&#146;s
Registration Statement on Form&nbsp;F-4 (File number 333-144460), as amended (the
&#147;2007 Form&nbsp;F-4&#148;), and incorporated herein by reference).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></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>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Twelfth Supplemental Indenture relating 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 (previously filed with the
Securities and Exchange Commission as Exhibit&nbsp;2.11 to the 2007 Form&nbsp;20-F and
incorporated herein by reference).</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Thirteenth Supplemental Indenture relating to the 6.0% Senior Exchange
Notes due 2018 between Registrant, as Issuer, The Bank of New York Mellon and The Bank
of New York (Luxembourg) S.A., dated as &nbsp;&nbsp;&nbsp;&nbsp;, 2008.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of 6.0% Senior Exchange Note (included in Exhibit&nbsp;4.14).</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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;Form&nbsp;F-6&#148;) and
incorporated herein by reference).</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Rights Agreement, dated as of May&nbsp;12, 2008, among the Registrant
and HSBC Securities (USA)&nbsp;Inc. and JP Morgan Securities Inc.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Fried, Frank, Harris, Shriver &#038; Jacobson LLP.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Mijares, Angoitia, Cort&#233;s y Fuentes, S.C.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Computation of Ratio of Earnings to Fixed Charges.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">List of Subsidiaries of Registrant (previously filed with the Securities and
Exchange Commission as Exhibit&nbsp;8.1 to the 2007 Form&nbsp;20-F and incorporated herein
by reference).</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Fried, Frank, Harris, Shriver &#038; Jacobson LLP (included as part of its
opinion filed as Exhibit&nbsp;5.1).</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Mijares, Angoitia, Cort&#233;s y Fuentes, S.C. (included as part of its
opinion filed as Exhibit&nbsp;5.2).</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers,
S.C., independent public accountants.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility of Trustee on Form&nbsp;T-1.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter of Transmittal for 6.0% Senior Exchange Notes due 2018.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Notice of Guaranteed Delivery for 6.0% Senior Notes due 2018.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter to Registered Holders and/or Participants of the Book-Entry
Transfer Facility.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other
Nominees.</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></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>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Letter to Clients.</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guidelines for Certification of Taxpayer Identification Number on Substitute
Form&nbsp;W-9 (included in Exhibit&nbsp;99.1).</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All financial statement schedules relating to the Registrant are omitted because they are not
required or because the required information, if material, is contained in the audited year-end
financial statements or notes thereto.
</DIV>


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

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

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



<DIV align="left">
<A name="124"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;22. Undertakings</B>
</DIV>


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person
of the Registrant in the successful defense of an action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, for purposes of determining any liability under the Securities Act
of 1933, each filing of the Registrant&#146;s annual report pursuant to section 13(a) or
15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of
an employee benefit plan&#146;s annual report pursuant to section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the Registration
Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide </I>offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;to respond to requests for information that is incorporated by
reference into the prospectus pursuant to Items 4, 10(b), 11, or 13 of this form,
within one business day of receipt of such request, and to send the incorporated
documents by first class mail or other equally prompt means, and (ii)&nbsp;to arrange or
provide for a facility in the United States for the purpose of responding to such
requests. The undertaking in subparagraph (i)&nbsp;above includes information contained
in documents filed subsequent to the effective date of the Registration Statement
through the date of responding to the request.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to supply by means of a post-effective amendment all information
concerning a transaction and the company being acquired involved therein, that was
not the subject of and included in the registration statement when it became
effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;to reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not
exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no
more than a 20&nbsp;percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;to include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such information
in the registration statement;
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.</TD>
</TR>

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

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to file a post-effective amendment to the registration statement to
include any financial statements required by Item&nbsp;8.A. of Form 20-F at the start of
any delayed offering or throughout a continuous offering. Financial statements and
information otherwise required by Section&nbsp;10(a)(3) of the Act need not be furnished,
provided, that the registrant includes in the prospectus, by means of a
post-effective amendment, financial statements required pursuant to this paragraph
(8)&nbsp;and other information necessary to ensure that all other information in the
prospectus is at least as current as the date of those financial statements.</TD>
</TR>

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

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused
this Registration Statement on Form F-4 to be signed on its behalf by the undersigned, thereunto
duly authorized, in Mexico City, Mexico on July&nbsp;8, 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"><B>GRUPO TELEVISA, S.A.B</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/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>
<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/ Jorge Lutteroth Echegoyen
&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">Jorge Lutteroth Echegoyen&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 and Controller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KNOW ALL MEN BY THESE PRESENTS</B>, that each person whose signature appears below constitutes and
appoints Salvi Rafael Folch Viadero and Jorge Lutteroth Echegoyen, and each of them, his or her
true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution
for such person and in his or her name, place and stead, in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this Registration Statement on Form F-4,
and to file the same with all exhibits thereto and other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite or
necessary to be done in and about the premises, as fully and to all intents and purposes as he or
she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, and any of them, or their substitutes, may lawfully do or cause to be done by virtue
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on
Form F-4 has been signed by the following persons in the capacities and on the date first above
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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Emilio Fernando Azc&#225;rraga Jean&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Emilio Fernando Azc&#225;rraga Jean
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Chairman of the Board, President and Chief
Executive Officer (<I>Principal Executive Officer</I>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Alfonso de Angoitia Noriega&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Alfonso de Angoitia Noriega
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mar&#237;a Asunci&#243;n Aramburuzabala Larregui&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Mar&#237;a Asunci&#243;n Aramburuzabala Larregui
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Pedro Aspe Armella&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Pedro Aspe Armella
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Julio Barba Hurtado&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Julio Barba Hurtado
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jos&#233; Antonio Bast&#243;n Pati&#241;o&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Jos&#233; Antonio Bast&#243;n Pati&#241;o
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Alberto Bailleres Gonz&#225;lez&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Alberto Bailleres Gonz&#225;lez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Manuel Jorge Cutillas Covani&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Manuel Jorge Cutillas Covani
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jos&#233; Antonio Fern&#225;ndez Carbajal&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Jos&#233; Antonio Fern&#225;ndez Carbajal
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Carlos Fern&#225;ndez Gonz&#225;lez&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Carlos Fern&#225;ndez Gonz&#225;lez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Salvi Rafael Folch Viadero&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Salvi Rafael Folch Viadero
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Chief
Financial Officer (<I>Principal Financial Officer</I>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Bernardo G&#243;mez Mart&#237;nez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Claudio X. Gonz&#225;lez Laporte&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Claudio X. Gonz&#225;lez Laporte
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Roberto Hern&#225;ndez Ram&#237;rez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Enrique Krauze Kleinbort
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Germ&#225;n Larrea Mota Velasco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jorge Lutteroth Echegoyen&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Jorge Lutteroth Echegoyen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Controller
(<I>Principal Accounting Officer</I>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gilberto P&#233;rezalonso Cifuentes&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Gilberto P&#233;rezalonso Cifuentes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Alejandro Quintero I&#241;iguez&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Alejandro Quintero I&#241;iguez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Fernando Senderos Mestre&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Fernando Senderos Mestre
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Enrique Francisco Senior Hern&#225;ndez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Lorenzo H. Zambrano Trevi&#241;o&nbsp;<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Lorenzo H. Zambrano Trevi&#241;o
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the undersigned, the duly
authorized representative in the United States of Grupo Televisa, S.A., has signed this
Registration Statement on Form F-4 in the City of Newark, State of Delaware on
July&nbsp;8, 2008.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Donald J. Puglisi<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Donald J. Puglisi
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Representative in the United States</TD>
</TR>
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</TABLE>
</DIV>



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



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<DOCUMENT>
<TYPE>EX-4.14
<SEQUENCE>2
<FILENAME>y62497exv4w14.htm
<DESCRIPTION>EX-4.14: FORM OF THIRTEENTH SUPPLEMENTAL INDENTURE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.14</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.14</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Form of Thirteenth Supplemental Indenture&#093;
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Issuer,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE BANK OF NEW YORK MELLON,</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Trustee, Registrar, Paying Agent

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and Transfer Agent

</DIV>

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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE BANK OF NEW YORK (LUXEMBOURG)&nbsp;S.A.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Luxembourg Paying Agent,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Transfer Agent and Listing Agent

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THIRTEENTH SUPPLEMENTAL INDENTURE</B><BR>
<BR>
Dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2008

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Supplementing the Trust Indenture

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of August&nbsp;8, 2000<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">U.S.$500,000,000 6.0% Senior Exchange Notes due 2018

</DIV>

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

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRTEENTH SUPPLEMENTAL INDENTURE, dated as of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 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 MELLON, 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture dated
as of August&nbsp;8, 2000 (the &#147;<U>Original Indenture</U>&#148; and, together with the First Supplemental
Indenture dated as of August&nbsp;8, 2000, the Second Supplemental Indenture dated as of January&nbsp;19,
2001, the Third Supplemental Indenture dated as of September&nbsp;13, 2001, the Fourth Supplemental
Indenture dated as of March&nbsp;11, 2002, the Fifth Supplemental Indenture dated as of March&nbsp;8, 2002,
the Sixth Supplemental Indenture dated as of July&nbsp;31, 2002, the Seventh Supplemental Indenture
dated as of March&nbsp;18, 2005, the Eighth Supplemental Indenture dated as of May&nbsp;26, 2005, the Ninth
Supplemental Indenture dated as of September&nbsp;6, 2005, the Tenth Supplemental Indenture dated as of
May&nbsp;9, 2007, the Eleventh Supplemental Indenture dated as of August&nbsp;24, 2007, the Twelfth
Supplemental Indenture dated as of May&nbsp;12, 2008 and this Thirteenth Supplemental Indenture, the
&#147;<U>Indenture</U>&#148;) providing for the issuance by the Company from time to time of its senior debt
securities to be issued in one or more series (in the Original Indenture and herein called the
&#147;<U>Securities</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company, in the exercise of the power and authority conferred upon and reserved
to it under the provisions of the Original Indenture and pursuant to appropriate resolutions of the
Board of Directors, has duly determined to make, execute and deliver to the Trustee, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008,
this Thirteenth 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 Exchange 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section&nbsp;901 of the Original Indenture provides, among other things, that the Company,
when authorized by a Board Resolution, and the Trustee, at any time and from time to time, without
the consent of any Holders, may enter into an indenture supplemental to the Original Indenture to
establish the terms of Securities of any series as permitted by Sections&nbsp;201 and 301 of the
Original Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make the Securities, when executed by the Company and
authenticated and delivered by the Trustee or any Authenticating Agent and issued upon the terms
and subject to the conditions set forth hereinafter and in the Indenture against payment therefor,
the valid, binding and legal obligations of the
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company and to make this Thirteenth Supplemental Indenture a valid, binding and legal
agreement of the Company, have been done;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, This THIRTEENTH SUPPLEMENTAL INDENTURE WITNESSETH that, in order to establish
the terms of the series of Securities designated as the &#147;<U>6.0% Senior Exchange 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 Thirteenth Supplemental Indenture and for other good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, it is mutually
covenanted and agreed as follows:
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFINITIONS AND OTHER<BR>
PROVISIONS OF GENERAL APPLICATION</b>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;101. Definitions.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each capitalized term that is used herein and is defined in the Original Indenture shall have
the meaning specified in the Original Indenture unless such term is otherwise defined herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Applicable Procedures&#148; </I>means, with respect to any transfer or exchange of or for beneficial
interests in any Global Security, the rules and procedures of DTC, Euroclear or Clearstream
Banking, as the case may be, that apply to such transfer or exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Clearstream Banking&#148; </I>shall mean Clearstream Banking, <I>soci&#233;t&#233; anonyme </I>(formerly Cedelbank) or
any successor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Depositary&#148; </I>shall mean <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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>DTC</I>&#148; shall mean The Depository Trust Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Euroclear&#148; </I>shall mean the Euroclear System or any successor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Global Securities&#148; </I>or <I>&#147;Global Security&#148; </I>shall have the meaning assigned to it in Section&nbsp;203
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Interest Payment Date&#148; </I>shall have the meaning assigned to it in Section&nbsp;206 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Mexican 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
the Twelfth Supplemental Indenture.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Notes&#148; </I>shall mean the Company&#146;s 6.0% Senior Exchange Notes due 2018.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Remaining Scheduled Payments&#148; </I>shall mean, with respect to the Notes, the remaining scheduled
payments of principal thereof and interest thereon that would be due after the related Redemption
Date but for such redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Securities&#148; </I>shall mean the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;Securities Act&#148; </I>shall mean the United States Securities Act of 1933, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;102. Section&nbsp;References.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each reference to a particular Section set forth in this Thirteenth Supplemental Indenture
shall, unless the context otherwise requires, refer to this Thirteenth Supplemental Indenture.
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TITLE AND TERMS OF THE SECURITIES</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;201. Title of the Securities.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The title of the Securities of the series established hereby is the &#147;6.0% Senior Exchange
Notes due 2018&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;202. Amount and Denominations.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate original principal amount of the Notes which may be authenticated and delivered
under this Thirteenth 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;203. Registered Securities.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificates for the Notes shall be Registered Securities in global form and shall be in
substantially the forms attached hereto as Exhibit A (the &#147;<U>Global Security</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;204. &#091;INTENTIONALLY OMITTED&#093;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;205. Stated Maturity.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Stated Maturity of the Notes on which the principal thereof is due and payable shall be
May&nbsp;15, 2018.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;206. Interest.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal of the Notes shall bear interest from May&nbsp;12, 2008 or, after the first Interest
Payment Date, 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 Thirteenth Supplemental Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on the Notes will accrue at the rate of 6.0% per annum, until the principal thereof
is paid or made available for payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;207. Registration, Transfer and Exchange.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal of, interest, premium and Additional Amounts on the Notes shall be payable and
the Notes may be surrendered or presented for payment, the Notes may be surrendered for
registration of transfer or exchange, and notices and demands to or upon the Company in respect of
the Notes and the Indenture may be served, at the office or agency of the Company maintained for
such purposes in The City of New York, State of New York, and so long as any Notes are listed on
the Luxembourg Stock Exchange for trading on the Euro MTF and the rules of the Luxembourg Stock
Exchange so require, a Paying Agent and a Transfer Agent with a specified office in Luxembourg,
from time to time; <I>provided</I>, <I>however</I>, that at the option of the Company payment of interest on
either series may be made by check mailed to the address of the Persons entitled thereto, as such
addresses shall appear in the Security Register.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby initially appoints the Trustee at its office in The City of New York as the
Registrar, a Paying Agent and a Transfer Agent under the Indenture and the Trustee, by its
execution hereof, accepts such appointment; <I>provided</I>, <I>however</I>, that (subject to Section&nbsp;1002 of the
Indenture) the Company may at any time remove the Trustee at its office or agency in The City of
New York designated for the foregoing purposes and may from time to time designate one or more
other offices or agencies for the foregoing purposes and may from time to time rescind such
designations. The Company hereby initially appoints The Bank of New York (Luxembourg) S.A. at its
office at Aerogolf Center, 1A Hoehenhof, L- 1736 Senningerberg, Luxembourg, to act as a Luxembourg
Paying Agent, Transfer Agent and Listing Agent under the Indenture and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of New York (Luxembourg) S.A. by its execution hereof, hereby accepts such
appointment. The Trustee, the Registrar, each Paying Agent and Transfer Agent shall keep copies of
the Indenture available for inspection and copying by holders of the Notes during normal business
hours at their respective offices.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, a Holder of 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;208. Redemption of the Securities.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are redeemable by the Company pursuant to Sections&nbsp;1008 and 1009 of the Original
Indenture in accordance with Article&nbsp;Eleven thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;209. Denominations.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests in the Notes shall be in minimum denominations of U.S.$100,000 and integral
multiples of U.S.$1,000 in excess thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;210. Currency.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The interest, premium, if any, Additional Amounts, if any, and principal on the Notes shall be
payable only in Dollars.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;211. Applicability of Certain Indenture Provisions.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Sections of the Original Indenture shall apply to the Notes, except for Articles Twelve,
Thirteen and Fourteen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;212. Security Registrar and Paying Agent.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be Security Registrar and the initial Paying Agent and initial Transfer
Agent for the Notes (subject to the Company&#146;s right (subject to Section&nbsp;1002 of the Indenture) to
remove the Trustee as such Paying Agent and or Transfer Agent with respect to each series and or,
from time to time, to designate one or more co-registrars
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and one or more other Paying Agents and Transfer Agents and to rescind from time to time any
such designations), and The City of New York is designated as a Place of Payment for the Notes.
The Company shall maintain a Paying Agent and Transfer Agent in Luxembourg for so long as any Notes
are listed on the Luxembourg Stock Exchange for trading on the Euro MTF.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;213. Global Securities.</I>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Global Security authenticated under this Indenture shall be registered in the name of the
Depositary or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian
therefore, and each such Global Security shall constitute a single Security for all purposes of
this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Indenture or the Securities, no Global Security
may be exchanged, in whole or in part for certificated Notes, and no transfer of a Global Security
in whole or in part may be registered, in the name of any Person, other than the Depositary or a
nominee thereof unless (A)&nbsp;the Depositary has notified the Company that it is unwilling or unable
to continue as Depositary for such Global Security 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>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company issues the Notes in certificated registered form, so long as the notes are
listed on the Luxembourg Stock Exchange for trading on the Euro MTF, the Company will maintain a
paying agent and a transfer agent in Luxembourg. The Company will also publish a notice in
Luxembourg in a leading newspaper having general circulation in Luxembourg (which is expected to be
<I>d&#146;Wort</I>). The Company will also publish a notice in Luxembourg in a leading newspaper having
general circulation in Luxembourg if any change is made in the Paying Agent or the Transfer Agent
in Luxembourg.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any exchange, the certificated Notes shall be issued in definitive, fully-registered
form, without interest coupons, shall have an aggregate principal amount equal to that of such
Global Security or portion thereof to be so exchanged and shall be registered in such names and be
in such denominations as the Depositary shall designate. Any Global
Security to be exchanged in whole shall be surrendered by the Depositary to the Trustee, as
Security Registrar. With regard to any Global Security to be exchanged in part, either such Global
Security shall be so surrendered for exchange or, if the Trustee is acting as custodian for the
Depositary or its nominee with respect to such Global Security, the principal thereof shall be
reduced, by an amount equal to the portion thereof to be so exchanged, by means of any appropriate
adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee
shall authenticate and deliver the Security issuable on such exchange to or upon the order of the
Depositary or an authorized representative thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the &#147;<U>Operating Procedures of the Euroclear System</U>&#148; and the
&#147;<U>Terms and Conditions Governing Use of Euroclear</U>&#148; and the &#147;<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>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;214. &#091;INTENTIONALLY OMITTED&#093;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;215. Sinking Fund.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes shall not be subject to any sinking fund or similar provision and shall not be
redeemable at the option of the holder thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;216. Conversion; Exchange.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes shall not be convertible into Common Stock.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;217. Amendments.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture may be amended by the Company without the consent of any holder of
the Notes in order for the restrictions on transfer contained herein to be in compliance with
applicable law or the Applicable Procedures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;218. Applicable Procedures.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything else herein, the Company shall not be required to permit a transfer
to a Global Security that is not permitted by the Applicable Procedures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Section&nbsp;219. Paying and Transfer Agent.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York (Luxembourg) S.A. agrees that the provisions of Section&nbsp;1003 of the
Original Indenture shall be binding on it as Luxembourg Paying Agent and Transfer Agent.
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MISCELLANEOUS PROVISIONS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee makes no undertaking or representations in respect of, and shall not be
responsible in any manner whatsoever for and in respect of, the validity or sufficiency of this
Thirteenth Supplemental Indenture or the proper authorization or the due execution hereof by the
Company or for or in respect of the recitals and statements contained herein, all of which recitals
and statements are made solely by the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly amended hereby, the Original Indenture shall continue in full force and
effect in accordance with the provisions thereof and the Original Indenture is in all respects
hereby ratified and confirmed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Thirteenth 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 Thirteenth
Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the
State of New York, without regard to conflicts of laws principles thereof other than Section&nbsp;5-1401
of the New York General Obligations Law.
</DIV>


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


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Thirteenth Supplemental Indenture to
be duly executed as of the day and year first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GRUPO TELEVISA, S.A.B.,</B><BR>
as Issuer<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Salvi Folch Viadero&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">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">Vice President and Controller</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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




</TABLE>
</DIV>

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

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

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


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



</TABLE>
</DIV>

<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 MELLON,</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;</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="center" style="font-size: 10pt; margin-top: 18pt"><B>&nbsp;</B>
</DIV>

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

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

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<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 and Transfer<BR>
Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">BY&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="center" style="font-size: 10pt; margin-top: 18pt"><B>&nbsp;</B>
</DIV>



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



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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">No.&nbsp;1<br>
CUSIP No.&nbsp;40049J AX5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S.$</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">6.0% Senior Exchange Note due 2018

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
U.S. dollars (U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of principal, interest, Additional Amounts and any other amounts due on this Note will
be made at the office or agency of the Company maintained for that purpose in The Borough of
Manhattan, The City of New York, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is a global Security issued on the date hereof which represents U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the
principal amount of the Company&#146;s 6.0% Senior Exchange Notes due 2018. 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
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 the
twelfth supplemental indenture dated as of May&nbsp;12, 2008 (herein called, together with the
thirteenth 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 Mellon, 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 Thirteenth Supplemental Indenture between the Company, The Bank of New York
Mellon, 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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008,
establishing the terms of the Notes pursuant to the Indenture (the &#147;<U>Thirteenth Supplemental
Indenture</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to the Notes shall occur and be continuing, the principal
of the Notes may be declared due and payable in the manner and with the effect provided in the
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Notes of each series issued under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in aggregate principal amount of the Notes at
the time Outstanding of each series affected thereby. For all purposes of the Indenture, holders of
the Notes issued under the Thirteenth Supplemental Indenture will vote together with the holders of
the Notes issued pursuant to the Twelfth Supplemental Indenture who do not exchange such Notes for
new Notes pursuant to the exchange offer being consummated pursuant to the terms of the
Registration Rights Agreement that were attached as Exhibit&nbsp;F to the Twelfth Supplemental
Indenture, as single series of Notes.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note, at the times, place and rate, and in the coin or currency,
herein and in the Indenture prescribed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in the Indenture and subject to certain limitations set forth therein and in this
Note, the transfer of this Note may be registered on the Security Register upon surrender of this
Note for registration of transfer at the office or agency of the Company maintained for the purpose
in any place where the principal of and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in
writing, and thereupon one or more new Notes of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Thirteenth
Supplemental Indenture establishing the terms of the Notes and as more fully provided in the
Original Indenture. As provided in the Original Indenture, and subject to certain limitations set
forth in the Original Indenture and in this Note, the Notes are exchangeable for a like aggregate
principal amount of Notes of this Series in different authorized denominations, as requested by the
Holders surrendering the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith, other than in certain cases provided in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture contains provisions whereby (i)&nbsp;the Company may be discharged from its
obligations with respect to the Notes (subject to certain exceptions) or (ii)&nbsp;the Company may be
released from its obligation under specified covenants and agreements in the Indenture, in each
case if the Company irrevocably deposits with the Trustee 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note shall be governed by and construed in accordance with the laws of the State of New
York without giving effect to any provisions relating to conflicts of laws other than Section
5-1401 of the New York General Obligations Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee under the Indenture by the manual signature of one of its
authorized signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for
any purpose.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the 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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&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="7" valign="top" align="left">GRUPO TELEVISA, S.A.B. &nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <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">
    <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">
    <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<br>
Directors of Grupo Televisa,<br>
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"><!-- 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">
    <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">
    <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<br>
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: 18pt">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Notes of the series designated therein referred to in the within-mentioned
Indenture.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     , 2008.&nbsp;</TD>
    <TD colspan="3" align="left">THE BANK OF NEW YORK MELLON,<br> as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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



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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is one of a duly authorized issue of Notes of the Company designated as its 6.0%
Senior Exchange 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 Thirteenth Supplemental
Indenture, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;2008 (hereinafter called the &#147;<U>Thirteenth Supplemental Indenture</U>&#148;),
among the Company, The Bank of New York Mellon, as Trustee, Registrar, Paying Agent and Transfer
Agent and The Bank of New York (Luxembourg) S.A., as Luxembourg Paying Agent and Transfer Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(ii)&nbsp;any estate, inheritance, gift, sales, stamp, transfer or personal property Tax;
</DIV>


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

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</DIV>

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



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


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the limitations on the Company&#146;s obligation to pay Additional
Amounts set forth in clauses (iii)&nbsp;and (iv)&nbsp;above shall not apply if (a)&nbsp;the provision of
information, documentation or other evidence described in such clauses (iii)&nbsp;and (iv)&nbsp;would be
materially more onerous, in form, in procedure or in the substance of information disclosed, to a
Holder or beneficial owner of a Note (taking into account any relevant differences between U.S. and
Mexican law, rules, regulations or administrative practice) than comparable information or other
reporting requirements imposed under U.S. tax law, regulations and administrative practice (such as
IRS Forms W-8BEN and W-9) or (b)&nbsp;Rule&nbsp;3.23.8 issued by the <I>Secretar&#237;a de Hacienda y Cr&#233;dito P&#250;blico</I>
(Ministry of Finance and Public Credit), or a substantially similar successor of such rule is in
effect, unless the provision of the information, documentation or other evidence described in
clauses (iii)&nbsp;and (iv)&nbsp;is expressly required by statute, regulation, rule, ruling or administrative
practice in order to apply Rule&nbsp;3.23.8 (or a substantially similar successor of such rule), the
Company cannot obtain such information, documentation or other evidence on its own through
reasonable diligence and the Company otherwise would meet the requirements for application of Rule
3.23.8 (or such other successor of such rule). In addition, such clauses (iii)&nbsp;and (iv)&nbsp;shall not
be construed to require that a non-Mexican pension or retirement 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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least 30&nbsp;days prior to each date on which any payment under or with respect to the Notes is
due and payable, if the Company will be obligated to pay Additional Amounts with respect to such
payment (other than Additional Amounts payable on the date of the Indenture or 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Repurchase of Notes upon a Change of Control. </I>The Company must commence, within 30&nbsp;days of the
occurrence of a Change of Control, and consummate an Offer to Purchase for all Notes then
outstanding, at a purchase price equal to 101% of the principal amount of the Notes on the date of
repurchase, plus accrued interest (if any) to the date of purchase. The Company is not required to
make an Offer to Purchase following a Change of Control if a third party makes an Offer to Purchase
that would be in compliance with the provisions described in this Section if it were made by the
Company and such third party purchases (for the consideration referred to in the immediately
preceding sentence) the Notes validly tendered and not withdrawn. Prior to the mailing of the
notice to Holders and publishing such notice to Holders in a daily newspaper of
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">general circulation in Luxembourg commencing such Offer to Purchase, but in any event within
30&nbsp;days following any Change of Control, the Company, covenants to (i)&nbsp;repay in full all
indebtedness of the Company that would prohibit the repurchase of the Notes pursuant to such Offer
to Purchase or (ii)&nbsp;obtain any requisite consents under instruments governing any such indebtedness
of the Company to permit the repurchase of the Notes. The Company shall first comply with the
covenant in the preceding sentence before it shall be required to repurchase Notes pursuant to this
covenant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Independent Investment Banker&#148; means one of the Reference Treasury Dealers appointed by the
Company.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On and after the Redemption Date, interest will cease to accrue on the Notes or any portion of
the Notes called for redemption (unless the Company defaults in the payment of the redemption price
and accrued interest). On or before the Redemption Date, the Company will deposit with the Trustee
money sufficient to pay the Make-Whole Amount and (unless the Redemption Date shall be an interest
payment date) accrued interest to the Redemption Date on the Notes to be redeemed on such date. If
less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the
Trustee by such method as the Trustee shall deem fair and appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem the Notes shall be evidenced by a certificate (a
&#147;Make-Whole Redemption Certificate&#148;) of an officer of the Company, which certificate shall be
delivered to the Trustee. The Company shall, not less than 45&nbsp;days nor more than 60&nbsp;days prior to
the Redemption Date, notify the Trustee in writing of such Redemption Date and of all other
information necessary to the giving by the Trustee of notices of the Optional Redemption. The
Trustee shall be entitled to rely conclusively upon the information so furnished by the Company in
the Make-Whole Redemption Certificate and shall be under no duty to check the accuracy or
completeness thereof. Such notice shall be irrevocable and upon its delivery the Company shall be
obligated to make the payment or payments to the Trustee referred to therein at least two Business
Days prior to such Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of the Optional Redemption shall be given by the Trustee to the holders, in accordance
with the provisions of Section&nbsp;106 of the Original Indenture, upon the mailing by first-class
postage prepaid to each holder at the address of such holder as it appears in the Register not less
than 30&nbsp;days nor more than 60&nbsp;days prior to the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of Optional Redemption shall state:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Redemption Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Make-Whole Amount;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the sum of all other amounts due to the holders under the Notes and the Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;that on the Redemption Date the Make-Whole Amount will become due and payable upon each
such Note so to be redeemed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;the place or places, including the offices of our Paying Agent in Luxembourg, where such
Notes so to be redeemed are to be surrendered for payment of the Make-Whole Amount; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;the ISIN number of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of the Optional Redemption having been given as aforesaid, the Notes so to be redeemed
shall, on the Redemption Date, become due and payable at the Make-Whole Amount therein specified.
Upon surrender of any such Notes for redemption in accordance with such notice, such Notes shall be
paid by the Paying Agent on behalf of the Company on the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Redemption Date; <I>provided </I>that moneys sufficient therefor have been deposited with the Trustee
for the holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in the Indenture or in the Notes, if a Make-Whole
Redemption Certificate has been delivered to the Trustee and the Company shall have paid to the
Trustee for the benefit of the holders (i)&nbsp;the Make-Whole Amount and (ii)&nbsp;all other amounts due to
the holders and the Trustee under the Notes and the Indenture, then neither the holders nor the
Trustee on their behalf shall any longer be entitled to exercise any of the rights of the holders
under the Notes other than the rights of the holders to receive payment of such amounts from the
Paying Agent and the occurrence of an Event of Default whether before or after such payment by the
Company to the Trustee for the benefit of the holders shall not entitle either the holders or the
Trustee on their behalf after such payment to declare the principal of any Notes then outstanding
to be due and payable on any date prior to the Redemption Date. The funds paid to the Trustee
shall be used to redeem the Notes on the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Withholding Tax Redemption. </I>The Notes are subject to redemption (&#147;Withholding Tax Redemption&#148;)
at any time (a &#147;Withholding Tax Redemption Date&#148;), as a whole but not in part, at the election of
the Company, at a redemption price equal to 100% of the unpaid principal amount thereof plus
accrued and unpaid interest, if any, to and including the Withholding Tax Redemption Date (the
&#147;Withholding Tax Redemption Price&#148;) if, as a result of (i)&nbsp;any change in or amendment to the laws,
rules or regulations of Mexico, or any political subdivision or taxing authority or other
instrumentality thereof or therein, or (ii)&nbsp;any amendment to or change in the rulings or
interpretations relating to such laws, rules or regulations made by any legislative body, court or
governmental or regulatory agency or authority (including the enactment of any legislation and the
publication of any judicial decision or regulatory determination) of Mexico, or any political
subdivision or taxing authority or other instrumentality thereof or therein, or (iii)&nbsp;any official
interpretation, application or pronouncement by any legislative body, court or governmental or
regulatory agency or authority that provides for a position with respect to such laws, rules or
regulations that differs from the theretofore generally accepted position, which amendment or
change is enacted, promulgated, issued or announced or which interpretation, application or
pronouncement is issued or announced, in each case, after the Closing Date, the Company has become
or would become required to pay any Additional Amounts in excess of those attributable to Taxes
that are imposed, deducted or withheld at a rate of 10% on or from any payments under the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem the Notes shall be evidenced by a certificate (a
&#147;Withholding Tax Redemption Certificate&#148;) of a financial officer of the Company, which certificate
shall be delivered to the Trustee. The Company shall, not less than 35&nbsp;days nor more than 45&nbsp;days
prior to the Withholding Tax Redemption Date, notify the Trustee in writing of such Withholding Tax
Redemption Date and of all other information necessary to the giving by the Trustee of notices of
such Withholding Tax Redemption. The Trustee shall be entitled to rely conclusively upon the
information so furnished by the Company in the Withholding Tax Redemption Certificate and shall be
under no duty to check the accuracy or completeness thereof. Such notice shall be irrevocable and
upon its delivery the Company shall be obligated to make the payment or payments to the Trustee
referred to therein at least two Business Days prior to such Withholding Tax Redemption Date.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Withholding Tax Redemption shall be given by the Trustee to the Holders, in
accordance with the provisions of Section&nbsp;106 of the Original Indenture, upon the mailing by
first-class postage prepaid to each Holder at the address of such Holder as it appears in the
Register not less than 30&nbsp;days nor more than 60&nbsp;days prior to the Withholding Tax Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of Withholding Tax Redemption shall state:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Withholding Tax Redemption Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Withholding Tax Redemption Price;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sum of all other amounts due to the Holders under the Notes and the
Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that on the Withholding Tax Redemption Date the Withholding Tax Redemption Price
will become due and payable upon each such Note so to be redeemed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the place or places, including the offices of our Paying Agent in Luxembourg, where
such Notes so to be redeemed are to be surrendered for payment of the Withholding Tax
Redemption Price; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the ISIN number of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Withholding Tax Redemption having been given as aforesaid, the Notes so to be
redeemed shall, on the Withholding Tax Redemption Date, become due and payable at the Withholding
Tax Redemption Price therein specified. Upon surrender of any such Notes for redemption in
accordance with such notice, such Notes shall be paid by the Paying Agent on behalf of the Company
on the Withholding Tax Redemption Date; <I>provided </I>that moneys sufficient therefor have been
deposited with the Trustee for the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in the Indenture or in the Notes, if a Withholding
Tax Redemption Certificate has been delivered to the Trustee and the Company shall have paid to the
Trustee for the benefit of the Holders (i)&nbsp;the Withholding Tax Redemption Price and (ii)&nbsp;all other
amounts due to the Holders and the Trustee under the Notes and the Indenture, then neither the
Holders nor the Trustee on their behalf shall any longer be entitled to exercise any of the rights
of the Holders under the Notes other than the rights of the Holders to receive payment of such
amounts from the Paying Agent and the occurrence of an Event of Default whether before or after
such payment by the Company to the Trustee for the benefit of the Holders shall not entitle either
the Holders or the Trustee on their behalf after such payment to declare the principal of any Notes
then outstanding to be due and payable on any date prior to the Withholding Tax Redemption Date.
The funds paid to the Trustee shall be used to redeem the Notes on the Withholding Tax Redemption
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY PROVISIONS RELATING TO CONFLICTS OF LAWS
OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.</B>
</DIV>


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</DIV>




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<DOCUMENT>
<TYPE>EX-4.17
<SEQUENCE>3
<FILENAME>y62497exv4w17.htm
<DESCRIPTION>EX-4.17: REGISTRATION RIGHTS AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.17</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit
4.17</B>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXECUTION COPY</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registration Rights Agreement
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of May&nbsp;12, 2008

</DIV>

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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Grupo Televisa, S.A.B.

</DIV>

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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">HSBC Securities (USA)&nbsp;Inc.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">J.P. Morgan Securities Inc.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTRATION RIGHTS AGREEMENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Registration Rights Agreement (the &#147;<U>Agreement</U>&#148;) is made and entered into this 12th day
of May, 2008, among 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>Company</U>&#148;), HSBC Securities (USA)&nbsp;Inc. (&#147;<U>HSBC</U>&#148;) and J.P. Morgan Securities Inc.
(&#147;<U>JP Morgan</U>&#148;) (collectively, the &#147;<U>Initial Purchasers</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Agreement is made pursuant to the Purchase Agreement, dated May&nbsp;6, 2008, among the Company and
the Initial Purchasers (the &#147;<U>Purchase Agreement</U>&#148;), which provides for the sale by the
Company to the Initial Purchasers of an aggregate of U.S.$500,000,000 principal amount of the
Company&#146;s 6.0% Senior Notes due 2018 (the &#147;Securities&#148;). In order to induce the Initial Purchasers
to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers
and their direct and indirect transferees the registration rights set forth in this Agreement. The
execution of this Agreement is a condition to the closing under the Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In consideration of the foregoing, the parties hereto agree as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1. Definitions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this Agreement, the following capitalized defined terms shall have the following
meanings:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;1933 Act&#148; shall mean the Securities Act of 1933, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;1934 Act&#148; shall mean the Securities Exchange Act of 1934, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business Day&#148; shall mean a day that is not a Saturday, a Sunday, or a day on which banking
institutions in New York, New York or Luxembourg are authorized or required to be closed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Closing Date&#148; shall mean the Closing Time as defined in the Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Company&#148; shall have the meaning set forth in the preamble and shall also include the
Company&#146;s successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Depositary&#148; shall mean The Depository Trust Company, or any other depositary appointed by the
Company, provided, however, that such depositary shall have an address in the Borough of Manhattan,
in The City of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange Offer&#148; shall mean the exchange offer by the Company of Exchange Securities for
Registrable Securities pursuant to Section&nbsp;2.1 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange Offer Registration&#148; shall mean a registration under the 1933 Act effected pursuant
to Section&nbsp;2.1 hereof.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange Offer Registration Statement&#148; shall mean an exchange offer registration statement on
Form F-4 (or, if applicable, on another appropriate form), and all amendments and supplements to
such registration statement, including the Prospectus contained therein, all exhibits thereto and
all documents incorporated by reference therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange Period&#148; shall have the meaning set forth in Section&nbsp;2.1 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange Securities&#148; shall mean the 6.0% Senior Notes due 2018 issued by the Company under
the Indenture containing terms identical to the Securities in all material respects (except for
references to certain interest rate provisions, restrictions on transfers and restrictive legends),
to be offered to Holders of Securities in exchange for Registrable Securities pursuant to the
Exchange Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Holder&#148; shall mean an Initial Purchaser, for so long as it owns any Registrable Securities,
and each of its successors, assigns and direct and indirect transferees who become registered
owners of Registrable Securities under the Indenture and each Participating Broker-Dealer that
holds Exchange Securities for so long as such Participating Broker-Dealer is required to deliver a
prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indenture&#148; shall mean the Indenture relating to the Securities dated as of August&nbsp;8, 2000,
between the Company and The Bank of New York, as Trustee, 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, the eleventh supplemental indenture dated as of August&nbsp;24, 2007 and the twelfth
supplemental indenture dated as of the date hereof, 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 as the same may be amended, supplemented,
waived or otherwise modified from time to time in accordance with the terms thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Initial Purchaser&#148; or &#147;Initial Purchasers&#148; shall have the meaning set forth in the preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Majority Holders&#148; shall mean the Holders of a majority of the aggregate principal amount of
Outstanding (as defined in the Indenture) Registrable Securities; provided that whenever the
consent or approval of Holders of a specified percentage of Registrable Securities is required
hereunder, Registrable Securities held by the Company and other obligors on the Securities or any
(as defined in the Indenture) of the Company shall be disregarded in determining whether such
consent or approval was given by the Holders of such required percentage amount.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Participating Broker-Dealer&#148; shall mean any of HSBC, JP Morgan and any other broker-dealer
which makes a market in the Securities and exchanges Registrable Securities in the Exchange Offer
for Exchange Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; shall mean an individual, partnership (general or limited), corporation, limited
liability company, trust or unincorporated organization, or a government or agency or political
subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Private Exchange&#148; shall have the meaning set forth in Section&nbsp;2.1 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Private Exchange Securities&#148; shall have the meaning set forth in Section&nbsp;2.1 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Prospectus&#148; shall mean the prospectus included in a Registration Statement, including any
preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including any such prospectus supplement with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to a prospectus, including post-effective amendments, and in each
case including all material incorporated by reference therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Purchase Agreement&#148; shall have the meaning set forth in the preamble.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Registrable Securities&#148; shall mean the Securities and, if issued, the Private Exchange
Securities; provided, however, that Securities and, if issued, the Private Exchange Securities,
shall cease to be Registrable Securities when (i)&nbsp;a Registration Statement with respect to such
Securities shall have been declared effective under the 1933 Act and such Securities shall have
been disposed of pursuant to such Registration Statement, (ii)&nbsp;such Securities shall have ceased to
be outstanding or (iii)&nbsp;the Exchange Offer is consummated (except in the case of Securities
purchased from the Company and continued to be held by the Initial Purchasers).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Registration Expenses&#148; shall mean any and all expenses incident to performance of or
compliance by the Company with this Agreement, including without limitation: (i)&nbsp;all SEC, stock
exchange or National Association of Securities Dealers, Inc. (the &#147;NASD&#148;) registration and filing
fees, including, if applicable, the fees and expenses of any &#147;qualified independent underwriter&#148;
(and its counsel) that is required to be retained by any holder of Registrable Securities in
accordance with the rules and regulations of the NASD, (ii)&nbsp;all fees and expenses incurred in
connection with compliance with state securities or blue sky laws and compliance with the rules of
the NASD (including reasonable fees and disbursements of counsel for any underwriters or Holders in
connection with blue sky qualification of any of the Exchange Securities or Registrable Securities
and any filings with the NASD), (iii)&nbsp;all expenses of any Persons in preparing or assisting in
preparing, word processing, printing and distributing any Registration Statement, any Prospectus,
any amendments or supplements thereto, any underwriting agreements, securities sales agreements and
other documents relating to the performance of and compliance with this Agreement, (iv)&nbsp;all fees
and expenses incurred in connection
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with the listing, if any, of any of the Registrable Securities on any securities exchange or
exchanges, (v)&nbsp;all rating agency fees, (vi)&nbsp;the fees and disbursements of counsel for the Company
and of the independent public accountants of the Company, including the expenses of any special
audits or &#147;cold comfort&#148; letters required by or incident to such performance and compliance, (vii)
the fees and expenses of the Trustee, and any escrow agent or custodian, (viii)&nbsp;the reasonable
expenses of the Initial Purchasers in connection with the Exchange Offer, including the reasonable
fees and expenses of counsel to the Initial Purchasers in connection therewith, (ix)&nbsp;the reasonable
fees and disbursements of Milbank, Tweed, Hadley &#038; McCloy <FONT style="font-variant: SMALL-CAPS">llp</FONT>, counsel representing the
Holders of Shelf Registrable Securities or Special Counsel and (x)&nbsp;the reasonable fees and
disbursements of the underwriters customarily required to be paid by issuers or sellers of
securities and the fees and expenses of any special experts retained by the Company in connection
with any Registration Statement, but excluding underwriting discounts and commissions and transfer
taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Registration Statement&#148; shall mean any registration statement of the Company which covers any
of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement,
and all amendments and supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;SAS 72&#148; shall mean Statement on Auditing Standards No.&nbsp;72.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;SEC&#148; shall mean the United States Securities and Exchange Commission or any successor agency
or government body performing the functions currently performed by the United States Securities and
Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Shelf Registrable Securities&#148; shall have the meaning set forth in Section&nbsp;2.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Shelf Registration&#148; shall mean a registration effected pursuant to Section&nbsp;2.2 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Shelf Registration Statement&#148; shall mean a &#147;shelf&#148; registration statement of the Company
pursuant to the provisions of Section&nbsp;2.2 of this Agreement which covers all of the Registrable
Securities or all of the Private Exchange Securities on an appropriate form under Rule&nbsp;415 under
the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all material incorporated by
reference therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Special Counsel&#148; shall have the meaning set forth in Section&nbsp;3(g)(i).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;TIA&#148; shall have the meaning set forth in Section&nbsp;2.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trustee&#148; shall mean the trustee with respect to the Securities under the Indenture.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">2. Registration Under the 1933 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.1 Exchange Offer. The Company shall, for the benefit of the Holders, at the Company&#146;s cost, (A)
use its best efforts to file with the SEC an Exchange Offer Registration Statement within 120&nbsp;days
on an appropriate form under the 1933 Act with respect to a proposed Exchange Offer and the
issuance and delivery to the Holders, in exchange for the Registrable Securities (other than
Private Exchange Securities), of a like principal amount of Exchange Securities, (B)&nbsp;use its
reasonable best efforts to cause the Exchange Offer Registration Statement to be declared effective
under the 1933 Act within 180&nbsp;days of the Closing Date, (C)&nbsp;use its best efforts to keep the
Exchange Offer Registration Statement effective until the closing of the Exchange Offer, (D)&nbsp;use
its best efforts to cause the Exchange Offer to be consummated not later than 210&nbsp;days following
the Closing Date and (E)&nbsp;for a period of 90&nbsp;days following the consummation of the exchange offer,
to make available a prospectus meeting the requirements of the Securities Act to any such
participating broker-dealer for use in connection with any resale of any exchange notes acquired in
the exchange offer. The Exchange Securities will be issued under the Indenture. Upon the
effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the
Exchange Offer, it being the objective of such Exchange Offer to enable each Holder eligible and
electing to exchange Registrable Securities for Exchange Securities (assuming that such Holder (a)
is not an affiliate of the Company within the meaning of Rule&nbsp;405 under the 1933 Act, (b)&nbsp;is not a
broker-dealer tendering Registrable Securities acquired directly from the Company for its own
account, (c)&nbsp;acquired the Exchange Securities in the ordinary course of such Holder&#146;s business and
(d)&nbsp;has no arrangements or understandings with any Person to participate in the Exchange Offer for
the purpose of distributing the Exchange Securities) to transfer such Exchange Securities from and
after their receipt without any limitations or restrictions under the 1933 Act and under state
securities or blue sky laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Exchange Offer, the Company shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;mail as promptly as practicable to each Holder a copy of the Prospectus forming part of the
Exchange Offer Registration Statement, together with an appropriate letter of transmittal and
related documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;keep the Exchange Offer open for acceptance for a period of not less than 20 Business Days
after the date notice thereof is mailed to the Holders (or longer if required by applicable law)
(such period referred to herein as the &#147;Exchange Period&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;utilize the services of the Depositary for the Exchange Offer;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;permit Holders to withdraw tendered Registrable Securities at any time prior to the close of
business, New York City time, on the last Business Day of the Exchange Period, by sending to the
institution specified in the notice, a telegram, telex, facsimile transmission or letter setting
forth the name of such Holder, the principal amount of Registrable Securities delivered for
exchange, and a statement that such Holder is withdrawing such Holder&#146;s election to have such
Securities exchanged;
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;notice each Holder that any Registrable Security not tendered will remain outstanding and
continue to accrue interest, but will not retain any rights under this Agreement (except in the
case of the Initial Purchasers and Participating Broker-Dealers as provided herein); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(f)&nbsp;otherwise comply in all material respects with all applicable laws relating to the Exchange
Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If, prior to consummation of the Exchange Offer, the Initial Purchasers hold any Securities
acquired by them and having the status of an unsold allotment in the initial distribution, the
Company upon the request of any Initial Purchaser shall, simultaneously with the delivery of the
Exchange Securities in the Exchange Offer, issue and deliver to such Initial Purchaser in exchange
(the &#147;Private Exchange&#148;) for the Securities held by such Initial Purchaser, a like principal amount
of debt securities of the Company on a senior basis, that are identical (except that such
securities shall bear appropriate transfer restrictions) to the Exchange Securities (the &#147;Private
Exchange Securities&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Exchange Securities and the Private Exchange Securities shall be issued under (i)&nbsp;the Indenture
or (ii)&nbsp;an indenture identical in all material respects to the Indenture and which, in either case,
has been qualified under the TIA, or is exempt from such qualification and shall provide that the
Exchange Securities shall not be subject to the transfer restrictions set forth in the Indenture
but that the Private Exchange Securities shall be subject to such transfer restrictions. The
Indenture or such indenture shall provide that the Exchange Securities, the Private Exchange
Securities and the Securities shall vote and consent together on all matters as one class and that
none of the Exchange Securities, the Private Exchange Securities or the Securities will have the
right to vote or consent as a separate class on any matter. The Private Exchange Securities shall
be of the same series as the Exchange Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As soon as practicable after the close of the Exchange Offer and/or the Private Exchange, as the
case may be, the Company shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;accept for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant
to the Exchange Offer in accordance with the terms of the Exchange Offer Registration Statement and
the letter of transmittal which shall be an exhibit thereto;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;accept for exchange all Securities properly tendered and not validly withdrawn pursuant to the
Private Exchange;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities
so accepted for exchange; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;cause the Trustee promptly to authenticate and deliver Exchange Securities or Private Exchange
Securities, as the case may be, to each Holder of Registrable Securities so accepted for exchange
in a principal amount equal to the principal amount of the Registrable Securities of such Holder so
accepted for exchange.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest on each Exchange Security and Private Exchange Security will accrue from the last date on
which interest was paid on the Registrable Securities surrendered in exchange therefor or, if no
interest has been paid on the Registrable Securities, from the date of original issuance. The
Exchange Offer and the Private Exchange shall not be subject to any conditions, other than (i)&nbsp;that
the Exchange Offer or the Private Exchange, or the making of any exchange by a Holder, does not
violate applicable law or any applicable interpretation of the staff of the SEC, (ii)&nbsp;the valid
tendering of Registrable Securities in accordance with the Exchange Offer and the Private Exchange,
(iii)&nbsp;that each Holder of Registrable Securities exchanged in the Exchange Offer shall have
represented that all Exchange Securities to be received by it shall be acquired in the ordinary
course of its business and that at the time of the consummation of the Exchange Offer it shall have
no arrangement or understanding with any person to participate in the distribution (within the
meaning of the 1933 Act) of the Exchange Securities and shall have made such other representations
as may be reasonably necessary under applicable SEC rules, regulations or interpretations to render
the use of Form F-4 or other appropriate form under the 1933 Act available and (iv)&nbsp;that no action
or proceeding shall have been instituted or threatened in any court or by or before any
governmental agency with respect to the Exchange Offer or the Private Exchange which, in the
Company&#146;s judgment, would reasonably be expected to impair the ability of the Company to proceed
with the Exchange Offer or the Private Exchange. The Company shall inform the Initial Purchasers
of the names and addresses of the Holders to whom the Exchange Offer is made, and the Initial
Purchasers shall have the right, subject to applicable law, to contact such Holders and otherwise
facilitate the tender of Registrable Securities in the Exchange Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon consummation of the Exchange Offer in accordance with this Agreement, the Company shall have
no further obligation to register the Registrable Securities pursuant to Section&nbsp;2.2 of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.2 Shelf Registration. (i)&nbsp;If, because of any changes in law, SEC rules or regulations or
applicable interpretations thereof by the staff of the SEC, the Company determines after
consultation with its outside counsel that it is not permitted to effect the Exchange Offer as
contemplated by Section&nbsp;2.1 hereof, (ii)&nbsp;if for any other reason (A)&nbsp;the Exchange Offer
Registration Statement is not declared effective within 180&nbsp;days following the Closing Date or (B)
the Exchange Offer is not consummated within 210&nbsp;days after the Closing Date, (iii)&nbsp;upon the
request of any of the Initial Purchasers holding Private Exchange Securities with respect to
Registrable Securities that are not eligible for Exchange Securities in the Exchange Offer or if
the Initial Purchasers do not receive freely tradable Exchange Securities in the Exchange Offer or
(iv)&nbsp;upon notice of any Holder (other than an Initial Purchaser) given to the Company in writing
within 30&nbsp;days after the commencement of the Exchange Offer that (A)&nbsp;due to a change in law or SEC
policy it is not entitled to participate in the Exchange Offer, (B)&nbsp;due to a change in law or SEC
policy it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public
without delivering a prospectus and the prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder or (C)&nbsp;it is a
broker-dealer and owns Registrable Securities acquired directly
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">from the Company or an affiliate of the Company, then in case of each of clauses (i)&nbsp;through (iv)
the Company shall, at its cost:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;As promptly as practicable, file with the SEC, and thereafter shall use its reasonable best
efforts to cause to be declared effective as promptly as practicable but no later than 180&nbsp;days
after the original issue of the Registrable Securities, a Shelf Registration Statement relating to
the offer and sale of the Registrable Securities by the Holders from time to time in accordance
with the methods of distribution elected by the Majority Holders participating in the Shelf
Registration and set forth in such Shelf Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Use its reasonable best efforts to keep the Shelf Registration Statement continuously effective
in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one
year from the original issue of the Registrable Securities, or for such shorter period that will
terminate when all Registrable Securities covered by the Shelf Registration Statement have been
sold pursuant to the Shelf Registration Statement or cease to be outstanding or otherwise to be
Registrable Securities (the &#147;Effectiveness Period&#148;); provided, however, that the Effectiveness
Period in respect of the Shelf Registration Statement shall be extended up to a maximum of 90&nbsp;days
if necessary to permit dealers to comply with the applicable prospectus delivery requirements of
Rule&nbsp;174 under the 1933 Act and as otherwise provided herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Notwithstanding any other provisions hereof, use its reasonable best efforts to ensure that (i)
any Shelf Registration Statement and any amendment thereto and any Prospectus forming part thereof
and any supplement thereto complies in all material respects with the 1933 Act and the rules and
regulations thereunder, (ii)&nbsp;any Shelf Registration Statement and any amendment thereto does not,
when it becomes effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading and (iii)&nbsp;any Prospectus forming part of any Shelf Registration Statement, and any
supplement to such Prospectus (as amended or supplemented from time to time), does not include an
untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements, in light of the circumstances under which they were made, not misleading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall not permit any securities other than Registrable Securities to be included in the
Shelf Registration Statement. The Company further agrees, if necessary, to supplement or amend the
Shelf Registration Statement, as required by Section 3(b) below, and to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly as reasonably
practicable after its being used or filed with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.3 Expenses. The Company shall pay all Registration Expenses in connection with the registration
pursuant to Section&nbsp;2.1 or 2.2. Each Holder shall pay all underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of such Holder&#146;s Registrable
Securities pursuant to the Shelf Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.4 Effectiveness.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The Company will be deemed not to have used its reasonable best efforts to cause the Exchange
Offer Registration Statement or the Shelf Registration Statement, as the case may be, to become, or
to remain, effective during the requisite period if the Company voluntarily takes any action that
would, or omits to take any action which omission would, result in any such Registration Statement
not being declared effective or in the Holders of Registrable Securities covered thereby not being
able to exchange or offer and sell such Registrable Securities during that period as and to the
extent contemplated hereby, unless (i)&nbsp;such action is required by applicable law, or (ii)&nbsp;such
action is taken by the Company in good faith and for valid business reasons (not including
avoidance of the Company&#146;s obligations hereunder), including the acquisition or divestiture of
assets, so long as the Company promptly thereafter complies with the requirements of Section 3(k)
hereof, if applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;An Exchange Offer Registration Statement pursuant to Section&nbsp;2.1 hereof or a Shelf Registration
Statement pursuant to Section&nbsp;2.2 hereof will not be deemed to have become effective unless it has
been declared effective by the SEC; provided, however, that if, after it has been declared
effective, the offering of Registrable Securities pursuant to an Exchange Offer Registration
Statement or a Shelf Registration Statement is interfered with by any stop order, injunction or
other order or requirement of the SEC or any other governmental agency or court, such Registration
Statement will be deemed not to have become effective during the period of such interference, until
the offering of Registrable Securities pursuant to such Registration Statement may legally resume.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.5 Interest. In the event that either (a)&nbsp;the Exchange Offer Registration Statement is not filed
with the Commission on or prior to the 120th calendar day following the Closing Date, (b)&nbsp;the
Exchange Offer Registration Statement has not been declared effective on or prior to the 180th
calendar day following the Closing Date or (c)&nbsp;the Exchange Offer is not consummated or, if
required, a Shelf Registration Statement is not declared effective, in either case, on or prior to
the 210th calendar day following the Closing Date (each such event referred to in clauses (a)
through (c)&nbsp;above, a &#147;Registration Default&#148;), the interest rate borne by the Securities shall be
increased (&#147;Additional Interest&#148;) by one-quarter of one percent (0.25%) per annum upon the
occurrence of each Registration Default, which rate will increase by one quarter of one percent
(0.25%) at the beginning of each 90-day period (or portion thereof) that such Additional Interest
continues to accrue under any such circumstance, provided that the maximum aggregate increase in
the interest rate will in no event exceed one percent (1%) per annum provided, however, that no
Additional Interest shall be payable if the Exchange Offer Registration Statement is not filed or
declared effective or the Exchange Offer is not consummated on account of the reasons set forth in
clause (i)&nbsp;of the first paragraph of this Section&nbsp;2.2 (it being understood, however, that in any
such case the Company shall be obligated to file a Shelf Registration Statement and Additional
Interest shall be payable if the Shelf Registration Statement is not declared effective in
accordance with clause (c)), that no Additional Interest shall be payable if the Shelf Registration
Statement is not declared effective as set forth above because the request under clause (iii)&nbsp;of
Section&nbsp;2.2 or notice under clause (iv)&nbsp;of such paragraph was not made on a timely basis; and
provided, further, that Additional Interest shall only be payable in case the Shelf Registration
Statement is not declared effective as aforesaid.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Immediately following the cure of a Registration Default, the accrual of Additional Interest with
respect to that particular Registration Default will cease. Immediately following the cure of all
Registration Defaults or the date of the first anniversary of the last date of original issue of
the Securities, the accrual of Additional Interest will cease and the interest rate will revert to
the original rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Shelf Registration Statement is declared effective but becomes unusable by the Holders of
Registrable Securities covered by such Shelf Registration Statement (&#147;Shelf Registrable
Securities&#148;) for any reason, and the aggregate number of days in any consecutive twelve-month
period for which the Shelf Registration Statement shall not be usable exceeds 30&nbsp;days in the
aggregate, then the interest rate borne by the Shelf Registrable Securities will be increased by
one-quarter of one percent (0.25%) per annum of the principal amount of the Securities for the
first 90-day period (or portion thereof) beginning on the 31st such day that such Shelf
Registration Statement ceases to be usable, which rate shall be increased by an additional
one-quarter of one percent (0.25%) per annum of the principal amount of the Securities at the
beginning of each subsequent 90-day period; provided that the maximum aggregate increase in the
interest rate as a result of a Shelf Registration Statement being unusable (inclusive of any
interest that accrues on such Shelf Registrable Securities pursuant to the first paragraph of this
Section&nbsp;2.5) will in no event exceed one percent (1%) per annum. Upon the Shelf Registration
Statement once again becoming usable, the interest rate borne by the Shelf Registrable Securities
will be reduced to the original interest rate. Additional Interest shall be computed based on the
actual number of days elapsed in each 90-day period in which the Shelf Registration Statement is
unusable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall notify the Trustee within five business days after each and every date on which
an event occurs in respect of which Additional Interest is required to be paid (an &#147;Event Date&#148;).
Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the
Holders of Registrable Securities entitled to receive the interest payment, on or before the
applicable semiannual interest payment date, immediately available funds in sums sufficient to pay
the Additional Interest then due. The Additional Interest due shall be payable on each interest
payment date to the record Holder of Securities entitled to receive the interest payment to be paid
on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be
deemed to accrue from and including the day following the applicable Event Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.6 Luxembourg Stock Exchange. The Company shall, for the benefit of the Holders, use its best
efforts to (A)&nbsp;file an application to list the Exchange Securities and the Shelf Registrable
Securities, if any, on the Official List of the Luxembourg Stock Exchange for trading on the Euro
MTF, the alternative market of the Luxembourg Stock Exchange; (B)&nbsp;inform the Luxembourg Stock
Exchange and cause notice to be published in a daily newspaper of general circulation in Luxembourg
(which is expected to be <I>d&#146;Wort</I>) prior to commencing the Exchange Offer or the Shelf Registration;
(C)&nbsp;provide to the Luxembourg Stock Exchange documents relating to the Exchange Offer or Shelf
Registration and consummate the exchange at the office of The Bank of New York (Luxembourg) S.A.,
the Paying Agent, Transfer Agent and Listing Agent in Luxembourg, at Aerogolf Center, 1A Hoehenhof,
L-1736 Senningerberg, Luxembourg,
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and (D)&nbsp;provide the results of the Exchange Offer or the Shelf Registration, including any increase
in the interest rate, to the Luxembourg Stock Exchange and cause such results to be published in a
daily newspaper of general circulation in Luxembourg.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3. Registration Procedures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the obligations of the Company with respect to Registration Statements pursuant
to Sections&nbsp;2.1 and 2.2 hereof, the Company shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;prepare and file with the SEC a Registration Statement, within the relevant time period
specified in Section&nbsp;2, on the appropriate form under the 1933 Act, which form (i)&nbsp;shall be
selected by the Company, (ii)&nbsp;shall, in the case of a Shelf Registration, be available for the sale
of the Shelf Registrable Securities by the selling Holders thereof, and (iii)&nbsp;shall comply as to
form in all material respects with the requirements of the applicable form and include or
incorporate by reference all financial statements required by the SEC to be filed therewith or
incorporated by reference therein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;prepare and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary under applicable law to keep such Registration Statement
effective for the applicable period; and cause each Prospectus to be supplemented by any required
prospectus supplement, and as so supplemented to be filed pursuant to Rule&nbsp;424 (or any similar
provision then in force) under the 1933 Act and comply with the provisions of the 1933 Act, the
1934 Act and the rules and regulations thereunder applicable to them with respect to the
disposition of all securities covered by each Registration Statement during the applicable period
in accordance in the case of a Shelf Registration with the intended method or methods of
distribution by the selling Holders thereof (including sales by any Participating Broker-Dealer);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;in the case of a Shelf Registration, (i)&nbsp;notify each Holder of Registrable Securities, at least
five business days prior to filing, that a Shelf Registration Statement with respect to the
Registrable Securities is being filed and advising such Holders that the distribution of
Registrable Securities will be made in accordance with the method selected by the Majority Holders
participating in the Shelf Registration; (ii)&nbsp;furnish to each Holder of Registrable Securities and
to each underwriter of an underwritten offering of Registrable Securities, if any, without charge,
as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto and such other documents as such Holder or underwriter may reasonably request,
including financial statements and schedules and, if the Holder so requests, all exhibits in order
to facilitate the public sale or other disposition of the Registrable Securities; and (iii)&nbsp;hereby
consent to the use of the Prospectus or any amendment or supplement thereto by each of the selling
Holders of Registrable Securities, in accordance with applicable law, in connection with the
offering and sale of the Registrable Securities covered by the Prospectus or any amendment or
supplement thereto;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;use its best efforts to register or qualify the Registrable Securities under all applicable
state securities or &#147;blue sky&#148; laws of such jurisdictions as any Holder of Registrable Securities
covered by a Registration Statement and each underwriter of an
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">underwritten offering of Registrable Securities shall reasonably request by the time the applicable
Registration Statement is declared effective by the SEC, and do any and all other acts and things
which may be reasonably necessary or advisable to enable each such Holder and underwriter to
consummate the disposition in each such jurisdiction of such Registrable Securities owned by such
Holder; provided, however, that the Company shall not be required to (i)&nbsp;qualify as a foreign
corporation or as a dealer in securities in any jurisdiction where it would not otherwise be
required to qualify but for this Section&nbsp;3(d), (ii)&nbsp;take any action which would subject it to
general service of process or taxation in any such jurisdiction where it is not then so subject, or
(iii)&nbsp;conform its capitalization or the composition of its assets at the time to the securities or
blue sky laws of such jurisdiction;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;notify promptly each Holder of Registrable Securities under a Shelf Registration or any
Participating Broker-Dealer who has notified the Company that it is utilizing the Exchange Offer
Registration Statement as provided in paragraph (f)&nbsp;below and, if requested by such Holder or
Participating Broker-Dealer, confirm such advice in writing promptly (i)&nbsp;when a Registration
Statement has become effective and when any post-effective amendments and supplements thereto
become effective, (ii)&nbsp;of any request by the SEC or any state securities authority for
post-effective amendments and supplements to a Registration Statement and Prospectus or for
additional information after the Registration Statement has become effective, (iii)&nbsp;of the issuance
by the SEC or any state securities authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose, (iv)&nbsp;in the case of a
Shelf Registration, if, between the effective date of a Registration Statement and the closing of
any sale of Registrable Securities covered thereby, the representations and warranties of the
Company contained in any underwriting agreement, securities sales agreement or other similar
agreement, if any, relating to the offering cease to be true and correct in all material respects,
(v)&nbsp;of the happening of any event or the discovery of any facts during the period a Shelf
Registration Statement is effective which makes any statement made in such Registration Statement
or the related Prospectus untrue in any material respect or which requires the making of any
changes in such Registration Statement or Prospectus in order to make the statements therein not
misleading, (vi)&nbsp;of the receipt by the Company of any notification with respect to the suspension
of the qualification of the Registrable Securities or the Exchange Securities, as the case may be,
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose
and (vii)&nbsp;of any determination by the Company that a post-effective amendment to such Registration
Statement would be appropriate;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(f)&nbsp;(A)&nbsp;in the case of the Exchange Offer Registration Statement (i)&nbsp;include in the Exchange Offer
Registration Statement a section entitled &#147;Plan of Distribution&#148; which section shall be reasonably
acceptable to HSBC and JP Morgan on behalf of the Participating Broker-Dealers, and which shall
contain a summary statement of the positions taken or policies made by the staff of the SEC with
respect to the potential &#147;underwriter&#148; status of any broker-dealer that holds Registrable
Securities acquired for its own account as a result of market-making activities or other trading
activities and that will be the beneficial owner (as defined in Rule&nbsp;13d-3 under the Exchange Act)
of Exchange Securities to be received by such broker-dealer in the Exchange Offer, whether such
positions or policies have been publicly disseminated by the staff of the SEC or such
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">positions or policies, in the reasonable judgment of HSBC and JP Morgan on behalf of the
Participating Broker-Dealers and its counsel, represent the prevailing views of the staff of the
SEC, including a statement that any such broker-dealer who receives Exchange Securities for
Registrable Securities pursuant to the Exchange Offer may be deemed a statutory underwriter and
must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of
such Exchange Securities, (ii)&nbsp;furnish to each Participating Broker-Dealer who has delivered to the
Company the notice referred to in Section&nbsp;3(e), without charge, as many copies of each Prospectus
included in the Exchange Offer Registration Statement, including any preliminary prospectus, and
any amendment or supplement thereto, as such Participating Broker-Dealer may reasonably request,
(iii)&nbsp;hereby consent to the use of the Prospectus forming part of the Exchange Offer Registration
Statement or any amendment or supplement thereto, by any Person subject to the prospectus delivery
requirements of the SEC, including all Participating Broker-Dealers, in connection with the sale or
transfer of the Exchange Securities covered by the Prospectus or any amendment or supplement
thereto, and (iv)&nbsp;include in the transmittal letter or similar documentation to be executed by an
exchange offeree in order to participate in the Exchange Offer (x)&nbsp;the following provision:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;If the exchange offeree is a broker-dealer holding Registrable Securities acquired for its own
account as a result of market-making activities or other trading activities, it will deliver a
prospectus meeting the requirements of the 1933 Act in connection with any resale of Exchange
Securities received in respect of such Registrable Securities pursuant to the Exchange Offer&#148;;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and (y)&nbsp;a statement to the effect that by a broker-dealer making the acknowledgment described in
clause (x)&nbsp;and by delivering a Prospectus in connection with the exchange of Registrable
Securities, the broker-dealer will not be deemed to admit that it is an underwriter within the
meaning of the 1933 Act; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(B)&nbsp;in the case of any Exchange Offer Registration Statement, the Company agrees to deliver to HSBC
and JP Morgan on behalf of the Participating Broker-Dealers upon the effectiveness of the Exchange
Offer Registration Statement officers&#146; certificates substantially in the form customarily delivered
in a public offering of debt securities and (iii)&nbsp;a comfort letter or comfort letters in customary
form to the extent permitted by SAS 72 (or if such a comfort letter is not permitted by SAS 72, an
agreed upon procedures letter in customary form) from the Company&#146;s independent certified public
accountants (and, if necessary, any other independent certified public accountants of any
subsidiary of the Company or of any business acquired by the Company for which financial statements
are, or are required to be, included in the Registration Statement) at least as broad in scope and
coverage as the comfort letter or comfort letters delivered to the Initial Purchasers in connection
with the initial sale of the Securities to the Initial Purchasers;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(g)&nbsp;(i)&nbsp;in the case of an Exchange Offer, furnish counsel for the Initial Purchasers and (ii)&nbsp;in
the case of a Shelf Registration, furnish Milbank, Tweed, Hadley &#038; McCloy <FONT style="font-variant: SMALL-CAPS">llp</FONT>, as special
counsel for the Holders of Shelf Registrable Securities (or, if Milbank, Tweed, Hadley &#038; McCloy
<FONT style="font-variant: SMALL-CAPS">llp</FONT> is unable or unwilling to serve, such other special counsel (but not more than one) as
may be selected by the Holders of a majority in principal amount of
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such Shelf Registrable Securities (&#147;Special Counsel&#148;)), copies of comment letters received from the
SEC or any other request by the SEC or any state securities authority for amendments or supplements
to a Registration Statement and Prospectus or for additional information;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(h)&nbsp;make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness
of a Registration Statement at the earliest possible moment;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, and each
underwriter, if any, without charge, at least one conformed copy of each Registration Statement and
any post-effective amendment thereto, including financial statements and schedules (without
documents incorporated therein by reference and all exhibits thereto, unless requested in writing);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(j)&nbsp;in the case of a Shelf Registration, cooperate with the selling Holders of Shelf Registrable
Securities to facilitate the timely preparation and delivery of certificates representing Shelf
Registrable Securities to be sold and not bearing any restrictive legends; and enable such Shelf
Registrable Securities to be in such denominations (consistent with the provisions of the
Indenture) and registered in such names as the selling Holders or the underwriters, if any, may
reasonably request at least three business days prior to the closing of any sale of Shelf
Registrable Shelf Securities;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(k)&nbsp;in the case of a Shelf Registration, upon the occurrence of any event or the discovery of any
facts, each as contemplated by Sections&nbsp;3(e)(v) and 3(e)(vi) hereof, as promptly as practicable
after the occurrence of such an event, use its best efforts to prepare a supplement or
post-effective amendment to the Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of the Shelf Registrable Securities or Participating Broker- Dealers,
such Prospectus will not contain at the time of such delivery any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. At such time as such public disclosure
is otherwise made or the Company determines that such disclosure is not necessary, in each case to
correct any misstatement of a material fact or to include any omitted material fact, the Company
agrees promptly to notify each Holder of such determination and to finish each Holder such number
of copies of the Prospectus as amended or supplemented, as such Holder may reasonably request and
the Initial Purchasers, on their own behalf and on behalf of subsequent holders, hereby agree to
suspend use of the Prospectus until the Company has amended or supplemented to correct such
misstatement or omission;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(l)&nbsp;obtain a CUSIP number for all Exchange Securities, Private Exchange Securities or Registrable
Securities, as the case may be, not later than the effective date of a Registration Statement, and
provide the Trustee with printed certificates for the Exchange Securities, Private Exchange
Securities or the Registrable Securities, as the case may be, in a form eligible for deposit with
the Depositary;
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(m)&nbsp;(i)&nbsp;cause the Indenture to be qualified under the TIA in connection with the registration of
the Exchange Securities or Registrable Securities, as the case may be, (ii)&nbsp;cooperate with the
Trustee and the Holders to effect such changes to the Indenture as may be required for the
Indenture to be so qualified in accordance with the terms of the TIA and (iii)&nbsp;execute, and use its
best efforts to cause the Trustee to execute, all documents as may be required to effect such
changes, and all other forms and documents required to be filed with the SEC to enable the
Indenture to be so qualified in a timely manner;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(n)&nbsp;in the case of a Shelf Registration, enter into customary agreements (including underwriting
agreements) and take all other customary and appropriate actions in order to expedite or facilitate
the disposition of such Shelf Registrable Securities and in such connection whether or not an
underwriting agreement is entered into and whether or not the registration is an underwritten
registration:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;make such representations and warranties to the Holders of such Shelf Registrable Securities
and the underwriters, if any, in form, substance and scope as are customarily made by issuers to
underwriters in similar underwritten offerings as may be reasonably requested by them;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;obtain opinions of United States and Mexican counsel to the Company and updates thereof (which
counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the
managing underwriters, if any, and the holders of a majority in principal amount of the Shelf
Registrable Securities being sold) addressed to each selling Holder and the underwriters, if any,
covering the matters set forth in Exhibit&nbsp;A with such customary exceptions and qualifications as
contained in the opinions delivered pursuant to the Purchase Agreement and such other matters
customarily covered in opinions requested in sales of securities or underwritten offerings and such
other matters as may be reasonably requested by such Holders and underwriters;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;obtain &#147;cold comfort&#148; letters and updates thereof from the Company&#146;s independent certified
public accountants (and, if necessary, any other independent certified public accountants of any
subsidiary of the Company or of any business acquired by the Company for which financial statements
are, or are required to be, included in the Registration Statement) addressed to the underwriters,
if any, and, if there are no underwriters, use reasonable efforts to have such letter addressed to
the selling Holders of Shelf Registrable Securities (to the extent consistent with SAS 72), such
letters to be in customary form and covering matters of the type customarily covered in &#147;cold
comfort&#148; letters to underwriters in connection with similar underwritten offerings;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;if so requested by the Majority Holders, enter into a securities sales agreement with the
Holders and an agent of the Holders providing for, among other things, the appointment of such
agent for the selling Holders for the purpose of soliciting purchases of Shelf Registrable
Securities, which agreement shall be in form, substance and scope customary for similar offerings;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(v)&nbsp;if an underwriting agreement is entered into, cause the same to set forth indemnification
provisions and procedures substantially equivalent to the indemnification
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provisions and procedures set forth in Section&nbsp;4 hereof with respect to the underwriters and all
other parties to be indemnified pursuant to said Section or, at the request of any underwriters, in
the form customarily provided to such underwriters in similar types of transactions; provided that
such underwriting agreement shall contain customary provisions regarding indemnification of the
Company with respect to information provided by the underwriter; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(vi)&nbsp;deliver such documents and certificates as may be reasonably requested and as are customarily
delivered in similar offerings to the Holders of a majority in principal amount of the Shelf
Registrable Securities being sold and the managing underwriters, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above shall be done at (i)&nbsp;the effectiveness of such Registration Statement (and each
post-effective amendment thereto) and (ii)&nbsp;each closing under any underwriting or similar agreement
as and to the extent required thereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(o)&nbsp;in the case of a Shelf Registration or if a Prospectus is required to be delivered by any
Participating Broker-Dealer in the case of an Exchange Offer, make available for inspection by
representatives of the Holders of the Registrable Securities, any underwriters participating in any
disposition pursuant to a Shelf Registration Statement, any Participating Broker-Dealer, any
Special Counsel or any accountant retained by any of the foregoing, all financial and other
records, pertinent corporate documents and properties of the Company reasonably requested by any
such persons, and cause the respective officers, directors, employees, and any other agents of the
Company to supply all information reasonably requested by any such representative, underwriter,
Special Counsel or accountant in connection with a Registration Statement, and make such
representatives of the Company available for discussion of such documents as shall be reasonably
requested by the Initial Purchasers, provided, however that such records, documents or information
which the Company identifies as being confidential shall not be disclosed by the representative,
Holder, attorney or accountant unless (i)&nbsp;the disclosure of such records, documents or information
is necessary to avoid or correct a misstatement or omission in a Registration Statement, (ii)&nbsp;the
release of such records, documents or information is ordered pursuant to a subpoena or other order
from a court of competent jurisdiction or as part of the evidentiary procedures of a court of
competent jurisdiction; or (iii)&nbsp;such records, documents or information have previously been
generally made available to the public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(p)&nbsp;(i)&nbsp;in the case of an Exchange Offer Registration Statement, a reasonable time prior to the
filing of any Exchange Offer Registration Statement, any Prospectus forming a part thereof, any
amendment to an Exchange Offer Registration Statement or amendment or supplement to such
Prospectus, provide copies of such document to the Initial Purchasers and to Milbank, Tweed, Hadley
&#038; McCloy <FONT style="font-variant: SMALL-CAPS">llp</FONT>, as counsel to the Holders of Registrable Securities, and make such changes
in any such document prior to the filing thereof as the Initial Purchasers or such counsel to the
Holders of Registrable Securities may reasonably request and, except as otherwise required by
applicable law, not file any such document in a form to which the Initial Purchasers on behalf of
the Holders of Registrable Securities and such counsel to the Holders of Registrable
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities shall not have previously been advised and furnished a copy of or to which the Initial
Purchasers on behalf of the Holders of Registrable Securities or such counsel to the Holders of
Registrable Securities shall reasonably object, and make the representatives of the Company
available for discussion of such documents as shall be reasonably requested by the Initial
Purchasers; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;in the case of a Shelf Registration, a reasonable time prior to filing any Shelf
Registration Statement, any Prospectus forming a part thereof, any amendment to such Shelf
Registration Statement or amendment or supplement to such Prospectus, provide copies of such
document to the Holders of Shelf Registrable Securities, to the Initial Purchasers, to Special
Counsel and to the underwriter or underwriters of an underwritten offering of Shelf Registrable
Securities, if any, make such changes in any such document prior to the filing thereof as the
Initial Purchasers, Special Counsel or the underwriter or underwriters reasonably request and not
file any such document in a form to which the Majority Holders of Shelf Registrable Securities, the
Initial Purchasers on behalf of the Holders of Registrable Securities, Special Counsel or any
underwriter shall not have previously been advised and furnished a copy of or to which such
Majority Holders, the Initial Purchasers of behalf of the Holders of Registrable Securities,
Special Counsel or any underwriter shall reasonably object, and make the representatives of the
Company available for discussion of such document as shall be reasonably requested by the Holders
of Registrable Securities, the Initial Purchasers on behalf of such Holders, Special Counsel or any
underwriter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(q)&nbsp;in the case of a Shelf Registration, use its best efforts to cause all Exchange Securities and
Shelf Registrable Securities to be listed on any securities exchange on which similar debt
securities issued by the Company are then listed if requested by the Majority Holders or if
requested by the underwriter or underwriters of an underwritten offering of Registrable Securities,
if any;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(r)&nbsp;in the case of a Shelf Registration, use its reasonable best efforts to cause the Shelf
Registrable Securities to be rated by two nationally recognized statistical rating agencies, if so
requested by the Majority Holders, or if requested by the underwriter or underwriters of an
underwritten offering of Registrable Securities, if any;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(s)&nbsp;otherwise comply with all applicable rules and regulations of the SEC and make available to its
security holders, as soon as reasonably practicable, an earnings statement covering at least 12
months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule&nbsp;158 thereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(t)&nbsp;cooperate and assist in any filings required to be made with the NASD and, in the case of a
Shelf Registration, in the performance of any due diligence investigation by any underwriter and
its counsel (including any &#147;qualified independent underwriter&#148; that is required to be retained in
accordance with the rules and regulations of the NASD); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(u)&nbsp;upon consummation of an Exchange Offer or a Private Exchange, obtain a customary opinion of
counsel to the Company addressed to the Trustee for the benefit of all Holders of Registrable
Securities participating in the Exchange Offer or Private
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exchange, and which includes an opinion that (i)&nbsp;the Company has duly authorized, executed and
delivered the Exchange Securities and/or Private Exchange Securities, as applicable, and the
related indenture, and (ii)&nbsp;each of the Exchange Securities and related indenture constitute a
legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its respective terms (with customary exceptions).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of a Shelf Registration Statement, the Company may (as a condition to such Holder&#146;s
participation in the Shelf Registration) require each Holder of Shelf Registrable Securities to
furnish to the Company such information regarding the Holder and the proposed distribution by such
Holder of such Shelf Registrable Securities as the Company may from time to time reasonably request
in writing for use in connection with any Shelf Registration Statement or Prospectus included
therein, including without limitation, information specified in Item&nbsp;507 of Regulation&nbsp;S-K under
the 1933 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of a Shelf Registration Statement, each Holder agrees that, upon receipt of any notice
from the Company of the happening of any event or the discovery of any facts, each of the kind
described in Section&nbsp;3(e)(v) hereof, such Holder will forthwith discontinue disposition of
Registrable Securities pursuant to a Registration Statement until such Holder&#146;s receipt of the
copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof, and, if so
directed by the Company, such Holder will deliver to the Company (at its expense) all copies in
such Holder&#146;s possession, other than permanent file copies then in such Holder&#146;s possession, of the
Prospectus covering such Shelf Registrable Securities current at the time of receipt of such
notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During any 365-day period, the Company, upon notice to the Holders, may suspend the availability of
such Registration Statement for up to two periods of up to 45 consecutive days (except for the
consecutive 45-day period immediately prior to the maturity of the Securities), but not more than
an aggregate of 60&nbsp;days during any 365-day period, if the Company&#146;s Board of Directors determines
in good faith that there is a valid purpose for the suspension.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any of the Registrable Securities covered by any Shelf Registration Statement are to be sold in
an underwritten offering, the underwriter or underwriters and manager or managers that will manage
such offering will be selected by the Majority Holders of such Registrable Securities included in
such offering, provided such selection is acceptable to the Company. No Holder of Registrable
Securities may participate in any underwritten registration hereunder unless such Holder (a)&nbsp;agrees
to sell such Holder&#146;s Registrable Securities on the basis provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and (b)&nbsp;completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents required under the terms of such underwriting arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">4. Indemnification; Contribution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The Company agrees to indemnify and hold harmless the Initial Purchasers, each Holder, each
Participating Broker-Dealer, each Person who participates as an underwriter
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(any such Person being an &#147;Underwriter&#148;), each of their respective directors, officers and
affiliates and each Person, if any, who controls any Holder or Underwriter within the meaning of
Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;against any and all loss, liability, claim, damage and expense, as incurred, arising out of any
untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement (or any amendment or supplement thereto) pursuant to which Exchange Securities or
Registrable Securities were registered under the 1933 Act, including all documents incorporated
therein by reference, or the omission or alleged omission therefrom of a material fact required to
be stated therein or necessary to make the statements therein not misleading, or arising out of any
untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any
amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact
necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;against any and all loss, liability, claim, damage and expense, as incurred, to the extent of
the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or of any claim based upon any such
untrue statement or omission, or any such alleged untrue statement or omission; provided that
(subject to Section 4(d) below) any such settlement is effected with the written consent of the
Company; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;against any and all expense, as incurred (including the fees and disbursements of counsel
chosen by any indemnified party as provided therein), reasonably incurred in investigating or
defending against any litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim based upon any such untrue statement or omission, or
any such alleged untrue statement or omission, to the extent that any such expense is not paid
under subparagraph (i)&nbsp;or (ii)&nbsp;above;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided, however, that this indemnity agreement shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written information furnished to
the Company by the Holder or Underwriter expressly for use in a Registration Statement (or any
amendment thereto) or any Prospectus (or any amendment or supplement thereto), and provided
further, that the Company shall not indemnify any Underwriter or any person who controls such
Underwriter from any loss, liability, claim or damage (or expense incurred in connection therewith)
alleged by any person who purchased Exchange Securities or Registrable Securities from such
Underwriter if the untrue statement, omission or allegation thereof upon which such loss,
liability, claim or damage is based was made in (i)&nbsp;any preliminary prospectus, if a copy of the
Prospectus (as then amended or supplemented if the Company shall have furnished any amendments or
supplements thereto) was not sent or given by or on behalf of such Underwriter to such person at or
prior to the written confirmation of the sale of Exchange Securities or Registrable Securities to
such person, and if the Prospectus (as so amended or supplemented) corrected the untrue statement
or omission giving rise to such loss, claim, damage or liability; (ii)&nbsp;any Prospectus used by such
Underwriter or any person
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">who controls such Underwriter, after such time as the Company advised the Underwriters that the
filing of a post-effective amendment or supplement thereto was required, except the Prospectus as
so amended or supplemented, if the Prospectus as amended or supplemented by such post-effective
amendment or supplement would not have given rise to such loss, liability, claim or damage; or
(iii)&nbsp;any Prospectus used after such time as the obligation of the Company to keep the same current
and effective has expired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Each Holder severally, but not jointly, agrees to indemnify and hold harmless the Company, the
Initial Purchasers, each Underwriter and the other selling Holders, and each of their respective
directors, officers and affiliates, and each Person, if any, who controls the Company, the Initial
Purchasers, any Underwriter or any other selling Holder within the meaning of Section&nbsp;15 of the
1933 Act or Section&nbsp;20 of the 1934 Act, against any and all loss, liability, claim, damage and
expense described in the indemnity contained in Section 4(a) hereof, as incurred, but only with
respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the
Shelf Registration Statement (or any amendment thereto) or any Prospectus included therein (or any
amendment or supplement thereto) in reliance upon and in conformity with written information with
respect to such Holder furnished to the Company by such Holder expressly for use in the Shelf
Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or
supplement thereto); provided, however, that no such Holder shall be liable for any claims
hereunder in excess of the amount of net proceeds received by such Holder from the sale of
Registrable Securities pursuant to such Shelf Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Each indemnified party shall give written notice as promptly as reasonably practicable to each
indemnifying party of any action or proceeding commenced against it in respect of which indemnity
may be sought hereunder, and the indemnifying party shall assume the defense thereof, including the
employment of counsel satisfactory to the indemnified party, and the payment of all expenses. Any
omission to so notify an indemnifying party shall not relieve such indemnifying party from any
liability hereunder to the extent it is not materially prejudiced as a result thereof and in any
event shall not relieve it from any liability which it may have otherwise than on account of this
indemnity agreement. Any such indemnified party shall have the right to employ separate counsel in
any such action or proceeding and to participate in the defense thereof, but the fees and expenses
of such separate counsel shall be paid by such indemnified party unless (a)&nbsp;the indemnifying party
has agreed to pay such fees and expenses or (b)&nbsp;the indemnifying party shall have failed to assume
the defense of such action or proceeding and employ counsel reasonably satisfactory to the
indemnified party in any such action or proceeding within a reasonable time or (c)&nbsp;the named
parties to any such action or proceeding (including any impleaded parties) include both such
indemnified party and indemnifying party, and the indemnified party shall have been advised by its
counsel that there may be a conflict of interest between such indemnified party and indemnifying
party in the conduct of the defense of such action (in which case, if such indemnified party
notifies the indemnifying party in writing that it elects to employ separate counsel at the expense
of the indemnifying party, the indemnifying party shall not have the right to assume the defense of
such action or proceeding on behalf of such indemnified party), it being understood, however, that
the indemnifying party shall
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">not, in connection with any one such action or proceeding or separate but substantially similar or
related actions or proceedings arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of more than one separate firm of attorneys (unless the
members of such firm are not admitted to practice in a jurisdiction where an action is pending, in
which case the indemnifying party shall pay the reasonable fees and expenses of one additional firm
of attorneys to act as local counsel in such jurisdiction, provided the services of such counsel
are substantially limited to that of appearing as attorneys of record) at any time for all
indemnified parties, which firm shall be designated in writing by the indemnified party. No
indemnifying party shall, without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever in respect of which indemnification or contribution could be sought under this
Section&nbsp;4 (whether or not the indemnified parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified
party from all liability arising out of such litigation, investigation, proceeding or claim and
(ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act
by or on behalf of any indemnified party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;If at any time an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be
liable for any settlement of the nature contemplated by Section&nbsp;4(a)(ii) effected without its
written consent if (i)&nbsp;such settlement is entered into more than 45&nbsp;days after receipt by such
indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received
notice of the terms of such settlement at least 30&nbsp;days prior to such settlement being entered into
and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance
with such request prior to the date of such settlement unless the indemnifying party in good faith
shall be contesting the reasonableness of such fees and expenses (but only to the extent so
contested) or the entitlement of the indemnified party to indemnification under the terms of this
Section&nbsp;4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;If the indemnification provided for in this Section&nbsp;4 is for any reason unavailable to hold
harmless an indemnified party (other than by reason of the first sentence of Section&nbsp;4(c)) in
respect of any losses, liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims,
damages and expenses incurred by such indemnified party, as incurred, in such proportion as is
appropriate to reflect the relative fault of the Company on the one hand and the Holders and the
Initial Purchasers on the other hand in connection with the statements or omissions which resulted
in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable
considerations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The relative fault of the Company on the one hand and the Holders and the Initial Purchasers on the
other hand shall be determined by reference to, among other things, whether any such untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Company,
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Holders or the Initial Purchasers and the parties&#146; relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company, the Holders and the Initial Purchasers agree that it would not be just and equitable
if contribution pursuant to this Section&nbsp;4 were determined by pro rata allocation (even if the
Initial Purchasers were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to above in this
Section&nbsp;4. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by
an indemnified party and referred to above in this Section&nbsp;4 shall be deemed to include any legal
or other expenses reasonably incurred by such indemnified party in investigating, preparing or
defending against any litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue
statement or omission or alleged omission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the provisions of this Section&nbsp;4, in no event shall any Initial Purchaser be
required to contribute any amount in excess of the amount by which the total price at which the
Securities purchased and sold by it pursuant to the Purchase Agreement exceeds the amount of any
damages which such Initial Purchaser has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of this Section&nbsp;4, each Person, if any, who controls an Initial Purchaser or Holder
within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act and each of their
respective directors, officers, agents, employees and affiliates shall have the same rights to
contribution as such Initial Purchaser or Holder, and each Person, if any, who controls the Company
within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act and each of the
Company&#146;s directors, officers, agents, employees and affiliates shall have the same rights to
contribution as the Company. The Initial Purchasers&#146; respective obligations to contribute pursuant
to this Section&nbsp;4 are several in proportion to the principal amount of Securities set forth
opposite their respective names in Schedule&nbsp;A to the Purchase Agreement and not joint.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">5. Miscellaneous.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.1 Rule&nbsp;144 and Rule&nbsp;144A. For so long as the Company is subject to the reporting requirements of
Section&nbsp;13 or 15 of the 1934 Act, the Company covenants that it will file the reports required to
be filed by it under the 1933 Act and Section 13(a) or 15(d) of the 1934 Act and the rules and
regulations adopted by the SEC thereunder. If the Company ceases to be so required to file such
reports, the Company covenants that it will upon the request of any Holder of Registrable
Securities (a)&nbsp;make publicly available such information as is necessary to permit sales pursuant to
Rule&nbsp;144 under the 1933 Act, (b)&nbsp;deliver such information to a prospective purchaser as is
necessary under applicable rules
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and regulations to permit sales pursuant to Rule&nbsp;144A under the 1933 Act and it will take such
further action as any Holder of Registrable Securities may reasonably request, and (c)&nbsp;take such
further action that is reasonable in the circumstances, in each case, to the extent required from
time to time to enable such Holder to sell its Registrable Securities without registration under
the 1933 Act within the limitation of the exemptions provided by (i)&nbsp;Rule&nbsp;144 under the 1933 Act,
as such Rule may be amended from time to time, (ii)&nbsp;Rule&nbsp;144A under the 1933 Act, as such Rule may
be amended from time to time, or (iii)&nbsp;any similar rules or regulations hereafter adopted by the
SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver to such
Holder a written statement as to whether it has complied with such requirements. The Company&#146;s
obligations under this Section&nbsp;5.1 shall terminate upon the later of the consummation of the
Exchange Offer and the Effectiveness Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.2 No Inconsistent Agreements. The Company has not entered into and the Company will not after
the date of this Agreement enter into any agreement which is inconsistent with the rights granted
to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not and will not for the term of
this Agreement in any way conflict with the rights granted to the holders of the Company&#146;s other
issued and outstanding securities under any such agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.3 Amendments and Waivers. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given unless the Company has obtained the written consent of
Holders of at least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or departure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.4 Notices. All notices and other communications provided for or permitted hereunder shall be
made in writing by hand delivery, registered first-class mail, telecopier, or any courier
guaranteeing overnight delivery (a)&nbsp;if to a Holder, at the most current address given by such
Holder to the Company by means of a notice given in accordance with the provisions of this Section
5.4, which address initially is the address set forth in the Purchase Agreement with respect to the
Initial Purchasers; and (b)&nbsp;if to the Company, initially at the Company&#146;s address set forth in the
Purchase Agreement, and thereafter at such other address of which notice is given in accordance
with the provisions of this Section&nbsp;5.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All such notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; two business days after being deposited in the mail, postage
prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next business day if
timely delivered to an air courier guaranteeing overnight delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Copies of all such notices, demands, or other communications shall be concurrently delivered by the
person giving the same to the Trustee under the Indenture, at the address specified in such
Indenture.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.5 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors, assigns and transferees of each of the parties, including, without limitation and
without the need for an express assignment, subsequent Holders; provided that nothing herein shall
be deemed to permit any assignment, transfer or other disposition of Registrable Securities in
violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder
shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such
Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking
and holding such Registrable Securities such person shall be conclusively deemed to have agreed to
be bound by and to perform all of the terms and provisions of this Agreement, including the
restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and
such person shall be entitled to receive the benefits hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.6 Third Party Beneficiaries. The Initial Purchasers (even if the Initial Purchasers are not
Holders of Registrable Securities) shall be third party beneficiaries to the agreements made
hereunder between the Company, on the one hand, and the Holders, on the other hand, and shall have
the right to enforce such agreements directly to the extent they deem such enforcement necessary or
advisable to protect their rights or the rights of Holders hereunder. Each Holder of Registrable
Securities shall be a third party beneficiary to the agreements made hereunder between the Company,
on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce
such agreements directly to the extent it deems such enforcement necessary or advisable to protect
its rights hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.7 Specific Enforcement. Without limiting the remedies available to the Initial Purchasers and
the Holders, the Company acknowledges that any failure by the Company to comply with its
obligations under Sections&nbsp;2.1 through 2.4 hereof may result in material irreparable injury to the
Initial Purchasers or the Holders for which there is no adequate remedy at law, that it would not
be possible to measure damages for such injuries precisely and that, in the event of any such
failure, the Initial Purchasers or any Holder may obtain such relief as may be required to
specifically enforce the Company&#146;s obligations under Sections&nbsp;2.1 through 2.4 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.8 Counterparts. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.9 Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.10 GOVERNING LAW; CONSENT TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Each of the Initial Purchasers and the Company irrevocably consents and agrees that any legal
action, suit or proceeding against it with respect to its obligations, liabilities or any other
matter arising out of or based on this Agreement may be brought in any United States federal or
state court in the State of New York, County of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;The Company designates, appoints, and empowers CT Corporation System with offices currently at
111 Eighth Avenue, New York, New York 10011, as its designee, appointee and agent to receive and
accept for and on its behalf, and its properties, assets and revenues, service of any and all legal
process, summons, notices and documents that may be served in any action, suit or proceeding
brought against the Company in any such United States federal or state court with respect to its
obligations, liabilities or any other matter arising out of or in connection with this Agreement
and that may be made on such designee, appointee and agent in accordance with legal procedures
prescribed for such courts. If for any reason such designee, appointee and agent hereunder shall
cease to be available to act as such, the Company agrees to designate a new designee, appointee and
agent in The City of New York on the terms and for the purposes of this Section&nbsp;5 reasonably
satisfactory to the Majority Holders. The Company further hereby irrevocably consents and agrees
to the service of any and all legal process, summons, notices and documents in any such action,
suit or proceeding against the Company by serving a copy thereof upon the relevant agent for
service of process referred to in this Section&nbsp;5.10 (whether or not the appointment of such agent
shall for any reason prove to be ineffective or such agent shall accept or acknowledge such
service). The Company agrees that the failure of any such designee, appointee and agent to give
any notice of such service to them shall not impair or affect in any way the validity of such
service or any judgment rendered in any action or proceeding based thereon. Each of the parties
irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that
they may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or
proceedings arising out of or in connection with this Agreement brought in the federal courts
located in The City of New York or the courts of the State of New York located in The County of New
York and hereby further irrevocably and unconditionally waives and agrees, to the fullest extent
permitted by law, not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.11 Severability. In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity,
legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
</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">GRUPO TELEVISA, S.A.B.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Salvi Folch Viadero</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Salvi Folch Viadero&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<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/
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 &#151; Legal and
General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">CONFIRMED AND ACCEPTED<BR>
as of the date first above written:<BR>
<BR>
HSBC SECURITIES (USA)&nbsp;INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/

Karen L. Giles</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">
Karen L. Giles</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">J.P. MORGAN SECURITIES INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Raimundo Langlois</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">
Raimundo Langlois</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Exchange Offer Registration Statement, as of its effective date, and the Prospectus, as of the
date hereof (except as to (x)&nbsp;the financial statements, notes and schedules thereto and other
financial data contained or incorporated by reference therein, and (y)&nbsp;the Form T-1, as to which
such counsel need express no opinion), comply as to form in all material respects with the
requirements of the 1933 Act and the applicable rules and regulations promulgated under the 1933
Act<SUP style="font-size: 85%; vertical-align: text-top">*</SUP>. In the course of the preparation of the Exchange Offer Registration Statement and
the Prospectus, we participated in conferences with certain of the officers and representatives of,
and the independent public accountants for, the Company at which the contents of the Exchange Offer
Registration Statement and the Prospectus were discussed. Given the limitations inherent in the
role of outside counsel and the independent verification of factual matters and the character of
determinations involved in the offering process, we are not passing upon or assuming any
responsibility for the accuracy, completeness or fairness of the statements contained in the
Exchange Offer Registration Statement and the Prospectus and have made no independent check or
verification thereof. Subject to the foregoing and on the basis of information we have gained in
the course of the performance of the services referred to above, including information obtained
from officers and representatives of, and the independent public accountants for, the Company, no
facts have come to our attention that cause us to believe that (i)&nbsp;the Exchange Offer Registration
Statement, as of its effective date, contained any untrue statement of a material fact or omitted
to state any material fact required to be stated therein or necessary in order to make the
statements therein not misleading; or (ii)&nbsp;the Prospectus (including the documents incorporated by
reference therein), as of its date and as of the date and time of delivery of this letter,
contained or contains any untrue statement of a material fact or omitted or omits to state any
material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. In each case, however, we express no view or belief
with respect to (a)&nbsp;the financial statements, notes and schedules thereto included in, or
incorporated by reference into, the Exchange Offer Registration Statement or the Prospectus and (b)
other financial data and information included in, incorporated by reference into or omitted from
the Exchange Offer Registration Statement or the Prospectus.
</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>To be provided only by United States counsel.</TD>
</TR>

</TABLE>




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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>y62497exv5w1.htm
<DESCRIPTION>EX-5.1: OPINION OF FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP
<TEXT>
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<TITLE>EX-5.1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>

<!-- link1 "&#091;LETTERHEAD OF FRIED, FRANK, HARRIS, SHRIVER &#038; JACOBSON LLP&#093;" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;LETTERHEAD OF FRIED, FRANK, HARRIS, SHRIVER &#038; JACOBSON LLP&#093;
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">July&nbsp;8, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grupo Televisa, S.A.B.<BR>
Avenida Vasco de Quiroga, No.&nbsp;2000<BR>
Colonia Santa Fe, 01210<BR>
M&#233;xico, D.F., M&#233;xico

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are acting as special U.S. counsel to Grupo Televisa, S.A.B. (the &#147;Company&#148;), a limited
liability stock corporation (<I>sociedad an&#243;nima burs&#225;til</I>) organized under the laws of the United
Mexican States (&#147;Mexico&#148;), in connection with the preparation of a Registration Statement on Form
F-4 (the &#147;Registration Statement&#148;) filed with the Securities and Exchange Commission under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;), relating to the proposed offer to
exchange up to US$500,000,000 in aggregate principal amount of 6.0% Senior Exchange Notes due 2018
of the Company (the &#147;New Notes&#148;) for a like principal amount of the Company&#146;s issued and
outstanding 6.0% Senior Notes due 2018 (the &#147;Old Notes&#148;). Capitalized terms used herein have the
meanings set forth in the Registration Statement, unless otherwise defined herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion, we have (i)&nbsp;investigated such questions of law, (ii)&nbsp;examined
originals or certified, conformed or reproduction copies of such agreements, instruments, documents
and records of the Company, such certificates of public officials and such other documents and
(iii)&nbsp;received such information from officers and representatives of the Company, and others, as we
have deemed necessary or appropriate for the purposes of this opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent it may be relevant to the opinion expressed herein, we have assumed, with
respect to all parties to agreements or instruments relevant hereto other than the Company, that
such parties have the power and authority to enter into and perform their respective obligations
under such agreements or instruments and to consummate the transactions contemplated thereby, that
the agreements or instruments have been duly authorized, executed and delivered by and, constitute
a valid and binding obligations of such parties, enforceable against such parties in accordance
with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In all such examinations, we have assumed the legal capacity of all natural persons, the
genuineness of all signatures, the authenticity of original or certified copies and the conformity
to original or certified agreements or instruments of all copies submitted to us as conformed or
reproduction copies. As to various questions of fact relevant to the opinion expressed herein, we
have relied upon, and assume the accuracy of, the representations and warranties contained in
certificates and oral or written statements and other information of or from public officials and
officers and representatives of the Company and assume compliance on the part of all parties to the
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">relevant agreements or instruments with their covenants and agreements contained therein and
all laws applicable thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed, for the purposes of the opinion expressed herein, that (a)&nbsp;the Company is a
limited liability stock corporation (<I>sociedad an&#243;nima burs&#225;til</I>) validly existing under the laws of
Mexico and the Company has full power, authority and legal right to execute and deliver any
agreements or instruments relevant hereto and to perform its obligations thereunder, (b)&nbsp;each of
such agreements or instruments has been duly authorized, executed and delivered by the Company
under Mexican law, (c)&nbsp;no other proceedings or actions under Mexican law are necessary for the
Company to perform its obligations under each of such agreements or instruments, and (d)&nbsp;under
Mexican law, each of such agreements constitutes the valid and legally binding obligation of the
Company enforceable against the Company in accordance with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the limitations, qualifications and assumptions set
forth herein, we are of the opinion that when the Registration Statement has become effective under
the Securities Act, the New Notes have been duly authorized and executed by the Company and duly
authenticated by the Trustee in accordance with the terms of the Indenture and delivered in
exchange for the Old Notes in accordance with the terms of the Indenture, the New Notes will
constitute valid and binding obligations of the Company, entitled to the benefits of the Indenture,
subject to (i)&nbsp;applicable bankruptcy, insolvency, reorganization moratorium, <I>concurso mercantil </I>or
other similar laws now or hereafter in effect affecting creditors&#146; rights and remedies generally;
(ii)&nbsp;general principles of equity reasonableness, equitable defenses and limits as to the
availability of equitable remedies, whether such principles are considered in proceedings at law or
in equity; and (iii)&nbsp;the application of any applicable fraudulent conveyance, fraudulent transfer,
fraudulent obligation, or preferential transfer law or any law governing the distribution of assets
of any person now or hereafter in effect affecting creditors&#146; rights and remedies generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion expressed herein is limited to the federal laws of the United States of America
and the laws of the State of New York, each as currently in effect and no opinion is expressed with
respect to any other laws or any effect that such other laws may have on the opinion expressed
herein. This opinion letter is limited to the matters stated herein and no opinion is implied or
may be inferred beyond the opinion expressly stated herein. The opinion expressed herein is given
only as of the date hereof, and we assume no obligation to supplement this letter if any applicable
laws change after the date hereof or if we become aware of any facts that might change the opinion
expressed herein after the date hereof or for any other reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
and to the reference to this Firm under the caption &#147;Legal Matters&#148; in the prospectus that is
included in the Registration Statement. In giving this consent, we do not hereby admit that we are
in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion expressed herein is solely for your benefit and may not be relied on in any manner
or for any purpose by any other person or entity and may not be quoted in whole or in part without
our prior written consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 48pt; margin-left: 50%">FRIED, FRANK, HARRIS, SHRIVER &#038; JACOBSON LLP
</DIV>


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</DIV>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>y62497exv5w2.htm
<DESCRIPTION>EX-5.2: OPINION OF MIJARES, ANGOITIA, CORTES Y FUENTES, S.C.
<TEXT>
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<TITLE>EX-5.2</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.2</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">July&nbsp;8, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Grupo Televisa, S.A.B</B><BR>
Av. Vasco de Quiroga No.&nbsp;2000<BR>
Col. Santa F&#233; Pe&#241;a Blanca<BR>
01210 M&#233;xico, D.F.

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as Mexican counsel for Grupo Televisa, S.A.B., a Mexican limited liability
public stock corporation (<I>sociedad an&#243;nima burs&#225;til</I>) organized under the laws of the United Mexican
States (the &#147;<U>Company</U>&#148;), in connection with the proposed exchange offer (the
&#147;<U>Offer</U>&#148;) by the Company for all of the outstanding unregistered U.S.$500,000,000 6.0%
Senior Notes due May&nbsp;15, 2018 (the &#147;<U>Old Notes</U>&#148;) for U.S.$500,000,000 6.0% Senior Notes due
May&nbsp;15, 2018 registered under the Securities Act of 1933 (the &#147;<U>New</U> <U>Notes</U>&#148;),
pursuant to the Registration Statement on Form F-4 (the &#147;<U>Registration Statement</U>&#148;) filed
with the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All capitalized terms used herein that are defined in or by reference in the Registration
Statement have the meanings assigned to such terms therein, or by reference 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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of rendering this opinion, we have examined originals or copies, certified or
otherwise identified to our satisfaction, of such corporate records, certificates and other
documents, and such questions of law, as we have deemed necessary or appropriate. In all such
examinations, we have assumed (i)&nbsp;the compliance with any authorization, registration or exemption
from registration or qualification with the securities authority or self-regulatory body of any
jurisdiction (other than Mexico) as a condition to the execution, delivery and performance of such
instruments, or the consummation of the transactions contemplated thereunder or any notice to be
given after the date hereof; (ii)&nbsp;the genuineness of all signatures on original or certified
documents and the conformity to original or certified documents of all copies submitted to us as
</DIV>

<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">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">conformed or reproduction copies, (iii)&nbsp;that each of such instruments has been duly
authorized, executed and delivered by each party thereto, other than the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the basis of such examination and subject to the assumptions and qualifications set forth
herein, we advise you that, in our opinion:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the New Notes have been duly authorized by the Company (insofar as such matters are
governed by Mexican law), and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;when the Registration Statement has become effective under United States of America laws
and the New Notes are duly authenticated by the Trustee in accordance with the terms of the
Indenture, the New Notes will be, valid and binding obligations of the Company, enforceable against
the Company in accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is subject to the following qualifications:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;We express no opinion concerning the effect upon the obligations of the Company of the laws
of any jurisdiction other than Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Our opinions are subject to (i)&nbsp;applicable bankruptcy, labor, fraudulent conveyance,
insolvency, <I>concurso mercantil</I>, reorganization, moratorium and other laws of general applicability
relating to or affecting enforcement of creditors&#146; rights generally and (ii)&nbsp;general principles of
equity (regardless of whether such enforcement is sought in proceedings at law or in equity) and
standards of materiality, good faith, fair dealing and reasonableness which may be applied by a
court to the exercise of certain rights and remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Any judgment rendered in a New York court, arising out of or in relation to the obligations
of the Company under the Notes, may be enforced by Mexican courts, provided that:
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) process was served personally on the Company or on the appropriate process agent;
</DIV>

<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">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such judgment is final in the jurisdiction in which it was obtained;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Since service of process by mail does not constitute personal service under Mexican Law and
since such service is considered to be a basic procedural requirement under such law, if for the
purpose of proceedings outside Mexico service of process is made by mail or in any manner that does
not constitute personal service or that does not guarantee due process of law and the rights of the
defendant to be heard and of controverting, by proof, the facts which bear on the question of right
in the matter involved, the final judgment issued in connection with such proceeding may not be
enforced in the courts of Mexico.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;There are substantial differences between the United States and Mexico with respect to the
enforcement of civil remedies and criminal penalties. To the best of our knowledge, the
enforceability in Mexico of such civil and criminal penalties as are afforded by U.S. federal
securities laws is uncertain. It is also, to the best of our knowledge, uncertain whether
extradition treaties now in effect between the United States and Mexico would subject the directors
and
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">officers of the Company to effective enforcement of the criminal penalties of such laws since,
to the best of our knowledge, as of the date hereof, there is no precedent for such enforcement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;In the event proceedings are brought in Mexico seeking performance of obligations of the
Company in Mexico, under the Mexican Monetary Law (<I>Ley Monetaria de los Estados Unidos Mexicanos</I>),
payment of obligations in foreign currency contracted within Mexico or abroad which are to be
complied within Mexico shall be paid by delivering the equivalent in the currency of Mexico at the
rate of exchange prevailing in the place and on the date of payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;In case of <I>concurso mercantil </I>of the Company, obligations in foreign currency must be
converted into Mexican currency at the rate of exchange in force on the date of the respective
court&#146;s judgment and then converted into <I>Unidades de Inversi&#243;n </I>(inflation indexed units) on the
same date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;The New Notes are not negotiable instruments (<I>t&#237;tulos de cr&#233;dito</I>) under Mexican law and,
therefore, if the holder of a New Note initiates an action against the Company before a Mexican
court, such Mexican court will not grant executive action (<I>acci&#243;n ejecutiva</I>) based on such
document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
and to the reference to this Firm under the caption &#147;Legal Matters&#148; in the prospectus that is
included in the Registration Statement. In giving this consent, we do not hereby admit that we are
in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act, nor a
third party (other than those authorized herein) may rely on our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is furnished solely for the benefit of the Company and may not be relied upon by
third parties (other than by Fried, Frank, Harris, Shriver and Jacobson, LLP the Company&#146;s United
States counsel or by Trustee), except with our prior written consent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Sincerely yours,
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">Mijares, Angoitia, Cort&#233;s y Fuentes, S.C.

</DIV>


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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>y62497exv12w1.htm
<DESCRIPTION>EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-12.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;12.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RATIO OF EARNINGS TO FIXED CHARGES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth our consolidated ratios of earnings to fixed charges for each
year in the five-year period ended December&nbsp;31, 2007, in accordance with Mexican GAAP/FRS and U.S.
GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Grupo Televisa, S.A.B.</B><BR>
<B>Ratio of earnings to fixed charges</B><BR>
<B>(Millions of Mexican pesos in purchasing power as of</B><BR>
<B>December&nbsp;31, 2007)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mexican GAAP/FRS:</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2007</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EARNINGS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pretax-income from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,991.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,519.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,141.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,611.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,368.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Add:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,007.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,951.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,094.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,250.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,443.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of
capitalized interest
(Property, plant and
equipment)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Distributed income of
equity investees</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Share of pre-tax
losses of equity
investees for which
charges arising from
guarantees are
included in fixed
charges</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subtract:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest capitalized</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Minority interest in
pre-tax income of
subsidiaries that have
not incurred fixed
charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(142.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,170.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">610.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935.9</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>&nbsp;</TD>
    <TD align="right">7,230.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,297.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,134.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,322.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,925.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FIXED 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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,614.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,337.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,304.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,010.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,177.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Capitalized</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>
</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">1,614.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,337.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,304.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,010.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,177.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of debt expense and
discount related to indebtedness</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rental expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">789.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266.8</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>&nbsp;</TD>
    <TD align="right">2,007.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,951.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,094.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,250.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,443.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RATIO OF EARNINGS TO FIXED CHARGES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Grupo Televisa, S.A.B.</B><BR>
<B>Ratio of earnings to fixed charges</B><BR>
<B>(Millions of Mexican pesos in purchasing power as of</B><BR>
<B>December&nbsp;31, 2007)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>U.S. GAAP:</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2007</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EARNINGS:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pretax-income from continuing operations (under
Mexican GAAP/FRS)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,991.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,519.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,141.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,611.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,368.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total adjustments under U.S. GAAP:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(723.2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(119.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">754.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(600.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subtract:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,553.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5.9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Discontinued operations</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28.7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11.2</TD>
    <TD nowrap>)</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">1.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sub-total adjustments under U.S. GAAP:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,830.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(456.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(679.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subtract:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Employee Profit Sharing</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred Employees profit sharing</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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Add:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,007.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,951.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,094.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,250.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,443.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of capitalized
interest under U.S. GAAP</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Distributed income of equity
investors</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Share of pre-tax losses of
equity investees for which
charges arising from guarantees
are included in fixed charges</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subtract:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest capitalized</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Minority interest in pre-tax
income of subsidiaries that have
not incurred fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(142.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,170.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">610.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</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">8,971.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,755.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,562.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,573.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,031.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FIXED 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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,614.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,337.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,304.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,010.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,177.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Capitalized</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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of debt expense and discount related
to indebtedness</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rental expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">789.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266.8</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>&nbsp;</TD>
    <TD align="right">2,007.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,951.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,094.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,250.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,443.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RATIO OF EARNINGS TO FIXED CHARGES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>7
<FILENAME>y62497exv23w3.htm
<DESCRIPTION>EX-23.3: CONSENT OF PRICEWATERHOUSECOOPERS, S.C.
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.3</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form F-4 of
our report dated June&nbsp;24, 2008 relating to the financial statements and the effectiveness of
internal control over financial reporting which appears in Grupo Televisa, S.AB.&#146;s Annual Report on
Form 20-F for the year ended December&nbsp;31, 2007. We also consent to the references to us under the
heading &#147;Experts&#148; in such Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">PricewaterhouseCoopers, S.C.

</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">C.P.C. Jos&#233; Miguel Arrieta M&#233;ndez<BR>
Mexico D.F.,<BR>
July&nbsp;7, 2008

</DIV>


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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>8
<FILENAME>y62497exv25w1.htm
<DESCRIPTION>EX-25.1: STATEMENT OF ELIGIBILITY OF TRUSTEE ON FORM T-1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-25.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;25.1</B>
</DIV>


<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: 18pt; margin-top: 12pt"><B>FORM T-1</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>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: 12pt; margin-top: 18pt"><B>STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<BR>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>CHECK IF AN APPLICATION TO DETERMINE<BR>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<BR>
SECTION 305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B> <FONT face="Wingdings">&#111;</FONT><BR>
</DIV>

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

</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>THE BANK OF NEW YORK MELLON</B>
</DIV>

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


<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%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">New York <BR>
(State of incorporation<BR>
if not a U.S. national bank)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-5160382<BR>
(I.R.S. employer<BR>
identification no.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">One Wall Street, New York, N.Y.<BR>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10286<BR>
(Zip code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
(Exact name of obligor as specified in its charter)</DIV>

<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%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">United Mexican States<BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None<BR>
(I.R.S. employer<BR>
identification no.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Av. Vasco de Quiroga No.&nbsp;2000<BR>
Colonia Santa Fe<BR>
01210 Mexico, D.F. Mexico<BR>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(Zip code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">6.0% Senior Exchange Notes due 2018<BR>
(Title of the indenture securities)</DIV>


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










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



<!-- PAGEBREAK -->
<P><HR noshade><P>

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

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">SIGNATURE</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<DIV style="margin-top: 12pt">
<TABLE width="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>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General information. Furnish the following information as to the Trustee:</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Name and address of each examining or supervising authority to which it is
subject.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="right">
<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="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" 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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Superintendent of Banks of the State
of New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One State Street, New
York, N.Y. 10004-1417,
and Albany, N.Y. 12223</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Federal Reserve Bank of New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33 Liberty Street, New
York, N.Y. 10045</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Federal Deposit Insurance Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Washington, D.C. 20429</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York Clearing House Association
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Whether it is authorized to exercise corporate trust powers.</B></TD>
</TR>

</TABLE>
</DIV>

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

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

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Affiliations with Obligor.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If the obligor is an affiliate of the trustee, describe each such affiliation.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>List of Exhibits.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exhibits identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule&nbsp;7a-29 under the Trust Indenture
Act of 1939 (the &#147;Act&#148;) and 17 C.F.R. 229.</B><B>10(d)</B><B>.</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the Organization Certificate of The Bank of New York Mellon
(formerly known as The Bank of New York, itself formerly Irving Trust Company) as now
in effect, which contains the authority to commence business and a grant of powers to
exercise corporate trust powers. (Exhibit&nbsp;1 to Amendment No.&nbsp;1 to Form T-1 filed with
Registration Statement No.&nbsp;33-6215, Exhibits 1a and 1b to Form T-1 filed with
Registration Statement No.&nbsp;33-21672, Exhibit&nbsp;1 to Form T-1 filed with Registration
Statement No.&nbsp;33-29637 and Exhibit&nbsp;1 to Form T-1 filed with Registration Statement No.
333-121195.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the existing By-laws of the Trustee. (Exhibit&nbsp;4 to Form T-1 filed
with Registration Statement No.&nbsp;333-121195.)</TD>
</TR>

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

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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consent of the Trustee required by Section 321(b) of the Act. (Exhibit&nbsp;6
to Form T-1 filed with Registration Statement No.&nbsp;333-106702.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the latest report of condition of the Trustee published pursuant to
law or to the requirements of its supervising or examining authority.</TD>
</TR>

</TABLE>
</DIV>

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


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

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

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


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



</TABLE>
</DIV>
<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="000"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon, a
corporation organized and existing under the laws of the State of New York, has duly caused this
statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized,
all in The City of New York, and State of New York, on the 7th day of July, 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">THE BANK OF NEW YORK MELLON<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/       FRANCA M. FERRERA
&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">FRANCA M. FERRERA&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">ASSISTANT VICE PRESIDENT&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<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="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>EXHIBIT 7</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Consolidated Report of Condition of
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE BANK OF NEW YORK

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">of One Wall Street, New York, N.Y. 10286<BR>
And Foreign and Domestic Subsidiaries,

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a member of the Federal Reserve System, at the close of business March&nbsp;31, 2008, published in
accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions
of the Federal Reserve 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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Dollar Amounts</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">In Thousands</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and balances due from depository institutions:</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:30px; text-indent:-15px">Noninterest-bearing balances and currency and coin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,545,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,795,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities:</DIV></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">Held-to-maturity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,739,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,149,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds sold and securities purchased under
agreements to resell:</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:30px; text-indent:-15px">Federal funds sold in domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,850,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities purchased under agreements to
resell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and lease financing receivables:</DIV></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">Loans and leases held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases, net of unearned
income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,834,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">LESS: Allowance for loan and
lease losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases, net of unearned
income and allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,597,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,456,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premises and fixed assets (including capitalized leases)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">908,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in unconsolidated subsidiaries and associated
companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">781,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not applicable</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">Intangible assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,445,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">987,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,086,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Dollar Amounts</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">In Thousands</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 assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,342,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits:</DIV></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">In domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,973,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noninterest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,760,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,213,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">In foreign offices, Edge and Agreement subsidiaries, and
IBFs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,040,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noninterest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,544,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,496,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds purchased and securities sold under
agreements to repurchase:</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:30px; text-indent:-15px">Federal funds purchased in domestic
offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,001,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities sold under agreements to
repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,981,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other borrowed money:<br>
(includes mortgage indebtedness and obligations under
capitalized leases)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,200,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not applicable</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">Not applicable</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">Subordinated notes and debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,955,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,465,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,701,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest in consolidated subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,000</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 valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EQUITY CAPITAL</B></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">Perpetual preferred stock and related
surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,135,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Surplus (exclude all surplus related to preferred stock)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,375,000</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">6,178,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-1,207,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other equity capital components</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total equity capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,481,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-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">Total liabilities, minority interest, and equity capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,342,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Bruce W. Van Saun, Chief Financial Officer of the above-named bank do hereby declare that
this Report of Condition is true and correct to the best of my knowledge and belief.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Bruce W. Van Saun,<BR>
Chief Financial Officer
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned directors, attest to the correctness of this statement of resources and
liabilities. We declare that it has been examined by us, and to the best of our knowledge and
belief has been prepared in conformance with the instructions and is true and correct.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 3pt"><!-- 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 style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="middle">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Gerald L. Hassell<BR>
Steven G. Elliott<BR>
Robert P. Kelly
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="middle">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- 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 style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="middle">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>9
<FILENAME>y62497exv99w1.htm
<DESCRIPTION>EX-99.1: FORM OF LETTER OF TRANSMITTAL
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>Letter Of Transmittal</B>
</DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 6pt; margin-bottom: 6pt"><B>Offer to Exchange<BR>
6.0% Senior Exchange Notes due 2018, which have been registered under the<BR>
Securities Act of 1933, as amended,<BR>
for any and all outstanding 6.0% Senior Notes due 2018<BR>
of<BR>
Grupo Televisa, S.A.B.<BR>
Regulation&nbsp;S Notes (CUSIP P4987VAR4 and ISIN USP4987VAR44)<BR>
144A Notes (CUSIP 40049JAW7 and ISIN US40049JAW71)</B>

</DIV>
<P><DIV style="width: 100%; border: 1px solid black; padding: 3px;">

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK<BR>
CITY TIME, ON </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>, 2008 (THE &#147;EXPIRATION DATE&#148;), UNLESS<BR>
EXTENDED BY GRUPO TELEVISA, S.A.B. IN ITS SOLE DISCRETION</B>
</DIV>

</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The Exchange Agent for the Exchange Offer is:<BR>
The Bank of New York Mellon</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">By Mail, Hand or Overnight Delivery:<BR>
THE BANK OF NEW YORK MELLON, as Exchange Agent<BR>
Corporate Trust Operations<BR>
Reorganization Unit<BR>
101 Barclay Street, 7 East<BR>
New York, New York 10286<BR>
Facsimile Transmission:<BR>
(212)&nbsp;298-1915<BR>
Confirm by Telephone:<BR>
(212)-815-5076

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Delivery of this Letter of Transmittal to an address other than as set forth above or
transmission of this Letter of Transmittal via a facsimile transmission to a number other than as
set forth above will not constitute a valid delivery.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned acknowledges receipt of the prospectus, dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008 (the
&#147;Prospectus&#148;), of Grupo Televisa, S.A.B. (&#147;Televisa&#148;), and this Letter of Transmittal (the &#147;Letter
of Transmittal&#148;), which together describe Televisa&#146;s offer (the &#147;Exchange Offer&#148;) to exchange its
6.0% Senior Exchange Notes due 2018 (the &#147;Exchange Notes&#148;), which have been registered under the
Securities Act, for each of its outstanding 6.0% Senior Notes due 2018 (the &#147;Outstanding Notes&#148;)
from the holders thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of the Exchange Notes are identical in all material respects (including principal
amount, interest rate and maturity) to the terms of the Outstanding Notes for which they may be
exchanged pursuant to the Exchange Offer, except that the Exchange Notes are freely transferable by
holders thereof (except as provided herein or in the Prospectus).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used but not defined herein shall have the same meaning given them in the
Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Your bank or broker can assist you in completing this form. The instructions included with
this Letter of Transmittal must be followed. Questions and requests for assistance or for
additional copies of the Prospectus and this Letter of Transmittal may be directed to the Exchange
Agent.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned has checked the appropriate boxes below and signed this Letter of Transmittal
to indicate the action the undersigned desires to take with respect to the Exchange Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Please read the entire Letter of Transmittal and the Prospectus carefully before checking any
box below.</B>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;List below the Outstanding Notes to which this Letter of Transmittal relates. If the space
provided below is inadequate, the certificate numbers and aggregate principal amounts should be
listed on a separate signed schedule affixed hereto.
</DIV>
<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="25%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="12" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">&nbsp;<BR><B>DESCRIPTION OF NOTES</B><BR><BR></TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="center"><B>Name(s) and Address(es) of</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="center"><B>Registered Holder(s)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Certificate</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Principal</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Amount</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="center"><B>(Please fill in)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number(s)*</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount Represented**</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tendered**</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
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    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
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</TR>
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    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
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    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 20pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 20pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 20pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<BR><B>Total Principal
Amount of Notes</B></DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="width: 100%; border: 1px solid black; padding: 5px;">



<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>Need not be completed by holders delivering by book-entry transfer (see below).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Outstanding Notes may be tendered in whole or in part in minimum denominations of U.S.$100,000 and integral
multiples of U.S.$1,000 in excess thereof. All Outstanding Notes held shall be deemed tendered unless a lesser
number is specified in this column. See instruction 4.</TD>
</TR>

</TABLE>


</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Outstanding Notes whose Outstanding Notes are not immediately available or who
cannot deliver all other required documents to the Exchange Agent on or prior to the Expiration
Date or who cannot complete the procedures for book-entry transfer on a timely basis, must tender
their Outstanding Notes according to the guaranteed delivery procedures set forth in the
Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires, the term &#147;holder&#148; for purposes of this Letter of
Transmittal means any person in whose name Outstanding Notes are registered or any other person who
has obtained a properly completed bond power from the registered holder or any person whose
Outstanding Notes are held of record by The Depository Trust Company (&#147;DTC&#148;).
</DIV>

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

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Please read this entire Letter of Transmittal carefully before completing the boxes below.</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Check here if certificates for tendered Outstanding Notes are enclosed herewith</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Check here if tendered notes are being delivered by book-entry transfer made to the account
maintained by the Exchange Agent with the DTC and complete the following:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt" align="right">
<TABLE width="98%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Name of Tendering Institution:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt" align="right">
<TABLE width="98%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap>Account Number with DTC:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt" align="right">
<TABLE width="98%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap>Transaction Code Number:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>

Check here if you tendered by book-entry transfer and desire any non-exchanged notes to be
returned to you by crediting the book-entry transfer facility account number set forth above.</B>
</td>
</tr>
</table>
</div>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Use of Guaranteed Delivery<BR>
(See Instruction 1)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be completed only if tendered notes are being delivered pursuant to a notice of guaranteed
delivery previously sent to the exchange agent. Complete the following (please enclose a
photocopy of such notice of guaranteed delivery):
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Name of Registered Holder(s):&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Window Ticket Number (if any):&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Date of Execution of the Notice of Guaranteed Delivery:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Name of Eligible Institution that Guaranteed Delivery:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Delivered By Book-Entry Transfer, Complete The Following:&nbsp;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Name of Tendering Institution:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Account Number at DTC:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Transaction Code Number:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>
</DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Broker-Dealer Status</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check here if you are a broker-dealer that acquired your tendered notes for your own account
as a result of market-making or other trading activities and wish to receive 10 additional
copies of the Prospectus and any amendments or supplements thereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt" align="right">
<TABLE width="98%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Name:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 0pt" align="right">
<TABLE width="98%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="1%">Address:&nbsp;</TD>
<TD nowrap style="border-bottom: 1px solid #000000">&nbsp;</td>
</TR>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note: signatures must be provided below</B>

</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY</B>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions of the Exchange Offer, the undersigned hereby
tenders to Televisa the principal amount of the Outstanding Notes indicated above. Subject to, and
effective upon, the acceptance for exchange of all or any portion of the Outstanding Notes tendered
herewith in accordance with the terms and conditions of the Exchange Offer (including, if the
Exchange Offer is extended or amended, the terms and conditions of any such extension or
amendment), the undersigned hereby exchanges, assigns and transfers to, or upon the order of,
Televisa all right, title and interest in and to such Outstanding Notes as are being tendered
herewith. The undersigned hereby irrevocably constitutes and appoints the Exchange Agent as its
true and lawful agent and attorney-in-fact of the undersigned (with full knowledge that the
Exchange Agent also acts as the agent of Televisa, in connection with the Exchange Offer) to cause
the Outstanding Notes to be assigned, transferred and exchanged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned represents and warrants that it has full power and authority to tender,
exchange, assign and transfer the Outstanding Notes and to acquire Exchange Notes issuable upon the
exchange of such tendered Outstanding Notes, and that, when the same are accepted for exchange,
Televisa will acquire good and unencumbered title to the tendered Outstanding Notes, free and clear
of all liens, restrictions, charges and encumbrances and not subject to any adverse claim. The
undersigned also warrants that it will, upon request, execute and deliver any additional documents
deemed by the Exchange Agent or Televisa to be necessary or desirable to complete the exchange,
assignment and transfer of the tendered Outstanding Notes or transfer ownership of such Outstanding
Notes on the account books maintained by the book-entry transfer facility. The undersigned further
agrees that acceptance of any and all validly tendered Outstanding Notes by Televisa and the
issuance of Exchange Notes in exchange therefor shall constitute performance in full by Televisa of
its obligations under the Registration Rights Agreement, dated May&nbsp;12, 2008, among Televisa and
HSBC Securities (USA)&nbsp;Inc. and J.P. Morgan Securities Inc. (the &#147;Registration Rights Agreement&#148;),
and that Televisa shall have no further obligations or liabilities thereunder. The undersigned will
comply with its obligations under the Registration Rights Agreement. The undersigned has read and
agrees to all terms of the Exchange Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Offer is subject to certain conditions as set forth in the Prospectus under the
caption &#147;The Exchange Offer&#151;Conditions.&#148; The undersigned recognizes that as a result of these
conditions (which may be waived, in whole or in part, by Televisa), as more particularly set forth
in the Prospectus, Televisa may not be required to exchange any of the Outstanding Notes tendered
hereby and, in such event, the Outstanding Notes not exchanged will be returned to the undersigned
at the address shown above, promptly following the expiration or termination of the Exchange Offer.
In addition, Televisa may amend the Exchange Offer at any time prior to the Expiration Date if any
of the conditions set forth under &#147;The Exchange Offer&#151;Conditions&#148; occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned understands that tenders of Outstanding Notes pursuant to any one of the
procedures described in the Prospectus and in the instructions attached hereto will, upon
Televisa&#146;s acceptance for exchange of such tendered Outstanding Notes, constitute a binding
agreement between the undersigned and Televisa upon the terms and subject to the conditions of the
Exchange Offer. The undersigned recognizes that, under circumstances set forth in the Prospectus,
Televisa may not be required to accept for exchange any of the Outstanding Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By tendering Outstanding Notes and executing this Letter of Transmittal, the undersigned
represents that (1)&nbsp;the Exchange Notes acquired pursuant to the exchange offer are being acquired
in the ordinary course of business of the undersigned, (2)&nbsp;the undersigned is not engaging in and
does not intend to engage in a distribution of the Exchange Notes, (3)&nbsp;the undersigned does not
have an arrangement or understanding with any person to participate in the distribution of such
Exchange Notes, (4)&nbsp;the undersigned is not an &#147;affiliate&#148; of Grupo Televisa, S.A.B. or the
guarantors within the meaning of Rule&nbsp;405 under the Securities Act of 1933, as amended, and (5)&nbsp;the
undersigned is not acting on behalf of any person who could not truthfully make the foregoing
representations. If the undersigned is a broker-dealer that will receive Exchange Notes for its
own account in exchange for Outstanding Notes that were acquired as a result of market-making
activities or other trading activities, it acknowledges that it will deliver a Prospectus meeting
the requirements of the Securities Act in connection with any resale of such Exchange Notes. By
acknowledging that it will deliver and by delivering a Prospectus meeting the requirements of the
Securities Act in connection with any resale of such Exchange Notes, the undersigned is not deemed
to admit that it is an &#147;underwriter&#148; within the meaning of the Securities Act. If the undersigned
is a person in the United Kingdom, the undersigned represents that its ordinary activities involve
it in acquiring, holding, managing or disposing of investments (as principal or agent) for the
purposes of its business.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any holder of Outstanding Notes using the Exchange Offer to participate in a distribution of
the Exchange Notes (i)&nbsp;cannot rely on the position of the staff of the Securities and Exchange
Commission enunciated in its interpretive letter with respect to Exxon Capital Holdings Corporation
(available May&nbsp;13, 1988) or similar interpretive letters and (ii)&nbsp;must comply with the registration
and Prospectus delivery requirements of the Securities Act in connection with a secondary resale
transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All authority herein conferred or agreed to be conferred shall survive the death or incapacity
of the undersigned and every obligation of the undersigned hereunder shall be binding upon the
heirs, personal representatives, successors and assigns of the undersigned. Tendered Outstanding
Notes may be withdrawn at any time prior to the Expiration Date in accordance with the terms of
this Letter of Transmittal. Except as stated in the Prospectus, this tender is irrevocable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates for all Exchange Notes delivered in exchange for tendered Outstanding Notes and
any Outstanding Notes delivered herewith but not exchanged, and registered in the name of the
undersigned, shall be delivered to the undersigned at the address shown below the signature of the
undersigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, by completing the box entitled &#147;Description of Outstanding Notes Tendered
Herewith&#148; above and signing this letter, will be deemed to have tendered the Outstanding Notes as
set forth in such box.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>PLEASE SIGN HERE</B><BR>
(To Be Completed By All Tendering Holders of
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Outstanding Notes Regardless of Whether Notes

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Are Being Physically Delivered Herewith, unless an Agent&#146;s Message

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Is Delivered in Connection with a Book-Entry Transfer of Such Notes)

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Letter of Transmittal must be signed by the registered holder(s) of
Outstanding Notes exactly as their name(s) appear(s) on certificate(s) for
Outstanding Notes or on a security position listing, or by person(s) authorized
to become registered holder(s) by endorsements and documents transmitted with
this Letter of Transmittal. If the signature is by a trustee, executor,
administrator, guardian, attorney-in-fact, officer or other person acting in a
fiduciary or representative capacity, such person must set forth his or her full
title below under &#147;Capacity&#148; and submit evidence satisfactory to the exchange
agent of such person&#146;s authority to so act. See Instruction 5 below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the signature appearing below is not of the registered holder(s)
of the Outstanding Notes, then the registered holder(s) must sign a
valid power of attorney.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">X
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 15px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">X
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 15px">&nbsp;</DIV>

<div align="center">Signature(s) of Holder(s) or Authorized Signatory</div>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated
<DIV style="width: 20%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 40px">&nbsp;</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Name(s)</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>
</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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <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">Capacity
</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 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"><!-- 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>
</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">Address</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 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center">(Including Zip Code)<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD nowrap width="15%">Area Code and Telephone No.&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" width="52%">&nbsp;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Please Complete Substitute Form&nbsp;W-9 Herein</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SIGNATURE GUARANTEE (If required &#151; see Instructions 2 and 5 below)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Certain Signatures Must be Guaranteed by a Signature Guarantor

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>(Name of Signature Guarantor Guaranteeing Signatures)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>(Address (including zip code) and Telephone Number (including area code) of Firm)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>(Authorized Signature)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>(Printed Name)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>(Title)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated <DIV style="width: 20%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 40px">&nbsp;</DIV>

</DIV>
</DIV>





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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P><DIV style="position: relative; float: left; width: 48%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(See Instructions 4 through 7)</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be completed ONLY if certificates for Outstanding Notes in a principal amount not tendered are
to be issued in the name of, or Exchange Notes issued pursuant to the exchange offer are to be
issued in the name of, someone other than the person or persons whose name(s) appear(s) within
this Letter of Transmittal or issued to an address different from that shown in the box entitled
&#147;Description of Notes&#148; within this Letter of Transmittal.
</DIV>

<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="4%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Issue:
</DIV></TD>
    <TD>&nbsp;&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Exchange Notes
</TD>
    <TD>&nbsp;&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Outstanding Notes</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" nowrap>(Complete as applicable)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Name </B>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 35px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Please Print)</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Address</B>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 50px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Please Print)</B></DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
<B>(Zip Code)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><B>Tax Identification or Social Security Number<BR>
(See Substitute Form&nbsp;W-9 herein)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit Outstanding Notes not tendered, but represented by certificates tendered by this Letter of
Transmittal, by book-entry transfer to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> The Depository Trust Company

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>
<DIV style="width: 40%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 15px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Account Number
<DIV style="width: 50%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 95px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit Exchange Notes issued pursuant to the exchange offer by book-entry transfer to:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> The Depository Trust Company

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>
 <DIV style="width: 40%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 15px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Account Number
<DIV style="width: 50%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 95px">&nbsp;</DIV>

</DIV>
</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px; height: 6.9in">

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(See Instructions 4 through 7)</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be completed ONLY if certificates for Outstanding Notes in a principal amount not tendered, or
Exchange Notes, are to be sent to someone other than the person or persons whose name(s) appear(s)
within this Letter of Transmittal to an address different from that shown in the box entitled
&#147;Description of Notes&#148; within this Letter of
Transmittal.<BR><BR>
</DIV>

<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="4%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deliver:
</DIV></TD>
    <TD>&nbsp;&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Exchange Notes
</TD>
    <TD>&nbsp;&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> Outstanding Notes</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" nowrap>(Complete as applicable)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Name</B>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 35px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Please Print)</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Address</B>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 50px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Please Print)</B></DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><B>(Zip Code)</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</div>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Is this a permanent address change?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Yes &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> No (check one box)

</DIV>
</DIV>

</DIV>
<BR clear="all"><BR>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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>INSTRUCTIONS TO LETTER OF TRANSMITTAL<BR>
Forming Part of the Terms and Conditions<BR>
of the Exchange Offer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.&nbsp;Delivery of this Letter of Transmittal and Notes. </B>This Letter of Transmittal is to be
completed by holders of Outstanding Notes if certificates representing such notes are to be
forwarded herewith, or, unless an agent&#146;s message is utilized, if delivery of such certificates is
to be made by book-entry transfer to the account maintained by DTC, pursuant to the procedures set
forth in the Prospectus under &#147;The Exchange Offer&#151;Procedures for Tendering.&#148; For a holder to
properly tender notes pursuant to the exchange offer, a properly completed and duly executed Letter
of Transmittal (or a manually signed facsimile thereof), together with any signature guarantees and
any other documents required by these Instructions, or a properly transmitted agent&#146;s message in
the case of a book entry transfer, must be received by the Exchange Agent at its address set forth
herein on or prior to the expiration date, and either (1)&nbsp;certificates representing such notes must
be received by the exchange agent at its address, or (2)&nbsp;such notes must be transferred pursuant to
the procedures for book-entry transfer described in the Prospectus under &#147;The Exchange
Offer&#151;Book-Entry Transfer&#148; and a book-entry confirmation must be received by the exchange agent on
or prior to the expiration date. A holder who desires to tender notes and who cannot comply with
procedures set forth herein for tender on a timely basis or whose notes are not immediately
available must comply with the guaranteed delivery procedures discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The method of delivery of this Letter of Transmittal, the Outstanding Notes and all other
required documents to the Exchange Agent is at the election and sole risk of the holder. Instead
of delivery by mail, holders should use an overnight or hand delivery service. In all cases,
holders should allow for sufficient time to ensure delivery to the Exchange Agent prior to the
expiration of the exchange offer. Holders may request their broker, dealer, commercial bank, trust
company or nominee to effect these transactions for such holder. Holders should not send any
Note, Letter of Transmittal or other required document to Televisa.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a holder desires to tender notes pursuant to the exchange offer and (1)&nbsp;certificates
representing such notes are not immediately available, (2)&nbsp;time will not permit such holder&#146;s
Letter of Transmittal, certificates representing such notes or other required documents to reach
the exchange agent on or prior to the expiration date, or (3)&nbsp;the procedures for book-entry
transfer (including delivery of an agent&#146;s message) cannot be completed on or prior to the
expiration date, such holder may nevertheless tender such notes with the effect that such tender
will be deemed to have been received on or prior to the expiration date if the guaranteed delivery
procedures set forth in the Prospectus under &#147;The Exchange Offer&#151;Guaranteed Delivery Procedures&#148; are
followed. Pursuant to such procedures, (1)&nbsp;the tender must be made by or through an eligible
guarantor institution (as defined in Instruction 2 below), (2)&nbsp;a properly completed and duly
executed notice of guaranteed delivery, substantially in the form provided by Televisa herewith, or
an agent&#146;s message with respect to a guaranteed delivery that is accepted by Televisa, must be
received by the exchange agent on or prior to the expiration date, and (3)&nbsp;the certificates for the
tendered notes, in proper form for transfer (or a book-entry confirmation of the transfer of such
notes into the exchange agent&#146;s account at DTC as described in the Prospectus) together with a
Letter of Transmittal (or manually signed facsimile thereof) properly completed and duly executed,
with any required signature guarantees and any other documents required by the Letter of
Transmittal, or a properly transmitted agent&#146;s message, must be received by the exchange agent
within three New York Stock Exchange, Inc. trading days after the execution of the notice of
guaranteed delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon request to the exchange agent, a notice of guaranteed delivery will be sent to holders
who wish to tender their Outstanding Notes according to the guaranteed delivery procedures set
forth above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.&nbsp;Guarantee of Signatures. </B>Signatures on this Letter of Transmittal or a notice of withdrawal
must be guaranteed by a member firm of a registered national securities exchange or of the National
Association of Securities Dealers, Inc., a commercial bank or trust company having an office or
correspondent in the United States or by an &#147;eligible guarantor institution&#148; within the meaning of
Rule&nbsp;17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended (banks; brokers and
dealers; credit unions; national securities exchanges; registered securities associations; learning
agencies; and savings associations) unless the notes tendered hereby are tendered (1)&nbsp;by a
registered holder of notes (or by a participant in DTC whose name appears on a security position
</DIV>

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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">listing as the owner of such notes) who has not completed any of the boxes entitled &#147;Special
Issuance Instructions&#148; or &#147;Special Delivery Instructions,&#148; on the Letter of Transmittal, or (2)&nbsp;for
the account of an &#147;eligible guarantor institution.&#148; If the notes are registered in the name of a
person other than the person who signed the Letter of Transmittal or if notes not tendered are to
be returned to, or are to be issued to the order of, a person other than the registered holder or
if notes not tendered are to be sent to someone other than the registered holder, then the
signature on this Letter of Transmittal accompanying the tendered notes must be guaranteed as
described above. Beneficial owners whose notes are registered in the name of a broker, dealer,
commercial bank, trust company or other nominee must contact such broker, dealer, commercial bank,
trust company or other nominee if they desire to tender notes. See &#147;The Exchange
Offer&#151;Procedures for Tendering Outstanding Notes,&#148; in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.&nbsp;Withdrawal of Tenders</B>. Except as otherwise provided in the Prospectus, tenders of notes
may be withdrawn at any time on or prior to the expiration date. For a withdrawal of tendered
notes to be effective, a written or facsimile transmission notice of withdrawal must be received by
the exchange agent on or prior to the expiration date at its address set forth on the cover of this
Letter of Transmittal. Any such notice of withdrawal must (1)&nbsp;specify the name of the person who
tendered the notes to be withdrawn, (2)&nbsp;identify the notes to be withdrawn, including the
certificate number or numbers shown on the particular certificates evidencing such notes (unless
such notes were tendered by book-entry transfer) and the aggregate principal amount represented by
such notes, and (3)&nbsp;be signed by the holder of such notes in the same manner as the original
signature on the Letter of Transmittal by which such notes were tendered (including any required
signature guarantees), or be accompanied by (i)&nbsp;documents of transfer sufficient to have the
trustee register the transfer of the notes into the name of the person withdrawing such notes, and
(ii)&nbsp;a properly completed irrevocable proxy authorizing such person to effect such withdrawal on
behalf of such holder. If the notes to be withdrawn have been delivered or otherwise identified to
the exchange agent, a signed notice of withdrawal is effective immediately upon written or
facsimile notice of such withdrawal even if physical release is not yet effected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any permitted withdrawal of notes may not be rescinded. Any notes properly withdrawn will
thereafter be deemed not validly tendered for purposes of the exchange offer. However, properly
withdrawn notes may be retendered by following one of the procedures described in the Prospectus
under the caption &#147;The Exchange Offer <B>&#151; </B>Procedures for Tendering&#148; at any time prior to the
expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.&nbsp;Partial Tenders. </B>Tenders of notes pursuant to the exchange offer will be accepted only in
principal amounts of at least U.S.$100,000 and in integral multiples of U.S.$1,000 in excess
thereof. If less than the entire principal amount of any notes evidenced by a submitted
certificate is tendered, the tendering holder must fill in the principal amount tendered in the
last column of the box entitled &#147;Description of Notes&#148; herein. The entire principal amount
represented by the certificates for all notes delivered to the exchange agent will be deemed to
have been tendered unless otherwise indicated. If the entire principal amount of all notes held by
the holder is not tendered, certificates for the principal amount of notes not tendered and
Exchange Notes issued in exchange for any notes tendered and accepted will be sent (or, if tendered
by book-entry transfer, returned by credit to the account at DTC designated herein) to the holder
unless otherwise provided in the appropriate box on this Letter of Transmittal (see Instruction 6),
as soon as practicable following the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.&nbsp;Signature on this Letter of Transmittal; Bond Powers and Endorsements; Guarantee of
Signatures. </B>If this Letter of Transmittal is signed by the registered holder(s) of the Outstanding
Notes tendered hereby, the signature must correspond with the name(s) as written on the face of
certificates without alteration, enlargement or change whatsoever. If this Letter of Transmittal
is signed by a participant in DTC whose name is shown as the owner of the notes tendered hereby,
the signature must correspond with the name shown on the security position listing the owner of the
notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the notes tendered hereby are owned of record by two or more joint owners, all such
owners must sign this Letter of Transmittal. If any tendered notes are registered in different
names on several certificates, it will be necessary to complete, sign and submit as many copies of
this Letter of Transmittal and any necessary accompanying documents as there are different names in
which certificates are held.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Letter of Transmittal is signed by the holder, and the certificates for any principal
amount of notes not tendered are to be issued (or if any principal amount of notes that is not
tendered is to be reissued or returned) to or, if tendered by book-entry transfer, credited to the
account of DTC of the registered holder, and Exchange Notes exchanged for Outstanding Notes in
connection with the exchange offer are to be issued to the order of the registered holder, then the
registered holder need not endorse any certificates for tendered notes nor provide a separate bond
power. In any other case (including if this Letter of Transmittal is not signed by the registered
holder), the registered holder must either properly endorse the certificates for notes tendered or
transmit a separate properly completed bond power with this Letter of Transmittal (in either case,
executed exactly as the name(s) of the registered holder(s) appear(s) on such notes, and, with
respect to a participant in DTC whose name appears on a security position listing as the owner of
notes, exactly as the name(s) of the participant(s) appear(s) on such security position listing),
with the signature on the endorsement or bond power guaranteed by a signature guarantor or an
eligible guarantor institution, unless such certificates or bond powers are executed by an eligible
guarantor institution. See Instruction 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endorsements on certificates for notes and signatures on bond powers provided in accordance
with this Instruction 5 by registered holders not executing this Letter of Transmittal must be
guaranteed by an eligible institution. See Instruction 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Letter of Transmittal or any certificates representing notes or bond powers are signed
by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or
others acting in a fiduciary or representative capacity, such persons should so indicate when
signing, and proper evidence satisfactory to the exchange agent of their authority so to act must
be submitted with this Letter of Transmittal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.&nbsp;Special Issuance and Special Delivery Instructions. </B>Tendering holders should indicate in
the applicable box or boxes the name and address to which notes for principal amounts not tendered
or Exchange Notes exchanged for Outstanding Notes in connection with the exchange offer are to be
issued or sent, if different from the name and address of the holder signing this Letter of
Transmittal. In the case of issuance in a different name, the taxpayer-identification number of
the person named must also be indicated. If no instructions are given, notes not tendered will be
returned to the registered holder of the notes tendered. For holders of notes tendered by
book-entry transfer, notes not tendered will be returned by crediting the account at DTC designated
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.&nbsp;Taxpayer Identification Number and Substitute </B><B>Form W-9</B><B>. </B>Each tendering holder is required
to provide the exchange agent with its correct taxpayer identification number, which, in the case
of a holder who is an individual, is his or her social security number. If the exchange agent is
not provided with the correct taxpayer identification number, the holder may be subject to backup
withholding and a U.S.$50 penalty imposed by the Internal Revenue Service. If withholding results
in an over-payment of taxes, a refund may be obtained. Certain holders (including, among others,
all corporations and certain foreign individuals) are not subject to these backup withholding and
reporting requirements. See the enclosed &#147;Guidelines for Certification of Taxpayer Identification
Number on substitute Form&nbsp;W-9&#148; for additional instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To prevent backup withholding, each holder tendering Outstanding Notes must provide such
holder&#146;s correct taxpayer identification number by completing the Substitute Form W-9, certifying
that the taxpayer identification number provided is correct (or that such holder is awaiting a
taxpayer identification number), and that (i)&nbsp;the holder has not been notified by the Internal
Revenue Service that such holder is subject to backup withholding as a result of failure to report
all interest or dividends or (ii)&nbsp;the Internal Revenue Service has notified the holder that such
holder is no longer subject to backup withholding. If the outstanding notes are registered in more
than one name or are not in the name of the actual owner, consult the &#147;Guidelines for Certification
of Taxpayer Identification Number on Substitute Form&nbsp;W-9&#148; for information on which tax payer
identification number to report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Televisa reserves the right in its sole discretion to take whatever steps are necessary to
comply with its obligation regarding backup withholding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.&nbsp;Transfer Taxes. </B>Televisa will pay all transfer taxes, if any, required to be paid by
Televisa in connection with the exchange of the Outstanding Notes for the Exchange Notes. If,
however, Exchange Notes, or Outstanding
</DIV>

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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notes for principal amounts not tendered or accepted for exchange, are to be delivered to, or
are to be issued in the name of, any person other than the registered holder of the Outstanding
Notes tendered, or if a transfer tax is imposed for any reason other than the exchange of the
Outstanding Notes in connection with the exchange offer, then the amount of any transfer tax
(whether imposed on the registered holder or any other persons) will be payable by the tendering
holder. If satisfactory evidence of payment of the transfer taxes or exemption therefrom is not
submitted with the Letter of Transmittal, the amount of such transfer taxes will be billed directly
to the tendering holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.&nbsp;Mutilated, Lost, Stolen or Destroyed Outstanding Notes. </B>Any holder whose Exchange Notes
have been mutilated, lost, stolen or destroyed should contact the exchange agent at the address
indicated above for further instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.&nbsp;Irregularities. </B>All questions as to the validity, form, eligibility, time of receipt,
acceptance and withdrawal of any tenders of notes pursuant to the procedures described in the
Prospectus and the form and validity of all documents will be determined by Televisa, in its sole
discretion, which determination shall be final and binding on all parties. Televisa reserves the
absolute right, in its sole discretion, to reject any or all tenders of any notes determined by it
not to be in proper form or the acceptance of which may, in the opinion of Televisa&#146;s counsel, be
unlawful. Televisa also reserves the absolute right, in its sole discretion, to waive or amend any
of the conditions of the exchange offer or to waive any defect or irregularity in the tender of any
particular notes, whether or not similar defects or irregularities are waived in the case of other
tenders. Televisa&#146;s interpretations of the terms and conditions of the exchange offer (including,
without limitation, the instructions in this Letter of Transmittal) shall be final and binding. No
alternative, conditional or contingent tenders will be accepted. Unless waived, any irregularities
in connection with tenders must be cured within such time as Televisa shall determine. None of
Televisa, the exchange agent or any other person will be under any duty to give notification of any
defects or irregularities in such tenders or will incur any liability to holders for failure to
give such notification. Tenders of such notes shall not be deemed to have been made until such
irregularities have been cured or waived. Any notes received by the exchange agent that are not
properly tendered and as to which the irregularities have not been cured or waived will be returned
by the exchange agent to the tendering holders, unless such holders have otherwise provided herein,
promptly following the expiration date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>11.&nbsp;Requests for Assistance or Additional Copies. </B>Questions relating to the procedure for
tendering, as well as requests for assistance or additional copies of the Prospectus and this
Letter of Transmittal, may be directed to the exchange agent at the address and telephone number
set forth above. Holders may also contact their broker, dealer, commercial bank, trust company or
other nominee for assistance concerning the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IMPORTANT: This Letter of Transmittal or a facsimile thereof (together with certificates for
Outstanding Notes and all other required documents) or a notice of guaranteed delivery must be
received by the exchange agent on or prior to 5:00 p.m., New York City time, on the expiration
date.</B>
</DIV>

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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<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="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 0px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 0px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="7" valign="top" align="center"><B>PAYER&#146;S NAME: The Bank of New York Mellon</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>SUBSTITUTE<br>
Form&nbsp;W-9</B>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Part 1&#151;PLEASE
PROVIDE YOUR TIN IN
THE BOX AT RIGHT
AND CERTIFY BY
SIGNING AND DATING
BELOW.</B>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
<BR><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
Social Security Number(s)<BR>
OR<BR>
Employer Identification Number(s)</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px; line-height: 3pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Department of the
Treasury</B>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Part
2&#151;CERTIFICATION &#151;</B>
Under Penalties of
Perjury, I certify
that:
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Part 3&#151;</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internal Revenue Service</B>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:20px; text-indent:-20px">(1)&nbsp;&nbsp;The number
shown on this form
is my correct
taxpayer
identification
number (or I am
waiting for a
number to be issued
to me), and</div>
</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Awaiting TIN <FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Payer&#146;s Request for
Taxpayer Identification
Number (&#147;TIN&#148;)</B>
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:20px; text-indent:-20px">(2)&nbsp;&nbsp;I am not
subject to backup
withholding
because: (a)&nbsp;I am
exempt from backup
withholding, (b)&nbsp;I
have not been
notified by the
Internal Revenue
Service (the &#147;IRS&#148;)
that I am subject
to backup
withholding as a
result of a failure
to report all
interest or
dividends, or (c)
the IRS has
notified me that I
am no longer
subject to backup
withholding.<BR><BR></div></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATION INSTRUCTIONS &#151; </B>You must cross out item (2)&nbsp;above if you have been notified by the
IRS that you are subject to backup withholding because of underreporting interest or dividends on
your tax return. However, if after being notified by the IRS that you are subject to backup
withholding you receive another notification from the IRS stating that you are no longer subject to
backup withholding, do not cross out item (2).
</DIV>

<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="51%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>SIGNATURE&nbsp;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>DATE</B>
</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 align="left" valign="top" style="border-top: 1px solid #000000" colspan="2">&nbsp;
</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="2" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>NAME </B>(please print)&nbsp;</DIV></TD>
    <TD>&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 valign="top">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN PART 3 OF THE SUBSTITUTE FORM
W-9.</B>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATION OF AWAITING TAXPAYER IDENTIFICATION NUMBER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I certify under penalties of perjury that a taxpayer identification number has not been issued
to me, and either (1)&nbsp;I have mailed or delivered an application to receive a taxpayer
identification number to the appropriate Internal Revenue Service Center or Social Security
Administration office, or (2)&nbsp;I intend to mail or deliver an application in the near future. I
understand that if I do not provide a taxpayer identification number by the time of payment, 31% of
all reportable cash payments made to me thereafter will be withheld until I provide a taxpayer
identification number to the payer and that, if I do not provide my taxpayer identification number
within sixty days, such retained amounts shall be remitted to the IRS as backup withholding.
</DIV>


<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="51%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>SIGNATURE&nbsp;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>DATE</B>
</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 align="left" valign="top" style="border-top: 1px solid #000000" colspan="2">&nbsp;
</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="2" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>NAME </B>(please print)&nbsp;</DIV></TD>
    <TD>&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 valign="top">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>NOTE:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>FAILURE TO COMPLETE AND RETURN THIS FORM W-9 MAY RESULT IN BACKUP WITHHOLDING AND A U.S.$50
PENALTY IMPOSED BY THE INTERNAL REVENUE SERVICE. PLEASE REVIEW THE ENCLOSED GUIDELINES FOR
CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS.</B></TD>
</TR>
</TABLE>
</DIV>




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



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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>10
<FILENAME>y62497exv99w2.htm
<DESCRIPTION>EX-99.2: FORM OF NOTICE OF GUARANTEED DELIVERY
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.2</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>To Tender for Exchange<BR>
6.0% Senior Notes due 2018<BR>
of<BR>
Grupo Televisa, S.A.B.<BR>
Regulation&nbsp;S Notes (CUSIP P4987VAR4 and ISIN USP4987VAR44)<BR>
144A Notes (CUSIP 40049JAW7 and ISIN US40049JAW71)</B>

</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK<BR>
CITY TIME, ON </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>, 2008 (THE &#147;EXPIRATION DATE&#148;), UNLESS<BR>
EXTENDED BY GRUPO TELEVISA, S.A.B. IN ITS SOLE DISCRETION</B>
</DIV>

</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Exchange Agent for the Exchange Offer is:<BR>
The Bank of New York Mellon</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">By Mail, Hand or Overnight Delivery:<BR>
THE BANK OF NEW YORK MELLON, as Exchange Agent<BR>
Corporate Trust Operations<BR>
Reorganization Unit<BR>
101 Barclay Street, 7 East<BR>
New York, New York 10286<BR>
Facsimile Transmission:<BR>
(212)&nbsp;298-1915<BR>
Confirm by Telephone:<BR>
(212)-815-5076
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>For any questions regarding this notice of guaranteed delivery or for any additional
information, you may contact the exchange agent by telephone at (212)-815-5076, or by facsimile
(212)&nbsp;298-1915.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Delivery of this notice of guaranteed delivery to an address other than as set forth above or
transmission of this notice of guaranteed delivery via a facsimile transmission to a number other
than as set forth above will not constitute a valid delivery.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered holders of outstanding 6.0% Senior Notes due 2018 (the &#147;Outstanding Notes&#148;) who
wish to tender their Outstanding Notes in exchange for a like principal amount of 6.0% Senior
Exchange Notes due 2018 (the &#147;Exchange Notes&#148;) may use this Notice of Guaranteed Delivery or one
substantially equivalent hereto to tender Outstanding Notes pursuant to the Exchange Offer (as
defined below) if: (1)&nbsp;their Outstanding Notes are not immediately available or (2)&nbsp;they cannot
deliver their Outstanding Notes (or a confirmation of book-entry transfer of Outstanding Notes into
the account of the Exchange Agent at The Depository Trust Company), the Letter of Transmittal or
any other documents required by the Letter of Transmittal to the Exchange Agent prior to the
Expiration Date or (3)&nbsp;they cannot complete the procedure for book-entry transfer on a timely
basis. This Notice of Guaranteed Delivery may be delivered by hand or sent by facsimile
transmission or mail to the Exchange Agent. See &#147;The Exchange Offer-Procedures for Tendering&#148; in
the prospectus dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008 (the &#147;Prospectus&#148;), which together with the related Letter
of Transmittal constitutes the &#147;Exchange Offer&#148; of Grupo Televisa, S.A.B.
</DIV>

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

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby tenders the principal amount of Outstanding Notes indicated
below pursuant to the guaranteed delivery procedures set forth in the Prospectus and the
Letter of Transmittal, upon the terms and subject to the conditions contained in the
Prospectus and the Letter of Transmittal, receipt of which is hereby acknowledged.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All authority herein conferred or agreed to be conferred by this Notice of Guaranteed
Delivery shall survive the death or incapacity of the undersigned and every obligation of
the undersigned under this Notice of Guaranteed Delivery shall be binding upon the heirs,
personal representatives, executors, administrators, successors, assigns, trustees in
bankruptcy and other legal representatives of the undersigned.
</DIV>


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

<P><DIV style="position: relative; float: left; width: 48%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature(s) of Registered Holder(s) or<br>
Authorized Signatory:<br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name(s) of Registered Holder(s):&nbsp;<DIV style="width: 100%; margin-left: 180px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Principal Amount of Notes Tendered*:<br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Certificate No.(s) of Notes (if available):<br><br>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 6pt">
<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>Must be in minimum denominations of
U.S.$100,000 and integral multiples of
U.S.$1,000 in excess thereof</TD>
</TR>
<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

</TABLE>

</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 48%">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:&nbsp;<DIV style="width: 100%; margin-left: 35px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Address:&nbsp;<DIV style="width: 100%; margin-left: 55px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Area Code and Telephone No.:<br>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Notes will be delivered by book-entry transfer, provide information below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name of Tendering<br>
Institution:&nbsp;<DIV style="width: 100%; margin-left: 60px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Depositary<br>
Account No.<br>
with DTC:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 70%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><br>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Transaction Code Number:&nbsp;<DIV style="width: 100%; margin-left: 150px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

</DIV>


</DIV>
<BR clear="all"><BR>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This notice of guaranteed delivery must be signed by the registered holder(s)
exactly as their name(s) appear(s) on certificate(s) for notes or on a security
position listing as the owner of notes, or by person(s) authorized to become
registered holder(s) by endorsements and documents transmitted with this notice
of guaranteed delivery. If signature is by a trustee, executor, administrator,
guardian, attorney-in-fact, officer or other person acting in a fiduciary or
representative capacity, such person must provide the following information:
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Please print name(s) and address(es)

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name(s):&nbsp;<DIV style="width: 100%; margin-left: 50px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capacity:&nbsp;<DIV style="width: 100%; margin-left: 55px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Address(es):&nbsp;<DIV style="width: 100%; margin-left: 75px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DO NOT SEND NOTES WITH THIS FORM. NOTES SHOULD BE SENT TO THE EXCHANGE AGENT
TOGETHER WITH A PROPERLY COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL OR PROPERLY
TRANSMITTED AGENT&#146;S MESSAGE.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE GUARANTEE BELOW MUST BE COMPLETED
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>GUARANTEE</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(Not To Be Used for Signature Guarantee)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, an &#147;eligible guarantor institution&#148; within the meaning of Rule&nbsp;17Ad-15 promulgated under the
Securities Exchange Act of 1934, as amended, hereby guarantees that the notes to be tendered hereby are in
proper form for transfer (pursuant to the procedures set forth in the prospectus under &#147;The Exchange Offer &#151;
Guaranteed Delivery Procedures&#148;), and that the exchange agent will receive (a)&nbsp;such notes, or a book-entry
confirmation of the transfer of such notes into the exchange agent&#146;s account at The Depository Trust Company
and (b)&nbsp;a properly completed and duly executed letter of transmittal (or facsimile thereof) with any required
signature guarantees and any other documents required by the letter of transmittal, or a properly transmitted
agent&#146;s message, within three New York Stock Exchange, Inc. trading days after the date of execution hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The eligible guarantor institution that completes this form must communicate the guarantee to the exchange
agent and must deliver the letter of transmittal, or a properly transmitted agent&#146;s message, and notes, or a
book-entry confirmation in the case of a book-entry transfer, to the exchange agent within the time period
described above. Failure to do so could result in a financial loss to such eligible guarantor institution.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name of Firm:&nbsp;&nbsp;
<DIV style="width: 100%; margin-left: 77px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Authorized Signature:&nbsp;
<DIV style="width: 100%; margin-left: 120px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Title:&nbsp;
<DIV style="width: 100%; margin-left: 28px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Address:&nbsp;
<DIV style="width: 100%; margin-left: 51px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 80%; margin-top: 6pt">(Zip Code)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Area Code and Telephone Number:&nbsp;<DIV style="width: 100%; margin-left: 190px; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

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

</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>11
<FILENAME>y62497exv99w3.htm
<DESCRIPTION>EX-99.3: FORM OF LETTER TO REGISTERED HOLDERS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Instructions To Registered Holder And/Or<BR>
Book-Entry Transfer Facility Participant<BR>
From Beneficial Owner</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>of</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Grupo Televisa, S.A.B.<BR>
6.0% Senior Notes due 2018<BR>
Regulation&nbsp;S Notes (CUSIP P4987VAR4 and ISIN USP4987VAR44)<BR>
144A Notes (CUSIP 40049JAW7 and ISIN US40049JAW71)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>To Registered Holders and/or Participant of the Book-Entry Transfer Facility:</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned acknowledges receipt of the prospectus, dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008, of Grupo Televisa,
S.A.B. and accompanying letter of transmittal, that together constitute Grupo Televisa, S.A.B.&#146;s
offer to exchange U.S.$100,000 principal amount of 6.0% Senior Exchange Notes due 2018, which have
been registered under the Securities Act of 1933, as amended, of Grupo Televisa, S.A.B. for each
U.S.$100,000 principal amount of outstanding 6.0% Senior Notes due 2018, and integral multiples of
U.S.$1,000 in excess thereof, of Grupo Televisa, S.A.B., of which U.S.$500,000,000 aggregate
principal amount is outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This will instruct you, the registered holder and/or book-entry transfer facility participant,
as to the action to be taken by you relating to the exchange offer with respect to the outstanding
notes held by you for the account of the undersigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate face amount of the outstanding notes held by you for the account of the
undersigned is <B>(fill in amount)</B>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of 6.0% Senior Notes due 2018.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">With respect to the exchange offer, the undersigned hereby instructs you <B>(check
appropriate box)</B>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To TENDER ALL of the outstanding notes held by you for the account of the undersigned.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To TENDER the following outstanding notes held by you for the account of the undersigned<BR>
<B>(insert principal amount of outstanding notes to be tendered (if any))</B>: U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of 6.0%
Senior Notes due 2018.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOT to TENDER any outstanding notes held by you for the account of the undersigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the undersigned instructs you to tender outstanding notes held by you for the account of
the undersigned, it is understood that you are authorized to make, on behalf of the undersigned
(and the undersigned, by its signature below, hereby makes to you), the representations and
warranties contained in the letter of transmittal that are to be made with respect to the
undersigned as a beneficial owner, including but not limited to the representations, that (1)&nbsp;the
exchange notes acquired pursuant to the exchange offer are being acquired in the ordinary course of
business of the undersigned, (2)&nbsp;the undersigned is not engaging in and does not intend to engage
in a distribution of the exchange notes, (3)&nbsp;the undersigned does not have an arrangement or
understanding with any person to participate in the distribution of such exchange notes, (4)&nbsp;the
undersigned is not an &#147;affiliate&#148; of Grupo Televisa, S.A.B. or the guarantors within the meaning of
Rule&nbsp;405 under the Securities Act of 1933, as amended, and (5)&nbsp;the undersigned is not acting on
behalf of any person who could not truthfully make the foregoing representations. If any Holder or
any other person, including the undersigned, is an &#147;affiliate,&#148; as defined under Rule&nbsp;405 of the
Securities Act, of us, or is engaged in or intends to engage in or has an arrangement or
understanding with any person to participate in a distribution of the notes to be acquired in the
Exchange Offer, the Holder or any other person, including the undersigned: (i)&nbsp;may not rely on
applicable interpretations of the staff of the SEC; and (ii)&nbsp;must comply with the
</DIV>

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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">registration and prospectus delivery requirements of the Securities Act in connection with any
resale transaction. If the undersigned is a broker-dealer that will receive exchange notes for its
own account in exchange for outstanding notes that were acquired as a result of market-making
activities or other trading activities, it acknowledges that it will deliver a prospectus meeting
the requirements of the Securities Act in connection with any resale of such exchange notes. By
acknowledging that it will deliver and by delivering a prospectus meeting the requirements of the
Securities Act in connection with any resale of such exchange notes, the undersigned is not deemed
to admit that it is an &#147;underwriter&#148; within the meaning of the Securities Act. If the undersigned
is a person in the United Kingdom, the undersigned represents that its ordinary activities involve
it in acquiring, holding, managing or disposing of investments (as principal or agent) for the
purposes of its business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned acknowledges that if an executed copy of this letter of transmittal is
returned, the entire principal amount of outstanding notes held for the undersigned&#146;s account will
be tendered unless otherwise specified above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby represents and warrants that the undersigned (1)&nbsp;owns the notes
tendered and is entitled to tender such notes, and (2)&nbsp;has full power and authority to tender,
sell, exchange, assign and transfer the outstanding notes and to acquire exchange notes issuable
upon the exchange of such tendered notes, and that, when the same are accepted for exchange, Grupo
Televisa, S.A.B. will acquire good and marketable title to the tendered notes, free and clear of
all liens, restrictions, charges and encumbrances and not subject to any adverse claim or right or
restriction of any kind.
</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name of beneficial owner(s) (please print):
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 231px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature(s):
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 70px">&nbsp;</DIV>


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Address:
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 50px">&nbsp;</DIV>

<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 20px">&nbsp;</DIV>


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Telephone Number:
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 110px">&nbsp;</DIV>


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Taxpayer Identification Number or Social Security Number:&nbsp;&nbsp;
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 318px">&nbsp;</DIV>


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px; margin-left: 30px">&nbsp;</DIV>


</DIV>
</DIV>




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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>12
<FILENAME>y62497exv99w4.htm
<DESCRIPTION>EX-99.4: FORM OF LETTER TO BROKERS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.4</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Tender for Exchange of</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>6.0% Senior Notes due 2018 for</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>6.0% Senior Exchange Notes due 2018<BR>
Regulation&nbsp;S Notes (CUSIP P4987VAR4 and ISIN USP4987VAR44)<BR>
144A Notes (CUSIP 40049JAW7 and ISIN US40049JAW71)</B>

</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE<BR>
AT 5:00 P.M., NEW YORK CITY TIME, ON</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>, 2008 (THE &#147;EXPIRATION DATE&#148;), UNLESS<BR>
EXTENDED BY GRUPO TELEVISA, S.A.B. IN ITS SOLE DISCRETION.</B>
</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>To Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees</I>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed for your consideration is the material listed below relating to the offer by Grupo
Televisa, S.A.B., to exchange U.S.$1,000 principal amount of 6.0% Senior Exchange Notes due 2018,
which have been registered under the Securities Act of 1933, as amended, of Grupo Televisa, S.A.B.,
for each U.S.$1,000 principal amount of 6.0% Senior Notes due 2018 of Grupo Televisa, S.A.B., of
which U.S.$500,000,000 aggregate principal amount is outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are asking you to contact your clients for whom you hold outstanding notes registered in
your name or in the name of your nominee. In addition, we ask you to contact your clients who, to
your knowledge, hold outstanding notes registered in their own names.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed herewith are copies of the following documents for forwarding to your clients:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prospectus dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A letter of transmittal for your use and for the information of your clients,
together with <I>Guidelines for Certification of Taxpayer Identification Number on
Substitute </I><I>Form W-9</I> providing information relating to backup U.S. federal income tax
withholding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A form of notice of guaranteed delivery to be used to accept the exchange offer
if certificates and all other required documents are not immediately available or if
time will not permit all required documents to reach the exchange agent on or prior to
the expiration date or if the procedure for book-entry transfer (including a properly
transmitted agent&#146;s message) cannot be completed on a timely basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Instructions to a registered holder from the beneficial owner for obtaining
your clients&#146; instructions with regard to the exchange offer; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A form of letter which may be sent to your clients for whose account you hold
outstanding notes in your name or in the name of your nominee, to accompany the
instruction form referred to above.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC participants will be able to execute tenders through the DTC Automated Tender
Offer Program.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS POSSIBLE IN ORDER TO OBTAIN THEIR
INSTRUCTIONS.</B>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa, S.A.B. will not pay any fees or commissions to any broker, dealer or other
person (other than the exchange agent as described in the prospectus) in connection with the
solicitation of tenders of outstanding notes pursuant to the exchange offer. You will, however, be
reimbursed by Grupo Televisa, S.A.B. for customary mailing and handling expenses incurred by you in
forwarding any of the enclosed materials to your clients. Grupo Televisa, S.A.B. will pay or cause
to be paid any transfer taxes applicable to the tender of outstanding notes to it or its order,
except as otherwise provided in the prospectus and the letter of transmittal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please refer to &#147;The Exchange Offer&#151;Procedures for Tendering&#148; in the prospectus for a
description of the procedures which must be followed to tender notes in the exchange offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any inquiries you may have with respect to the exchange offer may be directed to the exchange
agent at (212)-815-5076 or at the address set forth on the cover of the letter of transmittal.
Additional copies of the enclosed material may be obtained from the exchange agent.
</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">Very truly yours,<BR>
<BR>
<BR>
Grupo Televisa, S.A.B.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU OR ANY OTHER PERSON, THE
AGENT OF THE COMPANY OR THE EXCHANGE AGENT, OR AUTHORIZE YOU OR ANY OTHER PERSON TO USE ANY
DOCUMENT OR MAKE ANY STATEMENT ON BEHALF OF ANY OF THEM IN CONNECTION WITH THE EXCHANGE OFFER OTHER
THAN THE DOCUMENTS ENCLOSED HEREWITH AND THE STATEMENTS CONTAINED THEREIN.</B>
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>13
<FILENAME>y62497exv99w5.htm
<DESCRIPTION>EX-99.5: FORM OF LETTER TO CLIENTS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.5</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Tender for Exchange of</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>6.0% Senior Notes due 2018 for</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>6.0% Senior Exchange Notes due 2018<BR>
Regulation&nbsp;S Notes (CUSIP P4987VAR4 and ISIN USP4987VAR44)<BR>
144A Notes (CUSIP 40049JAW7 and ISIN US40049JAW71)</B>

</DIV>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE<BR>
AT 5:00 P.M., NEW YORK CITY TIME, ON </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>, 2008 (THE &#147;EXPIRATION DATE&#148;), UNLESS<BR>
EXTENDED BY GRUPO TELEVISA, S.A.B. IN ITS SOLE DISCRETION</B>
</DIV>

</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed for your consideration is a prospectus, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008, of Grupo
Televisa, S.A.B. and a related letter of transmittal, that together constitute Grupo Televisa,
S.A.B.&#146;s offer to exchange U.S.$1,000 principal amount 6.0% Senior Exchange Notes due 2018,
which have been registered under the Securities Act of 1933, as amended, of Grupo Televisa,
S.A., for each U.S.$1,000 principal amount of outstanding 6.0% Senior Notes due 2018, of Grupo
Televisa, S.A.B., of which U.S.$500,000,000 aggregate principal amount is outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The materials relating to the exchange offer are being forwarded to you as the beneficial
owner of outstanding notes carried by us for your account or benefit but not registered in your
name. A tender of any outstanding notes may only be made by us as the registered holder and
pursuant to your instructions. Therefore, we urge beneficial owners of outstanding notes
registered in the name of a broker, dealer, commercial bank, trust company or any other nominee
to contact such registered holder promptly if they wish to tender outstanding notes in the
exchange offer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, we request instructions as to whether you wish us to tender any or all such
outstanding notes held by us for your account or benefit pursuant to the terms and conditions
set forth in the prospectus and the letter of transmittal. We urge you to read carefully the
prospectus and letter of transmittal and other material provided herewith before instructing us
to tender your outstanding notes. We also request that you confirm with such instruction form
that we may on your behalf make the representations contained in the Letter of Transmittal. <B>The
letter of transmittal is furnished to you for your information only and cannot be used by you to
exchange outstanding notes held by us for your account or benefit.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your instructions to us should be forwarded as promptly as possible in order to permit us
to tender notes on your behalf in accordance with the provisions of the exchange offer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your attention is directed to the following:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The exchange offer will expire at 5:00 p.m., New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008, unless
extended by Grupo Televisa, S.A.B. in its sole discretion. Tendered outstanding notes may
be withdrawn, subject to the procedures described in the prospectus, at any time prior to
5:00 p.m. New York City time, on the expiration date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The outstanding notes will be exchanged for the exchange notes at the rate of
U.S.$1,000 principal amount of exchange notes for each U.S.$1,000 principal amount of
outstanding notes validly tendered and not validly withdrawn prior to the expiration date.
The exchange notes will bear interest from the most recent interest payment date to which
interest has been paid on the notes or, if no interest has been paid, from May&nbsp;12, 2008.
The form and terms of the exchange notes are identical in all material respects to the form
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and terms of the outstanding notes, except that the exchange notes have been registered
under the Securities Act of 1933, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other term of the exchange offer, Grupo Televisa, S.A.B. may
terminate or amend the exchange offer as provided in the prospectus and will not be
required to accept for exchange, or exchange any exchange notes for, any outstanding notes
not accepted for exchange prior to such termination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any transfer taxes applicable to the exchange of the outstanding notes pursuant to the
exchange offer will be paid by Grupo Televisa, S.A.B., except as otherwise provided in the
prospectus and in Instruction 8 of the letter of transmittal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on an interpretation of the Securities Act by the staff of the Securities and
Exchange Commission, Grupo Televisa, S.A.B. believes that exchange notes issued pursuant to
the exchange offer in exchange for outstanding notes may be offered for resale, resold and
otherwise transferred by holders thereof without compliance with the registration and
prospectus delivery provisions of the Securities Act, provided that:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder is acquiring exchange notes in its ordinary course of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder is not engaging in and does intend to engage in a distribution of
the exchange notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder is not participating, and has no arrangement or understanding with
any person to participate, in the distribution of the exchange notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder is not an &#147;affiliate&#148; of Grupo Televisa, S.A.B. or the guarantors,
as such term is defined under Rule&nbsp;405 of the Securities Act; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder is not acting on behalf of any person who could not truthfully make
these statements.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To participate in the exchange offer, holders must represent to Grupo Televisa, S.A.B. that
each of these statements is true. If the holder is a broker-dealer that will receive exchange
notes for its own account in exchange for outstanding notes that were acquired as a result of
market-making activities or other trading activities, it must acknowledge that it will deliver a
prospectus meeting the requirements of the Securities Act in connection with any resale of such
exchange notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you wish to have us tender any or all of your outstanding notes, please so instruct us
by completing and returning to us the form entitled &#147;Instructions To Registered Holder And/Or
Book-Entry Transfer Facility Participant From Beneficial Owner&#148; attached hereto. An envelope to
return your instructions is enclosed. If you authorize a tender of your outstanding notes, the
entire principal amount of outstanding notes held for your account will be tendered unless
otherwise specified on the instruction form. Your instructions should be forwarded to us with
ample time to permit us to submit a tender on your behalf by the expiration date.
</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>y62497y6249701.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
