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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000895345-09-000387.txt : 20090505
<SEC-HEADER>0000895345-09-000387.hdr.sgml : 20090505
<ACCEPTANCE-DATETIME>20090505143419
ACCESSION NUMBER:		0000895345-09-000387
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090430
FILED AS OF DATE:		20090505
DATE AS OF CHANGE:		20090505

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12610
		FILM NUMBER:		09797005

	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>6-K
<SEQUENCE>1
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COMMISSION</font></font></div>
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RULES 13a-16 or 15d</font></font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">-</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">16</font></font></div>
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1934</font></font></div>
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month of April, 2009</font></div>
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S.A.B.</font></font></div>
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      Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico,
    D.F.</font></div>
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by check mark whether the registrant by furnishing the information contained in
this Form is also furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.)</font></div>
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is marked indicate below the file number assigned to the registrant in
connection with Rule 12g-3-2(b): 82.)</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">GRUPO
TELEVISA FILES INFORMATION REQUIRED BY THE BOLSA MEXICANA DE
VALORES</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
30, 2009, the Company filed the following Exhibit 1 and Table 1 with the Bolsa
Mexicana de Valores related to Televisa&#8217;s derivative financial instruments as of
March 31, 2009.</font></div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GRUPO
TELEVISA, S.A.B.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
1</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TO
THE ELECTRONIC FORM TITLED &#8220;PREPARATION, FILING, DELIVERY AND DISCLOSURE OF
QUARTERLY ECONOMIC, ACCOUNTING AND ADMINISTRATIVE INFORMATION BY
ISSUERS&#8221;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">III.
QUALITATIVE AND QUANTITATIVE INFORMATION</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">i.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Management&#8217;s discussion of
the policies concerning the use of financial derivative instruments, and
explanation as to whether such policies permit the use of said instruments
solely for hedging or also for trading or other purposes. The </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">discussion must include a
general description of the objectives sought in the execution</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> of financial derivative
transactions; the relevant instruments; the hedging or trading strategies
implemented in connection therewith; the relevant trading markets; the eligible
counterparts; the policies for the appointment of calculation or valuation
agents; the principal terms and conditions of the relevant contracts; the
policies as to margins, collateral and lines of credit; the authorization
process and levels of authorization required by type of transaction (e.g., full
hedging, partial hedging, speculation), stating whether the transactions were
previously approved by the committee(s) responsible for the development of
corporate and auditing practices; the internal control procedures applicable to
the management of the market and liquidity risks associated with the positions;
and the existence of an independent third party responsible for the review of
such procedures and, as the case may be, the observations raised or deficiencies
identified by such third party. If applicable, provide information concerning
the composition of the overall risk management committee, its operating rules,
and the existence of an overall risk management manual</font>.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Management&#8217;s
discussion of the policies concerning the use of financial derivative
instruments, and explanation as to whether such policies permit the use of said
instruments solely for hedging or also for trading or other
purposes.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
accordance with the policies and procedures implemented by the Finance and Risk
area and the Vice President and Corporate Controller, along with the Vice
President of Internal Audit, the Company has entered into certain financial
derivative transactions for hedging purposes in both the Mexican and
international markets so as to manage its exposure to the market risks
associated with the changes in interest and foreign exchange rates and
inflation. In addition, the Company&#8217;s Investments Committee has established
guidelines for the investment in structured notes or deposits associated with
other derivatives, which by their nature may be considered as derivative
transactions for trading purposes. It should be noted that in the first quarter
of 2009, no such financial derivatives were outstanding. Pursuant to the
provisions of Bulletin C-10 of the Financial Reporting Standards issued by the
Mexican Board for Research and Development of Financial Reporting Standards,
certain financial derivative instruments originally intended to serve as a hedge
and in effect until March 31, 2009, are not within the scope of hedge accounting
established in such Bulletin and, consequently, are recognized in the accounting
based in the standards included in the aforementioned Bulletin.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">General
description of the objectives sought in the execution of financial derivative
transactions; the relevant instruments; the hedging or trading strategies
implemented in connection therewith; the relevant trading markets; the eligible
counterparties; the policies for the appointment of calculation or valuation
agents; the principal terms and conditions of the relevant contracts; the
policies as to margins, collateral and lines of credit; the authorization
process and levels of authorization required by type of transaction (e.g., full
hedging, partial hedging, speculation), stating whether the transactions were
previously approved by the committee(s) responsible for the development of
corporate and auditing practices; the internal control procedures applicable to
the management of the market and liquidity risks associated with the positions;
and the existence of an independent third party responsible for the review of
such procedures and, as the case may be, the observations raised or deficiencies
identified by such third party.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Company&#8217;s principal objective when entering into financial derivative
transactions is to mitigate the effects of unforeseen changes in interest and
foreign exchange rates and inflation, so as to reduce the volatility in its
results and cash flows as a result of such changes.</font></div>
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Company monitors its exposure to the interest rate risk by: (i) assessing the
difference between the interest rates applicable to its debt and temporary
investments, and the prevailing market rates for similar instruments; (ii)
reviewing its cash flow requirements and financial ratios (interest coverage);
(iii) assessing the actual and budgeted-for trends in the principal markets; and
(iv) assessing the prevailing industry practices and other similar companies.
This approach enables the Company to determine the optimum mix between fixed-
and variable-rate interest for its debt.</font></div>
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exchange risk is monitored by assessing the Company&#8217;s monetary position in U.S.
dollars and its budgeted cash flow requirements for investments anticipated to
be denominated in U.S. dollars and the service of its U.S. dollar-denominated
debt.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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derivative transactions are reported from time to time to the Audit and
Corporate Practices Committee.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company has entered into master derivatives agreements with both domestic and
foreign financial institutions, that are internationally recognized institutions
with which the Company, from time to time, has entered into financial
transactions involving corporate and investment banking, as well as treasury
services. The form agreement used in connection with financial derivatives
transactions with foreign financial institutions is the Master Agreement
approved by the International Swaps and Derivatives Association, Inc. (&#8220;ISDA&#8221;)
and with local institutions, is the Master Agreement approved by ISDA and the
form agreement recommended by <font style="DISPLAY: inline; FONT-STYLE: italic">Banco de M&#233;xico. </font>In both
cases, the main terms and conditions of which are standard for these types of
transactions and include mechanisms for the appointment of calculation or
valuation agents.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, the Company enters into standard guaranty agreements that set forth
the margins, collateral and lines of credit applicable in each instance. These
agreements establish the credit limits granted by the financial institutions
with whom the Company enters into master financial derivative agreements, which
specify the margin implications in the case of potential negative changes in the
market value of its open financial derivative positions. Pursuant to the
agreements entered into by the Company, financial institutions are entitled to
make margin calls if certain thresholds are exceeded. In the event of a change
in the credit rating issued to the Company by a recognized credit rating agency,
the credit limit granted by the counterpart would be modified.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of the
date hereof, the Company has never experienced a margin call.</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
compliance with its risk management objectives and hedging strategies, the
Company generally utilizes the following financial derivative
instruments:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cross-currency
      interest rate swaps (i.e., coupon
swaps);</font></div>
                </td>
              </tr>
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        </div>
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        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
      rate and inflation-indexed swaps;</font></div>
                </td>
              </tr>
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        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cross-currency
      principal and interest rate swaps;</font></div>
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              </tr>
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        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Swaptions;</font></div>
                </td>
              </tr>
          </table>
        </div>
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        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forward
      exchange rate contracts;</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font></div>
                </td>
                <td>
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FX
      options;</font></div>
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              </tr>
          </table>
        </div>
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        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
      Rate Caps and Floors contracts, and</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fixed-price
      contracts for the acquisition of government securities (i.e., Treasury
      locks.)</font></div>
                </td>
              </tr>
          </table>
        </div>
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        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 36pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Credit
      Default Swaps.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
strategies for the acquisition of financial derivatives transactions are
approved by the Risk Management Committee in accordance with the Policies and
Objectives for the Use of Financial Derivatives.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
the quarter from January to March 2009, there were no defaults or margin calls
under the aforementioned financial derivative transactions.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company monitors on a weekly basis the flows generated by, the fair market value
of and the potential for margin calls under its open financial derivative
positions. The calculation or valuation agent designated in the relevant master
agreement, which is always the counterparty, issues monthly reports as to the
fair market value of the Company&#8217;s open positions.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Risk
Management area is responsible for measuring, at least once a month, the
Company&#8217;s exposure to the financial market risks associated with its financings
and investments, and for submitting a report with respect to the Company&#8217;s risk
position and the valuation of its financial derivatives to the Finance Committee
on a monthly basis, and to the Risk Management Committee on a quarterly basis.
The Company monitors on a regular basis, the credit rating assigned to its
counterparties in its outstanding financial derivative
transactions.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
office of the Comptroller is responsible for the validation of the Company&#8217;s
accounting records as related to its financial derivative transactions, based
upon the confirmations received from the relevant financial intermediaries, and
for obtaining from such intermediaries, on a monthly basis, confirmations or
account statements supporting the market valuation of its open financial
derivative positions.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a part
of the yearly audit on the Company, the aforementioned procedures are reviewed
by the Company&#8217;s external auditors. As of the date hereof, the Company&#8217;s
auditors have not raised any observation or identified any deficiency
therein.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Information
concerning the composition of the overall risk management committee, its
operating rules, and the existence of an overall risk management
manual.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company has a Risk Management Committee, which is responsible for monitoring the
Company&#8217;s risk management activities and approving the hedging strategies used
to mitigate the financial market risks to which it is exposed. The assessment
and hedging of the financial market risks are subject&#160;to the policies and
procedures applicable to the Company&#8217;s Risk Management Committee, the Finance
and Risk Management areas and the Comptroller, that form the Risk Management
Manual of the Company. In general terms, the Risk Management Committee is
comprised of members of the Corporate Management, Corporate Comptroller, Tax
Control and Advice, Information to the Stock Exchange, Finance and Risk, Legal,
Administration and Finance, Financial Planning and Corporate Finance
areas.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General description of the
valuation methods, indicating whether the instruments are valued at cost or at
their fair value pursuant to the applicable accounting principles, the relevant
reference valuation methods and techniques, and the events taken into
consideration. Describe the policies for and frequency of the valuation, as well
as the actions taken in light of the values obtained therefrom. Clarify whether
the valuation is performed by an independent third party, and indicate if such
third party is the structurer, seller or counterparty of the financial
instrument. As with respect to financial derivative transactions for hedging
purposes, explain the method used to determine the effectiveness thereof and
indicate the level of coverage provided thereby</font>.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company values its financial derivative instruments based upon the standard
models and calculators provided by recognized market makers. In addition, the
Company uses the relevant market variables available from online information.
The financial derivative instruments are valued at a reasonable value pursuant
to the applicable accounting provisions.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the
majority of cases, the valuation at a reasonable value is carried out on a
monthly basis based on valuations of the counterparties and the verification of
such reasonable value with internal valuations prepared by the Risk Management
area of the Company. Accounting wise, the valuation of the counterparty is
registered.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company performs its valuations without the participation of any independent
third party.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
method used by the Company to determine the effectiveness of an instrument
depends on the hedging strategy and on whether the relevant transaction is
intended as a fair-value hedge or a cash-flow hedge. The Company&#8217;s methods take
into consideration the prospective cash flows generated by or the changes in the
fair value of the financial derivative, and the cash flows generated by or the
changes in the fair value of the underlying position that it seeks to hedge to
determine, in each case, the hedging ratio.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">iii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Management&#8217;s discussion of
the internal and external sources of liquidity that could be used to satisfy the
Company&#8217;s requirements in connection with its financial
derivatives</font>.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of the
date hereof, the Company&#8217;s management has not discussed internal and external
sources of liquidity so as to satisfy its requirements in connection with its
financial derivatives since, in its opinion, based upon the aggregate amount of
the Company&#8217;s financial derivative transactions, the Company&#8217;s significant
positions of cash, cash equivalents and temporary investments, and the
substantial cash flows generated thereby, are currently sufficient to adequately
satisfy its requirements, if any.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">iv.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Explanation as to any change
in the issuer&#8217;s exposure to the principal risks identified by thereby and their
management, and any contingency or event known to or anticipated by the issuer&#8217;s
management, which could affect any future report. Description of any
circumstance or event, such as any change in the value of the underlying assets
or reference variables, resulting in a financial derivative being used other
than as originally intended, or substantially altering its structure, or
resulting in the partial or total loss of the hedge, thereby forcing the Issuer
to assume new obligations, commitments or changes in its cash flows in a manner
that affects its liquidity (e.g., margin calls.) Description of the impact of
such financial derivative transactions on the issuer&#8217;s results or cash flows.
Description and number of financial derivatives maturing during the quarter, any
closed positions and, if applicable, number and amount of margin calls
experienced during the quarter. Disclosure as to any default under the relevant
contracts</font>.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Changes in the Company&#8217;s exposure to
the principal risks identified thereby </font><font style="DISPLAY: inline; FONT-STYLE: italic">and their management, and
contingencies or events known to or anticipated</font><font style="DISPLAY: inline; FONT-STYLE: italic"> by the Company&#8217;s management, which
could affect any future report</font>.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since a
significant portion of the Company&#8217;s debt and costs are denominated in U.S.
dollars, while its revenues are primarily denominated in Mexican pesos, the
recent depreciation and any future depreciation in the value of the Mexican peso
against the U.S. dollar could have a negative effect on the Company&#8217;s results
due to exchange rate losses. However, the significant amount of U.S. dollars in
the Company&#8217;s treasury, and the hedging strategies adopted thereby in recent
years, have enabled it to avoid significant foreign exchange losses as a result
of the recent depreciation of the Mexican peso.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Circumstances
or events, such as changes in the value of the underlying assets or reference
variables, resulting in a financial derivative being used other than as
originally intended, or substantially altering its structure, or resulting in
the partial or total loss of the hedge, thereby forcing the Company to assume
new obligations, commitments or changes in its cash flows in a manner that
affects its liquidity (e.g., margin calls.) Description of the impact of such
financial derivative transactions on the Company&#8217;s results or cash
flows.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of the
date hereof, no circumstance or event has given rise to a significant change in
the structure of a financial derivative transaction, caused it to be used other
than as originally intended, or <font size="+0">resulted</font> in a partial or
total loss of the relevant hedge requiring that the Company assume new
obligations, commitments or variations in its cash flow such that its liquidity
is affected.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Description
and number of financial derivatives maturing during the quarter, any closed
positions and, if applicable, number and amount of margin calls experienced
during the quarter. Disclosure as to any default under the relevant
contracts.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
the relevant quarter, the following financial derivatives matured and were
settled:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                  </td>
                  <td style="WIDTH: 36pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Coupon Swaps</font>&#8221;.
      Televisa entered into cross-currency rate&#160;&#160;swaps whereby the
      U.S. Dollar denominated coupon on a notional amount of USD$690 million
      (representing the par value of Televisa&#8217;s&#160;&#160;2011, 2025 and 2032
      bonds) was swapped for a Mexican Peso denominated coupon on an equivalent
      Mexican Peso denominated notional amount (the &#8220;Swap
      Transactions&#8221;).&#160;&#160;The Swap Transactions were entered into in 2004
      and 2005 and matured in 2009.</font></div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 36pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                  </td>
                  <td style="WIDTH: 36pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Coupon
      Swaption</font>&#8221;. Televisa granted the counterparty to the Swap
      Transactions the option of extending the maturity date for one additional
      year, exercisable on March 13, 2009.&#160;&#160;The Swap Transaction
      counterparty declined to exercise the option and the Swap Transactions
      expired on the exercise date.</font></div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
the quarter from January to March 2009, there were no defaults or margin calls
under the aforementioned financial derivative transactions.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">v.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quantitative
Information</font>. Attached hereto as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Table 1</font> is a summary
of the financial derivative instruments purchased by Empresas Cablevisi&#243;n,
S.A.B. de C.V. and Cablem&#225;s, S.A. de C.V., whose aggregate fair value represents
or could represent one of the reference percentages set forth in Section III(v)
of the Official Communication.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IV.&#160;
SENSITIVITY ANALYSIS</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Considering
that the Company has entered into financial derivative transactions for hedging
purposes, and given the low amount of the financial derivative instruments that
proved ineffective as a hedge, the Company has determined that such transactions
are not material and, accordingly, the sensitivity analysis referred to in
Section IV of the Official Communication is not applicable.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In those
cases where the derivative instruments of the Company are for hedging purposes,
for a material amount and where the effectiveness measures were sufficient, the
measures are justified when the standard deviation of the changes in cash flow
as a result of changes in the variables of exchange rate and interest rates of
the derivative instruments used jointly with the underlying position is lower
than the standard deviation of the changes in cash flow of the underlying
position valued in pesos and the effective measures, are defined by the
correlation coefficient between both positions for the effective measures to be
sufficient.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TABLE
1</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GRUPO
TELEVISA, S.A.B.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: sub">Summary of the Financial Derivative
Instruments as of March 31, 2009</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">(3)</font></font></font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.45pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(In
thousands of pesos/dollars)</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.45pt" align="center">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" rowspan="2" valign="middle" width="16%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Type
      of Derivative, Securities or Contract</font></div>
                </td>
                <td rowspan="2" valign="middle" width="11%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Purpose
      (e.g., hedging, trading or other)</font></div>
                </td>
                <td rowspan="2" valign="middle" width="11%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Notional
      Amount/Face Value</font></div>
                </td>
                <td colspan="2" valign="middle" width="28%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Value
      of the Underlying Asset / Reference Variable</font></div>
                </td>
                <td colspan="2" valign="middle" width="23%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fair
      Value</font></div>
                </td>
                <td rowspan="2" valign="middle" width="7%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Maturing
      per Year</font></div>
                </td>
                <td rowspan="2" valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Collateral/</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Lines
      of Credit/</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities
      Pledged</font></div>
                </td>
              </tr>
              <tr>
                <td valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Current
      Quarter</font></div>
                </td>
                <td valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Previous
      Quarter<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(4)</font></font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Current
      </font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Quarter
      D(H)<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(3)</font></font></div>
                </td>
                <td valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Previous</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Quarter
      D(H)<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(4)</font></font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cross
      Currency Swap<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Hedging</font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.2,435,040
      /</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$225,000</font></div>
                </td>
                <td valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$225,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3MLIBOR+42.5
      BPS</font></div>
                </td>
                <td valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$225,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3MLIBOR+42.5BPS</font></div>
                </td>
                <td align="left" valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.639,957</font></div>
                </td>
                <td align="left" valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.668,945</font></div>
                </td>
                <td valign="middle" width="7%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$<font size="+0" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">225</font>,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2012</font></div>
                </td>
                <td valign="middle" width="6%" style="BORDER-BOTTOM: black 2px solid">
                  <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Does not
      exist</font>&#160; <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(5)</font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cross
      Currency Swap<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Hedging</font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.541,275
      /</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$50,000</font></div>
                </td>
                <td valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$50,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3MLIBOR+52.5
      BPS</font></div>
                </td>
                <td valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$50,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3MLIBOR+52.5BPS</font></div>
                </td>
                <td align="left" valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.143,945</font></div>
                </td>
                <td align="left" valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.139,619</font></div>
                </td>
                <td valign="middle" width="7%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$50,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2012</font></div>
                </td>
                <td valign="middle" width="6%" style="BORDER-BOTTOM: black 2px solid">
                  <div>
                    <div>
                      <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Does not
      exist</font>&#160; <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(5)</font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>
                    </div>
                  </div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Forward<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Hedging</font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.1,880,375
      /</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$175,000</font></div>
                </td>
                <td valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$175,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exchange
      Rate:</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.10.7450</font></div>
                </td>
                <td valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$175,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exchange
      Rate:</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.10.7450</font></div>
                </td>
                <td align="left" valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.456,430</font></div>
                </td>
                <td align="left" valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.502,048</font></div>
                </td>
                <td valign="middle" width="7%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$175,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2015</font></div>
                </td>
                <td valign="middle" width="6%" style="BORDER-BOTTOM: black 2px solid">
                  <div>
                    <div>
                      <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Does not
      exist</font>&#160; <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(5)</font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>
                    </div>
                  </div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Cross
      Currency Swap<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Hedging</font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.1,914,850
      /</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$175,000</font></div>
                </td>
                <td valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$175,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9.375%</font></div>
                </td>
                <td valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$175,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9.375%</font></div>
                </td>
                <td align="left" valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.568,020</font></div>
                </td>
                <td align="left" valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.511,112</font></div>
                </td>
                <td valign="middle" width="7%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$175,000</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2015</font></div>
                </td>
                <td valign="middle" width="6%" style="BORDER-BOTTOM: black 2px solid">
                  <div>
                    <div>
                      <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Does not
      exist</font>&#160; <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(5)</font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>
                    </div>
                  </div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Swaption&#160;&#160;(TIIE)<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Trading</font></div>
                </td>
                <td valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.1,914,850</font></div>
                </td>
                <td valign="middle" width="16%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.1,914,850</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7.570%</font></div>
                </td>
                <td valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.1,914,850</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7.570%</font></div>
                </td>
                <td align="left" valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.
      (77,136)</font></div>
                </td>
                <td align="left" valign="middle" width="12%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.
      (87,544)</font></div>
                </td>
                <td valign="middle" width="7%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ps.1,914,850</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2015</font></div>
                </td>
                <td valign="middle" width="6%" style="BORDER-BOTTOM: black 2px solid">
                  <div>
                    <div>
                      <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="1" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Does not
      exist</font>&#160; <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(5)</font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>
                    </div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 37px">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
                </td>
                <td width="944">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchased
      by Empresas Cablevisi&#243;n, S.A.B. de
C.V.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 37px">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
                </td>
                <td width="944">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchased
      by Cablem&#225;s, S.A. de C.V., which became a consolidated subsidiary
      effective June 1, 2008.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 37px">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
                </td>
                <td width="944">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      aggregate amount of the derivatives reflected in the consolidated balance
      sheet of Grupo Televisa, S.A.B. as March 31, 2009,&#160;&#160;included in
      the relevant SIFIC, is as follows<font style="DISPLAY: inline; FONT-WEIGHT: bold">:</font></font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        </div>
        <div>&#160;</div>
        <div>
          <div>
            <div align="left">
              <div align="left">
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="top" width="44%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">S81&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINANCIAL
      DERIVATIVE INSTRUMENTS</font></div>
                        </td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Ps.
      &#160; &#160;10,028</font></div>
                        </td>
                        <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      </tr>
                      <tr>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td align="left" valign="top" width="44%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">S85&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINANCIAL
      DERIVATIVE INSTRUMENTS</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">S69&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      OTHER LIABILITIES</font></div>
                        </td>
                        <td valign="top" width="7%" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;
      2,309,372</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;
      &#160;(655,209)</font></div>
                          </div>
                        </td>
                        <td valign="top" width="45%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      </tr>
                      <tr>
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                        <td valign="top" width="45%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                        <td valign="top" width="4%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                        <td valign="top" width="44%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                        <td valign="top" width="45%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td width="96%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">The financial
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to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</font></div>
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                <td align="left" valign="top" width="3%"><font style="COLOR: #000080">&#160;</font></td>
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                <td align="left" valign="top" width="51%"><font style="COLOR: #000080">&#160;</font></td>
                <td align="left" valign="top" width="3%"><font style="COLOR: #000080">&#160;</font></td>
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          <div>&#160;</div>
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